Stockholm-based EQT said "investments in personnel across investment strategies and the central functions will increase", after assets under management surged about 95 percent to EUR 71.3bn, according to its second-quarter results published on Thursday.
Headcount was up roughly 44 percent to more than 1,000, much of which followed EQT's investment in Exeter. Shares in the company soared as much as 16 percent on Thursday, propelling it to the top of the Stoxx Europe 600 index.
EQT has transformed itself into a giant in the private equity universe, targeting firms it says are equipped to cope with the environmental, social and technology-related challenges facing the world. Since going public in September 2019, EQT's market value has soared more than 500 percent, as investors use its shares as an entry point into the private market.
"The EQT platform is built for scale, but it's fair to say we are well ahead of the plans we had at the time of the IPO," Chief Executive Officer Christian Sinding said on a conference call to discuss the firm's quarterly performance.
Much of the hiring EQT has done was designed to add "further sustainability expertise through senior appointments,"
the firm said on Thursday. Sinding also cautioned that the conditions that have fanned EQT's recent growth are unlikely to persist.
"This is a particularly strong time for private equity, the combination of a very strong deal flow, of exit possibilities through all channels, IPOs, strategic sales, family offices, long-term funds, whatever it may be," he said.
"Private equity, stock markets that are quite highly valued," Sinding said. "We do not expect these kinds of
conditions to continue."
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