# Apoteket AB's Pensionsstiftelse

Apoteket AB's Pensionsstiftelse is a Pension Fund based in Stockholm, Sweden.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Stockholm, Sweden
- **Region:** Europe
- **Address:** Stockholm, Sweden
- **Assets under management:** SEK 13B
- **Website:** apopen.se
- **LinkedIn:** linkedin.com/company/apoteket-ab-s-pensionsstiftelse

## Regulatory record

- **Reports private funds:** No

## About

Apoteket AB's Pensionsstiftelse was established to administer pension obligations tied to Apoteket AB, the Swedish state-owned pharmacy chain. Gustav Karner serves as CEO and CIO. The foundation allocates across real estate and alternative strategies. Core holdings include joint-venture positions in VACSE AB, a commercial property vehicle leased to Swedish public-sector tenants, and Akka Egendom, a residential platform in growth municipalities. Additional exposure runs through Alma Property Partners funds and direct stakes in Thule Fastigheter. Geographic focus centers on Sweden and the broader Nordic region. External managers such as SEB Investment Management, Capula, and Renaissance Technologies handle portions of the portfolio. The foundation maintains a small internal team and relies on external advisors including ISS-Ethix for ESG analysis. Magnus Dahlquist, professor at Stockholm School of Economics, sits on the investment committee. Apoteket AB's Pensionsstiftelse operates as a sponsor-specific pension vehicle with no public marketing or third-party capital raising.

## Sectors

- Real Estate

## People

- Gustav Karner — CEO and CIO

## Questions

### Who runs investment decisions at Apoteket AB's Pensionsstiftelse?

Gustav Karner serves as CEO and CIO. Magnus Dahlquist acts as external investment committee member.

### What asset classes does Apoteket AB's Pensionsstiftelse hold?

Primary allocations target real estate through direct holdings and joint ventures. Additional commitments include hedge funds and select venture vehicles.

### How is Apoteket AB's Pensionsstiftelse related to Apoteket AB?

Apoteket AB sponsors the foundation as the pension vehicle for its employees.

### Does Apoteket AB's Pensionsstiftelse invest in funds or direct deals?

The foundation uses both structures, with notable joint-venture real estate positions alongside fund commitments to Alma Property Partners and external managers.

### Where does Apoteket AB's Pensionsstiftelse source co-investors?

Co-investors include other Swedish pension foundations such as Atlas Copco Pensionsstiftelse and Ericsson Pensionsstiftelse in VACSE AB.

## Related profiles

- [Anna-Maria and Stephen Kellen Foundation](https://altss.com/profile/anna-maria-and-stephen-kellen-foundation)
- [Bærum Kommunale Pensjonskasse (BKP)](https://altss.com/profile/b-rum-kommunale-pensjonskasse-bkp)

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Last updated: 2026-07-08T21:04:00.820Z

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