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 portfolio for direct investments consists of more than 50 companies (as of 2017-12-31).
The illustration below shows the composition of AP6’s portfolio as of 2017-12-31.