# Third Swedish National Pension Fund

> Third Swedish National Pension Fund is a VC fund backing Biotechnology and Manufacturing. See 5 investments, check sizes, portfolio. Updated Aug 2026.

- Type: VC Fund
- Location: Stockholm, Sweden
- Total investments: 5
- Last investment: Sep 2024
- Lead investor: 20%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/ap3
- X (Twitter): https://www.twitter.com/tredjeapfonden
- Website: http://www.ap3.se

Third Swedish National Pension Fund is a VC fund in Stockholm focused on Biotechnology and Manufacturing. Third Swedish National Pension Fund employs different investment strategies in the interest of spreading risk and protecting pensions for current and future pensioners. The firm was founded in 2001 and is headquartered in Stockholm, Sweden.

## Round sizes

| Stage | Round size |
| --- | --- |
| Post-IPO Equity | $46M–$85M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Biotechnology | 3 | 60% |
| Manufacturing | 2 | 40% |
| Pharmaceutical | 2 | 40% |
| Retail | 1 | 20% |
| Battery | 1 | 20% |

11 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Post-IPO Equity | 3 | 60% |
| Funding Round | 1 | 20% |
| Venture - Series Unknown | 1 | 20% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Sweden | 3 | 60% |
| Denmark | 1 | 20% |
| Ireland | 1 | 20% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| ITAB Shop Concept | ITAB Shop Concept sells, develops, manufactures and installs complete shop fitting concepts for retail chain stores. The company offers custom-made fitting concepts, innovative solutions for checkout arena and professional lighting systems. | $85.1M | Post-IPO Equity | Sep 25, 2024 |  |
| Vicore Pharma | Vicore Pharma is a pharmaceutical company dedicated to developing innovative medicines for severe lung disorders. It develops drugs that act through the AT2 receptor. The company’s drug candidate C21 aims to improve the treatment of idiopathic pulmonary fibrosis, a rare disease for which C21 has been granted orphan drug designation both in the EUand the US. In addition, C21 is explored pre-clinically in a number of rare diseases where the AT2 receptor plays an important role. The company is based in Astra Zeneca’s Bioventurehub in Mölndal. | $46.2M | Post-IPO Equity | Jun 09, 2023 |  |
| Northvolt | Northvolt develops sustainable lithium-ion batteries in conjunction with R&D, industrialization, and recycling to support clean energy. It provides electrification and renewable energy storage designed for lithium-ion battery plant to produce batteries for electric vehicles. Northvolt's product is an environment-friendly batterymanufactured with minimal carbon footprint and with recycling technology without compromising with important eco-systems, enabling the auto industry to replace fossil fuels with electricity in an efficient manner. The company aims to establish a supply of sustainable battery cells and systems.In 2016, Paolo Cerruti and Peter Carlsson headquartered the company in Stockholm, Stockholms Lan. | $2.8B | Venture - Series Unknown | Jun 09, 2021 |  |
| Saniona | Saniona is a research and development company with low burn rate, a world class team and high ambitions. | $65M | Post-IPO Equity | Aug 10, 2020 |  |
| Strongbridge Biopharma | Strongbridge Biopharma’s primary focus has been to build its franchise around rare endocrine disorders, which includes product candidates for the treatment of endogenous Cushing’s syndrome and acromegaly, two rare diseases with a high unmet need for innovative treatment options. Given the well-identified and concentrated prescriber base addressingits target markets, the Company intends to use a small, focused sales force to market its products, if approved, in the United States, European Union and other key global markets. The Company intends to identify and in-license or acquire products or product candidates that would be complementary to its existing rare endocrine franchise or that would form the basis for new rare disease franchises. | $11M |  | Oct 30, 2014 |  |

5 of 5 investments shown.

## Co-investors
- [Andra AP-fonden](https://shizune.co/investors/profile/andra-ap-fonden) — VC Fund, 2 deals together
- [Fjarde AP-fonden](https://shizune.co/investors/profile/fourth-ap-fund) — VC Fund, 2 deals together
- [Fourth Swedish National Pension Fund](https://shizune.co/investors/profile/fourth-swedish-national-pension-fund) — VC Fund, 2 deals together
- [HealthCap](https://shizune.co/investors/profile/healthcap) — VC Fund, 2 deals together
- [Acapital ITAB HoldCo](https://shizune.co/investors/profile/acapital-itab-holdco) — VC Fund, 1 deal together
- [ALCUR FONDER](https://shizune.co/investors/profile/alcur-fonder) — VC Fund, 1 deal together

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## FAQ

### What does Third Swedish National Pension Fund invest in?

Third Swedish National Pension Fund invests primarily in Biotechnology, Manufacturing and Pharmaceutical startups, most often at Post-IPO Equity and Funding Round stage. Most of the 5 investments tracked by Shizune back companies in Sweden. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Third Swedish National Pension Fund's check size?

Third Swedish National Pension Fund typically joins rounds of $46M–$85M at Post-IPO Equity. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Third Swedish National Pension Fund participates in.

### When did Third Swedish National Pension Fund last invest?

The most recent investment recorded for Third Swedish National Pension Fund closed in Sep 2024. Shizune tracks 5 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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