Conni Jonsson: EQT’s Next Chapter: Continuity and Renewal

When we founded EQT in 1994, private markets were a far smaller part of the global financial system. Few could have imagined that, three decades later, this industry would sit at the center of how innovation is financed, how infrastructure is built, and how companies scale globally. I have had the privilege of growing EQT from a Nordic firm into a truly global platform, and of serving as CEO and then Chairperson. As EQT prepares for its next chapter, including a proposed transition in the Chair role, this moment feels both reflective and forward-looking.

EQT was inspired by the Wallenberg family’s long-term perspective and approach to active ownership. We began with a single €300m fund in the Nordics, anchored in principles that have endured as EQT has grown to where we are today, a global firm managing €270bn with over 330 portfolio companies worldwide. Over the past three decades, we have developed close to 700 companies, while delivering consistent and outsized returns to our investors. Our current portfolio of companies altogether employ over 550,000 people globally and, during the past 15 years alone, the portfolio companies have added 260,000 employees¹⁾ during the EQT funds ownership period, helping to fuel the broader economy.

Today, EQT is entering its next phase from a position of strength. Private markets play an increasingly fundamental role in society, providing long-term capital and active ownership to help companies and assets adapt to a world shaped by technological change, demographic shifts, and the transition to a more sustainable and resilient economy. That has always been EQT’s purpose - doing good is simply good business - and I am immensely proud of the combined value we have generated for investors, companies and society at large.

A maturing industry, and a firm built for it

Private markets have evolved from a fragmented set of local specialists into a global ecosystem where scale, specialization, and client-centricity matter more each year. Capital is increasingly concentrating with firms that can demonstrate performance through cycles, offer diversified exposure across strategies and geographies, and support clients with solutions rather than just products.

EQT led this evolution. We expanded beyond our European roots to build the leading pan-Asian private equity franchise alongside our established positions in Europe and North America. Asia is today a core pillar of EQT’s global platform and one of our strongest engines of growth. We have established the region’s number-one private equity buyout franchise, ranking first in fundraising over the past five years²⁾. This leadership reflects both the depth of our local presence across Asia’s key markets and the scale of our broader global platform, with teams on the ground in countries representing approximately 80 percent of global GDP. Through combinations such as BPEA in Asia and Exeter in real estate, we strengthened our ability to support clients and companies around the world. We have consistently invested in local teams, digital capabilities, and sustainability expertise, because these are defining drivers of long-term value creation. In that context, welcoming Coller Capital into EQT today reflects a consistent strategic mindset: identifying structural shifts in the market and building capability where we see durable, long-term demand.

Values that continue to guide EQT

While the industry around us has changed dramatically, the foundations of EQT have remained consistent. From the beginning, our approach has been rooted in long-term, active ownership. We do not see ourselves as managing assets; we see ourselves as owners with a responsibility to develop companies and assets so they can thrive well beyond our period of ownership.

1 (Includes FTE data post 2008 for all control investments)

2 (Source: Preqin. Ranking based on capital raised in the last five years among private equity firms' buyout strategies with geographical focus on APAC)

This requires time, a clear governance model, and a culture that encourages both accountability, risk-taking and collaboration. EQT’s values – high performing, respectful, entrepreneurial, informal and transparent – are not abstract ideals. They guide how we recruit, how we work with management teams, and how we partner with our clients. They also help us attract people who are ambitious and high-performing, yet grounded, and who believe that responsibility and performance reinforce one another. During three decades of growth, I have made it one of my highest priorities to ensure we never compromise on these standards.

EQT has long been early in embedding sustainability and digitalization into how we assess and develop businesses. Today, AI, data and advanced analytics are increasingly amplifying what our teams can do, both within EQT and across the portfolio. At the same time, we continue to deepen our work on governance, climate and social considerations as part of our approach to future-proofing. These are not separate initiatives; they are integral to building resilient, competitive companies and assets.

Beyond how we invest, the EQT Foundation is another way in which we sought to embed long-term thinking into the fabric of the firm, to ensure long-term, values-driven ownership. Established by Partners at the time of our IPO, the Foundation plays an important role in safeguarding the values that define EQT, helping to ensure that our purpose and culture remain anchored as the firm grows and evolves. Through its governance and engagement, and by supporting early-stage research and innovation aimed at addressing complex societal challenges, the Foundation reflects the same belief that has guided EQT from the beginning: that long-term value creation and responsibility go hand in hand. I am proud that this work will continue and I am happy to remain involved in the Foundation's work as a Member beyond my time as Chair.

Leadership with continuity and conviction

One of the most important responsibilities of any board – particularly in a founder-led firm – is to ensure leadership transitions are thoughtful, orderly, and anchored in the long term - something we have demonstrated repeatedly. In 2025, EQT entered its next chapter as Per Franzén became CEO and Managing Partner. A near two-decade veteran of EQT, Per has a proven ability to lead large, international teams. His track record in developing portfolio companies is exceptional, and he is a clear role model for EQT’s values and performance-driven culture. As CEO, he has demonstrated clarity of purpose, strong execution, and a strong focus on clients. I am confident that EQT is in very capable hands under his leadership.

In 2026, EQT also took the next step in its governance evolution to reflect the firm’s global footprint and ambition. The Nomination Committee announced its proposal to appoint Jean Eric Salata as the next Chairperson of EQT AB, subject to shareholder approval at the Annual Shareholders’ Meeting. Jean brings decades of leadership experience in private markets, deep knowledge of Asia and global capital flows, and strong alignment with EQT’s culture and long-term mindset. He will bring a global perspective and a deep understanding of clients’ evolving needs. This proposal reflects the Nomination Committee’s conviction that EQT is building continuity while preparing for its next phase of growth.

A personal reflection

This letter carries a more personal tone than most. When we started EQT, our ambition was to combine an industrial and long-term ownership approach with a modern, entrepreneurial investment firm, and our network of industrial advisors has played an integral role in our success. We wanted to be global yet grounded, performance-driven yet values-led – defined by the people we chose to bring in and the management teams we chose to partner with.

Over thirty years later, EQT is larger, more diversified and more global than I could have imagined. What makes me most proud, however, is that the essence of the firm remains intact. I see it in the way colleagues collaborate across geographies and strategies, in our engagement with Industrial Advisors and portfolio company boards, and in the trust that clients place in us to generate performance.

I want to express my sincere gratitude: to our clients and shareholders for your trust; to our Industrial Advisors and portfolio company boards and management teams for your commitment; to my fellow board members for your guidance; and to all EQT employees around the world. Your dedication, creativity and integrity are the true engine of this firm.

Looking ahead

EQT enters 2026 as a scaled, global and increasingly diversified private markets firm. With a broad investment platform across private equity, infrastructure and real estate, a growing presence in private wealth, and now an entry into secondaries, we are well positioned to serve clients across market cycles and to support long-term transformation.

There will be volatility and uncertainty ahead. But with a long-term mindset, a clear governance model, and a culture that combines performance with responsibility, I believe EQT is exceptionally well placed to help shape the next chapter of private markets.

It has been a privilege of a lifetime to have steered this firm since inception, see it grow and now hand it over to the next generation of leaders to take it forward. I look forward to supporting EQT’s next phase, in a different position, but with the same conviction in what this firm can achieve in the decades to come.