AP1, Stockholm, is searching for up to 20 alternative managers following a reduction of its hedge fund portfolio, a spokeswoman said.
The 323 billion Swedish kronor ($38 billion) fund will allocate 4% to both existing and new managers in an effort to build an "idiosyncratic" alternatives portfolio. Allocations to the managers will vary.
"We are currently in the process of conducting portfolio construction analysis. ... The portfolio will hold 10 to 20 managers in total," the spokeswoman said. Additional details about the search, including when an RFP would be issued, were not available.