EQT sold a €3bn stake in enterprise software leader IFS, bringing in the Abu Dhabi Investment Authority (ADIA) and Canada Pension Plan Investment Board (CPPIB) as new investors, in a deal that values the company at €15bn.

The transaction, announced amid a slowdown in global dealmaking, highlights sustained investor confidence in high-growth, sector-leading software assets. Technology investor Hg, already a shareholder in IFS, will increase its stake and become a co-controlling shareholder alongside EQT. TA Associates will remain an investor in the business.

Founded in 1983 and delisted by EQT in 2016, Stockholm-based IFS has expanded through organic growth and targeted acquisitions. The company, which serves customers in sectors such as defence and utilities, generated more than €1.2bn in revenue last year.

“Despite all this turbulence in these markets, people know the story for a long time and IFS has consistently delivered growth,” said Johannes Reichel, partner at EQT.

The sale marks a near doubling of IFS’s valuation since 2021, when the company was previously valued at around $8bn. The latest stake sale will inject approximately €3bn in fresh capital into IFS to support further expansion.

The transaction comes as private equity firms look for alternative ways to return capital to LPs in a slower M&A and IPO environment. Strategic stake sales in high-quality portfolio companies have become a favoured route for large sponsors.

EQT is also close to exiting another major asset, having agreed to sell Karo Healthcare to KKR in a separate deal valuing the healthcare company at €2.6bn.