AP7 completes search for Private equity managers

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SWEDEN- Sweden’s seventh national pension fund, AP7, has allocated $84m (e86m) to two US-based private equity fund of fund managers, Hamilton Lane Advisors and HarbourVest Partners. Hamilton Lane will be managing a US private equity fund of fund portfolio balanced between buyout, venture and special situation funds including secondary interests.

AP7 has also committed capital to two of HarbourVest’s private equity funds of funds: HarbourVest International Private Equity Partners, which invests predominantly in European private equity funds; and HarbourVest Partners, which mainly invests in US private equity funds. The committed capital will be invested over a period of four to six years.

Says AP7 CEO, Peter Norman: “we have allocated 4% of the capital of premium savings fund (PSF), and 8% of the premium choice fund to private equity because we strongly believe that this will generate additional capital growth on for our savers.”

AP7’s $2bn system comprises the premium savings fund and the premium choice fund, and is the largest fund within Sweden’s national pension fund system.

Last November AP7 announced it was looking for hedge fund managers to run a mandate with a balanced multi-strategy approach and one that included both venture capital and buy-out investments. In July it appointed New York-based K2 and Arpad Busson’s Geneva-based EIM to its two e55m fund of funds hedge fund portfolios.

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