EQT Completed $3.7 Billion Acquisition of Coller Capital
The deal gives private capital firms new models for liquidity through securitization.
Updated on Sept. 25, 2026 in Corporate Finance
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EQT finalized its $3.7 billion acquisition of Coller Capital in August 2026, marking a significant consolidation in the $24 trillion private capital industry. The transaction includes an upfront payment of $3.2 billion in shares and an additional $500 million tied to performance.
Why it matters
The acquisition reflects a broader push by firms to provide investors with faster liquidity for long-term assets. By using share-based payments, the companies aimed to minimize information leakage during the transition and retain key personnel.
The deal reached a total valuation of $3.7 billion, consisting of a $3.2 billion upfront payment and $500 million in potential performance-based earn-outs. This follows a period where high-liquidity private capital products expanded from a 0.5-1% market share in 2020 to 1.5-2% by 2025.
The players
EQT
A global private equity firm based in Stockholm that manages a massive portfolio of assets across multiple industries.
Coller Capital
A specialist in the private equity secondaries market that provides liquidity solutions to institutional investors.
Oxford Science Enterprises
An investment firm that manages a £1.3 billion portfolio of university-linked intellectual property and startups.
The details
Legal teams structured the acquisition using shares instead of cash to navigate complex regulatory requirements and maintain stability. The transaction utilized a Luxembourg securitisation vehicle to enable the trading of private company shares, such as the £1.3 billion Oxford Science Enterprises portfolio, on the London Stock Exchange. This architecture provides a blueprint for managing asset liquidity in private markets.
Timeline
High-liquidity products grew their market share between 2020 and 2025.
EQT and Coller Capital reached an agreement on deal terms in December 2025.
The acquisition was officially announced to the market in January 2026.
The transaction reached completion at the end of August 2026.
Market Landscape
This transaction follows the established trend of using TPEIC securitisation vehicles to allow private company shares to trade on public exchanges like the London Stock Exchange. It mirrors a broader industry shift toward making typically illiquid private capital assets more accessible.
Operators should monitor whether the use of securitisation vehicles becomes a standard method for firms to unlock portfolio liquidity. Firms looking to exit positions or raise capital should review if their current asset structure allows for similar public-market exposure.
The takeaway
The move demonstrates that share-based acquisitions remain a primary tool for firms managing complex integration and talent retention. Owners should track the performance of the TPEIC securitisation model as a viable path for providing liquidity to early investors in private portfolios.
Further reading
For more on industry consolidation, see our analysis on Corporate Finance.
Source note: This article includes information reported by Financial Times News.
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