# AP-Fonden 2

AP-Fonden 2 is a Pension Fund based in Goteborg, Sweden.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Goteborg, Sweden
- **Region:** Europe
- **Address:** Goteborg, Västra Götaland County, Sweden
- **Founded:** 2001
- **Assets under management:** $42.1B (Altss estimate)
- **Website:** ap2.se
- **LinkedIn:** https://se.linkedin.com/company/ap2-andra-ap-fonden

## Regulatory record

- **Reports private funds:** No

## About

Andra AP-fonden (AP2) is one of Sweden's five buffer funds. The Swedish Government tasks it with managing the Swedish people's pension capital. It makes responsible investments worldwide across a wide range of assets to maximize long-term returns at low risk and promote sustainable development for current and future generations.

## Sectors

- Real Estate
- Infrastructure
- Private Credit
- Natural Resources
- Energy Transition & Renewables
- Venture (General)
- Secondaries & Special Situations
- Hedge Funds

## People

- Eva Halvarsson — CEO
- Anna Hammer — Chief Investment Officer
- Helena Olin — Head of Real Assets
- Ola Eriksson — Chief Operating Officer
- Ingrid Albinsson — Chair of the Board

## Questions

### How does AP-Fonden 2's mandate differ from a traditional asset manager?

AP2 is a state buffer fund created by the Swedish government to manage a portion of national pension capital. Its mandate requires long-term return maximization at low risk to sustain pension obligations, rather than maximizing fees or short-term profits. The fund operates as an asset owner that both invests externally and manages assets directly, including co-ownership of property management companies.

### How does AP-Fonden 2 source direct real estate and real asset deals?

The fund sources deals through dedicated subsidiaries and joint ventures rather than as a limited partner in blind pools. Its co-ownership of Vasakronan and the Cityhold Office Partnership with AP1 gives it direct access to European commercial property. In agriculture and timber, a long-standing joint venture with TIAA-CREF provides operating platforms across multiple continents.

### Is AP-Fonden 2 primarily a fund-of-funds investor or does it co-invest directly?

AP2 uses a hybrid approach. It commits to external funds for private equity and alternative risk premia strategies, but also acquires direct stakes in real estate assets, co-owns property management firms, and participates in natural resource joint ventures. The merger with AP6 in 2026 will deepen its internal private equity capabilities.

### How is AP-Fonden 2 related to AP-Fonden 1 and AP-Fonden 6?

AP1, AP2, and AP6 are separate state buffer funds with distinct mandates, though all manage Swedish pension capital. AP1 and AP2 co-own the Cityhold Office Partnership and share a common public oversight framework. AP6, a private equity-focused fund, is scheduled to merge into AP2 in 2026, consolidating two pools of state pension assets.

### What is AP-Fonden 2's known posture on co-investments alongside external general partners?

AP2 actively allocates to external managers and prefers structures where it can co-invest alongside those partners in real assets. Its joint ventures with TIAA-CREF and Gaw Capital indicate a pattern of using large-scale GP relationships to access co-investment opportunities rather than committing exclusively through commingled fund structures.

## Related profiles

- [Yale University Endowment](https://altss.com/profile/yale-university-endowment)
- [Canaccord Genuity Wealth Management UK](https://altss.com/profile/canaccord-genuity-wealth-management-uk)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/ap-fonden-2

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