LGT Capital Partners, the Swiss- based alternative investment manager, has been appointed by the Seventh National Swedish Pension Fund as a manager for AP7's private equity investments.
Richard Gröttheim, Executive Vice President at AP7 said: "LGT Capital Partners was one of the investment managers we retained in the tender we launched in 2001 and AP7 is invested in its listed fund Castle Private Equity since 2002. We have now decided to broaden the mandate and include LGT Capital Partners as a manager for our non-listed private equity investments as well."
Tycho Sneyers, Head of Business Development at LGT Capital Partners, said: "Our mandate will focus on European private equity fund investments. AP7's first investment has been in LGT Capital Partners' Crown European Buyout fund. This core investment in our well-diversified fund of funds will be complemented with investments in European buyout and venture funds, and participations in secondary transactions."
The Seventh Swedish National Pension Fund (AP7) manages funds within the national pension system in Sweden. The system consists of a pay as you go pension and a fully funded defined contribution system - the Premium Pension System.
AP7 manages the default fund within the Premium Pension System. For individuals that refrain from making an active choice of fund managers, the contributions are placed in the "Premium Savings Fund (PSF)" managed by AP7. AP7 also manages the "Premium Choice Fund (PCF)", which is open to savers who actively appoint a fund manager in the system.
AP7 has assets of USD 4 billion under management in PSF and USD 0,2 billion in PCF. Four percent of the assets in PSF and 8 percent of PCF are allocated to private equity.
Background Note: LGT Capital Partners, based in Pfaeffikon, Switzerland, is a leading institutional alternative asset and fund of funds manager, currently managing over USD 4 billion in hedge fund and private equity investments on a global basis. LGT Capital Partners' dedicated team of over 50 experienced professionals with 18 nationalities is responsible for the investment management of the Castle and Crown alternative investment programs.