AP1 seeks strategic partners for private equity

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SWEDEN - Första AP-fonden, the First Swedish National Pension Fund, is seeking “strategic partners” for around 400 million dollars (326.5 million euros) in private equity.

“AP1 is seeking to establish its private equity investment exposure with the assistance of strategic partners,” the 148 billion-crown (16 billion-euro) scheme said in a tender document on its web site.

It is looking to appoint “one or more” partners to provide advice on three mandates covering global, the US and Europe.

“The aggregated commitment of the three mandates is expected to be in the range of 400 million dollars for the first year.

“The private equity mandates to be considered are separate accounts on a discretionary basis, but with AP1 having the ability to veto.

“Each mandate is expected to be in the range of 100 to 200 million dollars for the first year.”

It added that consulting firm Towers Perrin is advising AP1 and will handle questions and evaluate applications.

Last week AP1 awarded a global custody mandate to ABN Amro Mellon.

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