EQT Diversifies with Secondaries Push and Critical Minerals Research as Market Questions Valuation

In a strategic one-two punch, Swedish private markets firm EQT AB is broadening its horizons. The firm is entering the private equity secondaries arena through a newly announced partnership with specialist Coller Capital, while simultaneously steering philanthropic capital toward urgent scientific research into critical mineral substitutes.

The collaboration with Coller Capital, a leader in the secondaries market, marks a formal foray for EQT into a segment focused on buying and selling existing interests in private equity funds and portfolios. This move provides EQT with a new channel for fee-generating business and deeper exposure across the private capital lifecycle, at a time when the secondaries market is experiencing robust growth driven by investor demand for liquidity and portfolio rebalancing.

Concurrently, the EQT Foundation has unveiled its Science Grants program, aimed squarely at funding academic and research projects seeking alternatives to scarce minerals vital for the green transition—such as lithium, cobalt, and rare earth elements. The initiative directly ties the firm's capital and influence to the pressing themes of decarbonization and resource security, areas attracting intense focus from global investors.

Analysts view these parallel developments as a cohesive strategy. "EQT is not just chasing growth; it's strategically positioning itself at the intersection of finance and the material realities of the energy transition," said market observer Anya Sharma of Nordea Insights. "The secondaries partnership diversifies revenue, while the grants program builds long-term goodwill and insight into disruptive material science, potentially de-risking future investments."

The market's reaction has been muted, however, with EQT's shares continuing to trade at a discount to some sector peers. This valuation gap underscores a lingering debate about how quickly these strategic initiatives can translate into tangible earnings growth for the firm.

Community Voices

Marcus Thorne, Portfolio Manager (London): "This is classic EQT—thinking several moves ahead. The Coller partnership is a low-risk entry into a high-growth niche. The science grants are a savvy, long-term play. They're building a knowledge moat around the supply chain bottlenecks of tomorrow."

Elara Vance, Sustainability Analyst (Berlin): "The grant program is commendable and necessary, but let's be clear: it's a drop in the ocean funded by foundation capital, not the main fund. The real test is whether EQT's core investment decisions start systematically favoring companies solving these material problems. Otherwise, it risks being seen as 'science-washing.'"

David Chen, Private Equity Advisor (Hong Kong): "The secondaries move is purely business—a smart one. That market is exploding. The minerals research is more interesting. If they uncover a viable substitute through a grant, you can bet EQT's venture arm will be the first to commercialize it. They're effectively funding their own future deal flow."

Rebecca Frost, Retail Investor & Climate Advocate (Online): "Finally! A big investor actually putting money where its mouth is on the mineral crisis. Everyone talks about EVs and batteries, but nobody wants to talk about the dirty mining underneath. This research funding is a direct attack on that problem. More asset managers need to follow this lead instead of just greenwashing their portfolios!"

This analysis is based on publicly available information and company announcements. It is for informational purposes only and does not constitute investment advice.