EQT (EQT) Q3 2024 earnings summary

Executive summary

• Launched BPEA IX with a $12.5B target, a 20% increase over its predecessor, and continued strong fundraising for EQT Infrastructure VI, now at nearly €17B in commitments.

• Achieved record investment activity year-to-date, investing up to €18B and offering €5B in co-investments, with a strong global deal pipeline.

• All key funds performed on or above plan, with value creation of 4% in the quarter and positive valuation developments.

• Over 20 exit events year-to-date, including full exits, sell-downs, and minority sales, with €3B in exits in Q3.

• Expanded private wealth platform with active hiring and new product launches.

Financial highlights

• Fee-paying AUM at the end of September was €134B, up from €128B in Q3 2023; total AUM reached €246B.

• Gross inflows of about €3B in Q3, with LTM inflows at €14B, supported by commitments to EQT Infrastructure VI.

• Dry powder stands at approximately €50B.

• Fund performance in key funds averaged 4% for the quarter and nearly 10% year-to-date, despite FX headwinds.

• Infrastructure funds' recent vintages up over 10% YTD; Asia and private capital funds in Europe and North America also showed strong performance.

Outlook and guidance

• Anticipates launching fundraisings totaling about €100B over the next cycle, including co-investments, private IPOs, continuation vehicles, and open-ended funds for private wealth.

• Fundraising for BPEA IX expected to activate in H1 2025, EQT XI in early 2026, and Infra VII mid-2026; EQT Infrastructure VI targeting €20B, expected to close Q1 2025.

• Preparations underway to expand Private Wealth products to five within 6-12 months, with new evergreen strategies in development.

• Real estate fundraising and activity are picking up, with new strategies in logistics, U.S. value add, and Core Plus planned for 2025–2026.

• Maintains focus on realizations and investment pipeline, with several companies in advanced exit preparations.