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.
Claim political governance
The background is that the then opposition, the government parties and the Sweden Democrats, want to make out that there was political governance behind the AP funds' decision to invest in the battery manufacturer.
The lawyers' best assessment is that it has kept within the legislation. But it feels a bit like they have used this construction to get around the legislation, says Riedl, M-member of the finance committee.
Mikael Damberg, member of the committee for the Social Democrats who sat in government when the investments were made, thinks it's good that the setup is being scrutinized. But according to him, there was absolutely no political governance.
It's crystal clear from the AP funds that they haven't taken any political consideration, says Damberg after the committee's questioning.
"Not my mandate"
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, says she 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, according to her. The CEO says it's a common way to conduct business, that the AP funds set up their own companies to be able to invest in unlisted companies.
