EQT AB Completes Acquisition of Coller Capital, Targets Leadership in Secondaries with ‘Coller EQT’[fn Market Watch]

[Financial News] Global private equity manager EQT AB has completed its acquisition of secondaries specialist Coller Capital and officially launched ‘Coller EQT.’ The firm aims to quickly secure the position of the largest platform in the global secondaries market, where transaction volume exceeded $120 billion in the first half, setting a new record.
According to investment banking industry sources on the 3rd, EQT AB completed the acquisition of Coller Capital on August 31. The closing came about seven months after the parties signed a binding definitive agreement on January 22. EQT AB acquired 100% of the shares in Coller Capital’s management company and 100% of the shares in the general partner entity controlling Coller Capital’s funds. It also acquired a 10% carried-interest stake in the recently formed flagship private equity secondaries fund, Coller International Partners IX (CIP IX).
The purchase price was $3.2 billion on a cash-and-debt-free basis. EQT AB funded the transaction with 80,360,882 common shares issued by the EQT AB board under authorization approved at the 2026 annual general meeting. The shares represent approximately 7% of the total shares outstanding. In addition, contingent consideration of up to $500 million is payable.
The contingent consideration will be paid in cash based on Coller Capital’s performance over the 12 months ending in March 2029. Key Coller Capital executives, who will receive approximately 64% of the contingent consideration, have committed to reinvest their after-tax proceeds in EQT AB common shares. Rather than cashing out and leaving, they have tied their interests to the business’s performance after the integration.
A key feature is the preservation of independence. Although Coller Capital has joined the EQT AB umbrella, its existing systems for deal origination, underwriting and investment decisions will remain in place. This reflects the view that the core competitive advantages in secondary transactions are trusted relationships with sellers and independence in pricing. Coller EQT will report its results as a new ‘Secondaries’ business segment alongside EQT AB’s existing Private Capital, Infrastructure and Real Estate divisions.
The acquisition also significantly expands the portfolio. Nine new investment strategies spanning private equity secondaries and private credit secondaries have been added to EQT AB’s client solutions. The product lineup now includes closed-end funds, evergreen products and insurance-dedicated solutions. Distribution channels targeting insurers and private wealth clients have also broadened. Following the acquisition, EQT AB’s total assets under management (AUM) stand at €341 billion, while fee-earning assets under management (FAUM) amount to €186 billion. This includes an integrated evergreen platform with net asset value (NAV) exceeding €10 billion.
Per Franzen, CEO and managing partner of EQT AB, said, "For more than 30 years, EQT AB has built its business around the evolving needs of its clients. Clients are looking for responsible, long-term partners that can deliver strong returns while helping them achieve their portfolios’ strategic objectives." He added, "Coller EQT is the natural next step in this journey—a scaled platform that provides both institutional and individual investors with high-performing investment strategies and liquidity solutions." He continued, "We will pursue our goal of doubling Coller’s FAUM within four years without disruption. We are delighted to welcome Jeremy Coller and all of Coller’s employees as new members of the EQT AB family."
Jeremy Coller, founder of Coller Capital, will serve as CEO and chief investment officer (CIO) of Coller EQT and as a member of the EQT AB Executive Committee. He said, "Secondaries are one of the most attractive opportunities in today’s private capital markets, and we expect secondaries to become private equity itself over the long term as the market matures." He added, "As a market leader with 36 years of specialized expertise, this integration enables us to deliver greater value to investors while preserving the independence of our world-class deal origination and investment processes."
Under its existing internal policies, EQT AB has also secured the right to participate in 35% of the carried interest from all of Coller Capital’s future closed-end funds. Because both management fees and carried interest will contribute to the revenue structure, the Secondaries division is likely to become a new pillar of EQT AB’s performance.


[email protected] Kang Gu-gwi Reporter