EQT pursues secondaries push - talks with Coller, HarbourVest

EQT Group has opened preliminary discussions to acquire established secondaries platforms as it seeks to build a dedicated private-markets secondary business, people familiar with the talks said. The Stockholm-listed buyout firm is understood to have sounded out multiple targets, including Coller Capital, HarbourVest Partners and Pantheon, in a move that would accelerate its shift from pure buyouts into a full-spectrum alternatives provider.

Each potential target brings scale. Coller Capital — founded by Jeremy Coller — manages roughly $46bn and is widely regarded as a market leader. HarbourVest oversees about $147bn across secondaries, co-invests, credit and infrastructure, while Pantheon runs near $75bn (the latter operates under the umbrella of a larger listed asset manager). None of the parties has confirmed a deal; the discussions are at an early exploratory stage and could stall.

The rationale is straightforward: the secondaries segment has matured from a niche strategy into one of private equity’s most dynamic growth areas. Global secondary transaction volumes are forecast to top $200bn this year as pension funds, endowments and sovereign wealth vehicles rebalance portfolios and sellers increasingly use continuation vehicles to retain exposure while creating liquidity. For a generalist like EQT, buying a ready-made secondaries platform would shortcut organic development and provide immediate access to deal flow and LP networks.

Precedent for this consolidation is clear. Strategic buyers have used acquisitions to stitch together scale quickly — CVC Capital Partners bought Glendower in 2021, while Ares Management acquired Landmark Partners the same year as part of building a roughly $34bn secondaries footprint. The moves underscore how incumbent buyout groups and global asset managers view secondaries as a complementary revenue stream to core buyouts, credit and infrastructure investments.

For EQT, which has broadened its portfolio via recent acquisitions including healthcare investor LSP and Asia-focused Baring Private Equity Asia, a secondaries push would deepen its private markets offer and create cross-selling opportunities between primary funds, continuation vehicles and direct secondaries. It would also raise competitive pressures: large LP-facing platforms can negotiate more favourable economics and deploy capital faster across negotiated and structured secondary trades.