Kvartalsrapport Q1 2023

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EQT AB  
Q3 Announcement  
2021
  
EQT AB  
Q1 Announcement  
2023
1

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EQT AB (publ) Quarterly Announcement Q1 2023
2
Pick-up in thematic investment activity 
Deal activity picked up to start the year, with more than ten 
transactions signed in the first quarter. Financing continued 
to be available for new investments, although recent volatility 
could mean a continued shift in the sources of financing 
towards private credit. Looking forward, we continue to have 
substantial dry powder available, a young, resilient and ba-
lanced portfolio, and we are in a prime position to execute on 
thematic investment opportunities on a global scale. 
During the first quarter, EQT Infrastructure VI invested in SK 
Shieldus, an integrated physical, cyber and converged security 
operator, in what was the largest private equity-backed 
conglomerate carve-out in Korea. In the United States, Radius 
Global was acquired, an owner of critical digital infrastructure 
properties in more than 20 countries, marking the first in-
vestment by EQT Active Core Infrastructure. In the healthcare 
sector, EQT X completed a public takeover offer for va-Q-tec, 
a Germany-based provider of mission-critical temperatu-
re-controlled supply chain solutions for pharmaceuticals. EQT 
Growth also announced two investments in market-leading 
software companies: IntegrityNext, a supply chain sustai-
nability platform, and GotPhoto, an end-to-end solution for 
photographers.
At EQT, we have expertise in areas such as sustainability, digi-
tal transformation, risk management, and financing.  We also 
take an active ownership approach, have strong alignment 
with portfolio company boards and management teams, 
and maintain a thriving network of Industrial Advisors. This 
combination enables EQT to drive long-term transformation 
and future-proofing of the portfolio. As a result, this quarter 
all key funds continued to develop “On plan” or “Above plan” . 
Fund valuations remained resilient, underpinned by continued 
strong underlying performance in the portfolio companies, as 
well as supportive public market valuation benchmarks.  
Fundraising progress and new initiatives
The fundraising market continues to be challenging, as 
flagship fundraisings are taking longer to complete, while 
the smaller and more recently launched initiatives require 
more time and effort to raise. That said, global investors are 
continuing to consolidate their exposure to fewer, larger, and 
more global private markets firms with strong performance 
track records, a trend that we expect will continue to benefit 
firms like EQT.
With over 1,000 clients globally, EQT is seeing healthy incre-
ases in commitments to the latest generation of funds by our 
existing clients. EQT Infrastructure VI, with a target fund size of 
EUR 20 billion, is expected to hold its first close in H1 and the 
majority of its fundraising is expected to be concluded in 2023. 
EQT X, which also has a target fund size of EUR 20 billion, is 
expected to be materially completed during the summer. 
Increasing allocations from private wealth is a significant 
opportunity for EQT. The segment constitutes about half of 
global wealth, but currently only one percent is allocated to 
actively managed alternative assets. We are working to deve-
lop new products to allow private individuals to access EQT’s 
investment strategies.
Well positioned to seize long-term growth opportunities
We will continue to selectively pursue thematic investments 
in companies and assets that are broadly shielded from 
short-term headwinds, leveraging our recently expanded 
global platform to execute on opportunities across the 
world. Through the combination with BPEA, we established 
a locals-with-locals presence in new countries such as India, 
the fastest growing major economy in the world. India is now 
EQT’s biggest market in Asia by invested capital, and we see 
interesting opportunities to pursue new investments within 
EQT’s core sectors. 
As we look ahead, we are excited about the potential of our 
global platform, and our opportunity to scale our strategies 
and deepening and broadening our client relationships, all 
while delivering performance for our clients.   
Christian Sinding, 
CEO and Managing Partner
Thematic opportunities in volatile markets
CEO comment - first quarter 2023
Despite current volatile market conditions, the long-term growth prospects for private markets remain strong. Investors are 
increasingly recognizing the benefits of private markets: strong and resilient returns, lower volatility than public markets, and 
value creation through active ownership. At EQT, during the first quarter of the year, we continued to leverage our global 
scale and executed on thematic opportunities.

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EQT AB (publ) Quarterly Announcement Q1 2023
3
Highlights
Thematic opportunities in volatile markets
Highlights for the period Jan-Mar 2023 (Jan-Mar 2022)
Strategic
 ■ EQT continued to make preparations for semi-liquid fund structures to accommodate private wealth investors, and expects to 
launch certain products during the year, with the expectation of first launching a product aimed at making certain strategies 
within EQT Private Capital and EQT Infrastructure available to private wealth investors
 ■ EQT continued the work to capture synergies with BPEA, with the main integration areas substantially complete, including 
alignment of investment teams and processes
Fundraising
 ■ Fee-generating assets under management (FAUM) increased to EUR 119bn (EUR 77bn). Total AUM1 was EUR 216bn
 ■ EQT set the hard cap for EQT Infrastructure VI at EUR 21bn. The fund, which has a target size of EUR 20bn, was activated in late 
December 2022. As of 31 March 2023, the fund had fee-generating commitments from early closings of EUR 5.9bn. The fund is 
expected to hold its first close in H1 2023, with a majority of fundraising expected to be concluded in 2023
 ■ Fundraising continued for EQT X with fee-generating commitments of EUR 17.2bn as of 31 March 2023. The target fund size is 
EUR 20bn, and fundraising is expected to be materially completed during the summer 
 ■ Fundraising continued for EQT Future, EQT Exeter US Industrial Value VI, EQT Exeter Multifamily Value II, EQT Exeter EU Industrial 
Core-Plus II and EQT Active Core Infrastructure
Investment activity2
 ■ Total investments by the EQT funds in the quarter amounted to EUR 5bn (EUR 3bn)
 ■ Investments during the quarter include Radius Global Infrastructure and Tion Renewables (EQT Active Core Infrastructure), Lazer 
Logistics and SK Shieldus (EQT Infrastructure VI), IntegrityNext and GotPhoto (EQT Growth) and the acquisition of va-Q-tec by 
Envirotainer (EQT X)
Exit activity2
 ■ Total gross fund exits in the quarter amounted to EUR 1bn (EUR 2bn) 
 ■ Signed exits include Blume (EQT Infrastructure II and EQT Infrastructure III), VBill (EQT Mid Market Asia III) and a partial sell-
down in Coforge (BPEA VII) 
1) Total AUM is defined as the sum of fee-generating AUM, value appreciation of investments and fair market value of non-fee-generating co-investments as well as 
remaining commitments in active funds and committed capital yet to be fee-generating.
2) Includes both closed and signed transactions, if not otherwise mentioned.
120
90
60
30
0
Fee-generating AUM (FAUM)
Mar-2022 Mar-2023
77
119
EURbn
24
18
12
6
0
Investments by EQT funds
14
21
Q2 2022 - Q1 2023
(Last twelve months)
Q2 2021 - Q1 2022
(Twelve months)
EURbn
32
24
16
8
0
110
29
Q2 2022 - Q1 2023
(Last twelve months)
Q2 2021 - Q1 2022
(Twelve months)
Gross EQT funds exits
EURbn
9
Q2 – Q4
Q1
Q2 – Q4
Q1
9
5

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EQT AB (publ) Quarterly Announcement Q1 2023
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Events after the reporting period
 ■ Investment levels in EQT key funds as of 20 April 2023, were 10-15% in EQT X, 10-15% in EQT Infrastructure VI and 15-20% in BPEA 
VIII
Investment performance
Highlights
Highlights for the period Jan-Mar 2023 (Jan-Mar 2022)
Investment performance
 ■ All key funds continued to perform On plan or Above plan
 ■ During the period, fund valuations remained resilient, underpinned by continued strong underlying performance in the portfolio 
companies, as well as supportive public market valuation benchmarks
People and future-proofing
 ■ The number of full-time equivalent employees and on-site consultants (FTE+) amounted to 1,792 (1,319), of which 1,687 (1,223) 
were FTEs
 ■ Suzanne Donohoe joined EQT in January as Chief Commercial Officer (“CXO”) to lead a newly-formed platform to drive EQT’s 
external commercial activities. In addition to Capital Raising & Client Relations, the new platform “EQT-Ext” includes EQT’s 
Sustainability, Business Development, and Communications efforts
 ■ EQT strengthened its commitment to South Korea with the opening of an office in Seoul 
 ■ As of the end of the first quarter, ten portfolio companies had validated their science-based targets, and additionally 33 had 
formally engaged with the Science Based Targets initiative to set their own science-based targets
On plan Above plan
Private
Capital
EQT IX 
BPEA VIII
EQT X
EQT VII  
EQT VIII
BPEA VII
Real 
Assets
EQT Infrastructure IV  
EQT Infrastructure V
EQT Infrastructure VI
EQT Infrastructure III

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EQT AB (publ) Quarterly Announcement Q1 2023
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As of 31 March 2023
Fee-generating assets under management (FAUM)
FAUM by segment (EURbn) Private Capital Real Assets Total
At 31 December 2022 68.3 44.3 112.5
Gross inflows 3.3 4.9 8.2
Step-downs – – –
Exits (1.1) (0.1) (1.3)
FX and other (0.2) (0.2) (0.4)
At 31 March 2023 70.2 48.8 119.1
Since 31 December 2022 3% 10% 6%
FAUM by segment (EURbn) Private Capital Real Assets Total
At 31 March 2022 36.2 40.9 77.2
Gross inflows1 41.2 18.0 59.2
Step-downs (2.0) (7.3) (9.3)
Exits (3.0) (3.0) (6.0)
FX and other (2.2) 0.3 (2.0)
At 31 March 2023 70.2 48.8 119.1
Since 31 March 2022 94% 19% 54%
Note: Any investment activity in above tables (part of gross inflows and/or exits) is included based on its impact on 
FAUM. Individual deals in a period are therefore included based on remaining or realized cost, timing  
of transaction closing and only in funds which are charging fees based on net invested capital.
1) Gross inflow of EUR 22bn of BPEA’s FAUM as of closing.
(EURbn)
Start  
date FAUM
Committed  
Capital
Invested capital Value of investments Gross  
MOIC Total Realized Remaining Total Realized Remaining
Private Capital
EQT VII Jul-15 3.0 6.9 6.0 3.0 3.0 15.9 10.7 5.2  2.7x   
EQT VIII May-18 7.4 10.9 9.3 2.1 7.2 21.7 7.1 14.6  2.3x   
BPEA VII Jul-18 4.6 5.8 5.4 2.2 3.2 10.7 3.4 7.3  2.0x   
EQT IX Jul-20 14.2 15.6 13.9 0.1 13.9 19.5 0.1 19.4  1.4x   
BPEA VIII Sep-21 9.7 9.8 1.5 - 1.5 1.8 - 1.8  1.3x   
EQT X Jul-22 17.2 17.2 2.7 - 2.7 2.7 - 2.7  1.0x   
Other Private Capital 14.2 20.3 39.5
Real Assets  
EQT Infrastructure III Nov-16 1.4 4.0 3.6 2.2 1.4 9.8 6.7 3.0  2.7x   
EQT Infrastructure IV Nov-18 6.9 9.1 7.3 0.5 6.8 11.2 0.6 10.6  1.5x   
EQT Infrastructure V Aug-20 11.6 15.7 11.4 - 11.4 13.9 - 13.9  1.2x   
EQT Infrastructure VI Dec-22 5.9 5.9 0.9 - 0.9 0.9 - 0.9  1.0x   
Other Real Assets 23.0 18.0 29.7
Total 119.1 100.2 177.3
Note: Invested capital and value of investments reflect only closed transactions as per the reporting date.
Gross MOIC 
31 Mar 2022
Gross MOIC 
30 Jun 2022
Gross MOIC 
30 Sep 2022
Gross MOIC 
31 Dec 2022
Gross MOIC 
31 Mar 2023
Expected Gross MOIC  
31 Mar 2023
Private Capital
EQT VII 2.8x 2.7x 2.7x 2.6x 2.7x Above plan
EQT VIII 2.6x 2.4x 2.3x 2.3x 2.3x Above plan
BPEA VII 1.9x 1.8x 1.8x 2.0x 2.0x Above plan
EQT IX 1.4x 1.4x 1.4x 1.3x 1.4x On plan
BPEA VIII 1.0x 1.0x 1.1x 1.2x 1.3x On plan
EQT X - - 1.0x 1.0x 1.0x On plan
Real Assets
EQT Infrastructure III 2.7x 2.7x 2.7x 2.7x 2.7x Above plan
EQT Infrastructure IV 1.5x 1.5x 1.5x 1.5x 1.5x On plan
EQT Infrastructure V 1.1x 1.1x 1.1x 1.2x 1.2x On plan
EQT Infrastructure VI - - - 1.0x 1.0x On plan
Note: Data for current Gross MOIC reflect only closed investments and realizations. For Private Equity funds (part of  
segment Private Capital), ”On Plan” refers to expected Gross MOIC between 2.0-2.5x. For Infrastructure funds (part of 
segment Real Assets), ”On Plan” refers to expected Gross MOIC between 1.7-2.2x.
Development in the first quarter 2023 Development during the last twelve months
Gross investment performance of key EQT funds
Key figures

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EQT AB (publ) Quarterly Announcement Q1 2023
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Definitions
Active funds
Funds currently investing or with not yet realized investments.
Committed capital
The total amounts that fund investors agree to make available to a
fund during a specified time period.
Commitment period / Investment period
First phase of a fund lifecycle after fundraising, in which most of a 
fund’s committed capital is invested into portfolio companies. Ma-
nagement fees are normally based on committed capital during this 
period.
Current Gross MOIC (Multiple of Invested Capital)
A fund’s Gross MOIC based on the current total value and invested
capital.
Effective management fee rate
Weighted average management fee rate for all EQT funds contributing
to AUM in a specific period.
EQT
Where used on its own, is an umbrella term and may refer interchang-
eably to the EQT AB Group, SEP Holdings Group and/or EQT funds, as
the context requires.
EQT AB Group or the Group
EQT AB and/or any one or more of its direct or indirect subsidiaries
(for the avoidance of doubt excluding the EQT funds and their portfolio
companies).
Exits
Cost amount of realized investments (realized cost) from an EQT fund.
Expected Gross MOIC
A fund’s expected Gross MOIC at termination, when a fund is fully
realized, based on the estimated total value and invested capital upon
realization.
FAUM
Fee-generating Assets Under Management (“FAUM”) represents the
total assets and commitments from fund investors based on which the
EQT AB Group is entitled to receive management fees.
Final close
The date determined for each fund upon which admissions to the fund
by investors are last accepted by the fund manager.
FTE
The number of full-time equivalent personnel on EQT AB Group’s payroll.
FTE+
The number of full-time equivalent personnel and contracted
personnel working for EQT AB Group.
Fund size
Total committed capital for a specific fund.
Gross inflows
New commitments through fundraising activities or increased invest-
ments in funds charging fees on net invested capital.
Gross fund exits
Value of realized investments (realized value) from an EQT fund. Refers
to signed realizations in a given period.
Gross MOIC
Total value of investments divided by total invested capital.
Invested capital
Committed capital that fund investors have invested in a fund.
Investment level / % Invested
Measures the share of a fund’s total commitments that has been
utilized. Calculated as the sum of (i) closed and/or signed investments,
including announced public offers, (ii) any earn-outs and/or purchase
price adjustments and (iii) less any expected syndication, as a % of a
fund’s committed capital.
Investments
Signed investments by an EQT fund.
Key funds
Funds with commitments that represent more than 5% of total commit-
ments in active funds.
Net invested capital
Invested capital not yet realized (remaining cost). Management fees
are generally based on net invested capital after the commitment
period / investment period.
Post-commitment period / Divestment period
Phase of a fund lifecycle after the commitment period, in which most
of a fund’s investments are realized. Management fees are normally
based on the net invested capital during the period.
Private Capital
Business segment comprised of business lines EQT Ventures, EQT Life
Sciences, EQT Growth, EQT Private Equity, BPEA EQT, EQT Public Value
and EQT Future.
Real Assets
Business segment comprised of business lines EQT Value-Add Infra-
structure, EQT Active Core Infrastructure and EQT Exeter.
Realized value / (Realized cost)
Value (cost) of an investment, or parts of an investment, that at the time
has been realized.
Remaining value / (Remaining cost)
Value (cost) of an investment, or parts of an investment, currently
owned by the EQT funds.
Start date
A fund’s start date is the earlier of the first investment or the date when
management fees are charged from fund investors.
Step-down
Step-downs in AUM generally resulting from the end of the investment
period in an existing fund or when a subsequent fund starts to invest.
Fees in a specific fund will normally be charged on net invested capital
post step-down.
Target Gross MOIC
Measure used in fundraising of an EQT fund as a fund’s target level of
investment return based on Gross MOIC.
Total AUM
Total Assets Under Management (“Total AUM”) represents the sum
of (i) FAUM, (ii) value appreciation (depreciation) of investments in
funds on which FAUM is calculated upon, (iii) fair market value of
non-fee-generating co-investments as well as (iv) committed but
undrawn capital from fund investors on which EQT AB Group is not
currently entitled to receive management fees but that, following
investment, would be fee generating.
Definitions

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EQT AB (publ) Quarterly Announcement Q1 2023
7
Other disclosures
Auditor’s review
This quarterly announcement has not been reviewed  
by EQT AB’s auditors.
This is information that EQT AB (publ) is obliged to make 
public pursuant to the EU Market Abuse Regulation. The  
information was submitted for publication, through the agency 
of the contact persons, at 07:30 CEST on 20 April 2023.
Contacts
Kim Henriksson
CFO
+46 8 506 55 300  
kim.henriksson@eqtpartners.com
Olof Svensson
Head of Shareholder Relations  
+46 72 989 09 15  
olof.svensson@eqtpartners.com
Richard Buch
Managing Director, Communications
+46 72 989 09 11
richard.buch@eqtpartners.com
Financial calendar
 Annual Shareholders’ Meeting
  Stockholm   30 May 2023
 Half-year report 
  January–June 2023   14 July 2023
 Quarterly announcement
  July–September 2023   17 October 2023

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EQT AB (publ) Quarterly Announcement Q1 2023
8
About EQT
EQT is a purpose-driven global investment organization 
focused on active ownership strategies. With a Nordic heritage 
and a global mindset, EQT has a track record of almost 
three decades of developing companies across multiple 
geographies, sectors and strategies. EQT has investment 
strategies covering all phases of a business’ development, 
from start-up to maturity. EQT today has EUR 119 billion in fee-
generating assets under management, within two business 
segments – Private Capital and Real Assets. 
With its roots in the Wallenberg family’s entrepreneurial 
mindset and philosophy of long-term ownership, EQT is 
guided by a set of strong values and a distinct corporate 
culture. EQT manages and advises funds and vehicles that 
invest across the world with the mission to future-proof 
companies, generate attractive returns and make a positive 
impact with everything EQT does. 
The EQT AB Group comprises EQT AB (publ) and its direct and 
indirect subsidiaries, which include general partners and fund 
managers of EQT funds as well as entities advising EQT funds. 
EQT has offices in more than 20 countries across Europe, Asia 
and the Americas and has close to 1,800 employees.
More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram
Our values
What we stand for
High performing
Respectful
Entrepreneurial
Informal
Transparent
Purpose
Why we exist
To future-proof companies  
and make a positive impact.
Vision
What we strive for
To be the most reputable  
investor and owner.
Mission
What we do and how 
With the best talent and network around the world,  
EQT uses a thematic investment strategy and distinctive  
value creation approach to future-proof companies,  
creating superior returns to EQT’s investors and  
making a positive impact with everything we do.
About EQT