EQT has completed its combination with secondaries investor Coller Capital in a deal that expands the Swedish private-markets firm’s presence in the growing secondaries market and lifts its total assets under management to €341 billion ($389 billion).
Under the transaction, announced in January, EQT acquired 100% of Coller Capital’s management company and the general partner entities controlling its funds, as well as 10% of carried interest in Coller’s latest private-equity secondaries flagship fund.
The base consideration was $3.2 billion on a cash- and debt-free basis, paid through the issuance of 80.36 million EQT shares, equivalent to about 7% of shares outstanding. EQT also agreed to contingent consideration of as much as $500 million based on Coller’s performance through March 2029.
Coller will operate as Coller EQT, retaining independence over origination, underwriting and investment decisions. Founder Jeremy Coller has been appointed head and chief investment officer of the business and will join EQT’s executive committee.
The combination comes as demand for private-market liquidity solutions and secondaries accelerates. Secondaries transaction volumes exceeded $120 billion in the first half of 2026, the strongest first half on record and almost 20% higher than a year earlier, EQT said.
Coller EQT brings nine new strategies to EQT’s product lineup across private-equity and credit secondaries, including closed-end funds, evergreen products and insurance-dedicated solutions. The combined evergreen platform now exceeds 10 billion euros in net asset value.
EQT said the deal also strengthens its reach among insurance and private-wealth investors while positioning the firm to expand its secondaries offering into additional asset classes.
The new business will be reported as a separate Secondaries segment alongside EQT’s existing Private Capital, Infrastructure and Real Estate businesses.
EQT remains committed to doubling Coller’s fee-generating assets under management within four years, according to Chief Executive Officer Per Franzén.
The transaction was completed on Aug. 31, 2026.
