EQT is buying secondaries specialist Coller Capital for $3.2 billion, a major move into the growing market for private equity stakes. The deal gives the Swedish firm a significant platform in a sector where institutional investors increasingly seek liquidity for aging funds.

Carlyle's Robert Schmidt sees the Medline IPO as a sign that the IPO window is reopening for large private equity-backed companies. Medline's listing, backed by Blackstone, Carlyle, and Hellman & Friedman, could encourage other sponsors to pursue exits after a prolonged drought.

The broader market shows signs of thawing. Bridgepoint-owned ECP sold three Midwest power plants to a strategic buyer, while deal flow in the automotive sector is picking up in 2025. These moves suggest private equity firms are actively seeking liquidity through various channels as conditions improve.