EQT (EQT) Value Creation Day 2025 summary

Strategic Focus and Market Positioning

• Emphasis on private markets, value creation, and governance, leveraging a unique ownership model and active ownership to generate alpha and outperform public markets over time.

• Thematic investment approach targets long-term structural trends such as digitization, AI, aging populations, energy transition, and healthcare, leveraging deep sector insights and global teams.

• Consistent delivery of at least 2x returns across cycles and interest rate environments, with a global platform, strong culture of knowledge sharing, and teamwork.

• Expansion in Asia is a priority, with significant dry powder raised and a focus on structural alpha in underpenetrated markets, supported by $10.5 billion in new fund commitments.

• Infrastructure investments target digital and energy transitions, addressing underinvestment in Europe and the US, with companies like EdgeConneX and Reworld scaling rapidly.

Value Creation and Governance Model

• Active ownership and systematic value creation plans are implemented through the TROIKA model, aligning incentives and enabling rapid, fact-based decision-making.

• Majority of returns are driven by sales growth and margin improvements, with a focus on transforming good companies into great ones through operational leverage and technology investment.

• Governance structures feature small, agile boards with sector and functional expertise, frequent reviews, and a culture of continuous improvement.

• The TROIKA system ensures close collaboration between the CEO, chairperson, and responsible partner, fostering alignment and flexibility in adapting to market changes.

• Infrastructure investments prioritize reinvestment for growth over dividends, with value creation stemming from multiple expansion and revenue diversification.

Financial Guidance and Performance

• 30-year track record of attractive returns, with realized gross MOICs of 2.5–2.6x across regions and 21% net IRR in Europe & North America.

• Private equity AUM grew 13x from 2003–2023, outpacing public market growth.

• Asian private equity program achieved strong alpha, with BPEA Funds VI–VIII net IRR of 20% and top quartile DPI.

• Infrastructure funds report 15% net IRR and 2.5x gross MOIC, with top quartile DPI.

• Portfolio companies consistently outperform indices post-IPO, with notable examples like Galderma (+122%), Waystar (+90%), and IFS (+71%).