Private equity giant EQT has entered into an agreement to acquire Coller Capital, a global secondaries firm managing nearly $50 billion in assets, for a base consideration of $3.2 billion, according to an announcement on Thursday.
The transaction will be funded through the issuance of EQT’s ordinary shares at a set price of 355 Swedish Krone per share, representing approximately 81 million shares, or about 7% of shares outstanding. The deal also includes a contingent consideration of up to $500 million, payable in cash and linked to Coller Capital’s business performance through March 2029.
As part of the transaction, Coller Capital’s minority shareholder State Street will become a shareholder in EQT. Following completion, Coller Capital will form a new business platform within EQT, to be branded “Coller EQT”, which will sit within a newly created Secondaries business segment alongside EQT’s Private Capital and Real Assets segments.
Coller EQT’s origination and investment process will remain independent.
Founded in 1990, Coller Capital is a global secondaries firm that invests across private equity and private credit secondaries. Headquartered in the UK, the firm has a team of about 330 professionals, including 77 investment professionals, across 11 offices worldwide.
According to EQT, the combination with Coller Capital will create a larger global platform across private equity, infrastructure, real estate, and secondaries, and expand opportunities to work with institutional, private wealth, and insurance clients.
EQT will acquire 100% of the Coller Capital management company; the general partner entities controlling the Coller Capital funds; and 10% of the carried interest in the firm’s latest private equity secondaries flagship fund, CIP IX, which had a final close on December 31, 2025, with $10.2 billion in fee-generating commitments, bringing the total fund size to $14.2 billion.
Under the agreement, EQT will also be entitled to invest in 35% of the carried interest in all future closed-ended Coller Capital funds, in line with EQT’s existing policies.
“Entering the secondaries space with Coller represents a natural and important step in EQT’s strategic development. Secondaries have become an increasingly important tool for clients in managing liquidity and portfolio construction, and in supporting long-term ownership of high-quality assets,” said Per Franzén, CEO and Managing Partner of EQT. “The transaction unlocks growth opportunities for both firms,” he noted.
“The opportunities ahead are compelling, from accelerating innovation in secondaries to broadening the secondary solutions we can deliver to investors worldwide,” said Jeremy Coller, Chief Investment Officer and Managing Partner of Coller Capital.
The transaction is subject to customary closing conditions, including regulatory approvals and approvals from certain Coller Capital fund investors, and is expected to close in the third quarter of 2026.
