The judges commended AP6 for its highly structured, meticulously designed approach to investing in a complex, illiquid asset class marked by high fees and wide manager dispersion. The fund’s transformation in 2011-12 laid the foundation for a high-quality international portfolio of private equity and venture funds, strengthened by a proprietary cash flow-based forecasting and risk model uniquely suited to illiquid assets. This approach enables AP6 to analyse correlations across venture, secondaries, and buyouts, supporting optimal strategic allocation and resilient returns independent of listed-market volatility. The judges also highlighted the strength of combining a disciplined co-investment process with rigorous manager selection, noting this as an effective way to reduce overall costs while enhancing return potential. Although rooted in a traditional investment philosophy, the portfolio is supported by a distinctive risk-management framework, a dedicated team and a proprietary model. The strategy’s strong long-term track record, delivering double-digit returns over a decade with no negative years, further impressed the panel, as did the fund’s consistent, sophisticated use of both fund investments and co-investments, underpinned by clear and coherent explanations.