AP Fonden 7 (AP7) is a public pension fund based in Stockholm, Sweden. Established in 2000, the fund analyzes the long-term breakdown of the various assets, such as equities and fixed-income investments, manages risk in mutual funds using derivatives, selects and monitors external asset managers. AP7 is the state alternative to the private actors in the premium pension system. AP7 invests in equities worldwide and in many different industries. The assets of the pension fund are managed by the board of directors that determines investment policy and risk management.