WilmerHale Completes Independent Review for Alaska of $75 Million Investment Decision

WilmerHale Completes Independent Review for Alaska of $75 Million Investment Decision

Firm News

Related Solutions

When legal, public policy and media challenges converge and an institution's reputation and business are at stake, no firm rivals WilmerHale’s ability to navigate fast-moving events and craft lasting solutions.
Guiding clients through high-stakes and sensitive investigations.
A premier public policy, legislative affairs and regulatory team that develops and implements effective strategies, delivers measurable outcomes, and offers a deep understanding of policy and politics.
WilmerHale has a record of success at all stages of enforcement proceedings—from informal inquiries to litigation.

On January 14, 2026, Alaska Governor Michael Dunleavy released the results of an independent review conducted by WilmerHale examining the Alaska Department of Revenue’s decision‑making process surrounding an investment agreement with DigitalBridge III GP, LLC.  

Gov. Dunleavy commissioned the review in October 2025 after questions emerged about a binding investment agreement signed by then‑Revenue Commissioner Adam Crum. Under the agreement, the State committed $75 million—beginning with an initial $50 million—to a DigitalBridge private infrastructure fund, with the intention of drawing the money from the CBRF’s Subaccount. The Subaccount, created in 2000, is intended for higher‑yield, longer‑term investments when funds are not expected to be needed for at least five years. 

Prepared at Gov. Dunleavy’s request, the report offers a factual account and analysis of how the investment came to be approved and provides recommendations to strengthen future oversight of Alaska’s Constitutional Budget Reserve Fund (CBRF). Coincident with his release of the results of the review, Gov. Dunleavy also issued an administrative order instructing implementation of the report’s recommendations. 

The review was led by Partner Alyssa DaCunha, who co-chairs the firm’s Congressional Investigations Practice and its Crisis Management and Strategic Response Group, and Securities Litigation and Enforcement Partner Ben Neaderland.  The team conducted interviews with state officials, reviewed documents and communications, and analyzed the legal and policy framework governing state investments. This work, like a similar review conducted by DaCunha and Neaderland regarding the governance environment at the nation’s largest sovereign wealth fund, the Alaska Permanent Fund Corporation (“APFC”), in 2024, demonstrates WilmerHale’s commitment to providing clear, independent assessments for public‑sector clients.

WilmerHale was honored to support the State of Alaska in promoting transparency, sound governance, and prudent management of public resources.

Notice

We appreciate your interest in WilmerHale. While we are pleased to have you contact us, please keep in mind that merely contacting WilmerHale does not create an attorney-client relationship. Such a relationship will not arise until the Firm agrees in writing to represent you in connection with a particular matter. Importantly, unless and until this has occurred, you should not provide us with any confidential information, and we have no duty to keep confidential any information that we may receive from you. Thank you for your understanding.

I Accept Cancel