Conni Jonsson, founder of EQT Partners, will step down as chair next year, marking the end of a three-decade tenure that saw the Swedish firm grow into one of the world’s largest private capital groups, the Financial Times reported on Monday.

Jonsson, who served as chief executive for 20 years before becoming chair, has overseen EQT’s transformation from a small Nordic-focused fund into a global investment powerhouse with €266bn in assets under management.

He will be succeeded by Jean Eric Salata, who leads EQT Asia. Salata founded Baring Private Equity Asia in 1997 before merging it with EQT in 2022. He will take over as chair following the firm’s annual meeting in May while continuing in his Asia leadership role.

Jonsson will remain involved as honorary chair and a member of EQT’s council and foundation. He said it was the “right time to step down,” adding that EQT was in the “best hands possible” under chief executive Per Franzén, whom he called an “exceptional investor.”

Salata said he looked forward to “accelerating our global growth” alongside the board and Franzén.

EQT, which listed on Nasdaq Stockholm in 2019, is now Sweden’s fourth-largest listed company and manages more than 300 portfolio businesses employing roughly 650,000 people worldwide. The firm remains a major investor in renewable energy and sustainable infrastructure.

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