AMF, Sweden’s third-largest pension fund, announced it is investing SEK200m (€20m) in the new high-tech ABBA show unveiled yesterday as part of a comeback for the Swedish pop group 40 years after the four musicians went their separate ways.
The SEK800bn (€78.4bn) pension fund said it is investing the capital via B-shares in Goldoner Investors – a privately-owned limited liability firm registered in Stockholm, which will produce and run a new ABBA show, with a planned premiere in London in 2022.
Anders Oscarsson, head of equities and ownership at AMF, said: “This is a unique opportunity to be involved and invest in a world-famous Swedish cultural treasure, and at the same time we are involved in breaking new ground in the experience industry.
“I believe that this has great potential to be a good deal for our savers, and can simultaneously contribute positively to the image of Sweden,” he said.
According to AMF, the concert’s “innovative experience concept” will include a mix of new technology, live music and visual effects.
The pension fund said its investment would correspond to around 12% of the shares of Goldoner Investors, which was founded by Pop House Entertainment Group, Benny Andersson Production and Qarlbo Associates.
AMF said it was already collaborating with Pop House via its subsidiary AMF Fastigheter on the joint investment in the gaming and music complex Space at Sergels torg in Stockholm.
Tomas Flodén, AMF’s head of asset management, said the investment in the ABBA show contributed to the diversification of the portfolio, and was in line with AMF’s aim of increasing its unlisted shares and alternative assets.
“It is an exciting and innovative approach with great development potential that will now be combined with one of our strongest Swedish brands,” he said.
Earlier this week, AMF announced it was merging the life and funds sides of its asset management activities in order to pool resources and boost investment returns.