Alaska's Investment Venture Raises Questions

A Controversial Move

Alaska's former Revenue Commissioner, Adam Crum, made a significant move in July by taking $50 million from the Constitutional Budget Reserve and placing it into a partnership with DigitalBridge. This action has sparked a debate about the need for better oversight of state investments.

Governor Mike Dunleavy, Crum's supervisor, has promised to provide full disclosure of the facts once an independent review is completed. However, critics argue that hiring an outside law firm for this review is a waste of money.

The Frontier Economic Fund

The situation becomes more intriguing when considering that Crum was also involved in promoting a new private investment fund called the Frontier Economic Fund. This fund, listed on the New York Stock Exchange as AKAF, aims to support companies driving sustainable growth and job creation in Alaska. Crum's involvement in this fund raises questions about his motives, especially since he is running for governor.

A Lackluster Launch

The Frontier Economic Fund was launched with much fanfare, including a ceremony at the New York Stock Exchange where the closing bell was rung to celebrate the occasion. However, despite the initial hype, the fund has not attracted significant investments. As of now, it only has $2.6 million in assets.

Ethical Concerns

Crum's actions have also raised eyebrows because he used his official position to promote the fund and even facilitated communications between the fund's managers and the Alaska Permanent Fund. This has led to concerns about the ethical implications of his actions and the need for greater transparency in state investments.

Unanswered Questions

The Dunleavy administration has yet to provide a clear explanation of Crum's intentions and whether the state planned to invest in the Frontier Economic Fund. Without legislative intervention, it is likely that the public will remain in the dark about this matter.