The Second Swedish National Pension Fund (AP2) generated a return of 4.6 per cent and a profit of SEK 20.9bn in 2025, amidst a year of significant changes, including a new management model and reforms of the AP funds.

According to AP2’s annual results, the fund capital at year-end amounted to SEK 475bn, while currency effects had a negative impact on the total return by -3.5 percentage points




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Podcast: Stepping up to the challenge
In the latest European Pensions podcast, Natalie Tuck talks to PensionsEurope chair, Jerry Moriarty, about his new role and the European pension policy agenda

Podcast: The benefits of private equity in pension fund portfolios
The outbreak of the Covid-19 pandemic, in which stock markets have seen increased volatility, combined with global low interest rates has led to alternative asset classes rising in popularity. Private equity is one of the top runners in this category, and for good reason.

In this podcast, Munich Private Equity Partners Managing Director, Christopher Bär, chats to European Pensions Editor, Natalie Tuck, about the benefits private equity investments can bring to pension fund portfolios and the best approach to take.

Mitigating risk
BNP Paribas Asset Management’s head of pension solutions, Julien Halfon, discusses equity hedging with Laura Blows

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