AP6 impressed the judges with its uniquely specialised, disciplined and strategic commitment to active private-equity management. Among the highlights for the judges were the fund’s long-term strategy, established in 2012, with its world-class multi-layered investment decision process, marked by rigorous fund and co-investment selection, a disciplined co-investment strategy, and integrated ESG analysis, which ensures both high-quality value creation and effective risk mitigation. The fund’s pragmatic risk-assessment framework and clear alignment between governance and asset allocation were seen as exemplary. AP6’s proprietary cash flow-based forecasting, performance and risk-management models were also held up as distinguishing features of an exemplary active manager in private markets. The fund has produced positive net returns every year since 2012. Overall, AP6 was judged a global benchmark for focused, innovative stewardship within a sovereign buffer-fund structure.