eQ’s Q2 report provided plenty of new and interesting information again! On the PE side, performance fees realized as cash flow were quite decent, which is of primary importance. In this regard, eQ was also able to return approximately 200 MEUR of capital to investors during H1, which is excellent news with new sales in mind. PE new sales also performed well considering the circumstances.
Regarding real estate funds, it could be interpreted from management’s comments that the volume of redemptions in the queue was somewhat lower than we previously expected 
At the same time, however, the situation for real estate funds at eQ and across the entire sector is extremely difficult, and there is barely any light at the end of the tunnel. In Q1, the company still spoke quite optimistically about a new real estate product, but now in Q2, there was a completely different tone. It is hard to see the real estate funds providing any tailwind to earnings growth, at least not during 2027.
The full report can be read here: