EQT 3Q Assets Under Management Rose 31% on Year

By Dominic Chopping

STOCKHOLM--EQT AB said Tuesday that its funds invested 3 billion euros ($2.95 billion) in the third quarter of 2022, with assets under management rising 31% on year.

The Swedish private-equity company said assets under management rose to EUR92.3 billion at the end of September from EUR70.3 billion at the end of September 2021. Total gross fund exits in the year amounted to EUR2 billion.

"Economic headwinds and tighter financing markets continue to dampen investment and exit activity, and some portfolio companies are seeing the impact of the deteriorating macro environment," EQT Chief Executive Christian Sinding said.

"The investment pace has slowed down during the year. There will need to be some time for buyer and seller expectations to meet, and financing markets are restrictive," he said.

The global fundraising environment remains competitive and at the same time some clients - particularly in North America - are experiencing the need to allocate less to private markets as public market valuations go down, the company said.

EQT said it sees many attractive investment opportunities, and "with an expected dry powder of more than EUR50 billion available," it will be deploying capital at scale where it has conviction.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

10-18-22 0212ET