Launched in 1994 to copy the then unusually muscular methods of KKR in the USA, EQT has gradually established itself as one of the best references among the big names in private equity. In fact, it is valued on exactly the same basis as its American peers, something its European rivals are far from being able to claim.

Following in the footsteps of Blackstone, Apollo, KKR and others, the Swedish company controlled by the aristocratic Wallenberg family also went public in 2019. At the time, it had €36 billion in assets under management on which it charged fees, compared with €136 billion today.

Its growth over the past five years has been meteoric, while its market capitalization has followed suit, tripling over the same period. For once, minority shareholders benefited fully from the investment group's fortunes.

For EQT, 2024 marked a significant recovery after a somewhat turbulent previous year. Over the past twelve months, EQT has committed €22 billion to new investments, compared with €18 billion last year; and has made several good exits, totaling €11 billion, compared with €6 billion in 2023.

At a time when its rivals are overloaded with mature funds and assets to be sold off, EQT's portfolio is still relatively young, with less than a fifth of its investments held for more than five years, compared with more than a third of its peers.

Its best deal of the year was undoubtedly the listing of dermatology specialist Galderma on the Swiss stock exchange. In this respect, the last operation of comparable size, the US IPO of the Kodiak Gas Services group, also delivered excellent results in eighteen months.

In short, EQT's track record has been splendid in every respect, reflecting the sector's good health since the great financial crisis of 2008-2009. Assets under management have almost quadrupled in five years, as have management fees, which have risen from €539 million to €2.1 billion over the same period, to which must be added €8 billion in carried interest.

Already renowned for its expertise in technology, industry and infrastructure, EQT is focusing its next growth plan on Asia and wealth management. There's no doubt that its thirty-year track record, coupled with the Wallenberg signature, will make a big impact in these new markets.