The state-owned AP funds, managers of Swedes' pension money, are as a basic rule not allowed to buy shares in unlisted companies. But if the funds form their own venture capital companies, it's okay. And that's what the AP funds did in this case, in order to be able to invest in Northvolt.
At the request of the Sweden Democrats, the four AP fund managers were called to the Riksdag's Finance Committee to explain themselves.
The lawyers' best assessment is that this has stayed within the legislation. But it feels a bit like they've used this construction to get around the legislation, says Riedl, M-member of the Finance Committee.
The First AP Fund's CEO Kristin Magnusson Bernard defends the setup.
The AP funds have formed a separate venture capital company, with personnel from the funds, which made the decision to invest in the battery company Northvolt, all according to the law, according to Magnusson Bernard.
I haven't said yes to this investment. It's not within my mandate, she says to journalists on her way into the Riksdag's Finance Committee.
It's the formed venture capital company's board that decides on the investment, she says.
She says it's a common way to conduct business, that the AP funds set up their own companies in order to be able to invest in unlisted companies.
