Core Insights - The U.S. is the largest private wealth market globally, prompting significant investment from firms like EQT, which began this process three years ago [1] - The private wealth channel has become a crucial source for capital raising in private markets over the last five to ten years, with many firms actively participating [2] Company Strategy - EQT acquired Coller Capital, a U.K.-based firm with approximately $50 billion in AUM, to access secondaries strategies, particularly in private credit, which is seen as an attractive opportunity [3][20] - EQT has over $319 billion in total AUM and aims to grow its private wealth division from 9-10% of managed capital to 20-25% globally in the next three to five years [4][7] - The firm offers a mix of traditional drawdown structure products and evergreen strategies in private equity, infrastructure, and real estate for U.S. investors [8][9] Market Positioning - EQT is recognized as the second-largest private equity firm globally, with a significant portion of its assets invested outside the U.S., which provides a diversification advantage [10][15] - The firm is focused on ultra-high-net-worth and mass affluent investors, indicating a broad target market within private wealth [5] Investment Vehicles - EQT's U.S. evergreen strategies include private equity and infrastructure in Opco structures, and a non-traded REIT for real estate [9] - The firm emphasizes that all investors, whether in evergreen or drawdown structures, have access to the same quality of investments, countering concerns about investment quality disparities [25] Distribution and Education - EQT collaborates with large distribution partners, wirehouses, and private banks, and utilizes platforms like CAIS and iCapital to reach a wider network of registered investment advisors (RIAs) [12][13] - The firm has educational initiatives through its ThinQ platform to help advisors understand private equity and infrastructure investments [14] Exit Strategy - EQT has returned $40 billion of capital to investors in the last 12 months, highlighting its ability to provide multiple exit opportunities across global markets [19] - The firm is optimistic about the U.S. market, aiming to double its investments in the region to approximately $250 billion over the next five years [17] Growth Potential - The private equity secondaries market is projected to grow significantly, with 2025 deal volume reaching $226 billion, up 41% from the previous year, indicating a robust growth opportunity for EQT [22] - EQT is currently focused on expanding its presence in private credit through secondaries rather than launching primary private credit strategies [23]