Business Breakdowns EQT: Returns at Scale - [Business Breakdowns, EP.220]
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Jun 18, 2025 
Sean Barrett, founder of Counter Global and a veteran in alternative investments, joins to unpack EQT's significant role in this space. They dive into EQT's history shaped by the Wallenberg family, its innovative investment strategies, and its unique approach to private equity. The conversation also covers the challenges of fundraising in today's market and contrasts EQT’s capital-light model with heavier competitors. Listeners gain insights into the complex world of alternative asset management and the future of EQT’s impressive growth trajectory.
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Sean Barrett's Alts Investing Start
- Sean Barrett shared how he began studying alternative asset managers (alts) around 2011-2012 starting with Blackstone.
- He developed a unique fund-level analysis approach to better understand fee and carry revenue streams.
EQT's Business and Scale
- EQT is a Stockholm-based thematic private markets investment manager focused on secular growth trends.
- EQT manages about 27 270 billion euros AUM, with top quartile returns including 20% net IRRs historically.
EQT's Wallenberg Origins and Values
- EQT was founded in 1994 with backing from the Wallenberg family, Rockefellers, and Mellons.
- The Wallenberg values of doing business the right way shaped EQT's culture of transparency and low employee attrition.