EQT, the Swedish private equity giant, appointed long-time executive Per Franzen as its new chief executive and managing partner, succeeding Christian Sinding, who will step down in May.

Franzen, who joined EQT in 2007, currently serves as deputy managing partner and head of private capital for Europe and North America, overseeing the firm’s largest division with €113bn ($118.6bn) in assets under management. He recently led the €22bn fundraising for EQT X, the world’s largest private equity fund closed in 2024.

The transition comes as EQT embarks on a €100bn fundraising cycle and plans to expand its investment strategies, distribution channels, and brand presence. The firm expects Franzen’s leadership to drive its next phase of growth.

Sinding, who has led EQT since 2019, will become an institutional partner and chair the EQT Council, a leadership group focused on external partnerships. He will also continue as a member of several investment committees and chair EQT’s Global Investment Forum, which fosters collaboration among senior leaders.

Under Sinding’s tenure, EQT significantly expanded its global presence. The firm went public in 2019 at a €7bn valuation and has since grown to approximately €40bn. His leadership saw EQT acquire Exeter Property Group to enhance U.S. real estate investments, Life Sciences Partners to boost life sciences exposure, and Baring Private Equity Asia to expand in Asia’s private markets.

Franzen’s appointment will be formalized at EQT’s annual shareholders’ meeting on May 27.