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

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

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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.

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