Our history

Following the discontinuation of AP6’s operations at the end of 2025, the fund’s assets and liabilities are transferred to AP2.

The Swedish Parliament decides on more efficient management of the buffer capital. The operations and assets of AP6 are to be transferred to the AP2.

The Board and executive management conduct a comprehensive review of governance, organisation and investment guidelines, with the aim of increasing returns. The Fund winds down large parts of external management and lowers its cost ratio to 0.09 per cent.

AP6 develops and launches an evaluation model for human rights in private equity.

AP2 reports its highest result ever, SEK 62 billion.

AP6 reports its highest result ever, SEK 22 billion.

AP2 aligns core portfolios with the EU Paris-Aligned Benchmark.

Regulatory changes allow AP1–AP4 to invest more in unlisted assets and strengthen the requirement for exemplary management and sustainability.

AP6 develops a sustainability assessment framework for private equity funds and integration of sustainability into investment decision materials.

AP2 begins to integrate financial climate risks more systematically into its portfolio management and initiates divestment from fossil assets.

Decision made to manage equity and fixed-income investments in emerging markets internally.

New regulation clarifying AP6’s mandate to invest exclusively in private equity, with long-term returns and active ownership as its core approach.

AP6 introduces a new strategy that focuses its mandate to invest in unlisted companies through fund investments and co-investments.

AP2 further develops its ALM model (Asset & Liability Management) as a basis for strategic asset allocation based on the long-term needs of the pension system.

A new strategy is introduced with a more diversified portfolio across different asset classes. The Fund measures its carbon footprint for the first time.

AP1–AP4 acquire Vasakronan from the Swedish state for SEK 41 billion, the largest real estate transaction in Swedish history at the time. In 2025, Vasakronan was valued at SEK 182 billion.

AP1–AP4 form the Council on Ethics to jointly address sustainability and ethical issues in their global equity investments.

New legislation allows AP6 to invest internationally.

AP2 is one of the first signatories to the UN Principles for Responsible Investment (PRI).

AP6 participates as a founding investor in the Swedish venture fund Creandum.

A diversified portfolio with global exposure and asset allocations in public equities, fixed income, real estate and private equity. The Fund’s first proprietary index, OSX, is developed.

The modern pension system is introduced. Andra AP-fonden (AP2) is established in Gothenburg with an initial capital of SEK 134 billion. A new investment management organisation is established with 28 employees at year-end.

The reformed public old-age pension system was fully implemented. The Fund Boards are reorganised into AP funds. The First to the Fourth, and Sixth AP Funds (AP1–AP4 and AP6), become buffer funds with a long-term mandate to manage the Swedish public pension capital.

The Sixth Fund Board is formed with a mandate to invest in unlisted equities with an initial capital injection of SEK 10.4 billion.

The Pensions Working Group is appointed after forecasts show that the pension system is not financially stable. The proposal for a reformed pension system is presented in 1994.

The Fourth Fund Board (later AP4) is formed and becomes the first AP fund to be allowed to invest in Swedish equities.

The General Pension Fund is established in connection with the reform of the pension system, with the introduction of an income-based supplementary pension, ATP. The First, Second and Third Fund Boards are formed. The investment mandate dictates allocation to fixed-income assets only.