Swedish public pension system is led by AP-Fonden and its six different sub-funds: AP1 to AP4 are buffer funds which are distributed equally, follow the same investment rules seeking “high returns at low risk”, and are supervised by a Council of Ethics (Etikradet). AP7 is funded by the alternative contributions and focuses on liquid investments only, while AP6 is a closed, much smaller fund that invests in private equities only. Together with the Dutch funds, the AP-Fonden are some of the most active PPFs in Europe.