Q1'25: Cautious outlook statements

We stick to our guns - BUY

Private Markets - Quarterly Review Q1'25

Deal activity well below peak levels in all regions, which is also the case for exits. Better deal and exit activity needed for the positive sentiment to hold.

Infrastructure VI closed at hard cap - positive

There is a first time for everything — BUY

Buybacks to offset dilution of incentives

A change of guards - NEUTRAL

H2'24: Carried interest beat driven by valuation

H2'24: Carried interest beat driven by valuation

Heads-up for H2'24, 23 January

H2'24e: The exit outlook is everything from here

Private Markets - Quarterly Review Q4'24

Hard cap for BPEA IX at USD 14.5bn - NEUTRAL

Q3'24: Those elusive exits

Q3'24: FAUM OK, but higher n:o of FTEs

Q3'24e: Higher activity levels, but est. down

Private Markets - Quarterly Review Q3'24

Deal activity well below peak levels in all regions, which is also the case for exits. Better deal and exit activity needed for the positive sentiment to hold.

EQT Active Core Infrastructure closes in line

Target fund size for BPEA IX on the low side

H1'24: A miss, but some signs of improvement

Weaker carried interest hit adj. EPS for 2024e but small signs of improvement in deal value & portfolio valuations. We keep our HOLD rating with a target price of SEK 300 (295).