The Swedish national pension fund, with $150 bn in assets, is taking a new approach to climate transition.
Christian Granquist joined AP7, one of Sweden’s national public pension funds – into which some 6 mn Swedes pay – in August 2025. Working alongside Jessica Eskilsson Frank, Granquist is senior portfolio manager, impact investments, climate transition at the globally invested fund that has total assets of around $150 bn.
Before joining AP7, Granquist – who has a master’s in economics from Uppsala University – had a 10-year stint at Lancelot and worked at Handelsbanken for 13 years in a number of roles including chief investment strategist and co-head, equities.
He talks to IR Impact about how the fund is changing, meeting management and investing in big polluters in order to drive change – without being an activist.
How’s life at AP7?
Pretty hectic but it’s good. There are a lot of things in motion and change, so it’s very interesting.
Can you explain a little about Sweden’s AP Funds?
There’s a big difference between the APs. AP2 to 4 are buffer funds for the Swedish income pension system. So, they will work as a buffer when the demography is declining. AP7 is completely different. It was arranged because part of the premium pension system in Sweden is based on choosing funds when the system was set up in 2000.