Swedish AP Funds Write Off Entire $531 Million Northvolt Bet
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Sweden’s state-owned pension investors, collectively known as the AP Funds, have fully written down their entire investment in bankrupt battery maker Northvolt AB.
The funds had invested 5.8 billion Swedish kronor ($531 million) in Northvolt’s shares and convertible debt via the jointly-held vehicle 4 to 1 Investments AB. The value of the investment — equivalent to nearly 0.3% of their overall assets under management — has been marked down to zero, according to a spokesman for AP4.