Sweden is often described as one of the world’s most gender-equal societies, but the gender pay gap nevertheless remains large. In 2007, a special gender-equality fund that targeted women workers was successfully implemented in the collective bargaining agreement. Although it decreased the gender pay gap, it was controversial and has never been employed since. The aim of this article is to increase knowledge concerning the conditions for such “gender-equality bargaining” through a detailed empirical case study. An in-depth study of the bargaining process casts light on how the institutional features of bargaining have changed after 2007 in a way that significantly restricts further attempts to make relative wage changes in gender-segregated labor markets. The findings indicate that increased employer coordination and a strong industry norm appear to hinder gender-equality initiatives.