Swedish pension fu nd increases allocation to private equity

AP7, Sweden’s Seventh National Pension Fund, is to increase its allocation to private equity to 4% with an $84m mandate. The mandate will be managed by international gatekeepers Hamilton Lane Advisors, and fund-of-fund managers HarbourVest Partners. Hamilton Lane is understood to be in charge of the majority of the mandate, and will manage a separate account for AP7, building a diversified portfolio of buyout, venture and secondaries funds. The fund has committed to two of HarbourVest’s funds-of-funds, the European-focused International Private Equity Partners IV and HarbourVest Partners VII, which mainly invests in US partnerships. It is reported that 80 applications for the mandate were critically assessed according to AP7’s requirement for transferability of the underlying assets, compliance of general partnerships with its Socially Responsible Investment Policy and an investment track record of at least five years. Investing AP7’s capital in private equity funds is expected to take between four and six years. Alongside the 4% of total assets allocation to private equity, the fund is aiming for another 4% to hedge funds.

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