Spilling the beans

2 September 2019 By Liam Proud Follow @liamwardproud

EQT may raise $550 mln in an IPO, soon after rival BC Partners raised a similar amount in a private sale. Both want to grow abroad and in credit and real estate. Yet choppy markets and the difficulty of valuing private equity firms make EQT CEO Christian Sinding’s job harder.

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Private equity group EQT Partners on Sept. 2 announced plans to list on the Nasdaq Stockholm exchange, raising 500 million euros for expansion and allowing existing shareholders to sell down. After the initial public offering, listed shares will account for about 20% of the Swedish firm’s capital.

The public company will have a one-share, one-vote structure and will be entitled to about 35% of carried interest generated by its funds. EQT’s private equity unit has generated a net internal rate of return of about 20% over the last 20 years.

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