or more than three decades, Alaska Permanent Capital Management (APCM) has been at the heart of Alaska’s financial community. Founded in 1992 by Dave Rose, a civic leader who also served as the first Executive Director of the Alaska Permanent Fund Corporation, APCM was born out of a simple vision: to provide exemplary investment expertise right here in Alaska, for Alaska.

Today, APCM is the largest and most established investment advisory firm in the state, managing and advising on approximately $5 billion in assets, as of August 2025. From our headquarters in Anchorage, we serve Alaska’s communities, corporations, and nonprofits—helping them navigate markets with confidence while keeping decision-making close to home.

At APCM, we are fiduciaries. That means we are legally and ethically bound to put our clients’ interests first—a responsibility we take seriously. Because we remain fully independent, we don’t sell proprietary products or earn commissions. Instead, we manage customized separate accounts designed specifically to fit each client’s goals, risk tolerance, and circumstances.

Financial markets may be global, but investment advice is most valuable when it’s local. From the beginning, APCM has built its practice around Alaska’s unique needs and culture.

Our portfolio managers don’t just manage investments from behind a desk—they travel by plane, ferry, and highway to meet clients where they live and work. Whether it’s a borough assembly meeting in Southeast or a nonprofit board retreat in the Interior, APCM shows up.

Living and working in Alaska ourselves, we share the same time zone, the same outdoor pursuits, and the same deep connection to the Last Frontier. That level of regional insight and accessibility is unmatched by firms based beyond our borders.

Over time, APCM’s services have expanded alongside Alaska’s needs.

• Institutional Clients: We manage assets for municipalities, Alaska Native corporations, nonprofits, foundations, and retirement plans. Our approach balances growth with risk management, always guided by a long-term perspective.
• Alaska Native Organizations: We work closely with Alaska Native entities to help maximize the value of financial reserves—whether that means generating income for shareholder dividends, supporting scholarship programs, or managing Settlement Trusts.

APCM offers both a comprehensive multi-asset program and a robust fixed income practice. Our multi-asset strategies integrate equities, bonds, and alternatives in dynamic portfolios designed to capture opportunity while managing risk across market cycles. At the same time, our fixed income experience—a foundation of our firm since its inception — enables us to construct tailored bond portfolios with the goal to provide reliable income, preserve capital, and meet liquidity needs. Together, these capabilities allow us to deliver customized solutions that align with the specific goals of Alaska’s institutions.

APCM is led by seasoned professionals with decades of experience in investment management.

• Bill Lierman, CFA, Chief Executive Officer, guides the firm with a steady hand and a focus on client trust.
• Brandy Niclai, CFA, Chief Investment Officer of Multi-Asset Strategies, leads the firm’s investment philosophy, ensuring portfolios remain dynamic and resilient.

What unites our team is not just technical expertise but commitment to Alaska. Our staff are active community members, serving on nonprofit boards, volunteering for local causes, and giving back in ways that strengthen the state we all call home.

In investment management, true value comes from the depth of experience guiding decisions and the access clients have to those making them.

At APCM, our investment professionals bring extensive experience, including team members who hold the Chartered Financial Analyst (CFA) designation— one of the highest standards in the industry. This highly credentialed team designs and manages strategies across asset classes, drawing on the same global research and analytical tools used by the largest firms.

The difference is in the delivery. Our clients work directly with senior portfolio managers and decisionmakers who understand their objectives and stay closely involved with their portfolios. This combination of global insight and local accessibility means APCM clients receive not just sophisticated strategies, but also the responsiveness and personal attention that ensure those strategies are aligned with their unique needs.

From the very beginning, APCM has been about more than just managing money. Dave Rose built the firm on community service, and that legacy continues today.

We have donated pro bono advisory services valued at more than $1 million to Alaska nonprofits. We support charitable giving statewide, invest time in civic leadership, and encourage every member of our team to give back. Our mission is simple: to help Alaskans thrive, both financially and as a community.

In 2024, APCM completed a thoughtful succession process, bringing on Alaskabased Blue Umbrella as majority owner while keeping leadership firmly in the hands of long-time employees. This transition strengthened our foundation and ensured that APCM will continue to serve Alaskans for generations to come—rooted in Alaska, guided by fiduciary principles, and focused on delivering results.

For more than 30 years, APCM has proven that Alaskans don’t need to look Outside for investment expertise. We are here, we are accessible, and we are committed to serving the unique needs of our state.

Whether you are a city government, a nonprofit, an Alaska Native corporation, or a community institution—APCM is your partner in building lasting prosperity in the Last Frontier.

Disclosure: Alaska Permanent Capital Management (APCM) is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about APCM’s investment advisory services can be found in its Form ADV Part 2 and/or Form CRS, which is available upon request.