# Swedish AP3 pension fund financial performance

> Live situation record from CLSTR: https://clstr.news/situations/swedish-ap3-pension-fund-financial-performance
> Updated: 2026-08-26T18:13:41.000Z. Sources: 4. Developments: 2.

Sweden’s Third National Pension Fund (AP3) reported a 7.6 percent net return for the first half of 2026, bringing its total capital to 891 billion SEK. This growth was driven by a rally in listed equities—particularly in Japan, Taiwan, and South Korea—and the consolidation of Sweden’s buffer-fund structure, which included the transfer of 255.8 billion SEK from the closed Första AP-fonden (AP1).

Despite these overall gains, Polhem Infra, a private equity company jointly owned by the third and fourth AP funds, is experiencing significant financial difficulties. Reports from 2025 indicate substantial losses and a debt level of 19.5 billion SEK. Key investments within Polhem Infra, such as Solör Bioenergi and Arelion, have reported losses, with Solör Bioenergi facing cumulative losses of 5.8 billion SEK since 2019 and repeated breaches of loan covenants.

## Timeline

### 2026-08-26: Sweden's AP3 pension fund reports 7.6% return in first half of 2026

Sweden’s AP3 pension fund posted a 7.6% return in H1 2026, aided by equity rallies and fund consolidation, while a Swedish firm allocated $3 billion to venture capital.

2 sources. https://clstr.news/cluster/swedens-ap3-pension-fund-reports-76-return-in-first-half-of-2026

### 2026-08-24: Tredje AP-fonden reports 7.6% return amid Polhem Infra debt concerns

While Tredje AP-fonden reported a 7.6% return and 891 billion SEK in capital for H1 2026, its joint venture Polhem Infra faces heavy losses and 19.5 billion SEK in debt.

2 sources. https://clstr.news/cluster/tredje-ap-fonden-reports-76-return-amid-polhem-infra-debt-concerns

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Cite as: Swedish AP3 pension fund financial performance. CLSTR, https://clstr.news/situations/swedish-ap3-pension-fund-financial-performance