Performance watch: EQT’s PE funds

Seven charts detailing the Scandinavian giant's private equity performance which was revealed in its IPO prospectus last week.

EQT has released a detailed analysis of its track record ahead of a planned initial public offering later this month.

The Scandinavian giant’s private capital business has €22.3 billion of assets under management across 10 active funds, according to an IPO prospectus published on 12 September.

Since inception, this unit has delivered a 20 percent net internal rate of return and 2.4x realised gross multiple of invested capital across 74 exits.

EQT’s DACH investments have provided a 3.0x gross MOIC, compared with 2.4x in the Benelux and Nordics. Companies with an enterprise value greater than €1 billion have returned a 2.6x gross MOIC, marginally higher than the 2.4x delivered by those with EVs below €1 billion.

Financial buyers have been the most lucrative exit route, delivering a 3.4x gross MOIC, compared with 2.4x via IPO and 2.3x when selling to trade buyers. Assets purchased directly from the founders have returned a 2.9x gross MOIC, while secondary buyouts have generated a 2.1x return.

Here’s how the private equity business has performed over time: