EQT’s $3.2bn Acquisition of Coller Capital
- Feb 23
- 5 min read
By Ben Motamed, Charlie Bark, Archie Clarke, Emmanuel Olowe, James Midgley (Durham University); Alvaro Aguilar De Nalda (ESADE); Lisa Dai, Larry Cao, Jeffrey Kim, and Milan Agarwala (Columbia University)
Photo: Piron Gillaume (Unsplash)
Overview of the deal
Acquirer: EQT
Target: Coller Capital
Transaction Type: All-stock acquisition funded thoroughly newly issued shares
Total Transaction Size: $3.2 billion
Closing Date: Q3 2026, subject to regulatory approval
Target Advisor: Morgan Stanley & Co. International plc (Financial), Roschier (Legal) and Kirkland & Ellis (Legal)
Acquirer Advisor: UBS (Financial), Ropes & Gray (Legal) and Vinge (Legal)
EQT’s $3.2 billion acquisition of Coller Capital brings the firm access to one of the fastest-growing private markets sectors. Global secondaries deal volume reached $226bn in 2025, representing an increase of 41% YoY, and is expected to more than double by the end of the decade. Amid a slowdown in traditional exits, secondaries have become a vital source of liquidity for both LPs and GPs.
EQT will gain Coller’s insurance-dedicated capabilities and four evergreen private wealth products, with a total NAV of $4.1bn, further strengthening its position within the ever-evolving private markets. Against the backdrop of intensifying fee-pressure, and greater LP demand for fewer, deeper relationships with their GPs, this consolidation furthers EQT’s position as a diversified platform with global reach across asset classes.
The transaction combines EQT’s global, multi-strategy platform with Coller’s Capital 35-year track record of secondaries investing and will be funded through the issuance of new EQT ordinary shares at a price of $39.17 per share, with ‘mid-single digit accretive’ to its fee-related earnings.
Company Details (Acquirer - EQT)
EQT AB is a global private markets investment organisation managing strategies across private capital, real assets and (post-transaction) secondaries. It is listed on Nasdaq Stockholm and operates through a platform of investment advisory and fund management entities across Europe, the Americas, and Asia-Pacific.
Founded: 1994
Headquartered: Stockholm, Sweden
CEO: Per Franzén
Number of employees: 2,000
Market Cap*: $44.40 billion USD
EV*: $40.15 billion USD
LTM Revenue*: $3.24 billion USD
LTM EBITDA*: $1.95 billion USD
LTM EV/Revenue: 13.36X
LTM EV/EBITDA: 23.83X
*As of 30/01/2026
Company Details (Target - Coller Capital)
Coller Capital is a global leader and pioneer in the secondaries market. They buy positions in private equity funds from investors (LPs) who want early liquidity, and they also restructure and extend the lifespan of funds for GPs (GP-led secondaries). Their main products include their flagship fund (Coller International Partners - CIP) CIP IX, Coller Credit Opportunities II (CCO II), and a specialized fund for private wealth investors that recently surpassed $1 billion in assets under management.
Founded: 1990
Headquartered: London, UK
CEO: Jeremy Coller
Number of employees: 330
Market Cap*: N/A
EV*: $3.2 billion USD
LTM Revenue*: $330 million USD
LTM EBITDA: $145 million USD
LTM EV/Revenue: ~10X
LTM EV/EBITDA: ~22X
*As of 22/01/2026
Projections and Assumptions
Short-Term Consequences
The acquisition of Coller Capital provides EQT with an immediate foothold in the secondary market, which hit record volumes of $226 billion in 2025. By funding the $3.2 billion base price mainly through the issuance of 81 million new shares, EQT has managed to protect its cash reserves while adding roughly $33 billion in fee-generating assets to its books. This move is set to be mid-single-digit accretive to earnings within the first year, with the new ‘Coller EQT’ segment expected to pull in up to $200 million in fee-related EBITDA for 2026. Although the 7% share dilution was a potential sticking point, investors reacted well, pushing the share price up by 4% as they welcomed the addition of such a stable, high-margin revenue stream.
On the ground, the first twelve months are all about scaling. EQT is already plugging Coller’s popular evergreen wealth products into its massive global distribution network and its new partnership with State Street. In Asia, a combined team of nearly 400 professionals is now hunting for deals in markets like Japan and India where secondary options are still relatively rare. Behind the scenes, EQT is digitising Coller’s 35-year data repository to feed it into Motherbrain, its proprietary AI, with the goal of speeding up deal valuations by the end of the year. While adding a whole new business segment brings some growing pains, keeping Jeremy Coller at the helm helps maintain the specialist culture that made the firm successful in the first place.
Long-Term Upsides
In the long term, EQT’s acquisition of Coller Capital enhances its strategic positioning by establishing a significant presence in the rapidly growing private equity secondaries market and building a more diversified private markets platform. Coller Capital is a global leader in secondaries investing with nearly USD 50 billion in assets under management and over 35 years of experience providing liquidity solutions across private equity and credit secondaries, as well as institutional, private wealth, and insurance-dedicated products.
The combination expands EQT’s product breadth and advances its ambition to build one of the most attractive scaled private markets firms globally, enabling it to offer integrated solutions across private equity, infrastructure, real estate, and secondaries. This expanded platform strengthens client relationships by delivering a wider range of investment options and deepening engagement with institutional and wealth clients seeking comprehensive private market exposure.
The deal also supports international growth, particularly in underpenetrated regions such as Asia, by leveraging the combined global footprint and capabilities of both firms. Coller’s specialist expertise and track record of performance complement EQT’s active ownership model and digital capabilities, creating opportunities for innovation and product development within secondaries and adjacent markets.
Finally, the acquisition is expected to be mid-single-digit accretive to EQT’s fee-related earnings, reinforcing long-term financial stability and diversification of revenue streams.
Risks and Uncertainties
Among the most critical uncertainties arising from EQT's acquisition of Coller Capital is the integration risk associated with combining two distinct organizational platforms while preserving Coller's independent origination and investment process. While EQT has demonstrated a strong track record of integrating past acquisitions, the complexity of merging Coller's specialized secondaries platform—spanning approximately USD 33 billion in fee-generating AUM—with EQT's existing infrastructure introduces meaningful execution challenges. Any difficulties in harmonizing systems, retaining key investment professionals across 11 global offices, or achieving operational synergies could disrupt deal flow, undermine client relationships, and delay the anticipated mid-single-digit accretion to fee-related earnings, making this the most immediate risk to EQT's post-acquisition stability.
In parallel, regulatory risks represent another layer of uncertainty. The transaction remains subject to customary closing conditions, including regulatory approvals across multiple jurisdictions and certain Coller fund investor consent approvals, with an expected closing in Q3 2026. If regulatory bodies impose extended review timelines or require operational commitments, any resulting concessions could delay critical integration initiatives and postpone the integration process, undermining the efficiency and financial returns initially projected.
At the same time, competitive dynamics in the secondaries market could significantly influence the deal's long-term value creation. EQT's integration of Coller introduces intensified rivalry with established specialists such as Lexington Partners, Ardian, and Goldman Sachs Asset Management. In response, these incumbents may accelerate fundraising efforts, enhance pricing competitiveness, or expand product offerings to capture market share. This heightened rivalry risks compressing transaction economics and pressuring fee margins, thereby posing strategic challenges to EQT's growth objectives and the projected margin improvement that underpins the transaction's financial rationale
“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.” - (Per Franzén, CEO and Managing Partner of EQT)