Swedish private equity giant EQT Partners has reported €11bn in exit proceeds for 2024, a 72% increase from the prior year, signalling a recovery in private equity activity after a period of subdued exits, according to a report by the Financial Times.
Among the standout transactions were the Swiss IPO of dermatology group Galderma, which raised CHF2.3bn ($2.53bn) and has since doubled in value, and the New York listing of healthcare technology company Waystar, whose stock is up 77% post-IPO.
EQT CEO Christian Sinding has attributed the strong performance to a combination of falling interest rates, robust capital markets, and political stability.
To navigate challenging exit environments, EQT has adopted creative approaches, including transferring stakes between its own funds. Of the 30 exits completed last year, three involved internal fund transfers, allowing the firm to return capital to investors while onboarding new ones. A notable example was the sale of part of EQT’s stake in Nord Anglia, a global schools operator valued at $14.5bn, while transferring control to a newer EQT fund.
Despite a drop in gross inflows to €11bn from €24bn in 2023, EQT deployed €11.3bn in the second half of 2024, with fee-generating assets under management rising to €136bn by year-end. Shares in EQT surged more than 10% following the announcement, reflecting investor confidence in the firm’s strategy and results.