Last spring, SVT uncovered the circumstances surrounding the loss of 5.8 billion kronor by the Första to Fjärde AP-fonden, which had invested heavily in the battery manufacturer Northvolt. This failed investment was facilitated by the funds forming a joint venture capital company, enabling them to circumvent the AP fund law that prohibits direct investments in unlisted companies. SVT's inquiry revealed that this venture capital company had no employees and was solely governed by officials from the AP funds, raising concerns over governance and oversight.

Following these revelations, the Minister for Financial Markets, Niklas Wykman, tasked investigator Mats Langensjö with examining how the AP funds managed to place such a large sum of Swedish pension money into risky, illiquid assets. The investigation has now concluded, shedding light on the decision-making processes and risk assessments undertaken by the funds during this investment.

During the investigation, the leaders of the implicated AP funds declined to be interviewed by SVT regarding their investment strategy in Northvolt for six months. Following the publication of the investigation results, the finance committee of the Swedish Parliament summoned them to respond to the findings and the implications of their investment strategies on the security of pension funds in Sweden, emphasizing the critical importance of transparency and accountability in managing public funds.