The Alaska Permanent Fund is a constitutionally established permanent fund managed by a state-owned corporation, the Alaska Permanent Fund Corporation (APFC). It is a stakeholder trust model of management for large-scale commons that distributes revenues from a shared asset (such as oil on Alaskan land) to every household in the state (roughly $1,000 to $2,000 each year). The fund was established in Alaska in 1976, after oil from Alaska began flowing to market through the Trans-Alaska Pipeline System, to invest at least 25% of the oil money into a dedicated fund for current and future generations of Alaskans. The Fund grew from an initial investment of $734,000 in 1977 to approximately $42.1 billion as of August 31, 2012.