Key financial results
- Over the last 12 months, EQT doubled its fund-based investments to EUR 30 billion while returning EUR 29 billion to clients.
Over the last 12 months, we doubled our fund-based investments to EUR 30 billion. At the same time, we sent back EUR 29 billion to clients.
- During the third quarter, net inflows and value development added EUR 42 billion to fee-paying AUM, including EUR 34 billion from Coller Capital.
- Key fund valuations increased by 5% during the third quarter, following flat valuations in Q1 and a 5% increase in Q2.
During the third quarter, key fund valuations increased by 5%. That follows broadly flat valuations in Q1 and a 5% increase in Q2.
- Financials: Management did not give exact total revenue or EPS figures for the quarter.
Business segment results
- AI infrastructure: The AI infrastructure fund NAV grew more than 20% during the quarter to $11.5 billion, up from $9.4 billion at the end of Q2.
NAV grew more than 20% to $11.5 billion up from $9.4 billion at the end of Q2.
- EdgeConneX: EdgeConneX equity value reached around $50 billion, approximately 4x the AI infra fund's current NAV.
EdgeConneX today has a total equity value of around $50 billion, so approximately 4x the fund's current NAV.
- EdgeConneX: EdgeConneX contracted capacity is expected to reach 3.5 gigawatts by the end of 2026, up from 1.3 gigawatts at the end of 2025.
As of the end of 2025, Edge had around 1.3 gigawatts of contracted capacity, we expect to end 2026 at around 3.5 gigawatts of contracted capacity.
- Stockbridge: Stockbridge is expected to have fee-paying AUM of $17 billion to $19 billion, management fees of $120 million to $130 million, and fee-related EBITDA of $35 million to $45 million in 2027.
- Coller EQT: Coller EQT fee-paying AUM is adjusted to $33 billion compared to the reported EUR 38 billion, reflecting reporting alignment.
On this basis, Coller EQT's fee-paying AUM is USD 33 billion, compared to the reported EUR 38 billion as of the end of September.
- Evergreens: Evergreen net inflows reached EUR 0.9 billion during the third quarter, while the U.S.-focused evergreen infrastructure vehicle passed $1 billion in NAV.
Capital allocation
- The acquisition of Stockbridge is a 100% cash transaction with a base consideration of $375 million, with 50% reinvested by sellers in EQT shares.
This is a 100% cash acquisition with a base consideration of USD 375 million. 50% of the base considerations will be reinvested by the sellers in EQT shares
- An earnout of up to $175 million is included in the Stockbridge transaction, subject to certain performance targets.
On top of this, there is also an earnout of up to USD 175 million, subject to certain performance targets.
- EQT's balance sheet is used for fund investments of around EUR 1 billion, strategic investments of around EUR 2 billion, and structured solutions for insurance and institutional clients.
Industry trends and dynamics
- Global fundraising volumes for the private markets industry are down 13% over the last 12 months.
Over the last 12 months, global fundraising volumes for the industry are down 13%.
- Secondaries market deal volume in the first half of 2026 is up 20% year-on-year.
Deal volume in the first half of 2026 is up 20% year-on-year.
- Institutional real estate markets have around $13 trillion of AUM and are expected to grow by 7% to 8% per year.
It has around $13 trillion of AUM and is expected to grow by 7% to 8% per year.
Competitive landscape
- Following the acquisition of Coller Capital, EQT is now the third largest private markets firm globally and the largest non-U.S. firm.
After the acquisition of Coller Capital, EQT is now the third largest private markets for mobile. We are, by a distance, the largest non-U.S. firm
- EQT is the only firm in the top 20 without a private credit platform, which management cited as an important differentiator.
we're the only firm in the top 20 without a private credit platform. In today's environment, this is an important differentiator.
- EdgeConneX is the second largest developer of data center capacity globally and ahead of every other private markets owned platform.
EdgeConneX is the second largest developer of data center capacity globally, and actually ahead of every other private markets owned platform.
Macroeconomic environment
- Management noted that the geopolitical backdrop and recent increases in interest rates create a more selective environment for exits.
The geopolitical backdrop and the recent increase in interest rates makes for a more selective environment for exits at the moment.
- Competition for deals is lower, and public market valuation multiples for target sectors are attractive in a long-term perspective.
competition for deals is lower and where public market valuation multiples for many of our target sectors are attractive in a long-term perspective.
Growth opportunities and strategies
- EQT broadened its real estate strategy by acquiring Stockbridge, growing fee-based AUM to $42 billion and adding alternative living capabilities.
- The scale-up Europe fund announced 7 investments, and demand is expected to significantly surpass the EUR 5 billion target fund size.
- Insurance capital is targeted as a core growth area, with Coller EQT raising almost $9 billion from insurance since 2024.
Since 2024, Coller EQT has raised almost USD 9 billion from insurance including a USD 2.7 billion structured product during the third quarter.
Financial guidance and outlook
- EQT raised its fundraising outlook for the cycle to EUR 140 billion, up from the original guidance of EUR 100 billion.
Including Coller Capital, our fundraising outlook for this cycle is now EUR 140 billion, which is up from the original guidance of EUR 100 billion.
- Management expects EQT XI to be activated in the next few months and Infrastructure VII to be activated around year-end.
- Stockbridge fee-related EBITDA is expected to grow by 15% to 20% annually in the coming years.
In the coming years, we expect fee-related EBITDA for the Stockbridge business to grow by 15% to 20% annually.
- Annual blended returns on balance sheet investments are projected to be at least 10%.
a good proxy for the annual blended returns on our balance sheet investments should be at least 10%
Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| AI infrastructure fund NAV | $11.5 billion | Up from $9.4 billion at the end of Q2 |
| Key fund valuations | 5% | Up 5% during Q3 |
| Evergreen net inflows | EUR 0.9 billion | Compared to EUR 1 billion during Q2 |
| Fund investments announced over last 12 months | EUR 30 billion | EUR 7 billion in Q3 |
| Fund exits announced in Q3 | EUR 3 billion | EUR 15 billion over the last 12 months |
How management sounded
Balanced (+35 on our -100 to +100 scale). Management highlighted strong fundraising momentum, successful deals, and robust growth across strategies, supported by raised cycle guidance. Management sounded more upbeat than on 20% of the 302 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Read the analyst Q&A summary and guidance and outlook for this call.
What to watch before the next call
- Activation of EQT XI and Infrastructure VII funds by year-end 2026.
- Closing of the Stockbridge acquisition expected in Q1 2027.
- Progress on fundraising cycles and scaling the scale-up Europe fund.
- Exit activity and realization timelines across mature funds.
Earlier calls
- Q2 2026 (Jul 17, 2026), tone Balanced: EQT reported flat fee-related revenue and 5% total revenue growth in the first half of 2026, driven by strong fundraising and deal activity.
