EQT Partners said to add Goldman, Morgan Stanley as IPO banks

EQT Partners, the Nordic region’s biggest private equity firm, has added Goldman Sachs Group Inc. and Morgan Stanley to a lineup of banks advising on its strategic review, which may lead to an initial public offering, people familiar with the matter said.

EQT is also considering selling a minority stake in the firm to a strategic investor as an alternative to the IPO, the people said, asking not to be identified as the discussions are private. The company was already working with JPMorgan Chase & Co. and Sweden’s SEB AB on its review, people familiar with the matter said in January.

An IPO could value the firm at about 4 billion euros ($4.5 billion) and EQT may list a 25 percent stake in the business to raise about 1 billion euros, the people said. The firm will decide whether to list or sell a minority stake in the first half of the year, they said.

The buyout firm is also planning to add more banks to the syndicate, the people said. No final decisions have been made and EQT could also decide against a transaction, the people said. Representatives for EQT, Goldman and Morgan Stanley declined to comment.

Dyal Capital Partners, which buys minority equity stakes in asset managers, is among investors that have shown interest in EQT, the people said. Dyal, with more than $15 billion in assets under management, has stakes in Bridgepoint, Cerberus Capital Management’s credit arm and Vista Equity Partners, according to its website. A representative for Dyal declined to comment.

EQT may seek to benchmark itself against listed peers including Partners Group Holding AG or Hamilton Lane Inc., according to the people.

Partners Group trades at about 26 times earnings and its Zurich-listed shares have gained 26 percent this year, according to data compiled by Bloomberg. Hamilton Lane trades at 18 times earnings and its U.S.-listed stock has risen about 28 percent in 2019, the data show.

EQT has raised more than 60 billion euros since it was started about 25 years ago. Investor AB, founded by the wealthy Wallenberg family, is the firm’s anchor investor with an ownership of about 10 percent in its most recent funds, according to the company’s website.

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Bloomberg

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.