AMWatch

EQT plans to step up hiring as assets under management soar

EQT said the funds it oversees almost doubled last quarter, as Europe's biggest private equity firm looks to add headcount to keep up with the pace of growth.

Photo: EQT/PR

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."

EQT boss: Being an ESG leader will pay off

Morten Hummelmose: "Once you turn 50, you start thinking more about work-life balance" 

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from AMWatch

After two years of preparation: Robur launches dark green prestige fund

Sweden's largest fund manager is launching a climate impact fund with Swedbank's insurance unit as anchor investor. "We've had some great interest from larger investors and are in close contact with several potential investors that have expressed an interest," the new fund's portfolio manager tells AMWatch.

Further reading

Related articles

Trial banner

Latest news

Jobs

Latest news from FinansWatch (dk)

Latest news from EnergyWatch

Latest news from ShippingWatch