Dagens Industri SV

AP-fondsägt bolag investerade miljarder i onoterat förlustbolag

En kartläggning från Di:s nyhetstjänst Pensioner & Förmåner visar att AP-fondsägda Polhem Infra har köpt stora andelar i onoterade bolag för totalt cirka 14,6 miljarder kronor. Polhem har också tagit lån på drygt 3 miljarder för att finansiera köpet av Telia Carrier – i dag Arelion. Bolaget har både före och efter förvärvet redovisat återkommande förluster.

Mar 13, 2026 &03301313202631; 10:30 UTC www.di.se Trending 2/5

Read original on www.di.se ↗

↘

Negative for markets

Sentiment score: -65/100

Moderate impact Medium-term (weeks)

WHAT THIS MEANS

Swedish AP funds' infrastructure company Polhem Infra has invested approximately 14.6 billion SEK in unlisted loss-making companies and borrowed over 3 billion SEK to acquire Telia Carrier (now Arelion), which has reported consistent losses both before and after acquisition. This raises concerns about capital allocation efficiency and potential value destruction within the AP fund portfolio.

AI CONFIDENCE

75% High

SENTIMENT GAUGE

NEWS POWER SCORE

AFFECTED ASSETS

↓

ARELION

ARELIONStock

Expected to decline

Acquisition financed with significant debt for a chronically loss-making company raises profitability concerns

↓

^OMXS30

^OMXS30Index

Expected to decline

Swedish pension fund capital misallocation may impact investor confidence in fund management

PRICE HISTORY

Loading chart...

⚡ SUGGESTED ACTION

Investors should monitor AP fund transparency reports and Arelion's quarterly results closely. Consider reducing exposure to Swedish pension fund-linked equities until management demonstrates improved capital discipline and turnaround progress at acquired assets.

KEY SIGNALS

Significant debt financing for loss-making asset acquisitionRecurring losses in portfolio company both pre and post-acquisitionLarge unlisted equity positions with questionable returnsPotential governance and capital allocation issues in AP fund structure

SECTORS INVOLVED

TelecommunicationsInfrastructureFinancial Services

Analysis generated on Mar 16, 2026 at 14:55 UTC

Disclaimer: This analysis is generated by artificial intelligence for informational purposes only and does not constitute financial advice, investment recommendation, or solicitation. Original reporting by Dagens Industri. Always conduct your own research and consult a qualified financial advisor before making investment decisions.

AP-fondsägt bolag investerade miljarder i onoterat förlustbolag

RELATED INTELLIGENCE