January 23, 2020 / 8:16 AM / 25 days ago

Private equity firm EQT to begin review of credit business

STOCKHOLM, Jan 23 (Reuters) - Swedish private equity firm EQT AB will conduct a strategic review of its credit investments business after a drop in total assets under management, it said on Thursday. EQT said it had appointed JP Morgan as financial adviser for the review of the credit business, which had 3.9 billion euros ($4.3 billion) of assets under management.

The company said that total fee-paying assets under management were 39.9 billion euros at the end of the fourth quarter, down from 40.5 billion euros at Sept. 30.

The credit operation's growth prospects are in areas outside EQT’s core business of active ownership, the firm said as it announced the review.

EQT invested 1.9 billion euros in the three months to Dec. 31, down from 3.4 billion euros in the previous quarter. Total fund exits were 2.4 billion euros, mainly from its private capital business.

The company, which was listed in September, will publish a more detailed full-year report on Feb. 12. ($1 = 0.9014 euros) (Reporting by Colm Fulton Editing by David Goodman)

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