00SENATE BILL NO. 244                                                                                                     
01 "An Act relating to investments of the permanent fund in certain limited                                                
02 partnerships each of whose principal purpose is investment in securities of public                                      
03 or private companies; and providing for an effective date."                                                             
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1.  AS 37.13.120(g) is amended by adding a new paragraph to read:                                          
06   (21)  limited partnerships; at the time of each investment, the aggregate                                            
07 investment of the fund under this paragraph may not exceed five percent of the total                                    
08 investments of the fund; (i) and (j) of this section do not apply to investments under                                  
09 this paragraph; investments may only be made in a limited partnership                                                   
10   (A)  the principal purpose of which is investment in securities                                                     
11 of public or private companies;                                                                                         
12   (B)  the promoter or sponsor of which is an institutional investor                                                  
13 with at least five years experience in managing substantial investments in                                              
14 securities of public companies;                                                                                         

01   (C)  in which other investors and the general partners contribute                                                   
02 at least 40 percent of the capital; and                                                                                 
03   (D)  that at no time owns more than five percent of the voting                                                      
04 stock of a corporation engaged in the oil and gas business if a substantial                                             
05 portion of the operations of the corporation are conducted or located in the                                            
06 state.                                                                                                                  
07    * Sec. 2.  This Act takes effect immediately under AS 01.10.070(c).