Ropes and Kirkland lead on $3.7bn buyout of UK secondaries giant

Ropes & Gray and Kirkland & Ellis have landed lead roles on EQT’s $3.7 billion acquisition of UK-based secondaries firm Coller Capital, a major deal in one of the fastest-growing corners of private markets.

Under the terms of the deal, EQT will pay $3.2 billion upfront for Coller, with an additional earn-out of up to $500 million after one year depending on performance.

A booming market

Coller Capital is considered one of the pioneers of the secondaries market and manages close to $50 billion in assets. The firm built its reputation buying existing stakes in private equity funds from investors seeking early liquidity, a strategy that has surged in popularity as exits through traditional routes like IPOs and trade sales have become harder to pull off.

Secondaries has become one of the hottest areas of private markets, spanning traditional LP stake purchases as well as GP-led transactions such as continuation vehicles, where fund managers effectively sell assets from older funds to themselves.

EQT said the secondaries market grew 41% in 2025, with deal volumes reaching $226 billion, and expects it to more than double by 2030.

Advising

Ropes & Gray advised EQT on the transaction. The deal team was led by New York M&A partner Ariel Deckelbaum, London private equity partner Shona Ha, New York-based partner Elizabeth Langton and firm vice chair and private equity partner Neill Jakobe. Swedish firm Vinge is also acting for EQT.

Ropes has advised Stockholm-based EQT on several high-profile deals in recent years, including its $14.5 billion acquisition of education group Nord Anglia Education, which completed last year.

The relationship is set to deepen further after it emerged last month that EQT group general counsel Paul Dali is due to join Ropes after more than a decade at the buyout firm.

Kirkland acted for Coller Capital and the selling shareholders. The firm has advised Coller on several matters in recent years, including its investment deal with State Street at the end of 2025.

Nordic firm Roschier is also acting for Coller.