EQT to Acquire Coller Capital for Up to $3.7 Billion, Entering Secondaries Market

Swedish private equity group EQT AB on Thursday announced it has agreed to acquire London-based Coller Capital for a base consideration of $3.2 billion, with the total deal value rising to as much as $3.7 billion including a performance-linked earn-out.

The transaction marks EQT’s entry into the fast-growing private equity secondaries space — a market where investors buy and sell existing stakes in private equity funds, providing liquidity when traditional exits such as IPOs and trade sales become harder.

Under the terms disclosed, EQT will fund the purchase primarily through the issuance of approximately 81 million newly issued ordinary shares, priced at SEK 355 per share.

EQT said the acquisition is expected to be mid-single-digit accretive to fee-related earnings, reflecting the growing importance of secondaries strategies in private markets.

“Entering the secondaries space with Coller represents a natural and important step in EQT’s strategic development,” said EQT CEO Per Franzén, who took over as chief executive in May 2025.

EQT added it expects the combined platform to more than double Coller’s business over the next four years.

Coller: Pioneer in secondaries with nearly $50 billion AUM

Founded in 1990 by Jeremy Coller, Coller Capital is regarded as one of the pioneers of the private equity secondaries industry. The firm manages nearly $50 billion in assets, including around $33 billion in fee-generating assets, according to the companies.

Earlier this month, Coller announced the closing of its latest flagship fundraise, raising $17 billion across its private equity secondaries platform.

Following completion of the acquisition, Jeremy Coller will continue to lead the business and join EQT’s executive management team, EQT said.

The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals and customary conditions.

EQT currently manages more than €270 billion in total assets across private capital and real assets, and the acquisition strengthens its positioning to offer broader liquidity solutions to institutional and private wealth clients.

Summary

EQT has agreed to acquire Coller Capital for up to $3.7 billion, including a $3.2 billion upfront consideration funded largely through new EQT shares at SEK 355 per share, plus a $500 million performance-linked earn-out. The deal gives EQT a major entry into the fast-growing private equity secondaries market, adding Coller’s nearly $50 billion AUM platform and expanding EQT’s private markets liquidity offerings.

FAQs

Q1: What is the total value of the EQT–Coller deal?

The deal is valued at $3.2 billion upfront, with up to $500 million in earn-out consideration, bringing the total to as much as $3.7 billion. 

Q2: How is EQT paying for the acquisition?

EQT will mainly fund the deal through issuing about 81 million new EQT shares, priced at SEK 355/share. 

Q3: How big is Coller Capital?

Coller manages nearly $50 billion in assets and has around $33 billion in fee-generating AUM. 

Q4: Who will lead EQT’s secondaries business?

Founder Jeremy Coller will continue as CIO/leader of the business and join EQT management.

Q5: What is the “secondaries” market?

It is a market where investors buy existing stakes in private equity funds, enabling liquidity before a fund reaches maturity.