SWEDEN - AP7, Sweden's seventh national pension fund, has appointed LGT Capital Partners to run an European private equity mandate.
With this investment, AP7’s total allocation to the Swiss-based firm has now risen to $60m (e50m), $20m of which will be invested in European non-listed private equity investments.
Richard Grottheim, executive vice president said that the fund had decided to appoint LGT as its manager for non-listed private equity investments as it had decided to broaden its portfolio to include smaller European companies.
“At this stage, we feel we need to broaden our exposure to the European market and after a due diligence, we have decided to go with LGT.”
The fund has been investing in LGT’s listed fund - Castle Private Equity since 2002.
Currently, Hamilton Lane Advisors, HarbourVest and Pantheon manage a e86m private mandate.
Meanwhile, AP7’s search for active managers to run a e1bn currency overlay mandate has been postponed.
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