Top pension funds backing European VC firms

Top pension funds backing European VC firms - Portugal Business News

Financial News Europe - Here are the Top 10 pension funds backing European VC firms, according to a Dealroom report published on August 25, 2026:

Top 10 pension funds backing European VC firms:

1 - Keva - Finland

Keva ranks No. 1 pension fund backing European VC firms with Assets under management (AUM) amounting to USD 70 billion, out of which 3% is allocated to VCs and 33 VCs are backed.

Keva is Finland’s largest pension provider and it administers the pensions of local government, wellbeing services counties, State, Evangelical Lutheran Church, Kela and Bank of Finland employees.

2 - ATP Private Equity Partners - Denmark

ATP ranks 2nd pension fund backing European VC firms with Assets under management (AUM) amounting to USD 116 billion, out of which 5% is allocated to VCs and 24 VCs are backed.

ATP Private Equity Partners (ATP PEP) was founded in 2001 as the independent private equity arm of the Danish pension fund, ATP. Today, ATP PEP is one of Europe’s largest institutional investors in private equity targeting funds across Europe and North America.

3 - Industriens Pension - Denmark

Industriens Pension ranks 3rd pension fund backing European VC firms with Assets under management (AUM) amounting to USD 31 billion, out of which 5% is allocated to VCs and 35 VCs are backed.

Industriens Pension is a life insurance company. The company administrates the labour market pension scheme for the employees under the Collective Bargaining Agreement for Industrial Employees.

4 - AP6 - Andra AP-fonden - Sweden

AP6 - Andra AP-fonden ranks 4th pension fund backing European VC firms with Assets under management (AUM) amounting to USD 5 billion, out of which 5% is allocated to VCs and 20 VCs are backed.

Andra AP-fonden (AP2) manages the Swedish people’s pension capital and works to ensure a good pension for both current and future pensioners. We strive to be a leading pension fund manager in a changing world.

5 - Ilmarinen - Finland

Ilmarinen ranks 5th pension fund backing European VC firms with Assets under management (AUM) amounting to USD 65 billion, out of which 3% is allocated to VCs and 51 VCs are backed.

Ilmarinen is Finland’s largest private earnings-related pension insurance company. As a mutual pension insurance company, we are wholly owned by our customers.

6 - FRR - French Pension Reserve Fund - France

FRR ranks 6th pension fund backing European VC firms with Assets under management (AUM) amounting to USD 24 billion, out of which 17 VCs are backed.

The FRR’s mission as conferred by law is to “manage the sums that are allocated to it, to build up reserves to help ensure the long-term future of eligible retirement plans”.

7 - Elo - Finland

Elo ranks 7th pension fund backing European VC firms with Assets under management (AUM) amounting to USD 30 billion, out of which 3% is allocated to VCs and 42 VCs are backed.

We are a major Finnish earnings-related pension provider.

8 - West Midlands Pension Fund - UK

West Midlands Pension Fund ranks 8th pension fund backing European VC firms with Assets under management (AUM) amounting to USD 25 billion, out of which 1% is allocated to VCs and 31 VCs are backed.

West Midlands Pension Fund is one of the UK's largest pension funds, managing and administering the pension interests of our members and scheme employers.

9 - AP3 - Sweden

AP3 ranks 9th pension fund backing European VC firms with Assets under management (AUM) amounting to USD 51 billion, out of which 5% is allocated to VCs and 20 VCs are backed.

AP3 contributes to the stability of the income pension system. As a manager of the Swedish public’s pension assets, AP3 works diligently with its portfolio to ensure pension disbursements, and we have achieved our 3.5% annual return target since our inception in 2001.

10 - Varma- Finland

Varma ranks 10th pension fund backing European VC firms with Assets under management (AUM) amounting to USD 60 billion, out of which 26 VCs are backed.

Varma is a pension insurer for work performed in Finland and a pioneer in work ability management. We invest the funds collected as pension contributions profitably and securely to cover current and future pensions.

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