EQT is exploring a move into the fast-growing secondaries market and has held preliminary talks with several potential acquisition targets, including Coller Capital, HarbourVest Partners, and Pantheon, according to Bloomberg.

The discussions are at an early stage, and no transaction has been finalised. The Stockholm-listed private equity firm is seeking to expand its private market solutions business through the acquisition of a dedicated secondaries platform.

Coller Capital, led by founder Jeremy Coller and often dubbed the “Godfather of Secondaries,” manages about $46bn and is considered one of the most attractive independent targets in the sector. HarbourVest Partners oversees $147bn across secondaries, co-investments, credit, and infrastructure, while Pantheon, owned by Affiliated Managers Group, manages $75bn.

The secondaries market has rapidly evolved from a niche strategy into one of private equity’s fastest-growing segments. Investors such as pension funds, endowments, and sovereign wealth funds are increasingly selling fund stakes to manage liquidity, while managers use continuation vehicles to extend ownership of assets. Global transaction volumes are projected to exceed $200bn this year.

EQT joins peers such as CVC Capital Partners, which bought Glendower Capital in 2021, and Ares Management, which acquired Landmark Partners that same year to build a $34bn secondaries platform.

EQT shares have gained more than 4% this year, giving the firm a market capitalisation of $39.8bn. The group has expanded its platform in recent years through acquisitions, including healthcare investor LSP and Asian buyout firm Baring Private Equity Asia.

The move underscores EQT’s ambition to become a fully integrated global alternatives platform spanning private equity, infrastructure, credit, and now secondaries.

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