EQT has agreed to acquire Coller Capital in a transaction valued at $3.2bn, marking a decisive move into private markets secondaries and significantly expanding the firm’s global investment platform.

The acquisition brings EQT into one of the fastest-growing segments of private markets. Coller Capital is one of the world’s largest dedicated secondaries investors, managing nearly $50bn across private equity and private credit strategies, with a 35-year track record focused exclusively on secondary transactions.

Under the terms of the deal, EQT will acquire 100% of Coller Capital’s management company through newly issued EQT shares. The transaction also includes up to $500m of contingent consideration tied to Coller’s performance over the period to March 2029. EQT said the deal is expected to be mid-single-digit accretive to fee-related earnings.

Following completion, Coller Capital will form a new business unit within EQT, branded “Coller EQT”, and sit alongside EQT’s existing Private Capital and Real Assets divisions. Jeremy Coller will continue to lead the business, join EQT’s executive committee, and retain full independence over Coller’s origination and investment process.

The transaction materially strengthens EQT’s position with institutional, private wealth, and insurance clients. Coller adds four evergreen private wealth products with a combined net asset value of $4.1bn and brings established insurance-dedicated secondaries capabilities to EQT’s platform.

Secondaries have become an increasingly important liquidity tool across private markets. Deal volumes reached $226bn in 2025, up 41% year on year, and are expected to more than double by the end of the decade, according to figures cited by EQT.

“Entering the secondaries space with Coller represents a natural and important step in EQT’s strategic development,” said Per Franzén, chief executive and managing partner of EQT. “Together, I believe we can double the size of Coller’s business in less than four years.”

Jeremy Coller said the combination would accelerate innovation and broaden the range of secondaries solutions available to investors globally, while preserving Coller’s independence and investment culture.

The deal is expected to close in the third quarter of 2026, subject to customary regulatory approvals and investor consents. 

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