EQT's New Boss Has A Private-Credit Hole To Fill

2025-02-19 09:32:00 ET

Summary

• Per Franzén is taking charge of EQT at a pivotal moment.
• The $40 billion company’s biggest gap lies in the racy world of private credit, which EQT quit several years ago. Franzén’s legacy might be defined by whether he manages to reverse that historic decision.
• It’s useful that EQT is already in M&A mode, with Sinding recently hinting at possible targets including so-called secondary investors, which buy pieces of private-capital funds or individual buyout assets.
• Expanding the net to include mid-sized debt players, like $9 billion London-listed Intermediate Capital, would give EQT a more rounded offering to its investing clients.

By Breakingviews

Per Franzén is taking charge of EQT ( EQBBF ) at a pivotal moment. The Swedish buyout shop is big, with about $140 billion of fee-paying assets under management, but it’s not in the same league as U.S. giants like Blackstone ( BX ) and KKR ( KKR ). The $40 billion company’s biggest gap lies in the racy world of private credit, which EQT quit several years ago. Franzén’s legacy might be defined by whether he manages to reverse that historic decision....

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