A Look Back at EQT’s 2025
by Benjamin RobertsonJanuary
Life Science
EQT Life Sciences kicked off 2025 by backing a $97m financing for Boston-based Atalanta Therapeutics’ research into RNA interference therapies for genetic epilepsies and Huntington’s disease.
February
Equity Capital Markets
EQT executed one of its first capital market transactions for the year when a private capital fund sold down a stake in newly listed Waystar. The transaction marked a busy start to the year for ECM deals. By the end of the third quarter, EQT ranked first for ECM activity among private market firms in 2024 and 2025, according to data from Dealogic.
March
Infrastructure
It was a frenetic period for the EQT Infrastructure team. They finished raising a record €21.5bn for a sixth infrastructure value-add fund. EQT infrastructure funds bought Crown’s U.S. metropolitan-focused fiber and cellular businesses in a deal worth $8.5bn, and also acquired North America-focused railcar repair and maintenance firm Eagle Railcar Services.
April
Europe
EQT kickstarted the second quarter when a private capital fund became an anchor investor in Munich-based tax and financial advisory WTS with plans to turn the firm into an industry champion. In the first nine months of 2025 EQT Private Capital funds invested €5bn into new deals and follow on transactions in Europe and North America.
Key Data for 2025
(as of 30 September)
June
Exits
It was an active month for exits. EQT announced the sale of iconic car stereo maker Pioneer for $1.1bn. Under EQT’s ownership, Pioneer was reshaped into an industrial tech company, with improved governance, enhanced profitability, and renewed focus on its core automotive technologies. In total, EQT funds announced five portfolio company exits during the month of June.
July
Japan
EQT announced the $2.7bn take-private of Fujitec, a Japan-listed elevator and escalator manufacturer and service provider, with plans to upgrade operations and expand the business in key markets. It was EQT’s largest Japan deal to date.
August
South Korea
EQT Private Capital Asia funds acquired a controlling stake in Remember, South Korea’s leading AI-enabled talent recruitment platform. The firm leverages a proprietary, self-updating database of over 500m name cards and some five million members to support more than 10,000 enterprise clients. In the first nine months of 2025 EQT Private Capital Asia funds invested €1.6bn into new deals and follow on transactions across Asia.
Private Equity ECM Activity Global
(Data period is Jan 1-Sept 30, 2025)
Source: Dealogic5. TPG — $3.8bn
4. JAB Holding — $5.3bn
3. Apollo — $5.4bn
2. KKR — $6.2bn
1. EQT — $11.2bn
Highlights from EQT Opinion in 2025
Per Franzén: To Win, Europe Must Learn From Its Successes
Sven Törnkvist & Petter Weiderholm: Why Private Capital Needs to Embrace Artificial Intelligence
Peter Aliprantis: An Inflection Point for Private Wealth
September
Ventures
EQT Ventures celebrated an extraordinary achievement when two portfolio companies achieved unicorn status, a valuation of more than $1bn, on the same day; Namely a stake sale in AI enterprise tool developer Sana, and an investment in consumer electronics maker Nothing.
October
North America
EQT hosted its largest Americas Investor Day to date and announced plans to deploy approximately $250 billion of capital in North America over the next five years, alongside continued expansion of its operations in the region.
December
Real Estate
EQT Real Estate funds closed out the year with the largest U.S. industrial sale so far in 2025. This included the sale of a 25 property, 8.7 million square foot logistics portfolio. The transaction was preceded by the purchase of a 4.8 million square foot logistics portfolio covering major distribution markets in the U.S. and followed by the sale of 33 light industrial assets in Sweden.
On the topic ofInfrastructure
