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EQT ANNUAL REVIEW 2017

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EUR 50 BILLION IN RAISED CAPITAL • 27 FUNDS • 21

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Follow EQT on Twitter, LinkedIn and YouTube

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CONTENTS

04REFLECTIONS FROM THE MANAGING PARTNER AND CEO

08REFLECTIONS FROM THE FOUNDER AND CHAIRMAN

10FUNDRAISING AT A NEW LEVEL

11CREATING ONE HUB IN LUXEMBOURG FOR FUTURE FUNDS

12EQT’S SECTOR-APPROACH

14LIFE AS AN EQT PORTFOLIO COMPANY

19EQT FUND ACTIVITIES

30EQT’S INDUSTRIAL APPROACH

Investment strategiesCorporate governance model

Industrial NetworkFuture-proofing companies

A responsible investor and ownerNon-financial reporting

Working at EQT 39

EQT FUND FACTSInvestors

Fund structureFunds and governance

43PEOPLE AND CONTACTS

PeopleContact information

Definitions50

EQT PORTFOLIO

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Meeting passionate students is always inspiring, especially when they are contemplating a career within private equity. Earlier this year,

I gave a speech about my own career to a group of global talents at a leading business school in London. Hearing the next generation’s questions about the business model, career opportunities, and plans to tackle sustainability and diversity issues was thought provoking. Their straightforward approach further convinced me about the necessity of having a mentality of challenging, testing and re-assessing, continuous learning and being open to new ideas and acceleration while at the same time, being prepared to halt if things don’t fly. Or in other words, being systematically agile.

It has been full steam ahead during the past year and EQT has capitalized on the strong interest to allocate capital to the alternative asset class. In terms of fundraising, several funds closed successfully: EQT Infrastructure III (EUR 4.0 billion), EQT Mid Market Europe (EUR 1.6 billion), EQT Credit Opportunities III (EUR 1.3 billion) and EQT Real Estate I (EUR 420 million). In February 2018, another milestone was reached when EQT closed its eighth Equity fund at an amazing EUR 10.75 billion at its hard cap. As you read this, EQT Mid Market Asia III will have recently announced its closing with commitments of around USD 800 million. By

raising a fund specifically targeting investments in Asia, EQT is making an even stronger commitment to the region. Thanks to EQT’s long-standing relations with regional top-tier investors and investment advisory teams on the ground in offices in Hong Kong, Shanghai and Singapore, we have a solid footprint and the ability to capitalize on current investment trends and opportunities.

THE ACTIVITIES WITHIN EQT’S FUNDS in 2017 were hectic - the sheer volume of transactions makes it impossible to mention them all but feel free to check EQT’s website for a more extensive review. However, I take the opportunity to highlight a transaction which exemplifies the benefits of being a global, integrated, multi-strategy investment firm. Clinical Innovations is a US-based med-tech company that develops state-of-the-art technologies and innovative medical devices for hospitals’ labor, delivery and intensive care departments. EQT began evaluating the company during the spring of 2017 and acquired it in October. Early on, it was evident that one of the main value creation drivers was the ability to bring the product line to China and adjacent Asian markets. The team in New York lead the process and worked closely with colleagues in Shanghai and Hong Kong as well as the experts within EQT’s Healthcare sector team.

R E F L E C T I O N S F R O M T H E M A N A G I N G P A R T N E R A N D C E O T H O M A S V O N K O C H

Systematic agility will

future-proof EQT

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“ Building sound and sustainable businesses that provide services and products in demand in the future is EQT’s way of creating returns for the investors while at the same time being a responsible corporate citizen.”

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EQT came out as the preferred buyer thanks to a strong track record and deep expertise within healthcare, a unique global angle combined with a local-with-locals approach - in essence, the key ingredients of what EQT can bring to companies poised for transformation.

If we take a broader perspective, the purpose of private equity is to be a change agent. The mission is to stimulate innovation and development with the goal of creating superior risk adjusted returns to investors. But that is not enough for a responsible owner. The portfolio companies are equipped to be successful for the long-term and make a positive impact on society as even stronger businesses. Not only today, but long after EQT’s exit. This is how EQT works towards its vision of becoming the most reputable investor and owner.

TODAY, DIGITALIZATION EQUALS CHANGE. With an in-house team of tech geeks, data scientists and venture capital hipsters, supporting both EQT as an organization and the portfolio companies, we are well positioned to deliver on the promise of future-proofing. While the EQT Ventures fund targets fast-growing and innovative technology companies, there are significant opportunities for digital transformation in many of the EQT funds’ “non-digital” companies. Like the EQT Infrastructure portfolio company WASH.

WASH owns around 550,000 washing machines and dryers in apartment complexes and dormitories in 20 states across the US and in Canada. By replacing the machines’ coin-based payment method with a digital software solution, the expense of collecting truckloads of quarters was alleviated and by using data analysis, water use was reduced and maintenance trips could be predicted in a better way. Clearly, digitalization is also a positive force for sustainability.

Take Northern Europe’s largest private education company AcadeMedia as another example. By moving away from a traditional marketing approach in the upper secondary school segment and shifting focus directly towards students, the marketing efforts moved online and to social media, meeting students in their own arenas. Effective in-house production of film clips for different social media channels was key, with a pilot program tracked to measure and iterate success throughout the process. The outcome was a double-digit increase in student admissions for the schools included in the pilot.

Above are merely two cases – I dare say that we have now ingrained the capacity to identify trends and understand how digitalization can disrupt business into EQT’s muscle memory. The various investment advisory teams can apply this knowledge to basically

ACADEMEDIA, EQT V, 2010-2017

WASH, EQT INFRASTRUCTURE II, 2015-

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any company or sector the EQT funds invest in. And we’re building Motherbrain, an EQT-wide digital tool crunching and analyzing online footprints and an insane amount of data from multiple sources. With Motherbrain, we hope to be able to spot the most interesting investment opportunities before anyone else does, making EQT an even smarter investor across strategies. This is a great example of how big data and artificial intelligence will give EQT’s investment advisory teams the opportunity to focus on areas where humans still excel.

EQT CONTINUED TO DELIVER on its own growth strategy during 2017 which is necessary to get access to the most interesting investment opportunities, the most professional investors and to attract and retain the most relevant talent. Even though I promote the concept of systematic agility, corporate culture is one specific thing that must stay intact and it is even more important in times of change. To gain a better understanding of how our employees perceived EQT as an organization and employer as well as how we live according to our values, we conducted a firm-wide organizational health survey. I was pleased and proud to learn that EQT was consistently rated top-decile, benchmarked against over 800 international companies. Still, maintaining and nourishing the culture is a challenge and one of my key priorities.

TIME TO CONCLUDE – with more than 100 companies in the different funds’ portfolios and some EUR 50 billion in raised capital, we have a huge responsibility towards many different stakeholders. I strongly believe that being open to change in a learning and scalable manner is the best way to manage such responsibility. Building sound and sustainable businesses that provide services and products in demand in the future is EQT’s way of creating returns for the investors while at the same time being a responsible corporate citizen. And by building businesses, EQT will continue to attract and retain passionate, hard-working and skilled people who share our values - today and in the future!

Thomas von KochManaging Partner and CEO

” Still, maintaining and nourishing the culture is a challenge and one of my key priorities”

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“WHAT’S NEXT” seems to be the universal million-dollar question for everyone these days independent of industry, position or country. The private equity industry is no exception - we ask ourselves that very question while we work to identify trends to both stay ahead of the curve and make an impact in reshaping an industry in change. Sky high valuations, masses of dry powder, lack of diversity, increasing regulatory demands, concerns about increasing government debt and geographical uncertainties - the list of challenges may seem endless. But my two cents to this is really quite simple and this has been my view for many years. We, as an industry, must earn our license to operate, act and behave as responsible owners and acknowledge the broad set of stakeholders we have. Being respectful and transparent will maintain and boost our reputation which in turn will make it possible to attract both capital and great people - now and in the future.

Speaking about great people, with a local-with-locals approach, EQT takes pride in having a diverse employee base with different backgrounds, education and origins - some 40 nationalities are represented across EQT’s organization. However, gender diversity keeps me awake at night. Or rather the lack of it. The diversity gap, not only in our industry or at EQT but across the business landscape, must be narrowed and I believe the private equity industry can pave the way. As an investor and owner representing commitments from the most prominent and professional institutions in the world, we can challenge the status quo, accelerate change and give men and women the same opportunities - this is a commitment I have made to both my daughters and my son. It simply does not make sense to limit ourselves, leaving out 50% of the talent, knowledge, innovation and ideas.

HAVING A TRULY GLOBAL PERSPECTIVE is another key aspect for EQT and its platform of investment strategies - looking back, we have grown from Sweden into the Nordics, then into the DACH-region and other parts of Europe, and subsequently into North America. What’s next from a geographical expansion viewpoint is firmly manifesting EQT’s own series of “silk bridges”, bringing more investment strategies from Europe and the US to Asia and back - the opportunities in these vibrant and fast-moving markets are huge. I think it is still a rather well-kept secret that EQT has been present in Asia for more than ten years already. We have the advantage of being seated at the front row, observing innovation and trade origination in the region (which will be the key driver of future international trade), seeing the furious development of e-commerce and the fast adoption of mobile payments. In fact, there are many similarities between how the Chinese and Nordic markets quickly

disrupted into becoming close to cashless societies, short-cutting at least one generation of traditional banking services.

THAT LEADS US INTO the next “what’s next”, or for EQT, what’s already ongoing, namely further integrating technological change into the value creation process. Thanks to our Managing Partner Thomas von Koch, who has been pioneering this agenda for many years, EQT is in a truly leading position when it comes to capitalizing on the opportunities that the digitalization and new technologies bring.

There is also a compelling opportunity in the mix between digitalization and sustainability where technology, if used properly, can offer solutions to many of the challenges we face in society. And coming back to the necessity of a license to operate, sustainability is fully integrated into EQT’s due diligence and ownership processes - it is a natural part of the value creation of any investment made by any of the EQT funds. There is no other way if we want to continue to attract both capital and great people also in the future. But we must remain humble – the issues are complex, EQT has embarked on a journey and we will continue to travel for a long, long time.

SO, BACK TO THE BURNING QUESTION of “what’s next”. The world is facing massive challenges but I believe we’re in a good place and with EQT’s strong board of directors and management team, we’re also in good hands - private equity can be a strong influencer by doing good things as an investor and owner, being part of the solution, providing companies with the competence and means for future-proofing, and hence making a positive impact on society. Reinvention is a great thing, let’s stay curious and I take the opportunity to repeat my mantra since years: “everything can always be improved at all times”. That’s what’s next for EQT - always!

Conni JonssonFounder and Chairman

R E F L E C T I O N S F R O M T H E F O U N D E R A N D C H A I R M A N C O N N I J O N S S O N

“ Being respectful and transparent will maintain and boost our reputation which in turn will make it possible to attract both capital and great people”

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EQT VIII

2017 WAS A RECORD YEAR FOR EQT IN TERMS OF RAISING CAPITAL. WHAT WERE SOME OF THE HIGHLIGHTS?Indeed, 2017 was a fantastic year, not only for EQT but for the industry in general. The combination of low interest rates, rising stock market prices and strong relative and absolute returns has resulted in significant capital inflows to alternative investments. Since January 2017, EQT has raised a record of approximately EUR 19 billion and closed six funds: EQT Infrastructure III, EQT Mid Market Europe, EQT Real Estate, EQT Credit Opportunities III, EQT VIII and EQT Mid Market Asia III. However, despite a favourable fundraising market, there is an increasing gap between successful and struggling managers, meaning not everyone has fared equally well. The amount of due diligence conducted by investors is also increasing every year, partly as a consequence of a maturing asset class, but also due to increased regulation. At EQT, we have continued to expand the Investor Relations team to ensure that we can serve EQT’s growing investor base and meet increasing demands from relevant stakeholders.

WHAT ARE YOUR VIEWS ON THE CONTINUED HIGH INVESTOR DEMAND?The industry as a whole has benefited from strong tailwinds, but EQT has also benefited further from a clear trend where institutional investors globally have been trimming their portfolios of GP relationships, resulting in more capital going to fewer managers.

EQT has a broad offering, strong market positions and a proven ability to consistently generate attractive risk-adjusted returns over economic cycles. We have invested heavily into the EQT platform, brand, people and network of Industrial Advisors – to ensure that we continue to stay at the forefront of market development.

At the end of the day, our industry is all about people and culture. At EQT, we focus hard on attracting and retaining top talent through offering interesting and challenging development opportunities and through the EQT Academy, a systematic and tailored development program for professionals at all levels in the firm. Culture is the only thing our peers cannot copy - and culture is defined by the people working in the firm.

FINALLY, WHAT ARE YOUR PREDICTIONS FOR 2018?I think we will see a continued inflow of capital into our industry and that EQT as a firm will continue to reap benefits of both market trends and the investments we have made into the EQT platform. We are very well positioned as a firm and our brand has never been stronger. And who knows, we might even have something new up our sleeves.

Investors demonstrated continued trust in EQT and high demand for fundsadvised by EQT, evidenced by the EUR 19 billion raised since January 2017.Together with an in-house team of around 40 dedicated investor relationsprofessionals, Jussi Saarinen, Partner and Head of Investor Relations, has takenfundraising to a new level.

Fundraising at a new level

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Jussi SaarinenStockholmPartner and Head of Investor Relations

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CREDIT OPPORTUNITIES III

WHAT WAS THE RATIONALE BEHIND THE DECISION AND WHY LUXEMBOURG?Creating a single onshore hub for future funds was a natural next step in EQT’s ambition to standardize and safeguard transparency at all levels of the organization.

When creating a single home for all hubs, it was decided that EQT would not go outside of its current structure, given each jurisdiction already has a full team able to undertake all necessary functions, with extensive knowledge of local regulations and legislation. This meant that the choice was between the UK, Luxembourg and the Netherlands.

While the UK could have been a good place to manage the funds, the uncertainty surrounding Brexit meant that it was not an ideal location to house the fund structure at the time, as EQT seeks to offer long-term stability and predictability to its investor base.

While the Netherlands was a strong candidate, EQT ultimately chose Luxembourg as the place to settle the future funds. Luxembourg was the preferred choice and the decision was reinforced by several of EQT’s peers making the same move. It also helps that the country has a number of experienced service providers who are used to working with investment firms, meaning that they are often quicker and more effective to work with.

Similarly, the regulators in Luxembourg are generally seen as having a good understanding of private equity, which helps to make discussions more productive.

WHAT LIES AHEAD FOR THE EQT FUND HUB?Since deciding to create a single hub in Luxembourg, EQT has also benefited from the local pool of talent. Individuals who have recently joined bring unique experience in specific areas of fund management, providing EQT with a broader perspective and different ways of operating more efficiently.

The decision to centralize the management of EQT’s future funds in Luxembourg allows for strategic arrangements for the long-term and operations for all funds under the same set of guidelines, reducing complications caused by the requirement to have separate teams managing funds under different rules.

EQT initiated the process to relocate the offshore fund hub in Guernsey to onshore jurisdictions in the UK, Luxembourg and the Netherlands already in 2012. In 2017, it was decided to create a single hub in Luxembourg for all future EQT funds to harmonize and future-proof the fund management operations. Peter Veldman, Head of Fund Management, explains more.

Creating one hub in Luxembourg for future funds

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Peter Veldman Luxembourg Head of Fund Management

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With almost 25 years of global investment experience across various strategies and with investment advisory teams in 14 countries across three continents, EQT combines the advantage of deep, sector-specific experience with the flexibility and reach of a generalist firm.

EQT has applied a strategic sector approach since 2010 and the investment advisory teams monitor sectors to identify leading companies with high development potential.

CORE SECTORS AND INVESTMENT THEMES

Healthcare Medical technology, Healthcare IT, Innovative service providers

TMT Data monetization, Fiber networks, Software, Online/E-commerce

Services Business process outsourcing, Risk & security, Subscription-based services, Buy-and-build platforms

Industrial Technology

Automation & digitalization, Logistics, Food processing & packaging solutions, Security equipment & solutions

Consumer Online pure-plays, Healthy & organic food & beverages, Price comparison

THE STRENGTH OF THE EQT PLATFORM One key benefit of being a global firm with multiple investments strategies and a broad set of competencies is the ability to cross-pollinate and leverage synergies. The Industrial Network, investment advisory professionals and management teams at EQT’s portfolio companies all actively engage in the different sector teams’ work. By sharing industry knowledge and capabilities the sector teams serve as a catalyst for cooperation and acceleration.Additionally, EQT’s in-house digital team and the EQT Ventures investment advisory team possess unique technological edge and support the current portfolio of companies to secure access to skills in digital transformation. EQT supports digital disruption and pursue technological opportunities, both for existing portfolio companies and for new potential investments.

CAPTURING DIGITAL OPPORTUNITIES

With some EUR 31 billion in total invested in healthcare and TMT companies, EQT is one of the most active investors in these two sectors. Åsa Riisberg, Partner, Investment Advisor and Head of EQT’s Healthcare sector team, joined EQT in 2001 and is based in Stockholm. She has been involved with investments in companies like Aleris, Atos and Terveystalo, to mention a few. She comments: “Digitalization is transforming all sectors and verticals globally, and I believe the opportunities are great within

healthcare. The healthcare industry is more conservative and some of the benefits from digitalization that have taken place in other markets are yet to come in healthcare. EQT is well positioned to take advantage of this development. We have recently increased the focus on healthcare, IT, software and services with investments in portfolio companies like Press Ganey and Certara.“

“With ever increasing needs from an aging population and pressure on global healthcare budgets, there is a clear need for digitalization and automatization to increase efficiency. For example, EQT´s recent investment Certara saves pharma companies cost by providing an early assessment of how drugs clinical trials may turn out.”

“By collaborating with EQT Ventures, the digital team and the TMT sector colleagues, EQT can develop a better understanding of how technology can transform the healthcare industry. Given the high level of expertise in this area, EQT can advise portfolio companies more accurately and make even more informed investment decisions”, Riisberg continues.

Dominik Stein, Munich-based Partner, Investment Advisor and Head of EQT’s TMT sector team, joined EQT in 2006. He has been supporting portfolio companies such as Sportradar, Sitecore, Bureau van Dijk and Springer SBM.

“It is about investing with the trends and finding products and services that are likely to be more, rather than less, in demand in the future across the globe. Having a thematic sector-approach and being attentive to new sub-sectors makes it possible for EQT to stay ahead of the curve at all times”, says Stein. He continues;

“EQT has grown significantly, and growth is great when it comes to the sector focus; it adds more collective knowledge to the investment advisory teams. It is important to stay coordinated and focused on collaboration, and EQT has both the structure and culture to do it. When it comes to TMT and technology, there is cross-pollination in almost every investment that the EQT funds make today, regardless of fund or strategy”.

“In today’s market, it is not enough to be preferred by the management team; we need to bring innovative thinking and present multiple growth strategies. EQT is a global private equity firm but remains local with locals. We can add a technological edge and a top-notch network of advisors to help the portfolio companies find a sustainable path, be it toward becoming truly digital or global” says Stein and concludes:

“EQT has many strengths and differentiators to support our bold vision of becoming the most reputable investor and owner. Reputation is key when winning a deal and EQT has an extensive track record of developing great companies that continue to prosper well beyond EQT’s exit.”

EQT’s sector-approach – a differentiatorDeep knowledge, an innovative mindset and extensive experience across sectors, combined with the ability to understand transformation, are essential when uncovering the most exciting investment opportunities for EQT’s funds.

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CONSOLIDATING THE EUROPEAN DENTAL MARKET - CURAEOS EQT acquired Curaeos, a vertically-integrated dental services provider in 2017. Curaeos provides a full range of both general and specialist dental care and serves over one million patients through its pan-European network of over 220 clinics.

“Curaeos is an industry investment for which EQT bought a platform to apply a buy-and-build growth strategy. Deregulations and changes in demographics and patient behavior coupled with modern technology are driving consolidation in a highly fragmented European market. By using EQT’s local with locals approach, we had several touch points with different EQT investment advisory teams in several countries. Thanks to highly competent teams across the Healthcare and TMT sectors, an in-house digital team and a track record of driving expansion into other geographies, EQT became the preferred buyer.”

UNLEASHING VALUE THROUGH A TMT SECTOR APPROACH - KUONI GROUP EQT acquired Kuoni Group, a leading service provider to the global travel industry based in Switzerland, in 2016. It was then a publicly listed conglomerate of leading travel-related services companies.

“Kuoni was a really challenging investment case, but it had significant value creation potential. The value was trapped in a rather complicated holding structure and even suffered under IPO legislation. The tipping point was due to market consolidation, specifically when Hotelbeds.com entered. Either you take an active part in the consolidation or you slowly die. Kuoni couldn’t leverage the value as a listed company, so it made good business sense to go private. The deciding factor for convincing the seller that EQT was the right buyer was the TMT sector experience and approach.”

Åsa RiisbergStockholmPartner andHead of EQT’s Healthcare sector team

Dominik Stein, MunichPartner andHead of EQT’s TMT sector team

EQT’S TMT SECTOR• EUR 15 billion invested

(enterprise value)• 43 investments• 19 exits• 13% average sales CAGR

EQT’S HEALTHCARE SECTOR• EUR 16 billion invested

(enterprise value)• 31 investments• 17 exits• 8% average sales CAGR

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Life as an EQT portfolio company

PHASE ONE: INVESTMENTFinding the right company can sometimes be like searching for a needle in a haystack. During 2017, EQT explored some 800 potential investment leads with only around 30 resulting in signed deals. Because of the immense number of investment opportunities, there is no conventional one-size-fits-all strategy to find new companies to invest in.

“Global Gateway South’s journey from ‘early lead’ to ‘signed deal’ is a great example of how the combination of EQT’s sector expertise and the broad network of Industrial Advisors really excels”, says Alex Darden, Partner and Investment Advisor to EQT’s Infrastructure funds. In order to understand why, we have to go back to late 2015.

Global Gateway South is a container terminal in the largest port complex in North America - the Twin Ports of Los Angeles and Long Beach - and provides shipping lines with container handling services, such as stevedoring, intermodal and truck services, storage and maintenance. The port is the gateway to the Trans-pacific trade route between Asia and North America and offers a direct link to the US railway network.

IN DECEMBER 2015, the French shipping conglomerate CMA acquired the American shipping company NOL/

APL, which at the time owned and operated the Global Gateway South terminal as an internal cost center. Shortly after the acquisition, CMA looked to divest the Global Gateway South terminal with the ambition to relocate the resources to further strengthen its Trans-pacific trade route to Asia.

“When sourcing new investment leads, EQT’s Infrastructure advisory team targets a specific set of sectors, Transport & Logistics and Ports & Terminals are two of them. EQT has a lot of in-house experience from these sectors thanks to long relationships and investments in portfolio companies such as Contanda, Koole Terminals and Direct ChassisLink (DCLI)”, says Darden.

The latter, DCLI, was acquired by EQT Infrastructure II in 2016 and is the largest provider of marine chassis and containers to the American intermodal industry. DCLI’s fleet of approximately 136,000 chassis and 87,000 intermodal containers operates across a network of 375 hubs and depots, as well as key marine ports, such as the Twin Ports of Los Angeles and Long Beach.

The Chairman of DCLI, Michael Moore, is an Industrial Advisor who has worked closely with EQT for many years. EQT’s Industrial Network is comprised of nearly 250 current and former business executives across different industries and sectors. Moore, who has deep experience in the Transport & Logistics sector, has held numerous CEO and management positions at terminals across North America.

Darden continues: “Given EQT’s deep industry experience and DCLI Chairman Michael Moore’s network in the Ports & Terminal sector, we came to know CMA,

More than 200 portfolio companies around the world have embarked on a transformational journey with EQT. Their journeys may have taken different routes, but regardless of industry or geography, the destination is the same – to become future-proofed for the long-run. But what happens along the way? Read more about the three different phases of the life as an EQT portfolio company – from the investment, during ownership and eventually, to the divestment.

Global Gateway South is a container terminal in the twin ports of Los Angeles and Long Beach – the largest port complex in North America

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and later on were given a site visit tour to the Port of Los Angeles and Long Beach, and subsequently the Global Gateway South terminal. This was long before we knew that the terminal would be up for sale.”

WHEN CMA DECIDED TO GO TO THE MARKET to divest the Global Gateway South terminal, EQT was one of the potential buyers to receive a call.

“When we sat down with CMA to hammer out the structure of a potential deal, we brought EQT Industrial Advisors Michael Moore and Sean Pierce to the table for additional support and their expert views on the Global Gateway South terminal. Sean Pierce, the former CEO of the global ports and logistics company Yilport Holding, has experience from running Yilport’s 17 container terminals across the world. His unrivalled know-how from the Ports & Terminal sector, combined with Moore’s background in Transport & Logistics, proved to be a successful asset during the negotiations. Having access to EQT’s Industrial Advisors’ industry expertise throughout the negotiation process was essential to successfully winning the sale process and closing the deal. It really made EQT stand out among the other bidders.”

EQT Infrastructure successfully closed its investment in Global Gateway South in December 2017 and the TROIKA consists of Alex Darden, EQT responsible advisor; Sean Pierce, CEO; and Michael Moore, Chairman of the board.

Alex Darden concludes: “The fact that EQT is fully integrated with access to some 250 Industrial Advisors throughout the investment lifecycle, and not just before signing a new deal, means that the advisors are completely aligned with the firm’s industrial approach to future-proofing companies. They are really an extended leg of the EQT value proposition”.

PHASE TWO: OWNERSHIPLong gone are the days when private equity only meant improving cash flows or financial engineering. Today, it is about encouraging portfolio companies to take the next step and implement both vertical and horizontal expansion to go beyond their core business model.

It is part of EQT’s DNA to invest in good companies and help them develop into great and sustainable businesses. This is also the case for the EQT Mid Market fund’s portfolio company ELEVATE. Headquartered in Hong Kong, ELEVATE operates in the rapidly growing market of supply chain sustainability and risk management services. ELEVATE specializes in performing audits in the supply chain, in terms of social, environmental and business performance to make them more sustainable. Each year, ELEVATE’s auditors perform thousands of factory inspections across China, South and Southeast Asia, Europe and North America.

EQT INVESTED IN ELEVATE in February 2016 and the company is currently in the mature ownership phase. During this period, the focus primarily lies in executing the strategies defined in the so called “full potential plan”, to develop and transform the portfolio company further.

Tak Wai CHUNG, Partner and Investment Advisor to EQT’s Mid Market funds and responsible advisor for ELEVATE, explains: “During the initial ownership period, the focus was on laying a solid foundation from which ELEVATE could continue its long-term development with a new management structure, enhanced governance procedures and organizational infrastructure. Now, the focus has shifted to leveraging the existing business model and exploring expansion opportunities outside of ELEVATE’s ordinary bread and butter.”

ELEVATE’s core competency has been site visits and factory inspections to perform audits and social compliance analysis. The inspections are conducted on

ELEVATE is a leading global social compliance assessment and improvement service provider

Alex Darden New York

Partner

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behalf of ELEVATE’s clients, which are primarily world-leading retailers and brands. The purpose of the audits is to certify that the factories which ELEVATE’s clients engage with are complying with laws and expectations from stakeholders. Examples of audited indicators are whether the factories are paying social security benefits for employees, follow health and safety regulations, provide medical insurances and protect against child labour.

CHUNG continues, “The traditional business model for an inspection company is mostly transaction-oriented and data is collected and reported once only. EQT, however, saw great potential in building out ELEVATE’s original service offering by combining public domain information with proprietary on-the-ground insights from audits. If accumulated, this data could provide unique insights and business intelligence, analyzing how thousands of factories across the world perform when it comes to sustainability.”

TOGETHER WITH ELEVATE’S MANAGEMENT TEAM, EQT supported the automation of the manually performed audit processes. Digitizing these procedures brought new possibilities - by building big data sets, the company could source and retrieve valuable in-depth analytics. In 2017, ELEVATE did over 13,000 factory audits across China, South and Southeast Asia, Europe and North America. ELEVATE today offers industry peer benchmarking, risk scorecards and quarterly trend reports on a wide range of different metrics. With the support of EQT, ELEVATE now plans to accelerate the business model rejuvenation even further.

CHUNG explains: “Many of ELEVATE’s large multinational clients have portfolios of thousands of suppliers across the world, making it complex for their program design and new country entry decisions. By looking at previous outcomes and data correlations, such as factories’ geographical location, size and industry, it is possible to run a data screening through a

client’s portfolio of subcontractors and pinpoint which specific factories are at a higher risk of falling below the required sustainability standards. Hence enabling better and faster risk management as well as avoiding disruptions.”

ELEVATE calls this technology ‘predictive risk analytics’ because its clients can identify “the bad apples” in advance and therefore allocate their resources in a more efficient way.

“The strategy to enhance ELEVATE’s business model by leveraging its data more intelligently has opened a wider scope of opportunities, enabling the company to reap even greater benefits of scale. This is an exciting stage of ELEVATE’s evolution and I believe it is a great example of EQT’s mission to future-proof its portfolio companies”, CHUNG concludes.

In addition to enhancing ELEVATE’s business model, EQT has, thanks to its global network, supported the company’s further geographical expansion in Europe, Singapore, Japan, Malaysia, Thailand and Australia. Moreover, the add-on acquisitions of CSR Asia, an environmental, social and governance development (ESG) and reporting consultancy, and Laborlink, a worker-centric real-time communication and anonymous survey tool, and the accelerated investments in R&D and digitalization are additional examples of how ELEVATE is being future-proofed for the long run.

Tak Wai CHUNGSingaporePartner

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PHASE THREE: DIVESTMENTHaving a long-term approach is central to EQT as it constitutes the very foundation of the ownership model. When acquiring a portfolio company, EQT is committed to stand by its side in good times as well as in bad. With an average ownership period of roughly five years, you may wonder what having a long-term approach really means. Vesa Koskinen, Partner and Investment Advisor to EQT’s Equity and Mid Market funds and one of the responsible advisors to healthcare service provider Terveystalo, explains:

“EQT’s philosophy is about future-proofing companies and giving them the tools to continue to prosper on a horizon extending far beyond EQT’s ownership tenure. The decision to list Terveystalo on the Helsinki stock exchange will provide the company with the right muscles and broad ownership base to prolong its growth journey for years to come.”

There are typically three ways for EQT to hand over a portfolio company to a new owner. A trade sale, which means selling the company to an industrial buyer, a secondary buyout, which entails a divestment to a financial investor and lastly, an initial public offering (IPO), which means listing the company on a public stock exchange.

EQT VI portfolio company Terveystalo is the largest private healthcare service provider in Finland, serving the public sector, private consumers, companies and organizations through a nationwide network of 18 hospitals and 180 units. The EQT VI fund acquired Terveystalo in 2013 and during the ownership period the company completed 19 add-on acquisitions, expanded into the dental care segment, strengthened both the management team and board of directors and made significant investments into medical quality and digital healthcare solutions.

“One of EQT’s key missions with Terveystalo was to secure its position as the undisputed leader in the Finnish healthcare market. The full potential plan for Terveystalo was reached following the merger with the healthcare

provider Diacor in March 2017, which was highly synergetic thanks to both companies’ complementary networks and the shared commitment to offer the best possible healthcare in Finland. This was the final piece of the puzzle in Terveystalo’s transformation journey and meant that the company was now ready to take the step into a public environment”, says Koskinen.

IN SEPTEMBER 2017, the intention to float Terveystalo on the Nasdaq Helsinki stock exchange was announced, after receiving notable commitments from numerous reputable cornerstone investors.

Koskinen continues: “Ever since EQT acquired Terveystalo in 2013, an IPO was considered as a likely exit route. The company is operating in a consumer-centric setting supported by stable market growth and strong underlying mega trends. Moreover, the public environment on the Helsinki stock exchange will provide visibility and publicity for Terveystalo as well as providing continuous access to capital and resources for the company to continue on its long-term growth strategy.”

WHEN TERVEYSTALO WAS LISTED on the Nasdaq Helsinki stock exchange in October 2017, it was heavily oversubscribed thanks to strong demand from both domestic and international institutional investors. At the time of the listing, Terveystalo was one of the largest Finnish IPO in over 30 years and the biggest private equity listing ever in Finland.

Koskinen concludes: “Over the past few years management, the board and the EQT team have all worked intensively to transform Terveystalo and the exit is obviously the crystallization of that effort. It is also a beginning of a new era for the company. While I am extremely happy about the successful exit of Terveystalo and confident about its prospects as a listed company, I will also miss advising the board and the management. At the end of the day, it is the team- work that makes or breaks a great investment like Terveystalo.”

Terveystalo is the largest private healthcare service provider in Finland

Vesa Koskinen HelsinkiPartner

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EQT FUND ACTIVITIES

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ACADEMEDIAEXIT (IPO) OCTOBER 2017

COUNTRY SWEDEN

FUND EQT V

SECTOR SERVICES

AcadeMedia is the largest independent education provider in Northern Europe. The company provides a complete educational offering spanning from preschools to adult education with approximately 165,000 children and students attending the operations across Sweden, Norway and Germany. During EQT’s ownership, the company almost quadrupled in size and transformed from a domestic Swedish player into the largest and most diversified independent education provider in Northern Europe, with approximately EUR 1 billion of revenues and more than 600 schools and units. EQT successfully listed AcadeMedia on the Nasdaq Stockholm stock exchange in June 2016 and sold its final shares in October 2017.

ANTICIMEXMINORITY STAKE SALE DECEMBER 2017

COUNTRY SWEDEN

FUND EQT VI

SECTOR SERVICES

Anticimex is a leading global specialist in preventive pest control with operations in 17 countries across Europe, Asia-Pacific and the US. With almost 5,000 employees, Anticimex serves more than three million customers across the globe and offers a broad range of preventive pest control solutions, including the digital solution “Anticimex SMART” and pest insurance. During EQT’s ownership period thus far, Anticimex has tripled revenues and more than quadrupled its operating earnings. With Anticimex’s 80+ years of consecutive revenue increase and recent growth acceleration, EQT remains a committed owner with an industrial and long-term approach.

BLUESTEP BANKACQUISITION NOVEMBER 2017

COUNTRY SWEDEN

FUND EQT VII

SECTOR SERVICES

BlueStep Bank is the leading specialist mortgage provider in the Nordics and has provided loans to more than 29,000 customers since 2005. BlueStep applies a differentiated approach to serving customers and assessing their underlying creditworthiness. By understanding each customer’s unique situation and focusing on its future ability to service debt, BlueStep is helping a growing share of the population neglected by traditional banks. BlueStep offers both lending products and deposits. EQT will support BlueStep on its continued growth journey by investing in the organization and further expansion.

ACADEMEDIA BLUESTEP BANK

ANTICIMEX

EQUITYEQUITY

BROADNETEXIT APRIL 2018

COUNTRY NORWAY

FUND EQT V & EQT VI

SECTOR TMT

Broadnet is the largest alternative B2B datacom provider in Norway, connecting more than 90 cities through its nationwide network of around 24,000 km of fiber. Broadnet offers a full range of data communications services across all channels and segments and its customer base includes some of the largest Norwegian enterprises, in addition to other telecom operators and consumers. During EQT’s ownership, Broadnet has developed into the leading alternative datacom provider to businesses in Norway during its ownership through focusing on streamlining operations, upgrading the network infrastructure and improving the customer journey from sales to delivery.

BROADNET

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BUREAU VAN DIJKEXIT AUGUST 2017

COUNTRY THE NETHERLANDS

FUND EQT VI

SECTOR TMT

Founded in 1991, Bureau van Dijk is a leading global provider of private company information and business intelligence, known for products like Orbis and Amadeus. The company’s business model is focused on the aggregation, cleansing, integration and analysis of private companies’ information, and then delivering this data to customers through proprietary software. Since being acquired by EQT, Bureau van Dijk has gone through a significant transformation with investments in areas such as sales, marketing and product development. In August 2017, EQT sold Bureau van Dijk to Moody’s Corporation, a US-listed company, providing a strong strategic and cultural fit.

BUREAU VAN DIJK

EQUITYEQUITY

CERTARAACQUISITION AUGUST 2017

COUNTRY US

FUND EQT VII

SECTOR HEALTHCARE

Certara is the global leader in model-informed drug development and regulatory science. The company’s solutions help inform the drug development and regulatory approval process and address the key efficacy, safety, productivity and commercial challenges facing the biopharma industry. Certara serves 1,200 commercial companies, 250 academic institutions and numerous regulatory agencies across 60 countries. EQT intends to support the development of Certara through continued investment in next-generation technology and science and complementary acquisitions that strengthen core capabilities and accelerate offerings in key adjacencies.

CURAEOSACQUISITION DECEMBER 2017


FUND EQT VII

SECTOR HEALTHCARE

Curaeos is a vertically integrated dental services provider, serving over one million patients through its pan-European network of over 220 clinics across the Netherlands, Belgium, Denmark, Germany and Italy. Curaeos provides a full range of affordable, high-quality general and specialist dental care and is known for brands like DentConnect and DentalCoop. In addition to providing access to both operational and financial resources, EQT will support the continued development of Curaeos’ buy-and-build growth strategy. Curaeos’ current management team, including CEO and co-founder Jim Vermeule, will continue to lead the organization, building on a strong track record of both organic and acquisitive growth.

CERTARA

CBR FASHION GROUP

CURAEOS

CBR FASHION GROUPEXIT FEBRUARY 2018

COUNTRY GERMANY

FUND EQT V

SECTOR CONSUMER

Founded in 1980, CBR Fashion Group is one of the major fashion companies in the German-speaking mainstream women’s clothing market. CBR employs over 1,200 people and is represented in 19 European countries. Since being acquired by EQT, CBR Fashion Group (with its Street One and CECIL brands) has developed from a fast fashion wholesale-focused company to a multi-channel business with a bespoke eCommerce platform achieving double-digit annual growth rates. With the introduction of its own retail business and eCommerce functions, CBR is now present and well-positioned in all important distribution channels. In February 2018, CBR was sold to UK-based Alteri Investors.

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OTTOBOCKINVESTMENT AUGUST 2017

COUNTRY GERMANY

FUND EQT VII

SECTOR HEALTHCARE

Ottobock is the global market leader in mobility solutions with a strong track record of “world’s first” innovations over the last century. EQT, as strategic partner to the majority shareholder of Ottobock, Prof. Näder, will focus on supporting the company’s growth trajectory by continued investments in highly innovative products, applying EQT’s Value Creation Toolbox to drive operational excellence, participating in industry consolidation and pursuing digitization of the orthotic and prosthetic value chain.

TERVEYSTALOEXIT (IPO) OCTOBER 2017

COUNTRY FINLAND

FUND EQT VI

SECTOR HEALTHCARE

Terveystalo is Finland’s leading private healthcare services provider, serving private customers, companies and organizations as well as the public sector. During EQT’s ownership, Terveystalo made significant investments into medical quality and healthcare IT, entered into the attractive dental segment, strengthened the management team and completed 19 acquisitions, including the highly synergistic acquisition of Diacor which strengthened Terveystalo’s market position in the Capital Region. EQT successfully listed Terveystalo on the Nasdaq Helsinki stock exchange in October 2017.

EQUITY

OTTOBOCK

TERVEYSTALO

FÆRCH PLASTEXIT AUGUST 2017

COUNTRY DENMARK

FUND EQT VI

SECTOR INDUSTRIAL TECHNOLOGY

Færch Plast is a market leader in rigid plastic packaging for the food industry with a core focus on recyclability, sustainability and food safety. Færch Plast focuses on Ready Meals, Food-to-Go and Fresh Meat. During EQT’s ownership, the company doubled its size by executing two transformational acquisitions and above-market organic volume growth in all markets and across all applications, resulting in a significantly strengthened market position and increased market share. Færch Plast launched several new innovative products, improved production technology and lowered production costs, leading to higher efficiency and increased profitability. In August 2017, Færch Plast was sold to Advent International.

FÆRCH PLAST

DESOTECACQUISITION AUGUST 2017

COUNTRY BELGIUM

FUND EQT VII


Desotec is a leading European provider of mobile filtration technology through a unique and circular service concept. The company has pioneered the market for mobile activated carbon filters and differentiates itself by being the only player that fully focuses on mobile solutions. With a fleet of around 1,800 mobile filters, Desotec enables customers to comply with increasing environmental regulations and sustainability requirements. EQT supports Desotec on its continued growth and transformation journey by investing in the commercial organization and supporting further international expansion.

DESOTEC

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BACKWERKEXIT OCTOBER 2017

COUNTRY GERMANY

FUND EQT MID MARKET

SECTOR CONSUMER

BackWerk is a leading German, quick-service convenience food franchise concept. The company operates over 350 stores at transport hubs in high-traffic areas and offers a wide variety of products, including bread, sandwiches, snacks, beverages and pastries. During EQT’s ownership, BackWerk grew its store footprint from some 300 to over 350 locations and accelerated its strategic repositioning from a bakery chain to a quick-service convenience food concept with a growing share of out-of-home sales and average ticket growth of 25%. The company successfully expanded into the Netherlands and today is led by a strong independent management team. In October 2017, Backwerk was sold to food service conglomerate Valora Group.

EQUITY

BACKWERK

MID MARKET

CLINICAL INNOVATIONSACQUISITION OCTOBER 2017

COUNTRY US

FUND EQT MID MARKET US & EQT MID MARKET ASIA III

SECTOR HEALTHCARE

Clinical Innovations is a leading global pure-play provider of single-use clinician-preferred products for hospitals’ Labor & Delivery (L&D) and Neonatal Intensive Care Unit (NICU) departments. Clinical Innovations’ top products have market-leading positions in the US, Europe and Japan with superior product quality and high clinician preference. Based in the US, Clinical Innovations serves 2,300 hospitals in the US alone and over 80 countries through a dedicated direct salesforce and partner distributors. EQT will support Clinical Innovations with its portfolio expansion, geographic growth and continued development as a leading platform in obstetric health.

CLINICAL INNOVATIONS

CANDIDATORACQUISITION FEBRUARY 2018

COUNTRY SWEDEN

FUND EQT MID MARKET EUROPE

SECTOR TMT

Candidator is a managed IT services provider with capabilities for full IT outsourcing, providing mainly contracted services including, for example, hosting, cloud, and application management to its clients. Since its establishment in 1997, Candidator has managed to build strong customer relationships primarily within the SME segment in Sweden and Norway by combining customer focus with high quality IT solutions. EQT will support the continued development of Candidator’s growth strategy while strengthening its platform and further developing its service offering, both organically and through acquisitions.

CANDIDATOR

BBS AUTOMATIONACQUISITION APRIL 2018

COUNTRY GERMANY



BBS Automation is a leading provider of flexible and high-quality automation solutions for complex manufacturing and testing processes. The company develops, builds and installs high-quality automated systems for a wide range of industries and requirements. With over 600 employees across Germany, China, Malaysia and the US, BBS Automation serves blue-chip customers on a global scale. EQT intends to leverage its experience in the Industrial Technology space to assist BBS Automation’s growth ambitions in new end markets both organically and through acquisitions. Furthermore, EQT’s global network, in particular in China and the Americas, will support the company in further expanding its geographical presence.

BBS AUTOMATION

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MID MARKET

ILA VIETNAMACQUISITION JULY 2017

COUNTRY VIETNAM

FUND MID MARKET ASIA III

SECTOR SERVICES

ILA is an early pioneer in the premium English Language Teaching (ELT) industry in Vietnam. The company has a well-established reputation and more than 20 years of experience in the education sector. Today, ILA has approximately 27,000 ELT students across Vietnam and offers English for young learners, overseas study consultancy, teacher training services and corporate English training. ILA strives to be at the forefront of delivering high quality and up-to-date programs with 21st century learning to its students across Vietnam.

ILA VIETNAM

I-MED RADIOLOGY NETWORKEXIT FEBRUARY 2018

COUNTRY AUSTRALIA

FUND EQT MID MARKET

SECTOR HEALTHCARE

I-MED is the leading diagnostic imaging service provider in Australia with 204 clinics and almost five million procedures performed per year. During EQT’s ownership, the company has grown the number of fully owned clinics by more than 30% and the number of radiologists by more than 25%. During the last three years, I-MED has further strengthened its market position in Australia and generated revenues of almost AUD 700 million for 2017. I-MED has a strong and dedicated staff with over 3,500 employees, including more than 300 radiologists who serve over 30,000 referrers in the growing healthcare market in Australia. In February 2018, EQT sold I-MED to the global investment firm Permira.

I-MED

EPIDEMIC SOUND

EPIDEMIC SOUNDACQUISITION DECEMBER 2017

COUNTRY SWEDEN


SECTOR TMT

Epidemic Sound, a new breed of music tech company headquartered in Sweden, collaborates with musicians all over the world to produce high-quality music for usage in video content production, in-store music and streaming platforms. The company owns an extensive music library consisting of more than 30,000 royalty-free tracks that visual content creators, primarily through subscription, are offered to use on all platforms for unlimited time. EQT will support Epidemic Sound’s growth journey through further investments in the product platform and continued international expansion with the mission to propel the company’s full growth-potential in both existing and new end-markets.

DATA INTENSITYACQUISITION AUGUST 2017

COUNTRY US

FUND EQT MID MARKET US

SECTOR TMT

Data Intensity is a leading provider of application and database management services. The company provides technical and functional services via cloud-hosted or remote delivery models. Data Intensity manages more than 3,000 application instances and 10,000 databases across multiple IT environments including on-premise, private cloud, public cloud and hybrid cloud. EQT will support Data Intensity with its continued growth and development, both domestically and internationally, by helping the company expand its portfolio of services, enter new markets and incorporate new service-oriented tools and technologies to capitalize on industry growth trends.

DATA INTENSITY

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OPEN SYSTEMS ACQUISITION JUNE 2017

COUNTRY SWITZERLAND


SECTOR TMT

Open Systems operates and controls secure software-defined networks mainly for multinational enterprises and NGOs in more than 180 countries. The standardized security platform combines a modern SD-WAN and a state-of-the-art security stack delivered as a service. With a large global footprint, Open Systems produces unique data, valuable for analyzing and detecting anomalies and intruders. Open Systems leverages a holistic approach and manages security and cyber risks effectively for its customers at the same time through its global network. EQT will support Open Systems to further professionalize the go-to-market strategy and drive geographical expansion both organically and inorganically.

ROESEREXIT JUNE 2017

COUNTRY GERMANY

FUND EQT EXPANSION CAPITAL II

SECTOR HEALTHCARE

In August 2010, EQT acquired Roeser and subsequently executed two add-on acquisitions, EHS Medizintechnik and Klingenfuss, to strengthen Roeser’s position as the independent, market-leading wholesaler of medical devices in Germany. During EQT’s ownership, Roeser enhanced its product offering by focusing on value-added services, consolidated its logistics operations in a new semi-automated central warehouse in Essen and strengthened its management team. Roeser has approximately 310 employees and is headquartered in Essen. In June 2017, Roeser was sold to Sana Kliniken AG.

MID MARKET

OPEN SYSTEMS

ROESER

SWISS SMILEEXIT JUNE 2017

COUNTRY SWITZERLAND

FUND EQT MID MARKET

SECTOR HEALTHCARE

swiss smile is a leading dental chain with eleven clinics in Switzerland, known for high medical standards, modern infrastructure and outstanding patient experience. During EQT’s ownership the management team was strengthened, a clear corporate governance structure was established, with improved financial transparency, transforming the company from a founder-led business into a platform geared toward further growth. During EQT’s investment period, swiss smile acquired four dental practices and undertook green field investments in two new practices, resulting in swiss smile nearly doubling revenues between 2012 and 2016.

TRANS IPEXIT SEPTEMBER 2017



SECTOR TMT

Founded in 2003 and headquartered in Leiden, the Netherlands, TransIP is the largest independent domain name, hosting and Virtual Private Server (“VPS”) provider in the Benelux region with over 200,000 clients. The company acts as an aggregator for its customers, who look for tools, products and infrastructure to manage their businesses’ online presence. In September 2017, EQT sold its stake in Trans IP to its founder.

SWISS SMILE

TRANS IP

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NATURAL CYCLESINVESTMENT NOVEMBER 2017

COUNTRY SWEDEN

Natural Cycles is the world’s first app to be certified as a contraceptive in Europe. It works by detecting a woman’s ovulation and calculating her fertile days by taking many factors, such as temperature and cycle irregularities into account. The company’s mission is to educate and empower women to take control of their fertility and future.

TINYCLUESINVESTMENT FEBRUARY 2018

COUNTRY FRANCE

Tinyclues is an AI-first marketing campaign intelligence solution, enabling marketers at any B2C company to smartly target and reactivate customers with no recent intent and automate campaigns.

TOKENINVESTMENT APRIL 2017

COUNTRY US

Token has created an open banking platform that allows a global ecosystem of banks, bank customers and developers to move money and information securely, without friction and instantly worldwide.

VARJOINVESTMENT SEPTEMBER 2017

COUNTRY FINLAND

Varjo is creating the world’s best hardware and software for groundbreaking virtual-, augmented and extended reality computing devices for the professional environment, merging the real and digital worlds seamlessly together. The company has created the world’s first human-eye resolution VR headset.

VARJOTINYCLUES

NATURAL CYCLES TOKEN

VENTURES

AIFLOOINVESTMENT SEPTEMBER 2017

COUNTRY SWEDEN

Aifloo is a Swedish innovation company that develops e-health systems based on artificial intelligence (AI). Combining sensor architecture and AI, Aifloo’s smart wristband understands and analyses behavioural patterns and sends an alert to nursing staff or relatives in the event of deviations. Aifloo improves the lives of elderly people who need care and security with great respect for personal independence.

CALLDESKINVESTMENT SEPTEMBER 2017

COUNTRY FRANCE

CallDesk rethinks the way customer service can deliver client happiness. The company’s AI-based virtual agent understands intent and creates a natural dialogue, enabling it to work alongside teleoperators and handle any time-consuming repetitive calls. Teleoperators can then focus on more complex, high value interactions with customers.

CODACY INVESTMENT AUGUST 2017

COUNTRY PORTUGAL

Codacy is an automated code review tool that helps developers save time in code reviews, tackle technical debt and ship quality code faster. It centralizes customizable code patterns and enforces them within engineering teams.

HOMEINVESTMENT AUGUST 2017

COUNTRY GERMANY

Home is the platform that makes finding and living in a home you love simple, providing the best housing experiences for tenants and landlords alike. Home’s first step towards better housing is the free Home app. More than 100,000 apartments are already being managed through the app and when a tenant moves out, landlords can rent their apartment directly to Home. New apartments are added to Home’s platform daily.

CODACY

CALLDESK

AIFLOO HOME

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GLOBAL GATEWAY SOUTH ACQUISITION DECEMBER 2017

COUNTRY US

FUND EQT INFRASTRUCTURE III

SECTOR TRANSPORT & LOGISTICS

Global Gateway South (“GGS”) is one of the largest container terminals in the twin ports of Los Angeles and Long Beach and provides handling services to shipping lines including stevedoring, intermodal/truck services, storage and maintenance. The terminal has been operating since 1997 and offers a prime location, infrastructure suitable for large ships and opportunities for expansion. EQT will support GGS to transform the undermanaged terminal through revenue enhancement via its volume and pricing contract with anchor customer and third largest shipping line, CMA, and cost efficiency realization via process improvements and investment in equipment.

INFRASTRUCTURE

GLOBAL GATEWAY SOUTH

VENTURES

SPIRIT COMMUNICATIONS ACQUISITION AUGUST 2017

COUNTRY US


SECTOR TMT

Spirit Communications is a leading pure-play provider of fiber-based data and broadband services to enterprises, governments and wireless carriers in South Carolina and North Carolina in the US. The company’s network is composed of over 9,000 miles of fiber and serves thousands of customers across 17 metro markets. Spirit Communications’ fiber is directly connected to over 2,400 buildings as well as over 2,500 cell sites. The company will be combined with EQT Infrastructure III portfolio company Lumos Networks, which is a leading fiber-based services provider in the Mid-Atlantic, US. The merger aims to create a sizeable fiber company in the region with significant value creation potential.

MONGSTAD GROUP

SPIRIT COMMUNICATIONS

MONGSTAD GROUPEXIT MARCH 2018

COUNTRY NORWAY

FUND EQT INFRASTRUCTURE II

SECTOR TRANSPORT & LOGISTICS

Mongstad Group is an owner of key infrastructure and port landlord at Mongstad and Dusavik ports, two oil and gas supply bases serving around 30 producing platforms in the North Sea. During EQT’s ownership, Mongstad Group has almost tripled in size following substantial investments in quays, pipelines and tenant facilities, and acquisitions. In March 2018, the agreement to sell Mongstad Group to Asset Buyout Partners, an industrial real estate investor specializing in Norwegian oil and gas clusters, was signed and is expected to be completed in April 2018.

BROADNETEXIT APRIL 2018

COUNTRY NORWAY


SECTOR TMT

Broadnet is the largest alternative B2B datacom provider in Norway, connecting more than 90 cities through its nationwide network of around 24,000 km of fiber. Broadnet offers a full range of data communications services across all channels and segments and its customer base includes some of the largest Norwegian enterprises in addition to other telecom operators and consumers. EQT Infrastructure will support Broadnet in growing and commercializing its extensive fiber network assets as well as in realizing identified operational improvement opportunities e.g. within automation and customer service.

BROADNET

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METALCAUCHOINVESTMENT DECEMBER 2017

COUNTRY SPAIN

FUND EQT MID-MARKET CREDIT I & II


Headquartered in Barcelona, Metalcaucho is a leading automotive spare parts designer and distributor focused on rubber, plastic and metal parts for the independent automotive aftermarket, supplying a catalogue of over 12,500 products to customers across Europe. EQT provided a new financing solution to support Metalcaucho’s organic and inorganic growth profile through continued product development and international expansion to further consolidate its market-leading position.

GRENADEINVESTMENT JULY 2017

COUNTRY UK

FUND EQT CREDIT III

SECTOR CONSUMER

Grenade is a market-leading nutrition and supplement brand, developing and selling active and sports nutrition products in the UK and international markets. Lion Capital acquired Grenade in an all-equity financed deal in March 2017 and EQT provided a bespoke financing solution to support the business through its next phase of growth.

CREDIT

METALCAUCHO

GRENADE

ATRICOM AND LE BÜROACQUISITION OCTOBER 2017

COUNTRY GERMANY

FUND EQT REAL ESTATE I

SECTOR REAL ESTATE

The investment is comprised of two recent vintage office buildings in suburban Frankfurt – Atricom, comprising 45,600 sqm in Niederrad, and Le Büro, comprising 23,700 sqm in Neu-Isenburg. Both buildings were originally built to a prime specification and are very well-located in their respective submarkets. In conjunction with major early leasing success in Atricom, EQT is in the process of upgrading and improving the buildings, both technically and visually, to future-proof them and to provide a high quality working environment.

REAL ESTATE

RUE DU CHATEAU DES RENTIERSACQUISITION DECEMBER 2017

COUNTRY FRANCE

FUND EQT REAL ESTATE I

SECTOR REAL ESTATE

Rue du Chateau des Rentiers is a 13,600 sqm office building in inner Paris located in the 13th arrondissement, an area predominantly occupied by French and international institutional tenants. The area has benefited from strong investment in recent years, and the site is in close proximity to key Metro lines. EQT plans to design an overall repositioning of the building and work with occupiers to roll out the upgrade of the property over the investment period.

ATRICOM AND LE BÜRO

RUE DU CHATEAU DES RENTIERS

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STUDIENKREISINVESTMENT DECEMBER 2017

COUNTRY GERMANY

FUND EQT MID-MARKET CREDIT I

SECTOR SERVICES

Studienkreis is a leading private education provider for secondary schools in Germany. The company operates a network of over 1,000 learning centres and offers small group tutoring to 60,000 primary and secondary school students. It also offers online tutoring and has developed an app for homework support. The company has a strong growth profile, driven by expansion both through acquisitions and opening of new centres. Studienkreis has opened 150 new locations since 2013 and has 160 full-time employees. EQT provided a unitranche facility to support IK Investment Partners’ acquisition of Studienkreis alongside a super senior package provided by a European Bank.

TIAMAEXIT SEPTEMBER 2017

COUNTRY FRANCE

FUND EQT CREDIT II


Tiama is the leading global provider of quality inspection and control systems to the global glass container industry with over 70% of revenues generated from growth markets outside of Western Europe. In December 2015, lenders took ownership of the company following a balance sheet restructuring. In September 2017, the shareholders of Tiama, including EQT, completed the exit by selling Tiama to Caravelle and resulted in the full realization of EQT’s investment.

CREDITCREDIT

STUDIENKREIS

TIAMA

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EQT’S INDUSTRIAL APPROACH

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INVESTMENT ADVISORY TEAMS EQT Partners is divided into separate teams advising the various funds within EQT’s overall investment strategies – Private Capital (including teams within Equity, Mid Market and Ventures), Real Assets (including teams within Infrastructure and Real Estate) and Credit (including teams within Senior Debt, Mid-Market Credit and Credit Opportunity). EQT’s investment advisory teams consist of approximately 220 professionals with vast investment expertise, industry and sector knowledge, established networks in local business communities and societies. By maintaining a “local-with-locals” approach, the investment advisory professionals are uniquely positioned to analyze companies and the markets in which they operate, as well as develop proprietary investment angles. The teams’ industrial approach, combined with an ability to see what is beyond the obvious in terms of growth potential, industry consolidation or structural change, are key advantages when scanning investment opportunities and monitoring the development of portfolio companies. In addition, the Credit investment advisory team brings specialist skills in the European credit markets, including originating, structuring and restructuring transactions, as well as in debt capital markets and portfolio management. In 2015, EQT Partners launched an initiative to scale up its skills and capabilities within the tech and digital space. Since then, EQT’s digital team has been working with a dual role – supporting EQT’s existing portfolio companies and pollinating the EQT organization with digital skills and new, more efficient ways of working.

EXPLORING OPPORTUNITIES The investment advisory teams, in collaboration with EQT’s network of independent Industrial Advisors, seek to identify potential control or co-control equity investments in companies with strong or improving market positions, reliable cash flows and significant opportunities for value creation. This combined approach ensures a strong pipeline of possible transactions across EQT’s investment strategies. Targeted companies should have the potential for improvement and value creation by investing in growth, improving performance and actively participating in industry consolidation through add-on acquisitions. The focus is on finding companies with competitive advantages, such as operational excellence, unique brand qualities, and superior product characteristics – the essential building blocks of a strong market position. When assessing a company’s growth potential, an array of factors is considered, such as addressable market size, potential for new products and geographical expansion, distribution channels and customer satisfaction. The equity investment opportunities typically considered, range from EUR 40 million to EUR 1,000 million, depending on the investment strategy and fund. The investment advisory teams also monitor and analyze the position of the portfolio company during EQT’s ownership with respect to recommending an exit. EQT funds are highly focused on securing a professional handover of a strong and sustainable company to the new owner in order to future-proof it for the long-run.

Read more about the investments strategies and portfolio companies on www.eqtpartners.com

The funds within EQT’s different investment strategies are advised by specialized teams within EQT Partners. Their key priority is to ensure that EQT is constantly ahead of the curve, keeping a close ear to the ground across all markets, countries and regions in which EQT is active.

INVESTMENT STRATEGIES

REALASSETS

INFRASTRUCTUREREAL ESTATE

PRIVATECAPITAL

EQUITYMID MARKET

VENTURES

CREDITSENIOR DEBT

MID-MARKET CREDITCREDIT OPP

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EQT applies a corporate governance model for majority-owned portfolio companies, with clear roles and responsibilities. Once a new portfolio company is acquired, a board of directors is appointed with a Chairman, generally an independent Industrial Advisor, supported by other sector/industry specialists from EQT’s Industrial Network, and an investment advisory Partner. The board of directors defines and monitors strategic plans in the portfolio companies and ensures that management gets the relevant support and resources to run the company in an efficient, responsible and accountable manner. The board is carefully structured for each portfolio company and its specific needs and it is usually kept small in order to ensure strong commitment and swift decision-making. The board of directors appoints the CEO.

ALIGNED INTEREST An important requirement for strong governance is that management, the board of directors and EQT, share the same interest. This is achieved by inviting the board and senior management to invest in the portfolio company. A common mindset and shared agenda is also established through an agreed business plan and a high level of transparency.

TROIKA FORUM An important pillar within the EQT Corporate Governance Model is the TROIKA, consisting of the

Chairman, the investment advisory Partner and the portfolio company CEO. The TROIKA works closely together on an informal basis and is a sparring partner to the CEO, whilst keeping the owner constantly updated on the business. All parties contribute with their competence and strive towards the same mission – making the company stronger, more sustainable and better-positioned to prosper even after EQT’s ownership. The TROIKA does not have decision-making power and is in no way a substitute for the portfolio company board of directors.

CONTINUOUS EVALUATION Continuous performance evaluation is a crucial part of the EQT Corporate Governance Model. The performance and interaction of the CEO, Chairman, board of directors and the EQT Partner is assessed once a year in a comprehensive board appraisal process. This process ensures that the relevant skills are present on the board and that governance works in accordance with EQT’s objectives and principles. This evaluation can lead to changes in the board composition.

The EQT Corporate Governance Model is applied to the portfolio companies in which the EQT funds make control or co-control investments. In those investments where the EQT funds do not have such control or co-control, an appropriate governance model is adopted. This currently relates to the EQT Credit, EQT Ventures and EQT Real Estate funds.

The EQT Corporate Governance Model builds on clear roles and responsibilities for the management of the portfolio company, its board of directors and EQT, complemented by a TROIKA forum to facilitate growth.

CEO

CHAIRMAN EQT PARTNER

TROIKA

CORPORATE GOVERNANCE MODEL

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The Industrial Network includes entrepreneurs and former politicians – all contributing skills relevant to the various investment and ownership phases. EQT’s advisors are an integral part of both the business model and the industrial approach, providing competence from operational and strategic experience gained in their fields of expertise.

A DIFFERENTIATOR IN SUPPORTING CHANGE The Industrial Advisors are true differentiators in supporting change, performance and growth in the portfolio companies and are also strategically important when sourcing and analyzing potential investments. During EQT funds’ ownership, the Industrial Advisors provide a vital source of competence to the portfolio companies, as board members and by supporting their strategic, operational and financial development. The Industrial Network is organized to mirror the focus sectors of EQT (Healthcare, TMT, Services, Industrial Technology, Consumer) thereby ensuring the most relevant industrialists can deliver optimum support to portfolio companies and to EQT.

BROAD KNOWLEDGE SHARING EQT holds regular Industrial Network meetings, providing a forum for broad knowledge sharing and professional development, as well as ensuring that the Industrial Advisors and the investment advisory

teams act in accordance with EQT’s investment objectives and principles. The Industrial Advisors are evaluated on a continuous basis, and new advisors are continuously added to the network, to ensure that relevant knowledge and competencies are available. New network members are invited to serve on the board of directors of a portfolio company, or to act as consultants in investment projects.

A HERITAGE WHICH IS CONSTANTLY RENEWEDThe Industrial Network has been a key competitive advantage that adds value across the EQT platform ever since EQT’s foundation. Over the last year, EQT has adapted the structure and simplified the related processes within the network. EQT’s dedicated Industrial Advisor Team is headed by Marcus Brennecke, Partner and Deputy Head of EQT Equity advisory team, who will continue to improve the network to be more flexible, performance-based and above market standards.

A sample list of members of the EQT Industrial Network is available on www.eqtpartners.com

EQT has a global industrial network comprising more than 250 independent Industrial Advisors, who are current or former business executives of major international corporations and successful companies, in a variety of industries.

INDUSTRIAL NETWORK

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0% 5% 10% 15% 20% 25% 30%

20%IPO

33%SECONDARY

BUYOUT

47%TRADESALE

18%100-200

14%15-30

14%30-50

21%50-100

7%<15

5%>500

21%200-500

Transport &Logistics

21%TMT

Environment& Energy

14%Healthcare

13%Services

18%Consumer

21%Industrials

CEE

21%DACH

11%Europe

North America

48%Nordic

Greater China

Rest of the World

South East Asia

10%6%2%1%1%

6%

7%

INVESTMENTS BY REGION

INVESTMENTS BY SIZE (EUR million)

INVESTMENTS BY INDUSTRY

SOURCING OF INVESTMENTSHOLDING PERIOD

EXITS BY TYPE

1% PRIVATIZATION/GOVERNMENT

6% OTHER

11% PUBLIC

26% SECONDARY BUYOUT

26% CORPORATE

30% PRIVATE/FAMILY0 1 2 3 4 5 6 7 8 YEARS

15%15%34%29%7%EQT funds invest in good companies across the world with a mission to support their development into great and sustainable companies. By providing access to ownership skills, operational expertise and an international perspective, EQT can help acquired companies grow and prosper, both under EQT funds’ ownership and their future owners’.

The portfolio companies develop and grow through the implementation of industrial strategies geared towards growth and operational excellence. These strategies are driven by the appointed CEO and board members, generally from EQT’s Industrial Network, and monitored by the investment advisory professionals. Development and growth are at the core of the value creation. Sales growth and margin expansion are achieved through multiple strategies, including geographic expansion, new product development, acquisitions, strategic reorientation and digitalization. The most tangible result of the EQT model is that portfolio companies have on average, increased sales

by 10%, the number of employees by 10% and EBITDA by 11% annually during EQT funds’ ownership. The largest part of the return on investments can be attributed to operational improvements, such as increased sales and efficiency gains. In 2017, more than EUR 4.6 billion was distributed to investors in EQT’s funds. Since EQT’s first fund was raised in 1995, a total of approximately EUR 28.5 billion has been distributed to investors.

GROWTH AND DEVELOPMENT STRATEGIES EQT’s model allows the portfolio companies to develop and grow with a high sense of urgency. Consensus around strategic direction for a company is a prerequisite, as the partnership between management and the board of directors is key when developing companies. Once a company has been acquired, EQT appoints a board of directors, which in turn applies EQT’s Corporate Governance Model and, when needed, the management team is strengthened.

The core of EQT’s value creation strategy is to future-proof companies through growth and development. From sales growth to capital restructuring, the roadmap for value creation is closely monitored.

FUTURE-PROOFING COMPANIES

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The strategy acts as a roadmap for value creation and progress is closely monitored. Key strategic measures typically include:

SALES GROWTH ■■ Market and product expansion – targeting new customer groups or broadening the product offering, which could mean new products in existing categories or applying a proven technology to new product categories.

■■ Internationalization – a key benefit, given access to the extensive international network of Industrial Advisors and EQT’s global platform. ■■ Add-on acquisitions – step-by-step expansion by acquiring competitors or companies with similar or complementary products, technologies or market presence. The ambition is often to achieve economies of scale and drive internal efficiency. It may also mean driving consolidation of a fragmented industry.

OPERATIONAL EXCELLENCE Access to broad expertise in management helps the portfolio companies to increase efficiency and profitability. State-of-the-art benchmarking and assessment methods are installed. The ambition is typically to become best- in-class in such areas as production, customer relations, digitalization, sustainability and service.

STRATEGIC REPOSITIONING Utilizing changing industry dynamics, investing in future technologies and divesting non-core businesses, to create a base for rapid expansion.

OPTIMIZING CAPITAL STRUCTURE The EQT funds have access to the financial expertise that can be applied to create efficient capital structures and, ultimately, prepare the improved company for the transition to a new owner.

DIGITALIZATION EQT’s digital team is working with a dual role - supporting existing portfolio companies and pollinating the EQT organization with digital skills and new, more efficient ways of working. The mission is to accelerate both groups’ expertise and capabilities within tech and the digital space in order to future-proof them for the long-run.

A LONG-TERM PERSPECTIVE EQT has a long-term ownership approach and stands by the portfolio companies in good times as well as bad. The decision to hand over the portfolio company to a new owner is only taken once the development plans have been accomplished. The average ownership period for EQT funds’ is 4.7 years.

There are typically three ways to hand over a portfolio company to a new owner:

■■ Initial public offering (IPO) – floating part or whole of a portfolio company on a public stock exchange. EQT often stays on as a substantial owner for a period of time

■■ Trade sale – selling a portfolio company to an industrial buyer

■■ Secondary buyout – selling a portfolio company to a financial buyer

A WIDE INVESTMENT SPECTRA EQT sources investments in various ways, for example via corporate spin-out or public-to-private transactions. A priority is driving deal flow through proactive networking, both by the Industrial Advisors and by EQT Partners’ investment advisory professionals. The majority of the investments made by EQT funds during the past year have been in sectors perceived as attractive for generating long-term value, namely within Healthcare, TMT, Services, Industrial Technology and Consumer.

The charts show aggregated statistics of investments made by EQT since inception. The EQT Credit funds’ and EQT Ventures fund’s investments are not included.

0% 5% 10% 15% 20% 25% 30%

20%IPO

33%SECONDARY

BUYOUT

47%TRADESALE

18%100-200

14%15-30

14%30-50

21%50-100

7%<15

5%>500

21%200-500


21%TMT

Environment& Energy

14%Healthcare

13%Services

18%Consumer

21%Industrials

CEE

21%DACH

11%Europe

North America

48%Nordic

Greater China

Rest of the World

South East Asia

10%6%2%1%1%

6%

7%





EXITS BY TYPE


6% OTHER

11% PUBLIC


26% CORPORATE


15%15%34%29%7%

0% 5% 10% 15% 20% 25% 30%

20%IPO

33%SECONDARY

BUYOUT

47%TRADESALE

18%100-200

14%15-30

14%30-50

21%50-100

7%<15

5%>500

21%200-500


21%TMT

Environment& Energy

14%Healthcare

13%Services

18%Consumer

21%Industrials

CEE

21%DACH

11%Europe

North America

48%Nordic

Greater China

Rest of the World

South East Asia

10%6%2%1%1%

6%

7%





EXITS BY TYPE


6% OTHER

11% PUBLIC


26% CORPORATE


15%15%34%29%7%

0% 5% 10% 15% 20% 25% 30%

20%IPO

33%SECONDARY

BUYOUT

47%TRADESALE

18%100-200

14%15-30

14%30-50

21%50-100

7%<15

5%>500

21%200-500


21%TMT

Environment& Energy

14%Healthcare

13%Services

18%Consumer

21%Industrials

CEE

21%DACH

11%Europe

North America

48%Nordic

Greater China

Rest of the World

South East Asia

10%6%2%1%1%

6%

7%





EXITS BY TYPE


6% OTHER

11% PUBLIC


26% CORPORATE


15%15%34%29%7%

SOURCING OF INVESTMENTS EXITS BY TYPE

HOLDING PERIOD

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Genuine management of environmental, social and governance (ESG) factors is fundamental to business success and strong investment performance. By having sustainability as an integral part of the business model, and by aspiring to apply best practice, EQT and the portfolio companies capture opportunities and mitigate risks for long-term value creation and enhanced competitiveness.

STRATEGY, POLICY AND ORGANIZATION A sustainable approach to investment and ownership forms the foundation of EQT’s strategy. Having an agile and sustainable mindset to business enables EQT to address a changing environment that constantly gives rise to new opportunities and risks, as one has to appreciate being on a continuous journey.

In 2010, to formalize what was already implicitly part of both the investment process and ownership model, EQT adopted a Responsible Investment (RI) policy. This policy describes what is expected of EQT as an investor, as well as what EQT expects from the portfolio companies. In 2010, EQT was the first Nordic private equity firm to become a signatory to the United Nations-supported Principles for Responsible Investment (PRI) Initiative.

EQT has a dedicated RI team that reports to EQT’s Managing Partner and CEO. The RI team supports the organization in its continuous integration and development of responsible investment and ownership practices. This includes supporting engagements within portfolio companies on sustainability matters, as well as interacting with external stakeholders. Additionally, RI ambassadors have been appointed for all investment strategies. The RI ambassadors work closely with the RI team to ensure complete dissemination of sustainability knowledge and best practice within the investment advisory teams.

INVESTMENT During the investment screening and due diligence process, EQT considers sustainability aspects and evaluates ESG factors as part of its overall assessment of potential targets. The outcome of this analysis is

documented in the investment recommendation materials presented to the EQT funds’ board of directors, to ensure that RI Factors (environment, labor & human rights and ethics) are taken into account when making investment decisions. EQT’s approach is not simply to assess the potential to mitigate risk, but also to find opportunities to support value creation by enhanced management. In addition to this evaluation and how well the target company manages these aspects, the due diligence aims to identify concrete actions that can be taken post a potential acquisition to create and protect value during the ownership period.

OWNERSHIP EQT’s Corporate Governance Model provides the EQT funds with the ability to exercise ownership and to assist portfolio companies in building long-term sustainable value. The EQT Sustainability Blueprint provides further valuable guidance on what EQT’s expectations of portfolio companies are in practice, and inspires them to engage on sustainability matters strategically. Portfolio companies are expected to develop, report and progress on both portfolio company-specific and an EQT core set of sustainability key performance indicators in order to enhance value creation and portfolio companies’ contribution to society, including the Sustainable Development Goals (SDGs). In cases where an EQT fund does not have control or co-control, EQT’s influence is typically more limited, including influence on sustainability matters. Nonetheless, there is an expectation that relevant RI Factors are considered as part of the investment analysis and that an appropriate governance model is adapted to manage and monitor these aspects throughout the investment period.

Being sustainable is good business, which is why integrating environmental, social and governance factors into everyday activities is vital.

A RESPONSIBLE INVESTOR AND OWNER

The GHG emitted by EQT’s offices and staff are calculated and reported in accordance with the GHG Protocol in collaboration with an external advisor. Through the GHG Protocol framework, EQT’s emissions are divided into three scopes:

Scope 1 No sources from direct emissions have been identified, i.e. no owned sources

Scope 2 Direct emissions from the generation of purchased electricity

Scope 3 Indirect emissions for heating/cooling, business travel, office consumables and waste.

GREENHOUSE GAS PROTOCOL AND SCOPES

Total EQT emissions by scope 2017 (ton CO2e)

Scope 1: 0%Scope 2: 1.1%

Scope 3: 98.9%

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In a mission to encourage investors, entrepreneurs and other stakeholders to evaluate EQT’s non-financial performance, EQT adopts to the European Union’s directive on non-financial reporting by describing five areas that all help to provide the bigger picture of EQT’s business and responsibilities.

ETHICS AND SOCIAL RESPONSIBILITYEQT aims to promote sound ethical practices in its business and the portfolio companies that the EQT funds invest in, including promoting awareness and compliance with

relevant regulations and policies, proactively working against unethical business practices and seeking positive involvement with stakeholders and the community. Example: EQT requires all employees to act according to its corporate values: high performing, respectful, entrepreneurial, informal and transparent.

DIVERSITY As a global firm, EQT is committed to create a diverse workforce and a network comprised of people from a wide array of cultures, backgrounds and viewpoints. EQT’s firm

belief is that a diverse working environment allows to effectively draw on different perspectives to enhance the quality of decision making and performance. Over the last years, diversity within EQT and the portfolio companies has improved, however it will remain an important area for increased improvement. Example: EQT’s increased focus on gender equality in the portfolio companies’ board of directors.

ENVIRONMENT EQT aims to promote environmental awareness and sound environmental practices in its business and the portfolio companies, including limiting the emissions

of harmful substances and harmful waste, complying with current environmental law, limiting consumption of environmentally scarce resources and supporting value creation potential from developing the company as environmentally sound. Example: EQT is committed to reducing its environmental impact and measures and reports the own organization’s emissions. In 2017, the greenhouse gas (GHG) emissions totaled 13,137 tons of CO2e. For the third consecutive year, 100% of the reported emissions are offset.

HUMAN RIGHTSEQT aims to promote sound labor and human rights practices in the organization and in the portfolio companies, including healthy and ethical working conditions, supporting

the elimination of child labor, promoting employees’ rights to collective bargaining, having zero tolerance for discrimination regarding age, gender, religion, ethnicity, disability or sexual orientation, complying with applicable laws, regulations and relevant standards in the markets in which EQT and the portfolio companies operate in. Example: EQT conducts mandatory training in prevention of discrimination and harassment for all employees, and encourage employees to raise concerns about workplace malpractices to a manager or through a whistleblowing process to have the alleged investigated.

ANTI-CORRUPTION AND BRIBERYEQT does not accept corruption or bribery under any circumstances and requires all employees to participate in regular anti-corruption and anti-money laundering

trainings. EQT expects all portfolio companies to have applicable policies, trainings and compliance procedures in place and supports portfolio companies in which material or procedures are found to be insufficient. Example: All EQT employees are required to participate in anti-corruption and anti-money laundering trainings on a bi-yearly basis.

EQT commits to act at all times as a responsible investor and owner, promoting environmental, labor and human rights and ethical standards within the organization and in the portfolio companies.

NON-FINANCIAL REPORTING

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EQT CONTINUES TO GROW EQT is a fast-growing international organization, with offices in 14 countries on three continents. 2017 was a busy year for our organization as we welcomed more than 130 new colleagues to join the firm. We are proud to say that EQT now employs approximately 540 people, of which 310 work in investment advisory teams, of which 220 are investment advisory professionals. We are a truly international investment firm, as our colleagues represent some 40 nationalities from around the world.

TOP DECILE ORGANIZATIONAL HEALTH EQT has during 2017, for the first time, performed an organizational health survey taking the temperature of employees’ perception of EQT as an employer and how we as an organization align ourselves, execute with excellence and renew ourselves to sustainably achieve our performance aspirations. We are very proud that EQT was consistently rated top decile in a benchmark with over 800 international companies. Our overall health story is now about maintaining excellency in light of continued growth and continuing to fine-tune our health profile against our overall strategy.

CULTURE AT EQTThe best way to describe EQT as an organization is through our strong culture, based on our corporate values, which we apply in our day-to-day business, regardless of team, function or country. EQT’s culture is essential to our organization, and in 2007 EQT formalized what was already a part of our DNA – our core values. For us, it is not enough that someone delivers results; they must also behave in accordance with our values. Given that our organization has grown substantially in recent years, the enforcement of our values is even more important. We firmly believe that keeping our culture intact is the key to being successful.

CAREER AT EQT At EQT, everyone has clearly defined roles and responsi-bilities, and our culture gives employees a mandate to drive change. By being an integrated firm, tools and best practices can be shared across the investment strategies to support an entrepreneurial and high-performing environment. It also enables team members to learn from other investment strategies and work in new geographies and offices. EQT’s Career Development Committees are responsible for overseeing and managing the career development of everyone at EQT.

EQT’s most important asset is its people. EQT believes in being an employer of choice, attracting and retaining extraordinary talent and developing our talent continuously and in a systematic way, with the ambition of supporting each employee to perform to his or her full potential.

Anna WahlströmGlobal Head of Human Resources

WORKING AT EQT

A HIGH PERFORMANCE CULTURE EQT applies a simple, but effective, Performance Management Process, which is shared across all parts of the organization. It consists of three steps during a calendar year: ■■ Target setting and commitment ■■ Execution and feedback ■■ Performance assessment and reward

The performance process takes operational performance, people and firm leadership, the corporate values and behavioral enablers into account. Opportunities are offered for differentiated rewards, which means that top-level performance is rewarded throughout a career path at EQT.

THE EQT ACADEMY EQT acknowledges that tools are necessary for individual development, as well as effective onboarding of new colleagues. The courses within the EQT Academy follow people throughout their career at EQT. This gives employees the opportunity to develop and expand their functional expertise knowledge, leadership skills, understand EQT’s values as well as expand the internal network to ensure we continue to operate as one integrated firm. Onboarding of new employees follows a systematic, but simple program that starts before joining EQT and lasts throughout the first 12 months. It includes e-Learning, structured introduction to key individuals, global introduction days with other newly joined colleagues, an individual “buddy” and entry into the regular EQT Academy courses.

EQT’S VALUES

High performing means giving people responsibility and freedom to act and base evaluation on performance - there is always room for improvement Respectful means acting with integrity and having respect for each other and external stakeholders in everything we do Entrepreneurial means being innovative, action-oriented and having a sense of urgency about driving change Informal means being non-hierarchical – everyone is encouraged and expected to speak their mind Transparent means being open and honest, with each other as well as with external stakeholders.

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EQT FUND FACTS

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EQT’s investor base is truly global and comprises around 600 institutional investors. Among the investors are some of the leading institutions in the world. These include insurance companies, financial institutions, pension funds, sovereign wealth funds, fund-of-funds, endowments and foundations, as well as family offices. Family offices have been important for EQT since inception. In addition to being significant investors in various EQT funds, they also make valuable contributions to the Industrial Network, as they are often active in industries and businesses that may be of interest to EQT.

EQT funds’ investor base is also diversified in terms of geographies. The industrial holding company, Investor AB, is a sponsor and anchor investor in a vast majority of the EQT funds. Investor AB’s investments in each fund varies but is typically around 10%.

IN CLOSE DIALOGUE EQT strives to foster a close relationship with its investors and providing timely, transparent and accurate information is an important part of this. In addition to a continuous dialogue, EQT gathers investors, Industrial Advisors, portfolio company CEOs and Investment Advisory Professionals once a year for the EQT Annual Investors’ Meeting, where all current portfolio companies of the various EQT funds are reviewed in detail. The aim of this meeting is to provide investors with a comprehensive update on current trading the state of the markets in which the EQT funds invest, and a general market outlook. It also offers an opportunity to network and ask questions.

EQT has a broad set of blue chip investors from all over the world, many of which have invested in the EQT funds since inception. A continuous dialogue is an important part of building and maintaining these long-term relationships.

15%

30%5%

26%25% NORDIC

REST OF EUROPE

REST OF WORLD ASIA PACIFIC

AMERICAS

INSURANCE/OTHER FINACIAL

ENDOWMENTS/FAMILY OFFICES/

FOUNDATIONS

PENSION FUNDSFUND-OF-FUNDS/GATEKEEPERS

SOVEREIGNWEALTHFUNDS

28%11% 34%10% 13%BANKS4%

The charts show commitments in current EQT funds.

COMMITMENTS BY REGION

COMMITMENTS BY TYPE

INVESTORS

4 1


The EQT funds have several investment strategies. Each investment strategy focuses on assets with certain characteristics. For instance, the Equity investment strategy typically seeks market-leading, larger companies, whereas the Credit investment strategy typically seeks opportunities in corporate debt. In addition, a fund typically also has a mandate to invest primarily within a certain geographical area, for example Northern Europe or the US.

The term of an EQT fund is typically 7–10 years, with a possible extension of up to three years. Usually, investments are made within the first half and divestments during the second half of the term of the fund. A long-term perspective and the ability to meet commitments over time are essential for an investor in an EQT fund, as the commitment will only be drawn when needed in connection with an investment or capital injection. Correspondingly, capital will be returned to investors over time as assets are divested.

The guidelines for the governance and specific terms of the EQT funds are set out in the legal documentation entered into between the respective fund and its investors. Currently, each EQT fund has a Fund

Manager and/or General Partner, with its own board of directors and in most cases also an Investment Advisory Committee. The Fund Manager/General Partner is the decision-making body for the fund. Consequently, the Fund Manager/General Partner is responsible for the decision-making with respect to investments and divestments.

The board of directors of the fund’s Fund Manager/General Partner are advised by the Investment Advisor. The Investment Advisory Committee evaluates and makes recommendations to the Fund Manager/General Partner regarding whether to follow the advice given by the Investment Advisor in relation to investment and divestment decisions. Existing EQT funds raised until December 2011 are managed from Guernsey. In 2017, a decision was taken to concentrate EQT’s fund management to Luxembourg. The consolidated hub for General Partners is managed under the EU directive for Alternative Investment Fund Managers Directive, (AIFMD).

EQT has raised 27 funds with approximately EUR 50 billion in committed capital. Since EQT’s inception, around EUR 32 billion has been invested in more than 360 companies across the EQT platform, of which 210 are or were controlled or co-controlled portfolio companies.

FUND STRUCTURE

FUND MANAGERS

INVE

STM

ENT

ADVI

SORS

INVESTORS

FUND

INVESTMENTS

‹CA

PITA

L

‹FEE

‹FE

E

‹ CAPITAL

RETU

RN›

MANAGEMENT›

ADVICE›

RETURN›

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EQT FUNDS RAISED SINCE 1995

Each EQT fund has a General Partner and/or Fund Manager with its own board of directors and Investment Advisory Committee. Funds that have had their final closing are listed below. Information about funds in fundraising has been omitted for regulatory reasons.

FUND INV STRATEGY VINTAGE SIZE, EUR M STATUSEQT I EQUITY 1995 349 REALIZEDEQT II EQUITY 1998 676 REALIZEDEQT DANMARK EQUITY 1998 135 REALIZEDEQT FINLAND EQUITY 1999 138 REALIZEDEQT III EQUITY 2001 2,000 REALIZEDEQT EXPANSION CAPITAL I MID MARKET 2003 189 REALIZEDEQT IV EQUITY 2004 2,500 REALIZEDEQT OPPORTUNITY SPECIAL SITUATIONS 2006 372 REALIZEDEQT GREATER CHINA II MID MARKET 2006 535* REALIZEDEQT V EQUITY 2006 4,250 FULLY INVESTEDEQT EXPANSION CAPITAL II MID MARKET 2007 474 FULLY INVESTEDEQT INFRASTRUCTURE I INFRASTRUCTURE 2008 1,167 FULLY INVESTEDEQT CREDIT I CREDIT 2010 321 FULLY INVESTEDEQT VI EQUITY 2011 4,815 FULLY INVESTEDEQT INFRASTRUCTURE II INFRASTRUCTURE 2013 1,938 FULLY INVESTEDEQT CREDIT II CREDIT 2013 845 FULLY INVESTEDEQT MID MARKET MID MARKET 2013 1,054 FULLY INVESTEDEQT VII EQUITY 2015 6,750 ACTIVEEQT MID MARKET US MID MARKET 2015 726 ACTIVEEQT VENTURES VENTURES 2016 566 ACTIVEEQT MID-MARKET CREDIT CREDIT 2016 530 ACTIVEEQT MID MARKET ASIA III MID MARKET 2016 800* ACTIVEEQT REAL ESTATE I REAL ESTATE 2017 420 ACTIVEEQT MID MARKET EUROPE MID MARKET 2017 1,600 ACTIVEEQT INFRASTRUCTURE III INFRASTRUCTURE 2017 4,000 ACTIVEEQT CREDIT OPPORTUNITIES III CREDIT 2017 1,300 ACTIVEEQT VIII EQUITY 2018 10,750

*USD MFunds that have had their final closing are listed above. Information about funds in fundraising has been omitted for regulatory reasons. For information about the funds’ board of directors and investment advisory comittees, please visit www.eqtpartners.com

THE PRIVATE EQUITY FUND LIFE CYCLE

Year 1 2 3 4 5 6 7 8 9 10 11 12

FUNDRAISING

SOURCING AND ENTRY

OWNERSHIP PERIOD

DIVESTMENT

FUNDS AND GOVERNANCE

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PEOPLE AND CONTACTS

4 4


Andreas Aschenbrenner Equity

Munich, GermanyJoined 2014

Alex DardenInfrastructureNew York, USJoined 2008

Stefan GlevénInfrastructure

Stockholm, SwedenJoined 2004

Jerry HeMid Market

Shanghai, ChinaJoined 2016

Michael BauerEquity

Zurich, SwitzerlandJoined 2009

Matthias FacklerInfrastructure


Lennart BlecherDeputy Managing

Partner Head of EQT Real Assets

Zurich, Switzerland Joined 2007

Fabian Gröne Infrastructure

Singapore Joined 2008

Andreas HuberInfrastructure


Bert Janssens Equity

AmsterdamThe Netherlands

Joined 2015

Masoud Homayoun Infrastructure


Marcus BrenneckeDeputy Head of EQT Equity


Andreas Fischer Mid Market


Morten HummelmoseEquity

Chairman of EQT Partners Inc.

New York/CopenhagenJoined 2006

Kasper Knokgaard Equity

New York, USJoined 2007

Caspar CallerströmCOO


Tak Wai CHUNGMid MarketSingapore

Joined 2009

Per FranzénEquity


Conni JonssonFounder

ChairmanStockholm, Sweden

Joined 1994

Mads DitlevsenEquity

Copenhagen, DenmarkJoined 2004

Lars Jörnow Ventures


Albert GustafssonEquity


Florian FunkMid Market


Johan DettelMid Market


Paul JohnsonCredit

London, UKJoined 2010

Rikke Kjær NielsenMid Market

Copenhagen, DenmarkJoined 2010

PARTNERS

Harry KlagsbrunEquity


Thomas von KochManaging Partner

CEOStockholm, Sweden

Joined 1994

Andrew KonopelskiHead of EQT Credit

StrategiesLondon, UKJoined 2008

Kees Koolen Ventures


Joined 2015

4 5


Ulrich Köllensperger Infrastructure

Zurich, Switzerland Joined 2010

Niklas Ringby Equity

Stockholm, Sweden Joined 2010

Johannes Reichel Equity

Munich, Germany Joined 2011

Jan Vesely Infrastructure New York, USJoined 2010

PARTNERS

Eric Liu Equity


Rob Rackind Real EstateLondon, UKJoined 2015

Cyril TergimanCredit


Anders MisundEquity

Oslo, NorwayJoined 2007

Alastair MitchellVentures

San Francisco, USJoined 2017

Åsa RiisbergEquity


Hjalmar Winbladh Head of EQT Ventures Stockholm, Sweden

Joined 2015

Martin MokHead of

EQT Mid Market AsiaHong KongJoined 2001

Paul de RomeCredit


James YuEquity


Daniel PerezInfrastructure


Kristiaan NieuwenburgEquity


Christian SindingDeputy Managing

PartnerHead of EQT EquityZurich, Switzerland

Joined 1998

Dominik SteinEquity


Fredrik ÅttingMid Market


Erwin ThompsonInfrastructureNew York, USJoined 2009

Jannik Kruse PetersenHead of

EQT Mid Market EuropeCopenhagen, Denmark

Joined 2004

Matthew Levine Head of

EQT Mid Market USNew York, USJoined 2014

Marcus WallinderDeputy Head

of Investor Relations Stockholm, Sweden

Joined 2009

Vesa KoskinenMid Market

Helsinki, FinlandJoined 2004

Jussi SaarinenHead of Investor

RelationsStockholm, Sweden

Joined 2008

Brendan ScollansMid Market


4 6


Carlota Sanchez-MarcoManaging Director


Jussi SaarinenHead of Investor

RelationsPartner


Paola MalehManaging Director


Marcus WallinderDeputy Head

of Investor Relations Partner


Adil HaqueManaging Director


Sean Sehoon HamManaging Director,

Hong KongJoined 2016

Darlene SammonManaging Director


Wolfgang GorneyManaging Director

SingaporeJoined 2010

INVESTOR RELATIONS

Nina NornholmHead of

CommunicationsStockholm, Sweden

Joined 2007

Therése LennehagHead of

SustainabilityStockholm, Sweden

Joined 2009

Olof HernellCDO


Anna Wahlström Global Head of

Human Resources Stockholm, Sweden

Joined 2012

Lena AlmefeltGeneral Counsel


Caspar CallerströmPartner

COO Stockholm, Sweden

Joined 1996

Jim ArrolManaging Director

LuxembourgJoined 2012

Peter VeldmanHead of Fund ManagementLuxembourgJoined 2014

Adam LarssonManaging Director


Joined 2007

FUND MANAGERS

CENTRAL FUNCTIONS

4 7


BOARD OF DIRECTORS

EXECUTIVE COMMITTEE

Board of directors from top left: Johan Forssell, board member Lena Almefelt, General Counsel & Secretary of board Peter Wallenberg Jr., board member Finn Rausing, board member Conni Jonsson, Chairman, Partner Thomas von Koch, Managing Partner & CEO Leif Östling, board member Jan Ståhlberg, Vice Chairman

Executive Committee from top left: Hjalmar Winbladh, Partner & Head of EQT Ventures Thomas von Koch, Managing Partner & CEO Jussi Saarinen, Partner & Head of Investor Relations Christian Sinding, Partner, Deputy Managing Partner & Head of EQT Equity Jannik Kruse Petersen, Partner & Head of EQT Mid Market Europe Andrew Konopelski, Partner & Head of EQT Credit Strategies Martin Mok, Partner & Head of EQT Mid Market Asia Caspar Callerström, Partner & COO Anna Wahlström, Global Head of Human Resources Lennart Blecher, Partner, Deputy Managing Partner & Head of EQT Real Assets

4 8


EQT’s General Partner/Fund Manager offices are based in Guernsey, Luxembourg, the Netherlands and the UK.

AMSTERDAMEQT Partners AB Dutch Branch

Cornelis Schuytstraat 741071 JL Amsterdam The Netherlands

Tel: +31 20 262 4000 CBTJ Financial Services B.V.

Tel: +31 20 577 6670

COPENHAGENEQT Partners Denmark

Strandvejen 58, 5th Floor DK-2900 Hellerup

Denmark Tel: +45 33 12 12 36

GUERNSEYEQT Funds Management Ltd

Level 4 (North) St Julian’s Court

St Julian’s Avenue, St Peter PortGuernsey GY1 1WA

Tel: +44 1481 722 278

HELSINKIEQT Partners Oy

Eteläesplanadi 20, 3rd floorFI-00130 Helsinki

FinlandTel: +358 9 6962 470

HONG KONGEQT Partners Asia Ltd 1708 Hutchison House

10 Harcourt Road CentralHong Kong

China Tel: +852 2801 6823

LONDONEQT Partners UK Advisors LLP

EQT Partners UK Advisors II LLPEQT Services UK LTD

3rd Floor, 30 Broadwick StreetLondon, W1F 8JB, UK

Tel: +44 20 7430 5510/+44 208 432 5435

LUXEMBOURGEQT Fund Management S.à r.l.

26A Boulevard Royal L-2449 Luxembourg

Luxembourg Tel: +352 26 73 26

MADRIDEQT Partners AB Spanish Branch

Torre Serrano Calle Marques de Villamagna 3

Planta 11 28001 Madrid

Spain Tel: +34 910 830 551

MUNICHEQT Partners GmbH

Leopoldpalais Leopoldstraße 8D-80802 Munich

Germany Tel: +49 89 25 54 99-0

NEW YORKEQT Partners Inc

The Grace Building1114 Avenue of the Americas

45th FloorNew York, NY 10036

USATel: +1 917 281 0850

OSLOEQT Partners AS

Dronning Mauds Gate 1 N-0250 Oslo

Norway Tel: +47 23 23 75 50

SHANGHAIEQT Partners Shanghai Ltd

Unit 1507-1508 CITIC Square 1168 Nanjing Road West Shanghai 200041

ChinaTel: +8621 6113 5868

SINGAPOREEQT Partners Singapore Pte Ltd

1 Raffles Place #29-62 One Raffles Place Tower 2

Singapore 048616Tel: +65 6595 1830

STOCKHOLMEQT AB

Hovslagargatan 3SE-111 48 Stockholm

SwedenTel: +46 8 506 55 300

ZURICHEQT Partners AG

Bahnhofstraße 20 CH-8001 Zurich

SwitzerlandTel: +41 44 266 6800

OFFICES

4 9


EQT Where used on its own, is an umbrella term and may refer interchangeable, as the context requires, to EQT AB, and/or CBTJ Financial Services B.V., and/or SEP Capital B.V., and/or any one or more of its direct/indirect subsidiaries, including for the avoidance of doubt, the General Partners and/or managers of the relevant EQT funds, and the Investment Advisors to such General Partners and/or managers, and/or the various EQT branded funds, investment vehicles or other arrangements and any of their respective successors, in each case managed and/or operated by a member of EQT, and advised by EQT Partners.

EQT PARTNERSMeans EQT Partners AB and/or certain of its subsidiaries appointed as advisors and/or sub-advisors to the General Partners and/or managers of certain EQT funds, as the context requires.

ADVISORY TEAMMeans the team of Investment Advisory professionals who provide advice on behalf of EQT Partners, either directly or indirectly to the general partners and/or managers of the relevant EQT funds.

INVESTMENT ADVISORMeans any individual that is part of the EQT Advisory teams.

PARTNERAn individual Partner at EQT Partners

EQT FUNDSMeans, from time to time, the various EQT branded funds, investment vehicles or other arrangements and any of their respective successors, in each case managed and/or operated by a member of EQT.

INVESTMENT STRATEGYThe investment strategy of the respective EQT fund.

EQT CREDITAs the context requires, one or more of the EQT funds investing under the Credit investment strategies or the team of EQT Partners investment advisory professionals who advise the General Partners and/or Managers of the EQT Credit funds.

EQT EQUITYAs the context requires, one or more of the EQT funds investing under the Equity investment strategy or the team of EQT Partners investment advisory professionals who advise the General Partners and/or Managers of the EQT Equity funds.

EQT INFRASTRUCTUREAs the context requires, one or more of the EQT funds investing under the Real Assets investment strategy or the team of EQT Partners investment advisory professionals who advise the General Partners and/or Managers of the EQT Infrastructure funds.

EQT MID MARKETAs the context requires, one or more of the EQT funds investing under the Mid Market investment strategy or the team of EQT Partners investment advisory professionals who advise the General Partners and/or Managers of the EQT Mid Market funds.

EQT REAL ESTATEAs the context requires, one or more of the EQT funds investing under the Real Assets investment strategy or the team of EQT Partners investment advisory professionals who advise the General Partners and/or Managers of the EQT Real Estate fund.

EQT VENTURESAs the context requires, one or more of the EQT funds investing under the Ventures investment strategy or the team of EQT Partners investment advisory professionals who advise the General Partners and/or Managers of the EQT Ventures funds.

DEVELOPING COMPANIESAs used in this document, the term “developing companies” (and other similar terms used herein) are references to the overall commitment of EQT funds to supporting the development of the portfolio companies under their ownership.

EQT funds invest in portfolio companies with a desire to see those entities develop under EQT’s portfolio company corporate governance model, via the appointment of strong industrial boards who work with their management teams to determine, drive and execute value creation strategies; leveraging financial backing, experience and networks as appropriate.

This ongoing development process is monitored with the advice and assistance of EQT Partners.

DEFINITIONS

5 0


EQT PORTFOLIO

5 1


BROADNETFund EQT Infrastructure III

Entry April 2018Country Norway

Broadnet is a leading Norwegian telecom operator.

BLUESTEP BANK Fund EQT VII

Entry November 2017Country Sweden

BlueStep Bank is the leading specialist mortgage provider in the Nordics and has provided more than 29,000 customers with loans since 2005.

CANDIDATOR Fund EQT Mid Market Europe

Entry February 2018Country Sweden

Candidator is a managed IT services provider with capabilities for full IT outsourcing, providing mainly contracted services, including hosting, cloud, and application management to its clients.

CERTARA Fund EQT VII

Entry August 2017Country US

Certara is the global leader in model-informed drug development and regulatory science.

BBS AUTOMATION Fund Mid Market Europe

Entry April 2018Country Germany

BBS Automation is a leading provider of flexible and high-quality automation solutions for complex manufacturing and testing processes.

ALTUS INTERVENTIONFund EQT VI

Entry January 2014Country Norway

Altus Intervention is a leading provider of well intervention services and wireline tractor technology to the Oil & Gas industry.

ANTICIMEXFund EQT VI

Entry July 2012Country Sweden

Anticimex is a leading international specialist within preventive pest control.

ADAMOFund EQT Mid Market Europe

Entry February 2017Country Spain

Adamo is a Spanish fiber-based service provider delivering high-speed internet services via its own fiber-based access network in Spain.

APLEONAFund EQT VII

Entry September 2017Country Germany

Apleona is the number one integrated Real Estate service provider in the DACH region with a particular stronghold in technical facility services.

AUTOSTOREFund EQT VII

Entry January 2017Country Norway

AutoStore is an automated storage and retrieval system which uses robotics for collecting stored goods in warehouses in more than 22 countries.

AVENSOFund EQT Mid Market

Entry October 2013Country Germany

Avenso is dedicated to bringing affordable high-quality photographic art and digital photo development services to a wider audience through innovative multi-channel store concepts.

The section does not include the

EQT Credit funds’ and EQT Ventures fund’s

investments

ATRICOM AND LE BÜRO Fund EQT Real Estate I

Entry October 2016Country Germany

The investment is comprised of two recent vintage office buildings in suburban Frankfurt - Atricom comprising 45,600 sqm in Niederrad and Le Büro 23,700 sqm in Neu-Isenburg.

For more information, please visit www.eqtpartners.com

DORNERFund EQT Mid Market US

Entry March 2017Country US

Dorner provides high-quality precision conveyor systems utilized in process automation operations.

E.I.S. AIRCRAFTFund EQT Mid Market Entry February 2015Country Germany

With over 60 years in the aviation industry, E.I.S. is a well-established and innovative product and service provider for the high-growth segments of the aerospace market.

ELEVATEFund EQT Mid MarketEntry February 2016

Country ChinaELEVATE is one of the world’s leading social compliance assessment and improvement service providers.

ETONFund EQT VII

Entry January 2016Country Sweden

Eton is a leading global premium men’s shirt brand, offering shirts and directly linked accessories.

FERTIN PHARMAFund EQT Mid Market Europe

Entry January 2017Country Denmark

Fertin Pharma is the world’s largest independent developer and manufacturer of medicated chewing gum.

DESOTECFund EQT VII

Entry August 2017Country Belgium

Desotec is a leading European provider of mobile filtration technology.

EPIDEMIC SOUNDFund EQT Mid Market Europe

Entry December 2017Country Sweden

Epidemic Sound is a music tech company that collaborates with musicians who produce music for usage in video content production, in-store music and streaming platforms.

DATAFLOWFund EQT Mid Market

Entry July 2014Country China

Dataflow offers its clients tailored primary source verification services, with high integrity and quality that are scalable, cost efficient and provide a quick turnaround time.

DIRECT CHASSISLINKFund Infrastructure II

Entry June 2016Country US

Direct ChassisLink (DCLI) is a leading provider of marine chassis and asset management services to the U.S. intermodal industry.

DELTAFund Infrastructure IIIEntry February 2017Country Netherlands

DELTA is a leading telecom infrastructure owner and operator, provider of multimedia services and supplier of energy.

CURAEOSFund EQT VII

Entry December 2017Country The Netherlands

Curaeos is a vertically integrated dental services provider with activities in the Netherlands, Belgium, Denmark, Germany and Italy.

CHARLESTONFund EQT Infrastructure II

Entry April 2014Country Germany

Charleston pursues a buy-and-build strategy in the German nursing home market.

DATA INTENSITYFund EQT Mid Market US


Data Intensity is a leading provider of application and database management services.

CHINA F&BFund EQT Mid Market

Entry August 2013Country China

China F&B operates two renowned international restaurant chains, Dairy Queen (DQ) and Papa John’s Pizza (PPJ) in China.

COROMATIC GROUPFund EQT Expansion Capital II


Coromatic is the leading provider of critical facility solutions, safeguarding the availability of mission-critical power and data communications.

CONTANDAFund EQT Infrastructure II

Entry February 2013Country US

Contanda is a premier provider of storage and logistics services to owners of bulk liquid products in North America.

CODEFund EQT Real Estate I

Entry July 2016Country France

Full scale redevelopment of two properties into a new Grade A 6,000 sqm modern office in central Paris.

CLINICAL INNOVATIONS Fund EQT Mid Market US & EQT Mid Market China III

Entry October 2017Country US

Clinical Innovations is a leading global pure-play provider of single-use clinician-preferred products for hospitals’ Labor & Delivery and Neonatal Intensive Care Unit departments.

5 2


The section excludes the EQT Credit funds’ and EQT Ventures fund’s investments

GLOBALCONNECTFund EQT Infrastructure III

Entry February 2017Country Denmark

GlobalConnect is Denmark’s leading alternative provider of B2B data communication services.

GPA GLOBAL Fund EQT Mid Market Asia III

Entry March 2017Country China

GPA Global is a one-stop-shop, premium packaging and display solutions provider

HECTOR RAILFund EQT Infrastructure II

Entry October 2014Country Sweden

Hector Rail was founded in 2004 and has grown to become the leading private rail freight company in Sweden.

GETECFund EQT Infrastructure III

Entry February 2017Country Germany

GETEC was founded in 1993 and today it is one of the market leaders in energy services in Germany.

IFSFund EQT VII

Entry February 2016Country Sweden

IFS is active in the development, sale and implementation of enterprise software.

FOCUSVISIONFund EQT Mid MarketEntry December 2015

Country USFocusVision is a global leader in technology-enabled services within the marketing research and intelligence market.

HTL-STREFAFund EQT V

Entry December 2009Country Poland

HTL-Strefa is the globally unrivalled, leading developer and provider of blood micro-sampling medical devices.

INNOVYZEFund EQT Mid Market US

Entry May 2017Country US

Innovyze is a US-based leading global provider of smart water infrastructure modeling and simulation software solutions.

GLOBAL GATEWAY SOUTHFund EQT Infrastructure III

Entry December 2017Country US

Global Gateway South is one of the largest container terminals in the twin ports of Los Angeles and Long Beach.

HUSCOMPAGNIETFund EQT VI

Entry August 2015Country Denmark

HusCompagniet is a value-for-money brick-house retailer with a market-leading position in Denmark.

INDEPENDENT VETCAREFund EQT VI & EQT VII

Entry January 2017Country UK

Independent Vetcare is a leading veterinary services provider with over 750 clinics and hospitals across Europe.

IN.CORP GROUPFund EQT Mid Market

Entry April 2016Country Singapore

In.Corp Group operates as a leading corporate services provider offering customers core services that span the entire lifecycle of a corporation.

ILA VIETNAMFund EQT Mid Market Asia III

Entry July 2017Country Vietnam

ILA Vietnam is an early pioneer in the premium English Language Teaching industry in Vietnam.

FLYING TIGER COPENHAGENFund EQT VI

Entry January 2013Country Denmark

Tiger is a “variety retailer” of value-for-money products with approximately 725 stores across 28 European countries, Japan and US.

IP-ONLYFund EQT Mid Market


IP-Only is a leading provider of high-capacity fiber based data communication and datacenter services in Sweden.

ISLALINKFund EQT Infrastructure II

Entry November 2014Country Spain

IslaLink is an independent and neutral telecom infrastructure company focusing on submarine fiber optic cables.

ITSLEARNINGFund EQT Expansion Capital II


itslearning is a leading international provider of a pedagogy focused cloud-based Learning Management System (LMS).

KFZTEILE24Fund EQT Mid Market Entry December 2015

Country GermanyKfzteile24 is one of the leading full-range online retailers for automotive spare parts and accessories in Germany.

5 3


For more information, please visit www.eqtpartners.com

PIABFund EQT VII

Entry Jan 2016Country Sweden

Piab is the global technology leader within industrial vacuum automation components and material handling solutions.

PRESS GANEYFund EQT VII

Entry October 2016Country US

Press Ganey is the leading U.S. provider of patient experience measurement, performance analytics and strategic advisory solutions for healthcare organizations.

PEREGRINE MIDSTREAM PARTNERSFund EQT Infrastructure


Peregrine Midstream Partners is a midstream oil and gas company that owns and operates Ryckman Creek.

PSM INTERNATIONALFund EQT Greater China II

Entry May 2007Country China

PSM International is a multinational full-service provider of fastening solutions to a diverse customer base.

SIVANTOSFund EQT VI

Entry January 2015Country Germany

Sivantos is a leading global pure play producer of hearing aids and accessories with more than 100 years of experience.

SITECOREFund EQT VII

Entry May 2016Country Denmark

Sitecore is a global leading provider of customer experience management software.

RUE DU CHATEAU DES RENTIERSFund EQT Real Estate IEntry December 2017

Country FranceRue du Chateau des Rentiers is a 13,600 sqm office property located in Paris’ 13th arrondissement

SPIRIT COMMUNICATIONSFund EQT Infrastructure III

Entry August 2017 Country US

Spirit Communications is a leading pure-play provider of fiber-based data and boradband services.

SMART PARCFund EQT Real Estate I

Entry July 2017Country France

Smart Parc is a 30,000 square metre office investment, comprising a two building office campus with a communal restaurant, substantial landscaped gardens and 740 parking spaces.

LUMOS NETWORKSFund EQT Infrastructure III

Entry November 2017Country US

Lumos Networks is a leading provider of fiber-based bandwidth infrastructure and related services in the Mid-Atlantic region, U.S.

KUONI GROUP / VFS GLOBALFund EQT VII

Entry May 2016Country Switzerland

Kuoni Group is a leading service provider to the global travel industry and Its subsidiary, VFS Global, offers visa process outsourcing services for governments and diplomatic missions.

LAOBAIXINGFund EQT Greater China II

Entry September 2008Country China

LaoBaiXing is China’s first discount pharmacy superstore chain.

LIMAFund EQT VII

Entry March 2016Country Italy

Lima is a leading orthopaedic implant manufacturer based in Italy.

MUSTI JA MIRRIFund EQT Mid MarketEntry December 2014

Country FinlandMusti ja Mirri Group is the leading pet specialty retailer in the Nordic countries.

Partnering Governments. Providing Solutions.

NORDIC AVIATION CAPITALFund EQT VI

Entry October 2015Country Denmark

Nordic Aviation Capital is the world’s leading regional aircraft trading and leasing company.

OPEN SYSTEMSFund EQT Mid Market Europe

Entry June 2017Country Switzerland

Open Systems operates and controls secure software-defined networks for mainly multinational enterprises and NGOs in more than 180 countries.

OTTOBOCKFund EQT VII

Entry November 2017 Country Germany

Ottobock is the global market leader in mobility solutions, such as prosthetic and (neuro-) orthotic products to wheelchairs.

LONG-SPRING EDUCATION GROUPFund EQT Market Asia III

EntryNovember 2016Country China

Long-Spring Education is the largest privately-owned education group in the Yunnan Province.

5 4


UNILODE AVIATION SOLUTIONS Fund EQT Infrastructure II

Entry November 2016Country Switzerland

Unilode Aviation Solutions is the global leader in services related to unit load devices (ULDs) used for transportation of cargo and baggage in the aviation industry.

The section excludes the EQT Credit funds’ and EQT Ventures fund’s investments

TÄBY TERRASSFund EQT Real Estate IEntry November 2016

Country SwedenTäby Terrass indirectly owns a site in the suburbs of Stockholm residentially permitted to build 146 studio apartments.

STORMGEOFund EQT Mid Market


StormGeo is a leading global provider of software-based decision-support for weather-sensitive operations.

SPORTRADARFund EQT VI

Entry June 2014Country Switzerland

Sportradar is a market-leading provider of live sports information and services, operating at the interface between sports and entertainment.

TAMPNETFund EQT Infrastructure &

EQT Infrastructure IIEntry November 2012

Country NorwayTampnet is the only independent supplier of high-capacity and low-latency communication to offshore oil and gas installations in the Gulf of Mexico and the North Sea.

SYNAGROFund EQT Infrastructure II


Synagro is the leading US provider of residuals management solutions and land application services.

TIA TECHNOLOGYFund EQT Mid Market

Entry June 2014Country Denmark

TIA Technology is the leading supplier of standard software systems for the insurance industry in Europe.

TECHNOLOGIEPARKFund EQT Real Estate IEntry November 2016

Country GermanyTechnologiepark is a 116,155 square metre office park comprising seven office buildings located within the park and 2,863 parking spaces.

TOP-TOYFund EQT VII

Entry April 2016Country Denmark

TOP-TOY is the leading toys retailer in the Nordic region.

TOUHULAFund EQT Mid Market

Entry April 2016Country Finland

Touhula operates around 100 pre-schools and day-care centers across Finland.

UNITED DIGITAL GROUPFund EQT Expansion Capital II

Entry June 2011Country Germany

UDG is an agency group for digital marketing services and communication.

UTIMACOFund EQT Mid Market Europe

Entry January 2017Country Germany

Utimaco is a leading global provider of specialist professional cyber security and compliance solutions.

WASHFund EQT Infrastructure II

Entry May 2015Country US

WASH is a leading North American route-based laundry services company.

5 5


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