EQT acquires Coller Capital

EQT AB has agreed to acquire Coller Capital for approximately $3.2 billion, marking a significant expansion of its capabilities in the private equity secondaries market. This strategic acquisition will integrate Coller Capital, a leading global secondaries firm managing nearly $50 billion in assets as of 2025, into EQT's operations, creating a new business segment dubbed "Coller EQT".

Under the terms of the agreement, EQT will take full ownership of Coller Capital’s management company and related entities, along with 10% of the carried interest in Coller’s recent secondaries fund, CIP IX, which closed at $14.2 billion including related vehicles. The deal, pending regulatory clearance and investor approvals, anticipates completion by the third quarter of 2026. The transaction involves issuing approximately 81 million EQT shares at SEK 355 per share, equivalent to about 7% of EQT's outstanding shares, alongside a cash payment of approximately $65 million. Additional contingent payments up to $500 million are linked to Coller's performance through March 2029.

The acquisition positions EQT to capitalize on the burgeoning demand for liquidity options within private markets, which saw secondaries volumes increase by 41% in 2025 to $226 billion. EQT also aims to expand its presence in the underpenetrated Asian market and explore new categories in real assets through Coller's platform. Jeremy Coller, the Chief Investment Officer and Managing Partner of Coller Capital, will lead the new Coller EQT segment and join the EQT Executive Committee.

Incorporating Coller Capital into its structure allows EQT to deepen connections with a broad array of institutional and private wealth clients. The acquisition leverages EQT’s scale and active ownership approach with Coller’s specialized expertise in secondaries, bolstered by ongoing strategic partnerships, such as the one with State Street. State Street is set to shift from being a minority shareholder in Coller Capital to a shareholder in EQT.

The transaction foresees mid-single-digit accretion to EQT’s fee-related earnings. Coller’s fee-generating assets under management have expanded substantially from $18 billion in 2023 to an estimated $33 billion in 2025, alongside substantial growth in fee-related revenue and EBITDA. As the transaction progresses, EQT awaits regulatory review and compliance with customary conditions, while potential contingent payments will further align Coller executives with EQT’s future success.