Gabrielle (Ellie) Rubenstein, 36, who runs the Colorado-based investment firm Manna Tree, announced during a board meeting of the Alaska Permanent Fund Corporation that she would be stepping down effective Aug. 1.
“The scope and pace of change necessary to fully institutionalize the fund are not compatible with the demands of leading my private equity firm,” she said Wednesday.
Her departure comes after a Financial Times reported earlier this year that managers at the APFC suspected her of attempting to steer state assets to friends and family members.
A seat on the APFC’s six-member board carries with it significant influence into how the money is spent.
David Rubenstein, the billionaire co-founder of Carlyle Group, is seen left with his daughter Gabrielle (Ellie) Rubenstein. AFP via Getty Images
Chris Ullman, a spokesperson for both Rubensteins, told The Post that Ellie Rubenstein was appointed to the board with the understanding that she would set up meetings with individuals from the world of private equity who would recommend investment avenues for the fund.
During her tenure, she made nearly 20 referrals to fund staffers, though she denied setting up meetings involving her father.
According to local news site Alaska Landmine , Ellie Rubenstein used her position to attempt to arrange meetings between the fund’s chief investment officer and the head of Churchill Asset Management, which also happens to be an investor in Manna Tree .
Ken Kencel, president and CEO of Churchill Asset Management, previously served as a managing director for Carlyle Group.
Ellie Rubenstein stepped down from the board of the Alaska Permanent Fund Corporation. Google Maps
“I promised you I’d make something happen! Btw all good on APFC? Steve said he sent you to Ross,” Ellie Rubenstein wrote in an email to Kencel on Oct. 3.
“But I can connect you to our cio Marcus [Frampton] if you need? He is gonna be in Miami in January with me for a week if that helps?”
Ellie Rubenstein denied to Alaska Landmine that she set up meetings between APFC staff and her father or anyone connected to other firms.
“I have made introductions but I follow the rules. I have nothing to do with investment decisions,” she said.
Rubenstein, who has a reported net worth of nearly $4 billion, is the owner of the Baltimore Orioles. Getty Images
Ullman told The Post that none of Ellie Rubenstein’s referrals resulted in the fund investing with her contacts.
The Post has sought comment from APFC.
Leaked internal emails also showed that Ellie Rubenstein sought to have an employee at the fund fired because her father was “unimpressed” by her, according to FT.
She was also accused of trying to steer APFC funds toward investments that were deemed by some to be riskier and more unstable.
Ellie Rubenstein was appointed to the board by Alaska Gov. Mike Dunleavy in 2022.
A spokesperson for the governor told FT that Rubenstein “brought invaluable fresh perspectives and energy to the Alaska Permanent Fund, setting it up for continued success for all Alaskans.”
For top headlines, breaking news and more, visit nypost.com.
Get updates delivered to you daily. Free and customizable.
Welcome to NewsBreak, an open platform where diverse perspectives converge. Most of our content comes from established publications and journalists, as well as from our extensive network of tens of thousands of creators who contribute to our platform. We empower individuals to share insightful viewpoints through short posts and comments. It’s essential to note our commitment to transparency: our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. We strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation. Join us in shaping the news narrative together.
Comments / 0