EQT’s acquisition of Coller Capital is more than a headline-grabbing secondaries deal — it reflects a broader shift in the alternatives industry, where scale is becoming increasingly important.

This trend is far from isolated. Shortly after the EQT–Coller announcement, CVC Capital Partners revealed plans to acquire private credit manager Marathon Asset Management, and last November, Clearlake Capital Group agreed to purchase Pathway Capital Management.

So what do these deals mean? By acquiring Coller, which manages around US$50 billion in assets under management (AUM), EQT’s US$3.2 billion transaction significantly expands its presence in the secondaries market. Similarly, CVC’s US$1.2 billion acquisition of Marathon strengthens its private credit capabilities, increasing the credit unit’s fee-earning assets to approximately US$72 billion. Clearlake’s Pathway deal broadens its secondaries, private credit, and co-investment offerings, doubling the firm’s AUM to US$185 billion.

These transactions also highlight the growing importance of secondaries and private credit. Once considered niche strategies, they are increasingly used to manage liquidity and build portfolios, particularly as exits take longer and capital remains locked up for years.

At the same time, the deals illustrate how the alternatives industry itself is evolving. Scale is becoming essential, with global reach and the ability to offer solutions across different market conditions increasingly critical for success. 

Together, these transactions signal a trend toward larger firms acquiring established managers, suggesting that consolidation is continuing across private markets. The combination of secondaries, private credit, and co-investments also points to a move toward integrating related alternatives strategies under one roof rather than keeping them siloed.

Niche managers, however, continue to offer distinct advantages. Their focus on specialised strategies can support closer client relationships, faster decision-making, and more focused execution. Exclusive deal access also remains an important benefit. In addition, private banks are innovating how clients access private markets, using fund-of-funds structures that pool private equity, credit, and infrastructure to provide diversified exposure.

As liquidity needs grow and private wealth becomes an increasingly important source of capital, the question remains: will the next era of alternatives be dominated by giants, or can specialist managers continue to thrive?

We will discuss this and more at our upcoming Alternative Investments Summit 2026, taking place in Hong Kong and Singapore next week. Join the conversation. 

In other news, submissions are now open for the 11th Asian Private Banker Technology Awards. The awards are open to all technology vendors serving private banks, institutions with private banking operations, and wealth managers across
Asia. Showcase your solutions and be recognised as a pioneer in private banking technology.