The AC voltage will induce noise onto the low voltage wire. That noise can be of a higher voltage then the low voltage and damage the equipment behind it.
See also https://en.m.wikipedia.org/wiki/Electromagnetic_induction
See also https://en.m.wikipedia.org/wiki/Electromagnetic_induction
The reason you don't mix low/high in the same raceway is because if exposed low/high voltage conductors come in contact with each other, the low voltage cable has a much higher chance of catching fire.
Also the shield needs a low impedance return path to be effective.