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Public Pension Funds and Alternative Investments: A Tale of Four Swedish National Pension Funds

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  • Odd Jonas Stalebrink

Abstract

This exploratory study offers insights into why public pension plans might invest in alternative asset classes at levels inconsistent with modern portfolio theory. Using a case study methodology, the research relies on fieldwork data and in-depth interviews with individuals familiar with four Swedish national pension funds. The findings suggest that alternative assets are perceived as important vehicles for improving portfolio diversification, but that the funds’ propensity to invest in them is constrained by information asymmetry and access to alternatives. The findings also indicate that investment restrictions and political considerations have had limited effects on decisions to invest in alternative assets.

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  • Odd Jonas Stalebrink, 2016. "Public Pension Funds and Alternative Investments: A Tale of Four Swedish National Pension Funds," International Journal of Public Administration, Taylor & Francis Journals, vol. 39(2), pages 107-121, January.
    • Handle: RePEc:taf:lpadxx:v:39:y:2016:i:2:p:107-121
    DOI: 10.1080/01900692.2014.988869
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