EQT to Acquire Coller Capital in $3.2B Global Secondaries Deal
EQT has agreed to acquire Coller Capital in a transaction valued at $3.2 billion. The deal will be funded primarily through the issuance of new EQT ordinary shares, with up to $500 million of additional contingent consideration to be paid in cash.
Under the terms of the agreement, EQT will issue approximately 81 million shares, priced at SEK 355 per share, representing roughly 7% of EQT’s outstanding shares. The transaction was announced alongside EQT’s 2025 earnings release and brings Coller’s growing $50 billion secondaries platform under EQT’s broader $313 billion private markets umbrella.
Coller Capital will operate as Coller EQT, with Jeremy Coller, CIO and Managing Partner of Coller Capital, continuing to lead the business alongside the existing leadership team. The firm will retain independence across origination and investment decision-making. Coller will report directly to Per Franzén, EQT’s CEO and Managing Partner, and will join EQT’s Executive Committee.
“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,” Franzén said.
Coller highlighted the strategic fit and growth opportunity ahead. “As Coller EQT, we will maintain our strong alignment with our investors and the independence of our world-class origination and investment process,” he said. “Together, we are exceptionally well positioned to deliver best-in-class private market solutions for our investors.”
Founded in 1990, London-based Coller Capital employs more than 330 professionals across 11 global offices. EQT expects the transaction to accelerate growth across institutional and private wealth channels, adding four evergreen secondaries products with a combined $4.1 billion in net asset value. EQT will also leverage Coller’s existing partnership with State Street to expand global distribution.
The deal follows Coller Capital’s final close of Coller International Partners IX (CIP IX), its largest fund to date, bringing total capital raised for its global private equity secondaries platform to $17 billion across commingled funds, co-investment vehicles, separately managed accounts, and equity perpetual funds.
UBS advised EQT on the transaction, with legal counsel from Ropes & Gray and Vinge. Morgan Stanley served as financial advisor to Coller Capital, with legal advice from Kirkland & Ellis and Roschier.