Key Takeaways
- • EQT, the world's second-largest private equity firm with €270 billion in assets under management, is acquiring British secondaries specialist Coller Capital for £2.75 billion (approximately $3.2 billion upfront plus up to $500 million in contingent payments, totaling up to $3.7 billion).
- • Coller Capital brings $50 billion in assets under management and nine new strategies across private equity and credit secondaries to EQT's platform, significantly expanding the Swedish firm's presence in secondary markets.
- • The acquisition signals a strategic shift in private equity consolidation, with major PE firms increasingly investing in secondary market platforms to manage liquidity for institutional and private wealth clients seeking portfolio optimization and long-term asset ownership.
- • EQT CEO Per Franzén positioned secondaries as an "increasingly important tool" for clients managing liquidity and portfolio construction, reflecting broader institutional demand for these solutions in 2026.
- • The deal represents a major strategic milestone for both firms: for EQT, formal entry into the dedicated secondaries space; for Coller Capital founder Jeremy Coller, validation of the secondary market's compelling growth opportunities and innovation trajectory.
Summary
Swedish investment firm EQT has agreed to acquire Coller Capital, a leading British secondary market trader, in a multibillion-pound transaction valued at £2.75 billion, with the deal structured as $3.2 billion in upfront consideration plus up to $500 million in contingent payments. The acquisition marks a significant consolidation move within the alternative asset management sector and underscores the growing strategic importance of secondary market platforms to large-scale private equity operators.
Coller Capital, managing $50 billion in assets under management across secondary opportunities, brings substantial scale and diversification to EQT's investment platform. EQT, which manages €270 billion in total assets and ranks as the world's second-largest private equity firm behind KKR according to the PEI 300, has positioned the combination as a natural extension of its strategic development. The transaction adds nine new strategies spanning both private equity and credit secondaries, deepening EQT's capacity to serve institutional investors, private wealth clients, and insurance-related capital seeking liquidity solutions and portfolio construction support.
Per Franzén, CEO of EQT, characterized secondaries as an "increasingly important tool for clients in managing liquidity and portfolio construction, and in supporting long-term ownership of high-quality assets." Jeremy Coller, founder and managing partner of Coller Capital, emphasized the "compelling opportunities ahead" from accelerating innovation in secondaries and broadening solutions available to investors worldwide. The combined entity will strengthen relationships with institutional, private wealth, and insurance-linked investor bases while expanding the breadth of secondary solutions available across both public and private markets.
The acquisition exemplifies a broader trend in 2026 private equity consolidation, where leading PE platforms are strategically acquiring or building dedicated secondaries capabilities. This reflects institutional investor demand for structured approaches to managing illiquidity, reallocating capital across fund portfolios, and optimizing returns through secondary transactions. The deal validates the secondary market's centrality to modern portfolio construction and asset management in an environment where large institutional capital pools require sophisticated liquidity mechanisms.
Coller Capital, managing $50 billion in assets under management across secondary opportunities, brings substantial scale and diversification to EQT's investment platform. EQT, which manages €270 billion in total assets and ranks as the world's second-largest private equity firm behind KKR according to the PEI 300, has positioned the combination as a natural extension of its strategic development. The transaction adds nine new strategies spanning both private equity and credit secondaries, deepening EQT's capacity to serve institutional investors, private wealth clients, and insurance-related capital seeking liquidity solutions and portfolio construction support.
Per Franzén, CEO of EQT, characterized secondaries as an "increasingly important tool for clients in managing liquidity and portfolio construction, and in supporting long-term ownership of high-quality assets." Jeremy Coller, founder and managing partner of Coller Capital, emphasized the "compelling opportunities ahead" from accelerating innovation in secondaries and broadening solutions available to investors worldwide. The combined entity will strengthen relationships with institutional, private wealth, and insurance-linked investor bases while expanding the breadth of secondary solutions available across both public and private markets.
The acquisition exemplifies a broader trend in 2026 private equity consolidation, where leading PE platforms are strategically acquiring or building dedicated secondaries capabilities. This reflects institutional investor demand for structured approaches to managing illiquidity, reallocating capital across fund portfolios, and optimizing returns through secondary transactions. The deal validates the secondary market's centrality to modern portfolio construction and asset management in an environment where large institutional capital pools require sophisticated liquidity mechanisms.
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