Performance watch: How EQT’s funds fared across a challenging year

The most recent quarterly earnings calls from private equity's listed giants have helped to shine a light on fund performance.

Investors have been watching private equity marks closely over the past 12 months for any signs that public market volatility could cross over into private markets.

The most recent spate of quarterly earnings reports from private equity’s listed giants have helped to shine a light on the extent to which fund performance was – and may continue to be – impacted by the events of last year, from Russia’s invasion of Ukraine to rising interest rates.

EQT was among the first to have hosted a Q1 earnings call, during which chief executive Christian Sinding noted that the firm was looking into alternative means of generating liquidity for investors in a potentially “lumpy year” for exit activity.

Its earnings also included performance data for its four most recent flagships, including the still-open EQT X and the two most recent funds raised by BPEA EQT, its newly acquired Asia-Pacific business.

The interactive charts below illustrate how much of these funds had been realised as of March, and to what extent their gross multiples of invested capital changed over the last year.

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