Sustainability Digital – Sept 2021

Case study: decarbonisation in alternatives

This case study examined the approach by one of the world’s leading asset owners to incorporate sustainability, AP4. By implementing measures adapted to the asset class and style of investments, AP4’s team in alternative investments works to both reduce risks and capture opportunities related to the sustainability transformation.

Click here to view Jenny’s slides


Jenny Askfelt Ruud is Head of Alternative investments, i.e., private market investments in real assets, private equity and private debt, at Fjärde AP-fonden (AP4). AP4 is one of five buffer funds within the Swedish state pension system managing about USD 50 billion. A fundamental belief of AP4 is that integration of sustainability aspects in asset management and investment analyses and decisions is a necessity for a long-term pension manager.

Ms Askfelt Ruud started her career in M&A at Morgan Stanley in London in 1998, where she also worked as an associate at venture investor Arts Alliance. Joining McKinsey & Company’s corporate finance practice in Stockholm in 2001 allowed her to work on strategic and operational advisory with a broad range of clients, including several investment houses. In 2007, she joined Private Equity-investor Ratos and worked as Senior Investment Manager for some years before becoming the firm’s first Head of Sustainability, in charge of implementing ESG and sustainability in the firm’s investment and ownership practices. She joined AP4 in 2018 with a mission to increase AP4:s private market exposure and investments in sustainability themed strategies.

Ms. Askfelt Ruud received her master’s degree in finance and accounting from Stockholm School of Economics.

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