28 November, 2018

Direct Investments

For Direct Investments, total managed assets amounts to SEK 13.5 billion. The portfolio consists of more than 40 holdings. Approximately 70 % are co-invest-ments made together with GPs and approximately 30 % were made with other co-investors. The 15 largest holdings have, on average, a market value of around SEK 600 million each.
Direct Investments are made in unlisted companies together with other investors who have a great deal of experience. They might be major investment companies, or private equity firms. When making such investments with others, AP6 seeks to obtain a minority holding. Direct Investments fall into two categories. The first is joint investments, where AP6 has a holding of up to 49 percent. The second category is co-investments, where AP6 invests in a fund and then invests directly in a company together with the fund. For this type of investment, AP6’s holding is typically around 2-15 percent.

The illustration below shows the composition of AP6’s portfolio as of 2018-12-31.