Sweden’s Closure of $8.7 Billion AP6 Fund Sparks Fire Sale Fears

Oct. 2, 2025, 7:37 AM UTC

Sweden’s major overhaul of its pension system has sparked accusations of value destruction as the government plows ahead with shrinking the number of AP funds to four from six.

One of the most divisive issues has been the planned shuttering of AP6, which oversees about 81 billion kronor ($8.7 billion) of unlisted, private equity assets. The fund will be subsumed by Gothenburg-based AP2, stoking fears of how portions of the portfolio will be wound down.

This week a 44-page report sponsored by the government highlighted criticism from AP6 in which it said any “forced liquidation” of holdings could ...

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