AP-Fonden 1, one of the Swedish national pension funds, is to invest $400m (€325.4m) in private equity next year as part of its long-term plan to increase alternative assets to 10% of the SEK139bn (€15.4bn) fund.

AP1 has hired global consultants Towers Perrin to help it pick three partners to decide on allocation in the US, Europe and on a global basis.