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2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 16 to 20.Analyst Certification on page 15.Price Objective Basis/Risk on page 14.12849378 European Asset Management H125 private markets preview:Buy EQT and CVC into upcoming results Price Objective Change Positive on private markets after underperforman

4、ce We are constructive on the private markets sector after underperformance YTD with European managers of EQT,PGHN(Partners Group)and CVC down-9%on average compared to traditional asset managers+20%and exchanges+18%.EPS estimates have been rebased for weaker performance fees,and we see upside if act

5、ivity picks up sooner given low expectations.Ebbing tariff uncertainty or earlier rate cuts are potential catalysts to unlock the strong pipeline of deals.Private equity exit count fell by 25%QoQ in Q225,according to PitchBook driven by a slowdown in Apr-May but sentiment appears to be improving,par

6、ticularly for higher quality assets.We calculate 10 exit deal announcements by EQT in Q225,supporting carry in H125 for sale of listed stakes and H225 when private deals close.As such,we lift our EQT EPS estimate by 10%in 2025 and our PO to SEK370 from SEK335.Our top picks remain EQT and CVC(both Bu