Positive return of 9.0 percent for 2024
With the support of a cautiously better transaction market, AP6 created a positive return of 9.0 percent for 2024. AP6 reports a positive net result after currency hedging of SEK 6.4 billion, which increased the managed capital to SEK 77.1 billion. AP6's average five-year return amounted to 15.5 percent, which exceeds the target of 7.0 percent. AP6 has generated positive net profit every single year since 2012.
– In a gradually improving market climate, AP6 has generated a total net return of 9.0 percent for 2024, with all sub-portfolios contributing positively with high returns. The capital employed, without liquidity and currency hedging effects, returned 15.2 percent, says Katarina Staaf, CEO of the Sixth Swedish National Pension Fund (AP6).
The buyout portfolio returned 15.9 percent including the co-investments that are included with a return of a substantial 21.1 percent. The secondary portfolio also showed a strong return of 17.5 percent, and the venture portfolio is back on a positive return of 10.6 percent.
Of the year's net profit of SEK 6.4 billion, approximately 42 percent is realized profit. All in all, the average net return over five years thus amounts to 15.5 percent. The corresponding figure for the employed portfolio is 21.3 percent and for the sub-portfolios: buyout 21.9 percent (this includes co-investments with 26.0 percent), venture 18.8 percent and secondary 17.3 percent. AP6's internal costs amounted to just under 0.14% of the fund's capital.
The liquidity impact of the statutory currency hedges has been limited in 2024. However, the negative liquidity effect of close to ten billion kroner that occurred in 2022 and 2023 has had a continued impact on the possibility of making co-investments during the year. AP6 has continued to work on strengthening liquidity during the year with selective secondary transactions where it has been possible to divest with a good return to the pension system. Since mid-autumn 2024, careful work has begun to make new co-investments. Liquidity was strengthened during 2024 and amounted to SEK 3.7 billion at the end of the year.
On January 31, 2025, the Government Office announced that the Pension Group had taken a strategic decision to merge funds in both Stockholm and Gothenburg. A legislative council referral has been published on February 6, 2025.
– I am positive that the government have acknowledge the successful operation that AP6 conducts in private equity. To provide room to utilize skills developed in AP6, the Second Swedish National Pension Fund (AP2) will, after AP6 is incorporated, have expanded opportunities to invest in unlisted assets up to and including 2036, says Katarina Staaf, CEO of the Sixth Swedish National Pension Fund.
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Ulf LindqvistHead of Communications
Tel:+46 708 - 74 10 48ulf.lindqvist@ap6.seSixth Swedish National Pension Fund (AP6)
Long-term and active investor with the mission to invest in unlisted assets. An important part of the strategy is the combination of high-quality fund pledges and co-investments where sustainability is fully integrated throughout the investment process and the ownership phase. Since its inception in 1996, AP6 has contributed SEK 66.7 billion to the general pension capital. AP6's fund capital has grown from SEK 10.4 billion to SEK 77.1 billion at the turn of the year 2024/25. This corresponds to total value growth since the inception of 641 percent and an annual average growth of 7.4 percent. AP6 has generated a positive net profit every year for the past thirteen years.
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Senaste pressmeddelandena från Sixth Swedish National Pension Fund
Consolidation during a challenging year23.2.2024 10:00:00 CET | Press Release
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A resilient portfolio in a challenging year27.2.2023 11:00:00 CET | Press Release
In 2022 the portfolio demonstrated good resilience despite challenging capital markets. AP6 delivered positive net earnings for the year of SEK 1.3 billion and a return of 1.9 percent, despite a strong negative effect from statutory currency hedges. The investment portfolio delivered a return of 15 percent excluding currency hedges.
Long-term, consistently applied strategy generates a net return of SEK 22 billion for AP6.21.2.2022 11:00:00 CET | Press Release
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Highest return to date for AP626.2.2021 09:30:00 CET | Press Release
In a year that was dominated by the global pandemic, AP6’s well-diversified investment portfolio of private equity investments demonstrated both resilience and strength. Carefully chosen funds together with co-investments has generated the highest return to date and the return for the year amounts to 20.4 (8.2) percent. For the last five-year period, the overall portfolio has yielded an annual return of 11.3 (9.8) percent.
High investment rate and stable return27.2.2020 15:10:00 CET | Press Release
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