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Contributing to a sustainable development in the society

Within infrastructure, AP3 invests in listed and unlisted funds as well as through direct investments. Infrastructure investments fit well with AP3’s long-term mission and the amendments to the National Pension Insurance Funds Act allow for increased investment in unlisted assets that boosts AP3’s scope to invest in infrastructure. As is the case for real estate, infrastructure are illiquid assets tailored to specific operating activities. Infrastructure assets are a key pillar of sustainable social development; these are physical assets whose return and value are linked to inflation and has high potential for a stable return.

AP3’s infrastructure investments

In Sweden AP3 focuses on direct investments, while international investments are through both infrastructure funds and direct investments. The largest holding is the electricity distribution company Ellevio, acquired by a consortium of AP1, AP3, Folksam and a Canadian pension fund. In addition to Ellevio, the infrastructure portfolio also includes investments in social infrastructure, water treatment, transport and renewable energy sources.

As of 12/31/2022

Infrastructure 5.4 percent of the portfolio
Return +14.4%
Contribution +0.6%

Ellevio – driving the development towards a fully electrified and sustainable society

Ellevio is one of Sweden’s largest electricity distributors and supplies electricity to nearly a million households across the country. The company has about 650 employees and is responsible for just over 3,000 jobs nationwide. The company is a key player in the transition to a post-carbon society. Ellevio makes substantial investments in providing modern electricity grid services for rural areas and upgrading the existing grids in and around Swedish cities. Ellevio is owned by AP3, Omers Infrastructure, Folksam and AP1. Find out more at

 electric car charging

Polhem Infra – a new way to invest in infrastructure

AP3 partnered up with AP1 and AP4 to found Polhem Infra as a means to securing long-term and cost-efficient investments in Swedish and Nordic infrastructure. Polhem Infra targets large infrastructure investments in the private and public sectors with a focus on collaboration and sustainability. It invests with other long-term industrial and financial partners and aspires to be a stable, responsible and long-term owner. Find out more at


Polhem Infra wind farm