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Title page 1

Contents 5

Foreword 4

Abbreviations and acronyms 7

Executive summary 8

1. Policy recommendations 11

1.1. Introduction 12

1.2. Policy recommendations 13

1.2.1. The MTF segment 13

1.2.2. Takeovers 15

1.2.3. Foreign direct investment screening 15

1.2.4. Directed share issues to board members, executives and employees 16

1.2.5. Dialogue with the Financial Services Authority 17

1.2.6. Fund market concentration 17

1.3. Areas to safeguard and monitor 17

1.3.1. Empowering shareholder engagement 17

1.3.2. Investor protection and minority shareholder rights 18

1.3.3. Regulatory design and delegated regulation 19

1.3.4. Investor heterogeneity 20

References 20

Notes 22

2. Mapping the Swedish equity markets 23

2.1. The public equity markets 24

2.1.1. Market performance 25

2.1.2. Listings and initial public offerings 26

2.1.3. Secondary public offerings 30

2.1.4. Market liquidity 31

2.1.5. Takeovers 33

2.1.6. The role of MTFs in the Swedish equity market ecosystem 34

2.2. The private equity market 36

2.3. The corporate sector 41

2.3.1. Capital structure and performance 41

2.4. Investors and ownership structure 44

2.5. Institutional investors 49

2.5.1. Pension funds 49

2.5.2. Insurance companies 56

2.5.3. Investment funds 59

2.6. Investment companies/family owners 61

2.7. Households as investors 63

References 68

Notes 73

Annex A. Methodology for data collection and classification 75

Tables 6

Table 1.1. Summary of policy recommendations 12

Table 2.1. Top 5 private equity firms worldwide by fundraising amount, total 2020-2024 37

Table 2.2. Family ownership of Swedish equities through investment companies 62

Figures 5

Figure 2.1. Market capitalisation and number of listed companies, end-2025 24

Figure 2.2. The Swedish public equity markets, end-2025 25

Figure 2.3. Industry composition of Swedish listed companies, end-2025 25

Figure 2.4. Swedish market performance and representation in international indices 26

Figure 2.5. Net listings by market 27

Figure 2.6. IPOs by non-financial companies 27

Figure 2.7. Industry distribution of non-financial IPOs by total proceeds, 2000-2025 28

Figure 2.8. Number of cross-border listings, end 2025 29

Figure 2.9. SPOs by non-financial companies 31

Figure 2.10. Secondary stock market liquidity, 2025 32

Figure 2.11. Free float levels in Sweden and peer countries, end-2025 33

Figure 2.12. Takeovers on Swedish equity markets 34

Figure 2.13. Share of new listings on Swedish regulated markets coming from an MTF 35

Figure 2.14. Private equity activity in Sweden and peer countries 36

Figure 2.15. Private equity fundraising by investor origin, total 2019-2024 37

Figure 2.16. Private equity fundraising by capital provider, total 2019-2024 38

Figure 2.17. Private equity investment in Sweden and selected peer countries 39

Figure 2.18. Private equity investment by industry, total 2019-2024 39

Figure 2.19. Private equity divestment by exit forms 40

Figure 2.20. VC investment as a share of GDP 41

Figure 2.21. Balance sheet composition, non-financial companies 42

Figure 2.22. Dividend payouts by listed non-financial companies 42

Figure 2.23. Median size and profitability of listed and large unlisted non-financial companies, 2023 43

Figure 2.24. Capital structure, listed and large unlisted non-financial companies in Sweden 43

Figure 2.25. Ownership of publicly listed companies, Sweden, end-2024 44

Figure 2.26. Ownership of publicly listed companies, international comparison, end-2025 45

Figure 2.27. Ownership of public equity by origin and category of investors, end-2025 45

Figure 2.28. Institutional investor ownership, end-2025 46

Figure 2.29. Ownership concentration, end-2025 47

Figure 2.30. Share of Swedish listed companies with dual class share structures, end-2025 48

Figure 2.31. Funded and unfunded pension entitlements 49

Figure 2.32. Assets under management in the Swedish pension system 50

Figure 2.33. The Swedish public pension system 51

Figure 2.34. Overview of the AP funds (public pension funds), Q4-2025 53

Figure 2.35. Pension funds' direct equity and investment fund share holdings, Q3-2025 54

Figure 2.36. Gross replacement rate of mandatory schemes, 2025 54

Figure 2.37. Occupational pension funds' asset exposures, Q3-2025 55

Figure 2.38. Insurance companies' asset exposures 56

Figure 2.39. Insurance companies' asset allocation, Q3-2025 57

Figure 2.40. Insurance companies' equity and government debt exposure, Q3-2025 58

Figure 2.41. Insurance companies' asset allocation by portfolio type, Q3-2025 58

Figure 2.42. Market value of Swedish investment funds 59

Figure 2.43. Investment funds' asset allocation 60

Figure 2.44. Composition and ownership of Swedish investment funds by market value, end-2025 61

Figure 2.45. Largest owners of publicly listed equities in Sweden 62

Figure 2.46. GDP per capita and savings rate 63

Figure 2.47. Households' financial assets 64

Figure 2.48. Share of the population with direct ownership stakes in companies listed on Swedish equity markets 65

Figure 2.49. Share of household ownership in companies listed on Swedish public equity markets 65

Figure 2.50. Households' direct investments in funds 66

Figure 2.51. Levels of adult financial literacy 68

Boxes 29

Box 2.1. Regulation of listed companies and IPOs 29

Box 2.2. Swedish SPO regulation 31

Box 2.3. Swedish takeover regulation 34

Box 2.4. Shareholder control, dual class shares and balancing majority/minority interests 48

Box 2.5. The structure of the public pension system 51

Box 2.6. The structure of the occupational pension system 55

Box 2.7. Regulation of insurance companies 59

Box 2.8. The Swedish Investment Savings Account (ISK) 67

Annex Tables 6

Table A A.1. Industry classifications in the balance sheet data 76

Table A A.2. Categories of owners defined and used in the report 78

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