EQT AB announced it has signed an agreement to acquire Coller Capital, a global secondaries specialist with nearly $50 billion in total assets under management and $33 billion in fee-generating AUM as of Dec. 31, 2025, in a move that would add a dedicated secondaries platform to EQT’s private markets franchise.
Under the agreement, EQT will acquire 100% of Coller Capital’s management company and related general partner entities, plus 10% of carried interest in Coller’s most recent private equity secondaries flagship fund, CIP IX, which reached a final close on Dec. 31, 2025 with $10.2 billion in fee-generating commitments and a reported total fund size of $14.2 billion including related vehicles. The deal is expected to close in the third quarter of 2026, subject to customary regulatory approvals and certain investor consent conditions.
EQT said Coller will form a new business platform within EQT branded “Coller EQT” and will sit inside a newly created Secondaries business segment, alongside EQT’s existing Private Capital and Real Assets segments. Coller Capital’s origination and investment process will remain independent, according to the companies. Jeremy Coller, Coller Capital’s CIO and Managing Partner, is expected to become Head of Coller EQT, reporting to EQT CEO and Managing Partner Per Franzén and joining EQT’s Executive Committee.
The acquisition positions EQT to enter the fast-growing secondaries market at a time when private market investors are increasingly seeking liquidity tools and longer-duration ownership structures. EQT cited industry data indicating secondaries deal volumes rose 41% in 2025 to $226 billion and said the market is expected to more than double by 2030. The firm also highlighted the strategic opportunity to broaden Coller’s remit into adjacent secondaries categories, including real assets, and to scale the platform in Asia, which EQT described as structurally underpenetrated.
EQT said the combined platform will enable deeper relationships across institutional, private wealth, and insurance clients by pairing EQT’s multi-strategy scale and active ownership model with Coller’s secondaries specialization and analytics capabilities. The company also pointed to private wealth expansion as a key rationale, citing four evergreen products with a combined net asset value of $4.1 billion, as well as Coller’s existing strategic partnership with State Street for distribution. As part of the transaction, State Street—currently a minority shareholder in Coller Capital—is expected to become a shareholder in EQT.
EQT disclosed a base consideration of $3.2 billion on a cash- and debt-free basis, funded primarily in EQT shares issued at closing at a set price of SEK 355 per share, implying roughly 81 million shares, or about 7% of shares outstanding. The company added that approximately $65 million of the base consideration is payable in cash at completion, and that the final share portion is subject to customary purchase price adjustments based on completion accounts. In addition, the agreement includes contingent consideration of up to $500 million tied to Coller Capital’s business performance in the 12 months through March 2029, payable in cash, with certain key Coller executives committing to reinvest net proceeds into EQT shares.
EQT said the transaction is expected to be mid-single-digit accretive to fee-related earnings. And on financial performance, EQT provided selected figures showing Coller Capital’s fee-generating AUM rising from $18 billion in 2023 to $23 billion in 2024 and an estimated $33 billion in 2025, alongside fee-related revenue of $170 million, $200 million, and an estimated $330 million over the same period. Fee-related EBITDA was reported at $65 million in 2023, $75 million in 2024, and an estimated $145 million in 2025, with margin expanding to an estimated 44% in 2025. EQT also said Coller’s fee-generating AUM is expected to reach about $40 billion by year-end 2026, generating $350–$375 million in fee-related revenue and $175–$200 million in fee-related EBITDA, implying an EBITDA margin of roughly 50% on a standalone basis.
Support: UBS is serving as financial adviser to EQT, with Ropes & Gray and Vinge acting as legal counsel. Morgan Stanley is advising Coller Capital, with Kirkland & Ellis and Roschier acting as legal counsel to Coller and the selling shareholders.
KEY QUOTES:
“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. Coller is a global leader in this field, with deep expertise. The transaction unlocks growth opportunities for both firms. Together, I believe we can double the size of Coller’s business in less than four years. As a combined firm, we will be exceptionally well positioned to deliver integrated solutions across both primary and secondary markets, underpinned by a disciplined focus on performance.”
Per Franzén, CEO And Managing Partner, EQT
“This partnership marks a defining moment for Coller. We are bringing more than 35 years of secondaries expertise to EQT to realize our shared ambition to shape the future of private markets. The opportunities ahead are compelling, from accelerating innovation in secondaries to broadening the secondary solutions we can deliver to investors worldwide. As Coller EQT, we will maintain our strong alignment with our investors and the independence of our world class origination and investment process. Together, we are exceptionally well positioned to deliver best-in-class private market solutions for our investors.”
Jeremy Coller, Chief Investment Officer And Managing Partner, Coller Capital
“We see this as an exciting evolution in our strategic partnership with Coller Capital. We are keen to expand our engagement efforts to include EQT’s breadth of capabilities, as well as the opportunity for Coller Capital to expand its secondaries offering to include real assets, strengthening the platform. Together with EQT, we look forward to improving access to private markets solutions and innovating for clients worldwide seeking diversification and better outcomes.”
Yie-Hsin Hung, President And CEO, State Street Investment Management
