EQT has agreed to purchase Coller Capital, a secondaries investment firm with close to $50bn in assets under management, including $33bn classified as fee-generating.

The deal values Coller Capital at $3.2bn on a cash and debt-free basis.

Payment will be made through the issuance of around 81 million EQT shares, representing roughly 7% of the company’s outstanding shares, at a price of Skr 355 each.

Established in 1990 and headquartered in the UK, Coller Capital is known for its focus on providing liquidity solutions within private equity and private credit secondary markets.

The firm employs 330 people worldwide, with operations spanning 11 global offices.

Its services cater to institutional investors, private wealth clients, and insurance entities.

The proposed combination will see EQT integrate Coller Capital’s secondary market expertise and data analytics with its own international investment platform.

EQT stated that this move will broaden its capabilities across private equity, infrastructure, real estate, and secondary investments.

EQT CEO and managing partner Per Franzén said: “Entering the secondaries space with Coller represents a natural and important step in EQT’s strategic development.

“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.”

Among the anticipated outcomes, the firms expect to expand their reach into new areas of the secondary market such as real assets, particularly in Asia where both see potential for further growth.

Additionally, EQT plans to add four evergreen products from Coller Capital’s portfolio, which collectively have a net asset value of $4.1bn.

As a result of the deal, Coller Capital will become part of a new Secondaries business platform within EQT under the name “Coller EQT.”

Jeremy Coller is set to lead this division and join EQT’s executive committee.

The new segment will operate alongside EQT’s Private Capital and Real Assets divisions.

Processes related to investment decisions at Coller EQT are expected to remain separate from other EQT units.

State Street, which holds a minority stake in Coller Capital, will receive shares in EQT as part of the arrangement.

Moving forward, EQT will have the right to invest in 35% of carried interest generated by all future closed-ended funds managed by Coller Capital.

Finalisation of the acquisition is subject to regulatory approvals and certain consents from fund investors linked to Coller Capital. The companies anticipate closing the transaction in the third quarter of 2026.

Coller Capital managing partner and chief investment officer Jeremy Coller commented: “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.”

EQT anticipates that the deal to be “mid-single-digit accretive” to its fee-related earnings.