EQT (EQT) CMD 2025 summary

Strategic priorities and future plans

• Focus on private markets, value creation, and governance, leveraging a unique ownership model and active ownership to create alpha and outperform public markets over time.

• Thematic investing in mega trends such as digitization, AI, healthcare, energy transition, and technology, supported by global sector teams and deep insights.

• Expansion in Asia is a priority, leveraging structural alpha, higher growth, and underpenetrated markets, with a $10.5 billion fund recently closed and significant dry powder raised.

• Infrastructure investments target digital and energy transitions, addressing underinvestment in Europe and the US.

• Leadership transition to Per Franzén as incoming CEO and Managing Partner, signaling continuity and renewed focus.

Financial guidance and performance

• All key funds have delivered at least 2x returns across cycles, with average realized returns above 2.5x and top quartile DPIs; realized gross MOICs of 2.5–2.6x and 21% net IRR in Europe & North America.

• Private equity AUM grew 13x from 2003–2023, outpacing public market growth.

• Infrastructure funds have delivered 15% net IRR and 2.5x realized returns, with downside and inflation protection.

• Asia business has distributed $17 billion in the last 24 months, with BPEA Funds VI–VIII net IRR of 20% and top quartile DPI.

• Fee-generating AUM is close to €150 billion, with over €50 billion of dry powder available for new investments.

Governance and value creation model

• Governance is centered on small, agile boards with sector and value lever expertise, led by independent chairs and supported by the TROIKA model.

• All board members and management invest their own capital, ensuring strong alignment and rapid action in case of underperformance.

• Value creation is driven by Full Potential Plans, identifying 3-5 key levers per company, focusing on growth, margin expansion, and transformation.

• Active ownership includes systematic board reviews, frequent engagement, and a culture of continuous improvement.

• Emphasis on data-driven decision-making, innovation, and people capabilities, with AI and digitization as future value creation tools.