Agoura Hills real estate investment trust American Homes 4 Rent is partnering with a fund owned by the state of Alaska to buy, renovate and lease homes, American Homes announced Thursday. The venture could invest as much as $500 million. The venture with Alaska Permanent Fund Corp. will start with an initial investment of $50 million. The Alaska fund will contribute 80 percent of the capital. The investment could rise to $200 million, and then $500 million, according to an American Homes regulatory filing. The venture has a maximum shelf life of six years, after which any unsold properties will be sold. Alaska Permanent Fund invests state oil royalties and was an early investor in American Homes. American Homes has since bought back the stake. American Homes is the second-biggest institutional single-family landlord in the United States, with 25,505 single-family houses in its portfolio as of March 31. The company has yet to turn a profit since going public last year, as it continues to struggle with rising home acquisition costs. Shares closed unchanged at $17.98 on the New York Stock Exchange.