Kollektivist has reviewed ATP’s financial accounts and can reveal that ATP – our common mandatory pension fund – invests directly in seven of the primary international weapons giants supplying arms to Israel’s genocide in Palestine.

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The seven companies are: RTX Corp, formerly Raytheon Technologies (USA), Lockheed Martin (USA), Leonardo (Italy), BAE Systems (UK), General Dynamics (UK), Kongsberg Gruppen (Norway), and Rheinmetall (Germany).

ATP has also invested in RTX Corp, the world’s second-largest weapons company after Lockheed Martin, and a direct producer of the missiles used in Israel’s bombardment of Gaza.

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In our most recent article, Kollektivist revealed that Lockheed Martin was on ATP’s list of foreign investments.

After further reviewing ATP’s accounts, we found not just one, but six additional major international arms producers supplying Israel.

Here is the list of ATP’s investments in the seven weapons companies, cut and compiled from their full financial report (a 13-page document):

📍 Total investment: 705 million DKK
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All seven companies are direct suppliers of weapons and technology to the Israeli military (IOF). Several are the main producers of the F-35 fighter jets and missiles used as the primary weapons in Israel’s bombardment of civilians in Gaza. Others are the main producers of the armored vehicles used in the ground invasion of Gaza.
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Here is an overview of the timing of the investments:
According to ATP’s records of foreign investments 2023–2025. Photo: Kollektivist

ATP has failed to inform the public about these investments of the people’s collective pension money, which everyone over the age of 16 is forced to pay into – a mandatory scheme one cannot opt out of. Since none of ATP’s board members, management, or employees are elected by the people, there is also no way to vote on who makes the investment decisions.

Unlike their investment in the Danish arms company Terma, which they have celebrated publicly, ATP’s investment in the seven major international weapons corporations has taken place in complete silence.
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The weapons producers arming Israel’s genocide and daily mass killings of civilians

The seven weapons companies ATP has invested in make up the backbone of Israel’s arms supply:

• Lockheed Martin: Supplies F-35 fighter jets to the Israeli Air Force, used in near-daily strikes on civilians and the total destruction of civilian infrastructure in Gaza, including 90% of all schools and educational institutions.
  
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  F-35 Lightning II, manufactured at Lockheed Martin, Fort Worth, Texas. Photo: Lockheed Martin
  
  
  
  
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• RTX Corp (Raytheon Technologies): Produces a wide range of missiles, bombs, and ammunition for Israel. One of RTX Corp’s many deliveries to Israel: AIM-120C-8 AAMRAM missiles produced by RTX (formerly Raytheon) and sold to Israel in August 2024 (a total of 30 missiles plus other military equipment). Photo: US Air Force
  
  
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• General Dynamics: Produces F-16 fighter jets, artillery, and armored personnel carriers (tanks) for Israel, used in Gaza.
  Namer 1500 APC, produced by General Dynamics, used by IOF in Gaza. Photo: IDF
  
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• BAE Systems: Produces components for F-16 and F-35 fighter jets, armored vehicles, and ammunition for Israel.
  F-16 ‘Sufa’ Fighting Falcon. Photo: Israel Air Force
  
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• Leonardo: Italian arms producer supplying Apache attack helicopters, trainer aircraft, and naval guns to Israel.
  Israeli Apache helicopter produced by Leonardo. Photo: IDF
  
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• Kongsberg: Norwegian company producing the Joint Strike Missiles mounted on and launched from Israel’s F-35 jets.
  Kongsberg’s Joint Strike Missile, launched from an Israeli F-35. Photo: Kongsberg
  
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• Rheinmetall: German arms manufacturer supplying ammunition and armor for Israeli and allied operations.
  155mm L52 caliber wheeled howitzer, produced by Rheinmetall in collaboration with Israeli Elbit Systems. Photo: Rheinmetall
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ATP’s investments in the seven arms manufacturers

According to ATP’s accounts, most of these investments were made in late 2024. For example, that’s when they began investing in RTX Corp, which supplies missiles for Israel’s bombardment of Gaza.

ATP’s largest investments in the seven arms companies also came after the UN, Amnesty International, and Human Rights Watch all published reports documenting Israel’s actions during the first year as genocide.

These investments were also made after international arrest warrants were issued for Benjamin Netanyahu and Yoav Gallant.

In our research we also discovered that ATP actually maintains an exclusion list of banned companies. Yet none of the seven key arms suppliers to Israel’s genocide appear on this list, despite massive documentation of their active involvement and profiteering from supplying weapons to an ongoing genocide that has lasted nearly two years.

Instead, they remain firmly on ATP’s list of foreign investments:

• 4 out of 7 investments began after Israel’s invasion and mass bombardment of civilians.
• 7 out of 7 were either initiated or increased after the fall 2024 release of reports documenting Israel’s actions as genocide.

These investments come on top of Terma

In June 2024 it emerged that ATP had invested an undisclosed single-digit billion DKK sum in Terma, which produces components for Israeli F-35 fighter jets.

Kollektivist revealed in this December 2024 interview that Terma ships these aircraft parts directly to Lockheed Martin in the US, fully aware they end up in Israel and are used against children and civilians.

Action outside ATP headquarters, July 24, 2025, against their investment in Terma. Photo: Pal.solidarity

ATP’s investment in Terma was met with opposition and protests, but ATP has so far tried to deflect criticism by presenting itself as “unaware” of the direct link between Terma’s F-35 parts, Lockheed Martin’s F-35s, and Israel’s use of the jets in its genocide of children and civilians in Gaza.

In our interview with ATP, their press officer Jørgen Rudbeck refused to admit the precise billion-sum invested and appeared surprised that Terma’s parts end up in Israel to be used in its genocide in Palestine.

But Kollektivist can now reveal that while ATP’s PR strategy outwardly has been to appear confused and uninformed about the connection between Terma, Lockheed Martin, and Israel, they have at the same time invested massively and directly in Lockheed Martin, RTX Corp, Rheinmetall, and four other of the most central international arms suppliers to the Israeli military.
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The Economy of Genocide

On June 30, 2025, UN Special Rapporteur for Palestine Francesca Albanese released her report “From Economy of Occupation to Economy of Genocide.”

The US has just sanctioned her for the report and attempted to have her fired.

In the report, Francesca Albanese documents how a network of global corporations both enables and profits from Israel’s genocide in Palestine.

In our series The Money Trail of Genocide, Kollektivist has been covering parts of this network since early 2024 by exposing how companies like BlackRock and other massive asset managers financially back the fossil fuel and arms industries’ resource extraction through military invasions. And how international corporations test weapons and technology on civilians in Gaza. And how Maersk, ATP, and Terma participate in this network.

The UN recently released a report calling Israel’s targeted killing of civilians and destruction of civilian infrastructure — including 90% of all schools — the gravest crime against humanity: extermination.

Cover of the report “From Economy of Occupation to Economy of Genocide.” Photo: Orbita Creatives

Francesca Albanese now takes a step further in exposing the industrial and corporate network behind the façade of daily direct violence. She documents how an economic and industrial network sustains and profits from genocide — calling it “the economy of genocide.”

Protest against Italian arms manufacturer Leonardo, which Kollektivist has revealed ATP also invests in. Photo: Supplied

At the heart of the report are the multinational arms producers who, through arms trade, development, and exports, make the genocide operationally possible. Francesca Albanese explicitly names several of the weapons companies ATP has invested in — Lockheed Martin, Leonardo, and Rheinmetall — as key players in Israel’s arms supply. She warns investment firms, banks, and pension funds of their legal co-responsibility if they continue financing these companies.

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