AP1

AP1 (Första AP-fonden) was a Swedish pension fund, part of the Swedish income pension system's buffer capital management. It was dissolved at the end of 2025 following a decision by the Swedish Parliament to restructure the management of the pension system's buffer capital. AP1's assets and liabilities were transferred to AP3 and AP4 as of January 1, 2026. During its 25-year operation, AP1 aimed to generate returns on its investments to contribute to the long-term security of the Swedish pension system. In 2025, AP1 achieved a return of 5.6 percent after costs, with a profit of 27.9 billion SEK and a fund capital of 520.2 billion SEK after net payments to the pension system of 4.6 billion SEK. The investment strategy of AP1 likely involved a diversified portfolio of listed and unlisted assets, as indicated by the availability of lists of holdings. The fund was committed to transparency, as demonstrated by making its annual reports and holdings lists available to the public. AP4 now manages the remaining assets during a transition period.

Pension Fund, Diversified Investments

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