Sweden’s largest pension fund, Alecta, is under fire this week for investments it made into now-defunct U.S. regional banks. After the collapse of the tech-startup-focused Silicon Valley Bank (SVB) on Friday and the crypto-focused Signature Bank on Sunday—the second- and third-largest bank failures in American history, respectively—the private pension manager for 2.6 million Swedes is facing over $1 billion in losses. “Obviously with what’s happened last week we think that it’s a big failure for us as an investor,” CEO Magnus Billing told Bloomberg Tuesday.