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cover of episode EQT: Returns at Scale - [Business Breakdowns, EP.220]

EQT: Returns at Scale - [Business Breakdowns, EP.220]

2025/6/18
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Business Breakdowns
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Sean Barrett: 我对另类资产管理公司有很长的研究历史，并且认为这个领域非常有趣，投资者可以在其中做出差异化。另类资产管理公司在会计处理上非常复杂，但这也使其变得有趣，并允许投资者拥有与众不同的观点。通过深入了解每个基金的情况，可以比大多数人更好地理解另类资产管理公司的两种收入来源：管理费和业绩提成。了解基金的运作方式，就可以预测它们未来是否会筹集到更大的基金，并了解它们何时以及将产生多少业绩提成。

Deep Dive

Chapters
This chapter sets the stage by introducing EQT and its unique position in the alternative asset management space. It delves into the complexities of alt investing and highlights Sean Barrett's extensive experience in this field. The discussion also explores the unique challenges and opportunities presented by this asset class.
  • Introduction to Business Breakdowns podcast and its focus on in-depth business analysis.
  • Sean Barrett's 15-year experience in alternative asset management, starting with the study of Blackstone in 2011-2012.
  • Complexities of alternative asset managers, including K-1s and global fund consolidation.
  • Unique approach to understanding alt managers by analyzing individual funds and their investment strategies.

Shownotes Transcript

 This is Matt Reustle. Today we are breaking down EQT, the Swedish global investment organization. Right off the top, I need to mention our guest today, Sean Barrett), who couldn't have been more perfect for this breakdown. Sean has been investing in the Alts since Blackstone christened this asset class just over a decade ago.

Sean is the founder of Counter Global, and alt investing is ingrained in its DNA. We cover the massive, yet lesser-known EQT, the Wallenberg family ties, and how this business has continued to generate returns at scale. Beyond the EQT conversation, you are going to get a masterclass on Alts investing.

Please enjoy this Breakdown of EQT.

⁠⁠⁠Subscribe⁠⁠⁠)** to Colossus Review**

For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠⁠ ⁠here⁠⁠⁠).

—-

Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠⁠ joincolossus.com/episodes⁠⁠⁠).

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠)).

Show Notes

(00:00:00) Welcome to Business Breakdowns

(00:01:38) Complexities of Alternative Asset Management

(00:04:27) Understanding EQT: A Thematic Private Markets Investment Manager

(00:06:36) The Wallenberg Legacy and EQT's Origins

(00:11:54) EQT's Differentiation and Investment Strategy

(00:20:36) Leadership and Succession Planning at EQT

(00:25:15) Regulatory Environment and Strategic Focus

(00:31:15) EQT's Private Equity and Asia Strategies

(00:37:39) EQT's Strategic Use of M&A

(00:39:49) EQT's Infrastructure Business

(00:42:01) EQT's Real Estate Business

(00:45:28) Innovative Exit Strategies

(00:49:08) Fundraising Success and Future Prospects

(00:59:31) Financial Model and Valuation

(01:06:46) Key Risks and Opportunities

(01:16:15) Lessons from EQT