EQT (EQT) Q1 2026 earnings summary

Executive summary

• Announced and progressed the acquisition of Coller Capital, a global secondaries firm with €30bn fee-generating AUM, expected to close in Q3 2026, aiming to double its FAUM within four years.

• Achieved record fundraising, including the closing of BPEA IX at $15.6bn, the largest Asia-Pacific private equity fund to date, and strong momentum for EQT XI.

• Completed the largest sponsor-backed block trade and exit in Galderma, generating $20bn in capital gains, the largest single fund capital gain in private equity history.

• Launched a dedicated AI infrastructure strategy, seeded by EdgeConneX, with AI and digital transformation as key investment themes.

• Record net inflows to evergreen vehicles, with €1bn in Q1 2026, and strong business momentum and exit pipeline.

Financial highlights

• Fee-generating AUM at €142bn and total AUM at €269bn as of Q1 2026.

• BPEA IX closed at $15.6bn, a 40% increase over its predecessor, and the largest Asia-focused private equity fund ever raised.

• Net inflows to evergreens reached €1bn for EQT and €350m for Coller Capital in Q1 2026.

• Dry powder in active funds stands at ~€40bn, not including upcoming EQT XI.

• Galderma exit generated $20bn in capital gains and $26bn in distributions.

Outlook and guidance

• Fundraising momentum remains strong, with EQT XI first close expected mid-2026 and Infra VII fundraising to launch in summer.

• Infra VII activation expected around year-end as Infra VI is 75%-80% invested.

• Plans to double Coller Capital’s fee-generating AUM within four years post-acquisition.

• Open-ended institutional products and AI infrastructure strategy expected to grow as a share of fee-paying AUM.

• Mid-single-digit OpEx growth expected for the year, with focus on AI-enabled processes and selective hiring.