Sweden’s EQT Thursday announced an agreement to combine with secondaries firm Coller Capital Inc., a move that will bring EQT into the growing demand for investments in the secondary market.
Coller Capital has nearly $50 billion in total assets under management across institutional, private wealth and insurance-related capital, according to the firms. The combination of the two businesses is expected to advance EQT’s stated goal of building a successful private market firm of scale with industry-leading performance and solutions globally.
Coller Capital estimates that the market for secondaries will double by 2030 and the deal would position EQT for growth. Coller’s founder, Jeremy Coller, and the firm’s leadership team will continue to lead the business as part of EQT. They will maintain the independence of Coller’s origination and investment process, according to a statement from the firms.
Headquartered in the U.K., Coller Capital has a global team of 330 professionals, including 77 investment professionals, based in 11 offices worldwide. The firm was founded in 1990 and invests across private equity and private credit funds. Coller provides liquidity solutions to both general partners and limited partners.
A statement from EQT described the deal as a natural extension of its platform.
“As private markets evolve, the combination with Coller Capital … strengthen[s] its relevance for both institutional and private wealth clients,” the company stated.
Per Franzén, EQT’s CEO and managing partner, said in a statement: “Entering the secondaries space with Coller represents a natural and important step in EQT’s strategic development. Secondaries have become an increasingly important tool for clients in managing liquidity and portfolio construction, and in supporting long-term ownership of high-quality assets.”
Coller, CIO and managing partner in Coller Capital, said in a statement: “This partnership marks a defining moment for Coller. We are bringing more than 35 years of secondaries expertise to EQT to realize our shared ambition to shape the future of private markets. The opportunities ahead are compelling, from accelerating innovation in secondaries to broadening the secondary solutions we can deliver to investors worldwide. As Coller EQT, we will maintain our strong alignment with our investors and the independence of our world class origination and investment process.”
As part of the deal, the current Coller Capital minority shareholder, State Street Corp., will become a shareholder in EQT. Yie-Hsin Hung, State Street Investment Management’s president and CEO, said in a statement: “We see this as an exciting evolution in our strategic partnership with Coller Capital. We are keen to expand our engagement efforts to include EQT’s breadth of capabilities.”
UBS is acting as financial adviser to EQT in relation to the deal, and law firms Ropes & Gray and Vinge are EQT’s legal counsel. Morgan Stanley & Co. International PLC is financial adviser to Coller Capital, and law firms Kirkland & Ellis and Roschier are legal counsel to Coller Capital and the selling shareholders, according to information from the firms.
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Tags: Coller Capital, Mergers and Acquisitions, Private Credit, Private Equity, Secondary Transactions