As a partner of the global sustainability award WIN WIN Gothenburg Sustainability Award, we congratulate the recipients of the 2025 award Uynkar Domingo Peas (WIN WIN Award) and Juan Pierre (WIN WIN Youth Award). This year’s theme is Trailblazing leadership.

WIN WIN Award

As an Indigenous leader from the Achuar nation in Ecuador and President of the Amazon Sacred Headwaters Alliance, Uyunkar Domingo Peas has succeeded in uniting 30 diverse Indigenous nations to steward 35 million hectares of rainforest— a vital ecosystem for both local communities and global climate stability. For his unifying and visionary leadership in environmental stewardship, Uyunkar Domingo Peas is awarded the WIN WIN Gothenburg Sustainability Award 2025.

WIN WIN Youth Award

As a young global changemaker from Mauritius, Juan Pierre has effectively connected youth with decision-makers, ensuring that young voices are meaningfully included in shaping the policies that define our shared future. For his outstanding leadership in climate action and youth empowerment, Juan Pierre is awarded the WIN WIN Gothenburg Sustainability Youth Award 2025.

Read more about the winners here.

The AP Funds have been commissioned by the Swedish Government to implement Parliament’s decision regarding a more efficient management of the buffer capital of the pension system. This includes integrating the AP6 into the buffer fund system by transferring its assets and liabilities to AP2. AP2 is committed to implementing this decision in a responsible and professional manner.

AP2’s mandate remains unchanged – A diversified buffer fund for the benefit of the pension system

Parliament has confirmed that AP2’s mandate remains unchanged. The Fund will continue to operate as a diversified buffer fund with a portfolio where return and risk are carefully balanced to ensure secure pensions for current and future generations. Asset allocation will be guided by what best serves the pension system. According to legislation, the allocation between different asset classes, including private equity, shall be based on an Asset and Liability Management (ALM) analysis.

What is the optimal share of private equity for future pensioners?

Private equity investments offer high expected returns but also entail higher risk compared to many other asset classes. AP2’s mission is to manage the Swedish people’s pension capital responsibly, with consideration for both return and risk. During spring 2025, AP2 conducted a comprehensive ALM analysis which concluded that a strategic allocation of 15 per cent to private equity is appropriate for the Fund. This is a high proportion compared to other pension funds globally. A higher allocation would improve expected returns slightly but would also significantly increase risk, thereby reducing the risk-adjusted return.

What will happen to AP6’s assets?

AP6 assets will be split into two parts – one part will be incorporated into AP2’s long-term private equity portfolio, while the other will be managed separately in a transition portfolio. The Government has appointed a coordinator to support the implementation, and to make a recommendation for the Government decision about the division of assets. AP2 has provided the coordinator with input for this analysis, and the coordinator has submitted an interim report to the Government. The input from AP2 is based on the desired long-term share of private equity in AP2’s portfolio, as outlined above, and a thorough analysis of AP6’s investments. AP2 will manage the transition portfolio with the same diligence, professionalism and care as its existing private equity portfolio. The focus will be on creating value and generating liquidity over time, without accelerating divestments.

AP2 has longstanding experience and expertise in private equity

AP2 has over 20 years of experience in private equity investments and already successfully manages a private equity portfolio of approximately SEK 55 billion. As of mid-year, the total portfolio amounted to SEK 458 billion.

With a long track record and strong performance over time, AP2 has demonstrated the competence required to manage AP6’s assets and will continue the valuable work AP6 has done in building its portfolio. Approximately 25 employees across more than 10 different functions are currently involved in managing AP2’s private equity portfolio. Given the increased size of assets under management, AP2 is currently recruiting several additional employees.

What happens next?

The coordinator’s interim report regarding the asset allocation has now been submitted, and AP2 awaits the Government’s decision. Meanwhile, AP2 continues its work and takes responsibility for implementing Parliament’s decision, contributing to secure pensions for current and future pensioners. This work began as soon as the Government communicated the content of the proposal in January. Collaboration between AP2 and AP6 is ongoing, with seven dedicated working groups addressing key areas such as assets, business support and legal matters.

The AP Fund-owned company 4 to 1 Investments has received the information that Northvolt has filed for reconstruction in the US, so-called Chapter 11. A restructuring of the company’s capital structure is now starting in parallel with continued operation of the business. 4 to 1 Investments will continue to hold a constructive dialogue with the company to protect invested values and work for the company’s best interests in the long term.

4 to1 Investments has been an investor in Northvolt since 2021. The last year has been challenging for Northvolt with a weakening market for electric vehicles and continued production challenges. This is now addressed through action plans and reduced expansion pace. In the transition to a lower dependence on fossil fuels and a Europe that wants to secure local production from European suppliers, 4 to 1 Investments views European battery manufacturing and Northvolt as a long-term investment.

“4 to 1 Investments was prepared to take responsibility as a long-term owner and support Northvolt with capital in the financing process that has been ongoing during the autumn, but notes that there was not support from a sufficiently broad group of the company’s key stakeholders. A Chapter 11 process provides new conditions for further development of Northvolt. In the reconstruction process the company is now embarking on, we will continue the constructive dialogue we have with the company,” says Jenny Askfelt Ruud, Chairman of the Board of Directors of 4 to 1 Investments.

“Northvolt is now entering a new phase. 4 to 1 Investments’ focus is now to protect invested values and, as part of this, take responsibility and work for the company’s best interests in the long term. The way forward has not yet been mapped out, but we continue to have a close dialogue with the company and are following developments closely. Prior to the investment in Northvolt, a comprehensive evaluation was done and our overall assessment is still that there is a need for a European ecosystem of companies for electrification and fossil-free transport,” concludes Jenny Askfelt Ruud.

4 to 1 Investments

4 to 1 Investments, a company jointly owned by AP1, AP2, AP3 and AP4, has invested a total of SEK 5.8 billion in shares and convertible debt in Northvolt. This corresponds to just under 0.3 percent of the four AP Funds’ total assets under management of approximately SEK 2,000 billion at mid-2024.

AP2 and Climate & Company, Germany’s leading Sustainable Finance Think Tank, have jointly developed a new guide that will make it easier for financial institutions to do due diligence on deforestation. The guide contains clear guidelines, a practical step-by-step approach and helps financial institutions to make deforestation-related data actionable and due diligence more efficient.

“As financial institutions, we face significant financial risks from deforestation. As investors and owners in companies that have an impact on these risks, we have the responsibility and leverage to support a sustainable transition for climate and nature”, explains Asa Mossberg, Head of Sustainability and Communication at AP2.

Read the press release on Climate & Company’s website

AP2 supports Spring, an investor initiative from PRI that wants to accelerate corporate action to promote nature. With the support of over 200 investors who manage USD 15 trillion, the initiative wants to work to reduce businesses’ operational risks, improve the management of companies’ supply chains and ensure responsible and transparent political influence.

Press release
Spring website

As a partner of the global WIN WIN Gothenburg Sustainability Award, we can announce that the recipients of the WIN WIN Award and WIN WIN Youth Award 2024 on the theme “Inclusive transition” are Just Transition Center and Natur og Ungdom.

WIN WIN Award

The Just Transition Center (JTC) is an international center founded by the global trade union umbrella organization ITUC, with the aim of ensuring that workers have a seat at the table when planning the green transition. The Just Transition Center acts as a service hub and contributes knowledge, funding and facilitation of conversations between workers and trade unions on the one hand and employers and governments on the other to reach solutions that benefit both people and nature.

WIN WIN Youth Award

Natur og Ungdom is Norway’s largest environmental and climate organization for young people. With over 5,300 members between the ages of 13-25, their goal is to give young people a powerful voice in the social debate and actual impact on politics. In March 2023, they launched “The Ten Commandments for Green Industry” together with Norwegian oil workers via the trade union Industriaksjonen. The agreement sets out principles for an accelerated and inclusive green transformation of the industry that benefits workers and local communities, locally and globally.

Read more about the award winners. Home | WIN WIN Award

AP2 has released its first combined climate and nature report in accordance with the frameworks Task Force on Climate-related Financial Disclosures (TCFD) and Taskforce on Nature-related Financial Disclosures (TNFD).

The Fund has for several years published a climate report in accordance with TCFD. For 2023, the Fund has expanded the report by implementing reporting on biodiversity according to TNFD.

Climate and biodiversity are two focus areas in AP2’s sustainability work. The Fund sees TCFD and TNFD as support for the work of identifying and managing the Fund’s climate- and nature-related risks and opportunities, and at the same time encouraging companies to be transparent via annual and comparable reporting.

Read the report here.

The work of the Council on Ethics during 2023 has in large part focused on the new organisation with a new strategy, and intensive work with the selected focus areas. Of many important sustainability topics, five focus areas have been prioritised: Antimicrobial resistance, Child labour and forced labour, Climate, Big tech and human rights, and Water.

Magdalena Håkansson, Chair of the Council on Ethics during 2023, notes that the rapid development in the field of sustainability places ever greater demands on the AP Funds’ sustainability work. During 2023, the work of the Council on Ethics has largely consisted of developing its activities in line with the new strategy and governance model adopted in 2022.

“During the year, we have continued to develop the Council per the new strategy with a new governance model and more resources, which will allow us to achieve better outcomes more efficiently over time.” says Magdalena Håkansson. “We have also decided on five new focus areas for our proactive work.”

During 2023, the Council on Ethics decided on five focus areas for proactive engagement; Antimicrobial resistance, Child labour and forced labour, Climate, Big tech and human rights, and Water. The proactive work aims to prevent and manage significant sustainability risks in the AP Funds’ portfolios through dialogue with companies. One example of proactive efforts is in the Big Tech and human rights focus area – an area which the Council on Ethics has been involved in since 2019.

“Social media is playing an increasingly important role in society and brings many benefits but also several challenges in relation to human rights,” explains Jenny Gustafsson, the new Head of the Council on Ethics since June 2023. “In March 2023, the Council launched a partnership with some 30 institutional investors with over EUR 7,000 billion under management. These investors will work together for positive change in line with the UN Guiding Principles on Business and Human Rights.”

In parallel, around 3,500 companies have been screened for possible involvement in breaches of international norms. In total, 76 dialogues were conducted during 2023, of which seven were closed as the objectives were met. The reactive work is based on the international conventions and guidelines that Sweden has ratified, and the Council on Ethics uses structured processes to identify and manage sustainability risks in the AP Funds’ portfolios.

In individual cases, the dialogue does not lead to the desired outcome, and the Council on Ethics may then recommend that the AP Funds exclude the company. Three companies have been recommended for exclusion in 2023. An important part of the work is also to ensure that excluded companies can be re-included.

“The goal of the Council’s activities is to influence companies to improve, and we are pleased to see significant progress among the companies we have engaged in dialogue with during the year, five of which have fully achieved their objectives,” explains Jenny Gustafsson. “We have also been able to remove the exclusion recommendation for a company which has improved its management of labour rights.”

The Council on Ethics of the AP Funds
The First, Second, Third, and Fourth AP Funds (AP1, AP2, AP3 and AP4) coordinate their work on environmental and ethical issues through the joint the Council on Ethics. The full Annual Report 2023, English version, will be available in April.

For more information:

Jenny Gustafsson, Head of the Council on Ethics of the AP Funds, e-mail: jenny.gustafsson@councilonethics.org

Åsa Mossberg, 2024 Chair of the Council on Ethics of the AP Funds , e-mail: asa.mossberg@ap2.se

Andra AP-fonden (AP2) has had a sustainable infrastructure portfolio since 2020. Investments are to be made in infrastructure companies/platforms and funds whose business activities are related to sustainable growth in line with the Paris Agreement, and without compromising return expectations. Generation of renewable energy is to be the main investment focus, although the portfolio may also include investments in battery production plants, power line networks, expansion of hydrogen infrastructure, and so on.

One of the investments are Copenhagen Infrastructure Partners (CIP), which is one of the largest global funds for development and operation of wind farms with a focus on offshore wind. CIP has now invested USD 350 million in Korean offshore wind projects. Read the press release here.

The government has appointed Torbjörn Dalin as a new member of AP2’s Board of Directors and from 1 August Ingrid Albinsson as Vice Chair. Members of the Board are thus:

Jan Roxendal (Chair)
Ingrid Albinsson (from 1 Aug 2023)
Hanse Ringström
Torbjörn Dalin
Åsa Erba-Stenhammar
Agneta Wallmark
Rikard Andersson
Mikael Bohman