Permanent Fund airport investment remains a state secret
On Dec. 1, a new company called NorthLink Aviation announced an investment by the Alaska Permanent Fund to help build “a world-class air cargo terminal at the south campus of the Ted Stevens Anchorage International Airport.”
NorthLink CEO Sean Dolan would not reveal how many millions are involved, but he said the company was grateful for the investment made “on behalf of all Alaskans.”
Mina Pacheco Nazemi, an executive with Barings, the international financial firm that executed the deal, also would also not reveal the dollar amount, but said “We are pleased that all Alaskans will benefit from this investment.”
The investment took place through the “Alaska Future Fund,” bankrolled with $100 million from the Alaska Permanent Fund Corporation.
Having nearly just as much standing to speak for all Alaskans as Dolan and Nazemi, I think we would be pleased to learn the dollar amount of this and other investments made for our benefit with our money.
Alaskans have a right to know what is being done in our name.
The Permanent Fund corporation says the NorthLink Aviation investment and others of its type are not public information. Keeping this information secret increases the risk of political favoritism influencing decisions by the Permanent Fund or the investment companies it hires to make investments.
NorthLink chose to announce the investment, most likely so it can claim that the project is endorsed by the state and the Alaska Permanent Fund Corporation. That is the only reason the public knows about it.
Alaska news organizations have yet to cover the NorthLink deal or ask any questions about the unwarranted information blackout imposed by the Permanent Fund.
The Permanent Fund says it is allowed to keep anything secret that “discloses the particulars of the business or affairs of a private enterprise or investor,” and it claims that revealing that NorthLink received an investment would disclose its internal business affairs.
The first beneficiary of the unknown millions in state investment is Tiger Infrastructure Partners, a venture founded and led by CEO Emil W. Henry Jr.
More than a year ago, with the pandemic raging, Henry wrote a column warning Americans about “the Trojan Horse temptation of state-sponsored security at the expense of freedom, innovation and growth.” Henry fancies himself part of the “vibrant, nimble private sector providing value and service in a time of great need.”`
State-sponsored investment in Henry’s business, apparently, is not a Trojan Horse, but part of the foundation of the vibrant, nimble private sector.
Henry and Tiger Infrastructure arrived on the Alaska scene with a press release Nov. 4 saying they had acquired control of the company that was planning an air cargo terminal on 120 acres of airport property.
“We are delighted to have the opportunity to build world-class infrastructure at ANC which will address global logistics and supply chain issues,” Henry said in his press release.
Here is where the corporate name supply chain gets more complicated.
Henry’s company took control of the IC Alaska Airport LLC and renamed it NorthLink Aviation.
Former state economist John Tichotsky and former Permanent Fund executive Russell Read each own half of the Investment Company of Alaska LLC, which owns IC Alaska Airport LLC.
Henry’s press release last month said that “simultaneous with Tiger Infrastructure’s investment,” NorthLink signed a 55-year lease with the state to lease the 120 acres of airport property.
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