EQT has sold its remaining shares in the HVAC and refrigeration wholesale company Beijer Ref for approximately 370 million euros.
EQT completes final selldown of shares in Beijer Ref, a globally leading wholesaler and distributor of refrigeration, heating, ventilation, and air conditioning (HVAC) technology
Under EQT’s ownership, Beijer Ref has more than doubled revenues and tripled EBITDA, supported by accelerated organic growth, disciplined M&A, and continued margin development
The sale resulted in aggregate gross proceeds of c. EUR 370 million to the Main Shareholder, of which EQT IX received c. EUR 275 million
EQT is acquiring Corza Biosurgery, whose best-known product is the TachoSil surgical patch. It is used to stop bleeding and seal tissues in the most demanding surgeries.
EQT plans to accelerate the company’s growth by expanding sales to new markets, developing products, and making further acquisitions. The deal is expected to close by the end of this year.
This news was released as a PRESS release. I believe Corza Medical’s revenue is around half a billion, from which EQT is buying this, and if I understood correctly, Corza Biosurgery has only been a small part of that Corza Medical, so I suppose it’s not that massive of a deal.
EQT to acquire Corza Biosurgery, a premier biosurgery business built around TachoSil, a leading hemostat and sealant patch used across a wide range of surgical specialties
TachoSil supports improved surgical outcomes through rapid bleeding control and tissue sealing, and is backed by extensive clinical evidence, health-economic data and surgeon advocacy
EQT will support TachoSil and its management team, led by Thierry Leclercq, in their next phase of growth by investing in commercial acceleration, indication and geographic expansion, innovation, and by building out a broader biosurgery platform through M&A
EQT is acquiring Copia Power, which develops energy infrastructure and data center campuses in the United States.
Copia’s model combines power generation, transmission networks, and data centers, which accelerates the construction of infrastructure specifically needed for AI. EQT intends to grow the company, expedite projects, and leverage synergies with its other energy, fiber network, and data center investments.
The transaction is expected to close by the end of this year.
Copia Power develops, owns and operates integrated large-scale energy and digital infrastructure campuses across the U.S.
Copia works alongside utilities to help unlock new power capacity, accelerate infrastructure development, and support sustainable long-term grid reliability and ratepayer affordability
Highly thematic investment supporting the build-out of U.S. AI infrastructure, where access to scalable, reliable power has become an increasingly critical enabler of continued data center development
EQT will partner with Copia Power’s management team to scale the platform, accelerate priority development projects, and expand its integrated campus model across the U.S.
EQT has had a strong start to the year, as both revenue and earnings, for example, have grown significantly.
The company has increased its investments, particularly in AI infrastructure, where the new fund has reportedly had a fast start. A significantly higher number of new investments were also made compared to before, and the company is heading into the second half of the year with confidence, thanks to a strong investment and fundraising environment.
EQT is acquiring fourteen logistics properties from Logicor in the UK, Germany, and France for approximately half a billion euros.
The properties are fully leased and are located near important transport routes. According to the company, the transaction strengthens EQT’s position in European logistics real estate while supporting its long-term growth.
EQT Real Estate has agreed to acquire a portfolio of 14 logistics properties across the UK, Germany and France from Logicor
The portfolio comprises approximately 457,000 square meters of modern, fully leased logistics space
The acquisition further strengthens EQT Real Estate’s European logistics platform, adding scale across established distribution corridors and major consumption centers
EQT Real Estate is pleased to announce that EQT Real Estate Europe Logistics Value Fund V (“EQT Real Estate”) has agreed to acquire a 14-asset pan-European logistics portfolio from Logicor for EUR 532 million.
The portfolio comprises approximately 457,000 square meters of logistics space across eight assets in the UK, four in Germany and two in France. The properties are fully leased to a diversified group of retail, e-commerce, logistics and industrial occupiers and are located in major distribution markets with access to key transport networks and population centers.
Jonathan Mackie, Managing Director at EQT Real Estate, said: “European logistics remains one of our highest-conviction sectors, underpinned by sustained occupier demand for well-located, high-quality assets. We’re delighted to further expand our presence through this acquisition from Logicor, adding a diversified portfolio of high-quality properties and creating a strong platform for long-term growth.”
Ryan Pappas, Chief Investment Officer at Logicor, said: “We are particularly pleased to have agreed another transaction with EQT, a highly respected and professional partner, reflecting the continued appeal of best-in-class logistics assets and the strength of long-term relationships in our sector.”
The transfer of UK assets has been completed, while completion of the German and French assets remains subject to customary closing conditions.
EQT’s new Scaleup Europe fund made its first investment in the Finnish-born company ICEYE by participating in a large funding round.
The fund aims to accelerate the growth of Europe’s most promising tech companies and “narrow” the gap in growth funding. ICEYE is particularly known for its satellite-based space intelligence solutions, which many European countries are already utilizing.
ICEYE, headquartered in Finland since 2014, owns and operates the world’s largest synthetic aperture radar satellite constellation
The funding round - which was co-led by the Scaleup Europe Fund - included €450 million of primary proceeds from Series F at a valuation exceeding €10 billion
The investment demonstrates strong early momentum for the Scaleup Europe Fund - which has a €5 billion target size - as it begins backing Europe’s most promising technology companies and works to bridge the continent’s scaleup funding gap
EQT has sold a portfolio of 20 logistics properties in the United States.
The company assembled the portfolio starting in 2020 and, according to the announcement, increased its value by leasing and renovating the assets. The transaction price was not disclosed.
Portfolio totals approximately 4.4 million square feet across 20 logistics assets in St. Louis, Cincinnati, Columbus, Dayton, Cleveland and Louisville
EQT Real Estate assembled the portfolio from 2020 onward, strengthening the assets through leasing, building upgrades, and hands-on local management
Transaction underscores the depth of buyer demand for stabilized, well-located logistics portfolios of scale in the central U.S.
EQT sold a portfolio of 46 modern logistics buildings to LBA Realty in the Southeastern United States.
The buildings house facilities such as warehouses, distribution centers, light manufacturing, etc. The region’s population is reportedly growing, and transportation connections and ports are good, so EQT believes there will be sufficient demand for warehousing and transport spaces in the future as well.
46 Class A logistics buildings totaling approximately 10.5 million square feet across 10 southeast markets in the Carolinas, Georgia, Florida, and Alabama
The state of the art logistics assets average roughly 230,000 square feet and house a diverse range of tenants servicing the southeast from last-touch operations, regional distributions centers, advanced manufacturing, and bulk distribution
All 10 portfolio markets are recording positive population growth generating sustained Southeast logistics demand
I don’t know how important news this is right now, but interesting at least.
Amazon has signed long-term power purchase agreements with four Swedish wind farms as it expands the country’s data center capacity.
The new agreements will increase the company’s power supply by nearly 200 megawatts. And the wind farms are being developed by… Eolus and… EQT-owned OX2.
EQT has completed the $3.2 billion Coller Capital deal.
Coller buys and sells stakes in existing private equity funds. The acquisition strengthens EQT’s position in this rapidly growing sector. At the same time, the assets under management by EQT will rise to €341 billion.
Coller Capital, now operating as Coller EQT, is one of the largest dedicated secondaries platforms globally, with deep expertise in both LP and GP-led secondaries
The combination positions EQT in the fast-growing secondaries market - which saw transaction volume surpass $120bn in the first half of 2026, the strongest first half on record1 - and brings the firm’s total assets under management to €341bn ($389bn)2
Coller EQT has begun early preparations for continued expansion into new asset classes, and EQT remains committed to doubling Coller’s FAUM within four years
EQT is establishing a new fund that will allow wealthy investors to get in on unlisted Asian growth companies. The company sees a lot of opportunities in the region because the Asian economy is growing rapidly, but it still attracts only a small portion of global private equity investments.
The fund will invest in technology, healthcare, and industrials, among other sectors.
EQT Nexus Asia provides eligible individual and institutional investors access to EQT Private Capital’s Asia Pacific platform through a single evergreen strategy
Asia accounts for approximately 60% of the world’s population and 60% of global economic growth, yet receives less than 5% of global private equity allocations, creating attractive entry points for the region’s expanding buyout market
EQT is well-positioned to capture Asia’s structural tailwinds, building on a 30-year track record of investing in the region, and a dedicated team of over 150 investment professionals based across nine local offices
Strong fundraising momentum and attractive deal flow
"As we enter the final quarter of the year, and I reflect on the challenges and opportunities ahead for private market investors, the attractiveness of the EQT platform is clear. Our newest initiatives - the AI Infrastructure strategy and the Scaleup Europe Fund - have exceptional early momentum and reflect the positive client reception to our newly launched thematic strategies in areas of strength for our platform. In Q3, we closed the acquisition of Coller Capital, making us an even more strategic partner for private market investors. And today we announce the acquisition of Stockbridge, marking the next step in the development of the EQT Real Estate business line. In the quarter we also established our first office in the Middle East. Across strategies we see good deal flow and value creation, and we remain focused on driving monetisations and liquidity."
Per Franzén,
CEO and Managing Partner
Highlights for the period Jul-Sep 2026 (Jul-Sep 2025)
Strategic highlights
The combination with Coller Capital was completed on 31 August, and Coller Capital now operates as Coller EQT
On 15 October 2026, EQT signed an agreement to acquire Stockbridge1, a leading U.S. real estate investment manager with approximately $17bn of fee-generating assets under management. The acquisition will be cash funded
EQT launched its Middle East platform, opening an office in Abu Dhabi
EQT launched Nexus Asia, an Asia Pacific-focused evergreen strategy for the private wealth segment
Fundraising
Gross inflows amounted to €41.6bn. FAUM amounted to €195bn (€139bn) and Total AUM was €354bn (€267bn)
The increase in FAUM includes €34bn from Coller Capital, consolidated from 31 August following the closing of the transaction2
Key funds
Net inflows to Key funds amounted to €10.9bn, of which €10.3bn related to the inclusion of Coller Capital
EQT XI is expected to be activated within the next few months and will not contribute to FAUM until activation
Fundraising for EQT Infrastructure VII was initiated during the summer. Infrastructure VII is not contributing to FAUM until its activation. The fund is expected to be activated around year-end, and the fund is expected to hold an early close in December
Coller EQT is preparing for the launch of CIP X early next year
Other strategies
Net inflows to Other strategies amounted to €24.4bn, of which €19.0bn related to the inclusion of Coller Capital. The remainder was partly related to the activation of Scaleup Europe Fund
NAV for the AI Infrastructure fund amounted to $11.5bn, driven by $0.9bn of net inflows, and continued strong value appreciation
EQT’s open-ended Active Core Infrastructure strategy was activated during the quarter and charges fees on NAV
The combined NAV of EQT’s open-ended strategies was €10.7bn
The Scaleup Europe Fund was activated during the quarter, with strong deal flow and fundraising momentum with above €3bn of secured commitments as of today. The fund has a €5bn target fund size, which EQT expects to reach and exceed. Fundraising will continue into H1 2027
Fundraising was concluded for EQT Healthcare Growth with a final close at €1.4bn
Coller EQT launched fundraising for CCO III, which charges fees on invested capital. The fund is not yet activated
During Q3, Coller EQT raised $2.7bn of capital to underlying funds and vehicles from structured insurance products
Evergreens
Net inflows to evergreens amounted to €0.9bn. Net inflows were particularly strong for EQT’s infrastructure vehicles, though seasonal effects in July and August weighed on inflows overall. Redemptions remained limited and corresponded to around 1% of NAV. NAV amounted to
€11bn
Incremental FAUM related to evergreens3 amounted to €8.5bn at the end of the period and increased by €5.1bn of net inflows and €0.2bn of value development (€4.4bn out of the €5.3bn increase related to the inclusion of Coller Capital)
During the quarter, EQT launched EQT Nexus Asia, an Asia Pacific-focused evergreen strategy, enabling investors to access opportunities in the region’s evolving private markets landscape
Investment activity
EQT announced gross fund investments of €7bn, delivering attractive deal flow across strategies, thematics and geographies. In addition, EQT provided co-investment opportunities of €2bn for its clients
EQT Infrastructure announced the acquisition of Copia Power, an integrated power and AI infrastructure platform (EQT Infrastructure VII)
EQT Private Capital announced the final two investments for EQT X, TachoSil® biosurgery business, and McGill, a specialty insurance broker, and the fund concluded its investment period
The Scaleup Europe Fund announced seven investments during the quarter. Among those were ICEYE, Europe’s leader in sovereign intelligence from space; Lovable, an AI-native software creation platform; and Tandem, a European clinical AI platform
EQT Real Estate acquired a 14-asset pan-European logistics portfolio (EQT Real Estate Europe Logistics Value Fund V), and a 5.2 million square foot logistics portfolio across Southern California (EQT Real Estate U.S. Industrial Value Fund VI)
Exit activity
EQT announced total gross fund exits of €3bn. EQT realized €0.4bn for its co-investors
EQT Private Capital Mid-Market strategies exited Quantios, a provider of cloud software for trust and corporate service providers (Asia Mid-Market Opportunities Fund I); and Ontinue, a provider of AI-powered managed cybersecurity services (EQT Mid Market Europe). Private Capital Asia announced the exit of Acuon Group, an independent financial platform in Korea (BPEA VII)
EQT Real Estate announced the sale of a 10.5 million square foot Southeast logistics portfolio, and the sale of a 4.4 million square foot logistics portfolio spanning six Midwest markets (EQT Real Estate Industrial Value Fund V)
Investment performance
Key fund valuations increased by 5%, with overall Key funds valuations increasing 10% over the last 12 months
All Key funds continue to perform On or Above plan
Infrastructure continued to deliver strong value uplift during the quarter, led by strong underlying performance in the Digital and Energy sub-sectors
EQT X continued to perform well, with a mid-teens value increase over the last 12 months, and BPEA IX continues to be in investment mode
Following the closing of the Coller Capital transaction, CIP IX was included as a Key fund. The fund is performing On plan
People
The number of full-time equivalent employees (FTE) amounted to 2,274 (1,941) at the end of the period. Coller Capital FTEs amounted to 3234 at closing. EQT will continue to invest in future growth areas, including Asia and the U.S., AI capabilities, and capital raising capabilities
Gustav Segerberg was appointed Chief Financial Officer, effective as of 18 July 2026
At closing of the Coller Capital transaction, Jeremy Coller was appointed Head and CIO of Coller EQT and member of EQT’s Executive Committee
Other
At the end of the period, the number of portfolio companies with validated science-based targets amounted to 67, representing more than 75% of invested capital. A further 6 companies are in the process of setting targets
EQT continued to expand its global reach, most recently with the launch of its Middle East platform and office opening in Abu Dhabi
As of this Q3 Announcement, EQT reports Secondaries as a separate operating segment, following the closing of the Coller Capital transaction. As per this announcement, EQT has a four-segment reporting structure: Private Capital, Infrastructure, Real Estate and Secondaries
Following the closing of the Coller Capital transaction, Coller EQT will align the reporting of FAUM with EQT’s reporting framework, whereby the step-down in fee rate is reflected in the capital base, in line with EQT’s definition. The change means that the average fee rate will increase equivalently. As of Q3, Coller EQT’s FAUM amounts to $38bn compared to $33bn when aligned to EQT’s reporting framework. This change does not impact fund economics or outlook. The aligned reporting will apply from Q4 2026 onwards. This will also have a one-time impact on the older Life Sciences funds that historically have been stepping down in fee-rates and not capital base
Events after the reporting period
On 15 October 2026, EQT signed an agreement to acquire Stockbridge, a leading U.S. real estate investment manager1
Investment levels in EQT Key funds as of 15 October 2026 were 85-90% in EQT X, 75-80% in EQT Infrastructure VI, 10-15% in BPEA IX, and 75-80% in CIP IX
EQT Real Estate announced the sale of residential development comprising more than 800 homes (EQT Real Estate II)
EQT Private Capital announced a dividend recap in Fortnox (EQT X)
The transaction is subject to customary closing conditions, including regulatory approval. The closing of the transaction is expected in Q1 2027\
A technical adjustment will be made to the presentation of Coller EQT’s FAUM, whereby the step-down in fee rates is instead reflected in the capital base in line with the wider EQT definition. The adjustment will apply from Q4 2026\
Note that only co-investments and NAV appreciation are incremental to EQT AB’s FAUM related to evergreens, as fund-of-fund investments are already accounted for in the underlying funds\
Following closing, Coller Capital employees have been integrated into the EQT organization\
Presentation of EQT AB’s Q3 Announcement 2026
Financial analysts and media are invited to participate in a conference call, including a presentation at 08.30 CEST.
The presentation and a link to follow the webcast and conference call live can be found here and a recording will be available afterwards.
To participate by phone, please register here. You will then receive your personal dial-in details, to be able to ask questions during the Q&A.\
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Here is a separate article about EQT acquiring the US real estate investment firm Stockbridge. There is other information in the article too, of course.
The deal is expected to close early next year. The total value of investments managed by EQT grew in one year from 267 billion to 354 billion euros, largely thanks to the Coller Capital acquisition.
The company is raising capital for new funds, but did not provide financial guidance.
