Sweden's largest occupational pension fund Alecta plans to roughly double its infrastructure portfolio to approximately $4 billion within the next few years, but will pursue this growth exclusively through external managers rather than secondaries purchases. Head of alternatives Jonas Nyquist outlined this strategy as the fund begins building out its infrastructure and private equity allocations.

The $151 billion-equivalent pension scheme is avoiding secondaries despite market commentary suggesting such investments could provide valuable exposure to established infrastructure assets. Nyquist's approach signals a preference for direct fund investments over the secondary market, which has become increasingly popular among institutional investors seeking immediate access to mature portfolios.

This decision reflects Alecta's positioning as it enters the early stages of infrastructure investing. By steering clear of secondaries, the pension fund is taking a more traditional route that may limit its ability to quickly scale exposure but could offer more control over portfolio construction. The move comes amid growing institutional demand for infrastructure as a diversifier.