AP7 alternative manager search enters final stage
SWEDEN- The e2.3bn AP7 default fund’s search for private equity and hedge fund of fund investment managers enters the final stage next week when it begins interviewing a final shortlist of ten potential candidates.
AP7 is meeting with its advisors New England Pension Fund Consultants next Monday to whittle down the sixty or so remaining candidates to a final shortlist. AP7 received replies from over 130 managers when it sent out the initial RFP questionnaires for tenders worth around $160m (e180m) towards the end of last year.
The fund is looking for managers to oversee a $80m private equity fund of fund mandate and a hedge fund of fund mandate also worth $80m. A maximum of two managers will be appointed to each asset class.
Richard Grottheim at AP7 says the majority of the remaining managers hail from the US but that there are some Swedish candidates still in the running.
Grottheim says they will interview the final candidates in the fortnight ending January 25 and a final decision is expected on February 12th, the fund’s next board meeting.