Updated:
AP-Fonden 1
Första AP-fonden (AP1) served as a Swedish government authority from 2001. It managed part of the capital in the Swedish income pension system and held a...
AP-Fonden 1
Första AP-fonden (AP1) served as a Swedish government authority from 2001. It managed part of the capital in the Swedish income pension system and held a global portfolio of equities, fixed income securities, and alternative investments. The fund reported $52 billion USD in AUM as of December 2024 and ranked among the largest in Northern Europe until operations ceased on December 31, 2025 after a government decision to restructure buffer capital management.
General information
Firm type
Pension Fund
Year founded
2001
Location
Region
Europe
Country
Sweden
City
Stockholm
Corporate office
Stockholm, Sweden
Sector focus
Frequently asked questions
Where did AP1's assets and liabilities go after the dissolution?
AP1's portfolio was divided between the Third Swedish National Pension Fund (AP3) and the Fourth Swedish National Pension Fund (AP4). Certain assets remain under a transitional arrangement overseen by AP4's board, which now signs AP1's annual reports and administers the legacy entity.
How did AP1 invest in real estate and infrastructure?
AP1 co-owned Vasakronan — Sweden's largest commercial property company — with sibling funds AP2, AP3, and AP4. It also held Polhem Infra jointly with AP3 and AP4, owned the residential platform Willhem AB, and maintained unlisted holdings in energy distribution through Ellevio.
What was AP1's approach to sustainability?
AP1 was a founding signatory to the UN Principles for Responsible Investment in 2006 and helped build the Council on Ethics of the Swedish AP Funds, a collaborative body that coordinated active ownership and ethical engagement across the four buffer capital funds.
What was AP1's final reported return and fund capital?
For calendar year 2025, AP1 posted a 5.6% return after costs, generating SEK 27.9 billion. Fund capital ended the year at SEK 520.2 billion after net payments of SEK 4.6 billion to the pension system, according to the fund's final annual report.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on pension funds?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: