Buyout firm EQT names Per Franzén chief executive

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European buyout group EQT has appointed Per Franzén as its incoming chief government, the agency’s third chief in 11 years, because it steps into its subsequent chapter as a mature listed firm.

Christian Sinding, who took up the submit months earlier than the agency went public in 2019, will later this yr change into chair of the Stockholm-listed buyout group’s newly fashioned advisory council. Franzén will take up the function in Might.

“I’m simply actually honoured,” Franzén instructed the Monetary Instances. “It’s an thrilling day for me.”

He mentioned EQT was embarking on the transition “out of a place of energy”, including that it was a part of the agency’s governance mannequin and tradition to vary leaders repeatedly to herald a “recent pair of eyes”.

“We’ve got a saying at EQT that the whole lot can at all times be improved always,” he mentioned. “Chris has finished a tremendous job the final six years so I simply actually look ahead to constructing on that.”

Franzén is at current the deputy managing associate and head of the agency’s non-public fairness operations throughout Europe and North America, EQT’s largest enterprise line, which he took over from Sinding in 2019 and doubled property beneath administration to €113bn.

He has spent practically 20 years at EQT, which manages whole property of €269bn throughout its buyout, infrastructure and actual property methods.

He just lately led a fundraising for the agency’s €22bn flagship buyout fund, among the many largest non-public fairness funds globally on the time.

EQT’s high guard and board made the appointment choice on Monday morning, Franzén mentioned. It follows the agency’s full-year report final month of a 72 per cent enhance in proceeds from exiting corporations, a 27 per cent rise in deployment of capital and a 5 per cent enhance in fee-generating property beneath administration in contrast with the earlier yr.

Sinding expanded the agency from a market capitalisation of about €7bn on the time of its 2019 preliminary public providing to about €40bn at this time. Each Franzén and Sinding every personal about €800mn price of the agency’s shares.

EQT was based in 1994 with the backing of the economic Wallenberg household. It invests throughout Europe, North America and Asia, and just lately introduced a brand new technique devoted to infrastructure for the transition to renewable vitality.

Earlier this month the group deliberate to announce that former Nato secretary-general Jens Stoltenberg was becoming a member of its new advisory council, earlier than he determined to hitch the Norwegian authorities.

Sinding will proceed to chair the agency’s world funding discussion board and stay a member of a number of EQT fund funding committees.