How a Risky State Investment in Seafood Cost Alaskans Millions and Left a Fishing Town in Crisis
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Leaders of the Alaska Permanent Fund, which pays residents dividends and finances public services, wanted to invest in Alaska firms. There were warning signs ahead of the bet on Peter Pan Seafood, which is expected to cost Alaskans over $29 million.

The trustees of Alaska’s Permanent Fund, an $80 billion savings account whose earnings provide residents with annual dividends and help pay for government services, decided to invest more money in companies with ties to Alaska. More than $29 million went to Peter Pan, according to figures provided by the Permanent Fund’s current board chair.

The deal ended disastrously last year with the company’s liquidation, hundreds of unpaid creditors and a likely total loss for Alaskans on their investment.

A ProPublica investigation, in collaboration with the Anchorage Daily News and Northern Journal, revealed that the Permanent Fund’s leadership and its hired management firm ignored or overlooked warning signs leading up to the deal.