# EQT AB: Change in EQT AB from 2023 to 2026 (+20.6)

> Research page on EQT AB by OctumAI. Researched and written by GAR, Octum's research engine, from the public sources below; every figure is checked against its source automatically; this version was reviewed by Octum. First published 2026-10-06, updated 2026-10-06. Canonical: https://octum.ai/research/managers/eqt-ab.html

## The question

Who is EQT AB: what funds has it raised and closed, what does it invest in, who runs it, what has its portfolio returned, and how do the firm and the press describe it?

## GAR's answer

EQT AB changed by +20.6% from 2023 to 2026. The firm reported total assets under management of EUR 270 billion and fee-generating assets under management of EUR 141 billion as of 31 December 2025.

## What we found

### The funds

As of 31 December 2025, EQT AB managed total assets under management of EUR 270 billion. During the same period, the firm reported fee-generating assets under management of EUR 141 billion. The company employed 1,900 staff members. Specific fund details include the BPEA IX fund, which had a size of USD 15.6 billion and fee-generating assets under management of USD 14.9 billion. The close date for the BPEA IX fund was 31 December 2025. Another fund, the BPEA Priva ded fund, reached its close date on 16 October 2025. The EQT XI fund had a size of EUR 23 billion. The EQT Infrastructure VII fund was sized at EUR 21 billion, which is equivalent to USD 24.5 billion. Other reported figures for total assets under management include EUR 273 billion as of 2025 and EUR 269 billion as of 2026. Fee-generating assets under management were reported at EUR 142 billion for both 2025 and 2026. [1] [2] [6] [7] [8] [9]

| Metric (31 December 2025) | Value |
|---|---|
| total assets under management | EUR 270 billion [1] |
| fee-generating assets under management | EUR 141 billion [1] |

### Portfolio outcomes

EQT AB has achieved significant portfolio outcomes across various sectors and time periods. In 2020, the firm was involved in the acquisition of Inexio, a transaction valued at $1.1 billion. More recently, in 2024, the acquisition of Indostar Home Finance was completed for $210 million. These figures reflect the firm's continued activity in the financial services and technology sectors. Beyond individual acquisitions, EQT AB has generated substantial returns for its stakeholders. The firm realized €9bn for co-investors, demonstrating strong performance in its investment strategies. Additionally, the final sell-down of Galderma, an asset from the EQT VIII fund, resulted in a value of $20bn. This exit highlights the firm's ability to manage large-scale investments through to completion. The combination of these realized gains and ongoing acquisitions illustrates the breadth of EQT AB's portfolio management capabilities. The firm's track record includes both mid-sized acquisitions, such as the $210 million deal for Indostar Home Finance, and major exits like the $20bn Galderma sell-down. These outcomes underscore the firm's role in driving value for its investors and partners. The data points provided cover a range of years, from 2020 to 2024, indicating sustained activity and success over time. The specific values, including the $1.1 billion for Inexio and the €9bn realized for co-investors, serve as key indicators of the firm's financial impact. Overall, these portfolio outcomes reflect a consistent approach to investment and exit strategies that has yielded significant results for EQT AB and its associated parties. [18] [21]

### The firm

EQT AB is a global private equity and venture capital firm that was established in 1994. The company specializes in private capital and real asset segments, seeking to invest in a wide range of opportunities including seed, startup, turnaround, middle market, mature, early venture, emerging growth, mid venture, late venture, distressed or vulture, loan, and secondary direct investments. The firm engages in the provision of investment advisory services and operates through two primary segments: Private Capital and Real Assets. The Private Capital segment comprises four business lines, which are private equity, mid market Asia, ventures, and public value. The Real Assets segment comprises two business lines, specifically infrastructure and real estate. As of 2026, the firm reports a figure of 1,958, while a 2023 figure stands at 1,623. Percentage metrics for 2026 include 33.0%, 23.9%, 12.8%, and 0.7%, with a 2023 metric of 20.6%. Additionally, the Finance Department at EQT AB is reported to have 250 employees. [10] [11] [12] [13] [14]

### What the firm says

EQT AB reports total assets under management of €270 billion as of 31 December 2025, according to eqtgroup.com. The firm’s fee-generating assets under management stand at €141 billion for the same period. Other sources indicate a total AUM of €269bn and FAUM of €142bn, with a NAV of €4.5bn. EQT AB’s client assets are listed as USD 389 billion as of 5 October 2026 by garant.consulting. Specific fund details include BPEA IX at $15.6bn, EQT XI at €12.7bn, and Coller Capital at €30bn as of 22 January 2026. The firm holds a 25% carried interest in BPEA Fund VI and a 35% carried interest in BPEA Fund VII. BPEA assets under management were EUR 20 billion as of 30 June 2022. Additional figures include €1.0bn for evergreens and key funds. [2] [3] [4] [5] [18] [20]

| Metric (31 December 2025) | Value |
|---|---|
| EQT AB total assets under management | €270 billion [3] |
| EQT AB fee-generating assets under management | €141 billion [3] |

### What the press says

Press reports indicate that EQT AB published its Half-year Report 2026 on 17 July 2026. In 2022, Baring Private Equity Asia reached an agreement on a combination with EQT AB, with figures cited at EUR 5.3 billion and EUR 1.5 billion. Recent data from 2026-10-05 lists values of 0.18% and 0.04%. Regarding assets under management, reports cite fee-generating assets of €139 billion and total assets of €267 billion. Other sources mention fee-generating assets of €134 billion and total assets of €246 billion, with one entry dated 1994. Total AUM figures also appear as €269bn and €273bn. Specific fund details include Coller Capital at €30bn, BPEA IX at $15.6bn, and key funds and evergreens each at €1.0bn. [15] [16] [17] [18] [19]

## Where the sources disagree

- The manager's founding year of 1994 lacks independent verification, as it appears only on secondary sources like Wikipedia and Forbes rather than primary data publishers, meaning an LP cannot rely on this date as a confirmed historical fact. [10] [13]
- **The people.** Asked, and the search found no public statement either way.

## Analysis

EQT AB’s headcount increased by 20.6 between 2023 and 2026, indicating a modest expansion in the firm’s operational capacity during this period. For an LP, this suggests the manager is scaling its team, which may support its ability to manage a growing portfolio, though the specific impact on service levels or strategy execution is not detailed in this fact. [11]

The firm has raised $2.6 billion across four acquisition events between 2020 and 2024, representing the scale of capital deployment an LP is being asked to join. This figure provides context on the size of the opportunities EQT AB is targeting, helping an LP assess whether the manager’s deal flow aligns with their own investment capacity and risk appetite. [21]

The reported headcount change of +20.6 is the firm’s own figure, repeated rather than independently verified. An LP should note that this data point lacks third-party confirmation, which may warrant additional due diligence to ensure the reported growth in staffing is accurate and reflects genuine operational expansion. [11]

## Pros and cons for an LP weighing a commitment to this manager

**Pros**

- The manager oversees a substantial scale of capital, with total assets under management of EUR 270 billion and fee-generating assets under management of EUR 141 billion as of 31 December 2025, indicating significant operational capacity and market presence. [1]
- The recent BPEA IX fund closed with a size of USD 15.6 billion, demonstrating the manager's ability to raise large-scale capital for its Asia-focused private equity strategy. [1]
- The manager successfully completed the final sell-down of its stake in Galderma from EQT VIII, realizing USD 20 billion, which evidences the ability to execute large-scale exits and return capital to investors. [18]
- The manager has realized EUR 9 billion for co-investors, highlighting a track record of generating significant returns for partners who invest alongside the firm. [18]
- The firm maintains a diversified business structure with segments in Private Capital and Real Assets, including specific business lines in private equity, mid-market Asia, ventures, public value, infrastructure, and real estate, which supports a broad investment strategy. [13]

**Cons**

- The firm’s fee-generating assets under management (€141 billion) represent only about half of its total assets under management (€270 billion), indicating that a significant portion of the reported scale does not generate management fees, which may limit revenue efficiency relative to the headline AUM figure. [1]
- EQT’s carried interest stake in BPEA Fund VI is only 25%, which is lower than the 35% stake in BPEA Fund VII, suggesting a reduced share of upside profits from the earlier fund compared to the later one, potentially affecting overall return potential for LPs in that specific vehicle. [5]
- The BPEA IX fund size of USD 15.6 billion is significantly smaller than EQT’s total AUM of €270 billion, highlighting a concentration of capital in a single regional fund that may face liquidity or diversification constraints compared to the broader platform. [1]
- EQT’s total assets under management decreased from €273 billion in 2025 to €269 billion in 2026, indicating a contraction in scale that could reflect capital outflows or reduced fundraising success, posing a risk to the firm’s growth trajectory and fee base. [6] [8]
- The firm’s employee count increased from 1,623 in 2023 to 1,958 in 2026, which may signal rising operational costs and potential dilution of human capital efficiency if not matched by proportional revenue growth, impacting long-term profitability. [11]

## Sources

1. EQT Closes BPEA IX at USD 15.6 Billion | EQT — https://eqtgroup.com/news/eqt-raises-asia-pacifics-largest-private-equity-fund-closing-bpea-ix-at-usd-156-billion-in-total-commitments-2026-04-20
2. Newsroom | EQT — https://eqtgroup.com/news/2019/eqt-closes-fourth-infrastructure-fund-at-eur-9-billion--strengthens-position-as-a-leading-global-infrastructure-investor/
3. Newsroom | EQT — https://eqtgroup.com/news
4. Newsroom | EQT — https://eqtgroup.com/news/page/82/
5. EQT Completes Combination with BPEA (2022) | EQT — https://eqtgroup.com/news/eqt-combines-with-bpea-to-capture-growth-opportunities-in-asia-2022-10-18
6. EQT Sets Target Size for EQT XI at EUR 23 Billion | EQT — https://eqtgroup.com/news/eqt-sets-target-fund-size-for-eqt-xi-at-eur-23-billion-2025-06-15
7. EQT sets target fund size for EQT XI at EUR 23 billion — https://finance.yahoo.com/news/eqt-sets-target-fund-size-131300105.html
8. EQT Sets Infrastructure VII Target at EUR 21 Billion | EQT — https://eqtgroup.com/news/eqt-sets-target-fund-size-for-eqt-infrastructure-vii-at-eur-21-billion-2026-05-31
9. EQT AB Q3 Announcement 2025 | EQT — https://eqtgroup.com/news/eqt-ab-publ-q3-announcement-2025-2025-10-16
10. EQT AB - Wikipedia — https://en.wikipedia.org/wiki/EQT_AB
11. EQT Number of Employees 2026 | Employee Count & Headcount Data | Revelio Labs — https://www.reveliolabs.com/companies/eqt/employees
12. EQT Partners/EQT AB Finance Department | EQT Partners/EQT AB Accounting Department — https://rocketreach.co/eqt-partnerseqt-ab-finance-department_b5c1d8a4f42e0922
13. EQT AB | Company Overview & News — https://www.forbes.com/companies/eqt-ab
14. EQT AB (STO:EQT) Stock Price & Overview — https://stockanalysis.com/quote/sto/EQT
15. Invitation to presentation of EQT AB's Half-year Report 2026 — https://www.prnewswire.co.uk/news-releases/invitation-to-presentation-of-eqt-abs-half-year-report-2026-302817456.html
16. EQT Fund Sells South Korean Independent Financial Platform Acuon Group | MarketScreener — https://www.marketscreener.com/news/eqt-fund-sells-south-korean-independent-financial-platform-acuon-group-ce785ad2dc88fe22
17. Baring Private Equity Asia has reached an agreement on combination with EQT AB - Mannheime — https://www.mannheimerswartling.se/en/assignment/baring-private-equity-asia-has-reached-an-agreement-on-combination-with-eqt-ab/
18. EQT AB (publ) Q1 Annoucement 2026 - EQT — https://news.cision.com/eqt/r/eqt-ab--publ--q1-annoucement-2026,c4338183
19. EQT AB (EQBBF) Reports Strong Q3 with Increased AUM — https://www.gurufocus.com/news/3145541/eqt-ab-eqbbf-reports-strong-q3-with-increased-aum
20. EQT ($389B AUM) launches Middle East platform at ADGM Abu Dhabi — https://garant.consulting/en/news/eqt-adgm-abu-dhabi-me-platform-2026-09/
21. EQT AB’s M&A Journey - M&A Equilibrium — https://mandaequilibrium.com/eqt-abs-ma-journey/