Denmark Investment and Pensions
The industry is pushing for broader market access and defence-investment frameworks. Simultaneously, defence investing is gaining traction among commercial pension players, signalling a potential strategic shift for the sector – one that blends return objectives with national and European resilience. The giant labour market fund ATP is facing scrutiny for underperformance and archaic guidelines.
Pension Funds in the Nordic region - Country Report
Nordic Region pension funds report 2025: ATP hits back at critics on risk structure
An academic discussion in a leading business journal has spilled over into a fully fledged debate with the fund’s leadership
TOP DANISH PENSION FUNDS 2025
Pension fund/entity | Assets (€’000)
- PFA Pension | 110,970,374
- Arbejdsmarkedets Tillaegspension (ATP) | 96,249,172
- Danica | 73,685,503
- Velliv, Pension & Livsforsikring | 49,373,193
- PensionDanmark | 49,002,123
©IPE Research; View the Top 1000 European Pensions Funds 2025 for a comprehensive market overview
AkademikerPension scolded by FSA for years of member data access failures
Danish pension fund plays down impact of IT problem on customers
Industriens stows €300m into Goldman Sachs European direct credit fund
Danish pension fund says commitment is its biggest unlisted credit investment yet, as allocation to the asset class expands
PFA reveals DKK40bn equities revamp cashed in on tariff-jitters bargains
“Timing could hardly have been more challenging,” says Danish pensions CIO of lifecycle profiles restructuring
IPE Nordic Briefing: Danish pension funds keen to invest in defence sector
Plus: Norges Bank Investment Management unveils new strategy plan for the Government Pension Fund Global
Danish pension fund trio anchors defence buyout fund with €220m
PensionDanmark, AP Pension and AkademikerPension invest in ETNA, a new Copenhagen-based private equity fund targeting the defence sector
TOP MANAGERS: NORDIC REGION INSTITUTIONAL ASSETS
Company | Assets (€m)
- SEB | 65,000*
- BlackRock | 61,541
- DNB Asset Management | 53,712**
- Nordea Asset Management | 52,442
- Storebrand Asset Management | 35,386***
- State Street Global Advisors | 29,768
- Nykredit Asset Management | 26,163
- Northern Trust Asset Management | 22,607
- Morgan Stanley Investment Management | 8,936*
- Amundi | 8,344
As at 30.9.3.23, *30.6.23, **15.11.23, ***10.6.22
©IPE Research; Sign up to IPE Profesional to see all the data in the latest country report
Interviews
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Denmark’s pension funds offer a template for an innovative defence investments play
The tone of Europe’s political debate on defence expenditure has shifted markedly this year. And as former Netherlands defence minister Kajsa Ollongren, put it in a Chatham House Q&A in early March: “The mindset should be ‘war economy’.”
Denmark: Seeking answers on unlisted valuations
The perennial problem of how unlisted assets should be valued has reared its head in Denmark. Data collated by one financial adviser on pension funds’ 2022 private equity investments has led to worries about an apparent black-box approach to valuation processes.
AkademikerPension scolded by FSA for years of member data access failures
Danish pension fund plays down impact of IT problem on customers
Industriens stows €300m into Goldman Sachs European direct credit fund
Danish pension fund says commitment is its biggest unlisted credit investment yet, as allocation to the asset class expands
PFA reveals DKK40bn equities revamp cashed in on tariff-jitters bargains
“Timing could hardly have been more challenging,” says Danish pensions CIO of lifecycle profiles restructuring
IPE Nordic Briefing: Danish pension funds keen to invest in defence sector
Plus: Norges Bank Investment Management unveils new strategy plan for the Government Pension Fund Global
Danish pension fund trio anchors defence buyout fund with €220m
PensionDanmark, AP Pension and AkademikerPension invest in ETNA, a new Copenhagen-based private equity fund targeting the defence sector
IPE Nordic Briefing: Norway’s Council on Ethics comes to a halt
Norway withdraws ethical investment rules for its sovereign wealth fund
IPD calls for red tape cuts to boost Danish, European pension investment
Danish pensions lobby says DKK400bn (€54bn) of new pensions money will flow into investments between now and 2030
PFA’s defence investments balloon to €1bn with years of European rearmament to go
Danish pension fund reveals near tenfold increase in defence sector investments since start of Russia/Ukraine war
Nordic Region pension funds report 2025: ATP hits back at critics on risk structure
An academic discussion in a leading business journal has spilled over into a fully fledged debate with the fund’s leadership
IPE NORDIC REGION BEST PENSION FUND WINNERS
Denmark
- 2024 - PenSam
Sweden
- 2024 - Fjärde AP-fonden (AP4)
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