Private equity giant EQT has signed an agreement to acquire Coller Capital a global secondaries firm with nearly $50 billion in total assets under management ($33 billion in fee-generating assets under management).
Founded in 1990, Coller Capital is one of the largest dedicated secondaries firms globally and on Asia Pacific, the firm has offices in Hong Kong, Singapore, Beijing, Seoul, Tokyo and Melbourne.
The base consideration of the deal is $3.2 billion funded through newly issued EQT ordinary shares, with up to $500 million in contingent consideration to be funded in cash. The cash consideration will be based on Coller Capital’s business performance in the 12 months up to and including March 2029.
London-headquartered Coller Capital provides liquidity solutions to both general partners and limited partners, investing across private equity secondaries and private credit secondaries.
Coller Capital has a global team of 330 professionals, including 77 investment professionals, based in 11 offices around the world. Coller Capital offers a diversified client proposition spanning institutional funds, private wealth evergreen products and insurance-dedicated solutions.
Per Franzén, chief executive officer and managing partner of EQT, commented in a media release, “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.”
Franzén added: “Coller is a global leader in this field, with deep expertise. The transaction unlocks growth opportunities for both firms. Together, I believe we can double the size of Coller’s business in less than four years. As a combined firm, we will be exceptionally well positioned to deliver integrated solutions across both primary and secondary markets, underpinned by a disciplined focus on performance.”
The transaction is expected to closed in Q3 2026. After closing, Coller will form a new business platform within EQT called Coller EQT, which will form part of a new secondaries business segment, alongside EQT’s existing private capital and real assets segments. Jeremy Coller, chief investment officer and managing partner of Coller Capital, will become head of Coller EQT and join EQT’s executive committee.
Coller said, “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.”
Coller added: “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. Together, we are exceptionally well positioned to deliver best-in-class private market solutions for our investors.”
As part of the transaction, the current Coller Capital minority shareholder, State Street, will become a shareholder in EQT.
Japan deal
In addition, EQT has launched a $371 million tender offer to privatize Mamezo, a Japanese IT services company that supports enterprises in modernising IT systems and adopting artificial intelligence (AI) more effectively.
The transaction marks EQT’s first IT services investment in Japan, reinforcing the firm’s ambition to expand its presence in the market and aligning with its global thematic focus on technology and technology-enabled service.
Following the completion of the acquisition, EQT said that it will support Mamezo’s ongoing operations and strategic priorities through its mid-market buyout strategy, drawing on its presence in Japan and experience in scaling technology services companies.
Tetsuro Onitsuka, partner, EQT Private Capital Asia, said: “Japan is entering a pivotal phase in its digital and AI transformation, and Mamezo is well-positioned to support enterprises navigating this shift. This investment reflects EQT’s long-standing presence in Japan and the deep relationships we have built with founders, management teams and advisors over many years.”
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