First Alaskan Capital Partners

What First Alaskan Capital Partners does

First Alaskan Capital Partners, LLC ("FACP") is a privately held investment firm headquartered in Anchorage, Alaska, founded in 2010 and organized as an Alaska LLC. The firm focuses on lower middle market private equity, telecommunications, energy, and financial services, and operates a distinctive co-investment model that brings together Alaska Native regional and village corporations with established specialist investors and operators.

FACP's product surface spans multiple asset classes and risk profiles, all structured as co-investment partnerships with Alaska Native corporation partners. Disclosed investments include: co-investments alongside private equity specialist firms in U.S. lower middle market companies; development and operation of an underground natural gas storage facility in Alaska with Berkshire Hathaway Energy and a local utility; an FDIC mortgage portfolio acquired jointly with Oaktree Capital Management; equity and debt financing for the acquisition of Icelandic telecom provider Nova ehf; an early-stage equity investment in remittance company Remitly, Inc., which subsequently went public; and a roll-up of landfill-gas-to-power facilities across the U.S. that was ultimately sold to the largest consolidator in the segment.

The firm's business model centers on originating, structuring, and co-investing alongside Alaska Native corporations in proprietary deal flow sourced through its regional network, rather than charging disclosed management fees to external LPs. FACP monetizes through investment returns, capital appreciation, and exits. Revenue, AUM, and financial statements are not publicly disclosed. The co-founding team — Mark Kroloff (former COO of two financially successful Alaska Native corporations, ex-Munger, Tolles & Olson) and Jonathan Rubini (founder/CEO of JL Properties, a separate $2B+ Alaska real estate platform) — provides both the operating credibility within the Alaska Native corporate community and the institutional deal-making experience needed to attract specialist co-investors.

Name

First Alaskan Capital Partners

Legal name

First Alaskan Capital Partners, LLC

Website

https://firstalaskan.com

Company type

Private

Founded year

2010

Operating status

Operating

Short description

First Alaskan Capital Partners is a private Anchorage-based investment firm that partners with Alaska Native regional and village corporations to co-invest in lower middle market private equity, telecommunications, energy, and financial services deals alongside specialist investors.

Ownership category

akta.pro rank

Product category

Private Equity

NAICS

Other Financial Investment Activities (5239), All Other Financial Investment Activities (52399)

SIC

Investors, Nec (6799)

akta.pro primary industry

Geography-Focused Venture Capital (Regional/Emerging Markets) (FSANAAAE)

Keywords

• Private equity investments
• Middle market co-investments
• Alaska Native partnerships
• Energy infrastructure investments
• Investment management services

Headquarters

HQ city

Anchorage

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Core offering

First Alaskan Capital Partners is a private investment firm that structures co-investment partnerships between Alaska Native regional and village corporations and established private equity and energy operators. The firm pursues lower middle market private equity, telecommunications, energy (underground gas storage, landfill gas-to-energy), and financial services (FDIC mortgage portfolio) opportunities across the U.S. and selectively internationally.

Product overview

First Alaskan Capital Partners is a private investment firm offering a unified investment platform focused on lower middle market private equity across multiple sectors. The firm's core offering consists of strategic co-investment partnerships with Alaska Native regional and village corporations, pursuing opportunities in private equity, underground gas storage infrastructure, FinTech (Remitly), telecommunications (Nova ehf), financial services (FDIC mortgage portfolio), and landfill gas-to-energy. These investment products operate as distinct portfolio offerings within a single investment strategy rather than as a modular product architecture.

Differentiator

Problem solved

Functional benefit

Products and services

• Lower Middle Market Private Equity Co-Investments

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• Berkshire Hathaway EnergycoreStrategic or Co-development PartnerFACP partnered with Berkshire Hathaway Energy and a local utility on the development and operation of an underground natural gas storage facility in Alaska, together with Alaska Native corporation partners. This represents a flagship co-development partnership combining FACP's investment expertise with Berkshire Hathaway Energy's operational capabilities.
• Oaktree Capital ManagementcoreStrategic or Co-development PartnerFACP partnered with Oaktree Capital Management to acquire a portfolio of mortgages from the FDIC, together with Alaska Native corporation partners. This strategic partnership leverages Oaktree's asset management expertise with FACP's Alaska Native corporation network.
• Nova ehfminorStrategic or Co-development PartnerFACP provided equity and debt financing for the acquisition of Nova ehf, an Icelandic telecommunications provider, together with an Alaska Native corporation partner. This represents an international investment opportunity in the telecommunications sector.
• Alaska Native CorporationscoreStrategic or Co-development PartnerFACP has been a leader in forming partnerships in which Alaska Native regional and village corporations work together on investment opportunities. FACP pursues co-investments alongside private equity specialist firms, underground gas storage development, telecommunications acquisitions, financial services acquisitions, and landfill gas-to-energy facilities, all with Alaska Native corporation partners.

Scale indicators1 record

Recent moves6 records

Expansion highlights4 records

Regional players

• Doyon, Limited: Alaska Native regional corporation with substantial investment activities across oil & gas, construction, and private equity. Comparable given shared investment mandate and Alaska Native corporation ecosystem, though it operates as a principal investor rather than an intermediary.
• Koniag, Inc. Alaska Native regional corporation with holdings across government services, oil & gas, real estate, and investments. Comparable as a regional investment vehicle operating in the same Alaska Native co-investment ecosystem as FACP.
• Calista Corporation: Alaska Native regional corporation engaged in diversified investments including real estate, oil & gas, and equity positions. Comparable given its role as both a co-investment partner and a similar investment-operating entity in the Alaska ecosystem.
• Cook Inlet Region, Inc. (CIRI): One of the largest Alaska Native regional corporations with diversified investment operations across real estate, energy, and private equity. Comparable as a peer/partner entity that operates in the same Alaska Native investment ecosystem that FACP serves.
• McKinley Capital Management: Alaska-headquartered investment management firm focused on global equities and fixed income. Comparable given shared Alaska base and institutional investment orientation, though McKinley primarily manages third-party capital rather than co-investing its own balance sheet.
• NANA Regional Corporation: Alaska Native regional corporation with diversified holdings in construction, oil field services, and investments. Comparable as a peer regional investment platform rooted in Alaska Native corporation economics.
• Chugach Alaska Corporation: Alaska Native regional corporation with diversified real estate, construction, and investment activities. Comparable given shared Alaska Native corporation status, regional focus, and investment orientation.
• Arctic Slope Regional Corporation (ASRC): Alaska Native regional corporation operating energy, construction, and investment businesses across Alaska and beyond. Comparable in being an Alaska Native-owned investment platform pursuing diversified PE and infrastructure opportunities.

Others

• JL Properties: Alaska's largest real estate investment and development firm, founded and led by FACP co-founder Jonathan Rubini. Adjacent/related entity that shares leadership and may co-invest with FACP on certain opportunities, but operates in real estate rather than the PE/infrastructure focus of FACP.

Direct peers

• Alaska Growth Capital: Alaska-based private equity and mezzanine investment firm focused on lower middle market companies in Alaska. Direct peer given shared geography, lower middle market focus, and mission-aligned investing in the state.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Alaskan Capital Partners