Sweden’s AP7 has awarded SEK6.5bn (€661m) in private equity mandates to two US managers, according to tender award notices.

The SEK407bn pension fund, which runs the default option in the premium pension system (PPM), announced it has awarded an SEK4.2bn private equity mandate to HarbourVest in Boston and a SEK2.3bn (€234m) private equity mandate to Chicago-based firm Adams Street Partners.

The awards were the result of a tender launched two years ago, when the pension fund was seeking private equity managers for around SEK10bn of assets.

In that December 2015 notice, AP7 said it anticipated appointing three to four managers for an initial period of three years with two optional two-year extensions.

The pension fund has now announced that it received 36 offers in all in response to the tender.

In its 2016 annual report, AP7 said its board of directors had decided during that year to increase the share of private equity to 4% from 3% of the portfolio, over time.

An increase of one percentage point would equate to around SEK3.8bn based on the SEK379.6bn value of the equity fund at the end of November.

While HarbourVest is already on AP7’s published list of private equity managers, Adams Street Partners is not.