EQT’s recent acquisition of Coller Capital reflects how private equity platforms are adapting to current market conditions. Deal activity remains high, but traditional exit routes have been less dependable, particularly in Europe. Building an internal secondaries capability offers another way to manage liquidity without relying on public markets reopening or on extended sale processes.

This sits against a backdrop of strong activity. 2025 was the highest year on record for European private equity by both deal count and deal value. Capital continues to be deployed at scale and competition for assets has not materially eased. The challenge has been less about execution at entry and more about the timing and predictability of exits.

Public listings have remained selective and sporadic, while strategic buyers have been cautious. In parallel, holding periods have lengthened and distributions have lagged investment levels. These dynamics have naturally increased interest in alternatives that allow liquidity to be managed within the private markets ecosystem.

Secondaries have increasingly played that role. GP led transactions and continuation vehicles are now used to provide optionality around timing, portfolio construction, and investor preferences, rather than as a last resort. In many cases they offer a way to balance capital return with continued ownership, depending on the objectives of different stakeholders.

The EQT Coller transaction highlights this evolution. Secondaries are moving closer to the core of how larger platforms think about portfolio management and investor alignment.

Over time, this is likely to influence how exit planning is approached, with greater emphasis on flexibility and structure. For investors, it expands the range of liquidity outcomes available. For companies and shareholders, it broadens the conversation beyond a single route to realisation.

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