eQ to acquire Genesta for up to EUR 15.5 million

eQ Plc signed an agreement on Oct. 23, 2026 to acquire Genesta, a Nordic real estate asset manager with about EUR 1 billion in assets across three funds, for a maximum debt-free value of EUR 15.5 million.

The price comprises an EUR 11.5 million base payment and an earn-out of up to EUR 4.0 million before purchase price adjustments, eQ's Q3 interim report says. At the ceiling, that is about 1.6 times Genesta's 2025 net revenue of EUR 9.6 million and 5.7 times its operating profit of EUR 2.7 million. The earn-out is about a quarter of the price. Genesta has 30 employees and offices in Stockholm, Helsinki, Copenhagen and Luxembourg.

For allocators underwriting eQ's private markets business, the deal adds three Nordic real estate funds and a Luxembourg fund platform. The interim report does not specify the earn-out metrics or measurement period, leaving the terms for retaining the acquired team open.

eQ said the acquisition is the first step toward building an international private markets platform and making real estate asset management a Nordic operation. The transaction also includes Genesta's institutional client relationships and staff. eQ's February strategy targets doubling operating profit by 2030 and expanding into the private client segment.

Group net revenue was EUR 44.5 million, up 4% on the prior year; operating profit was EUR 18.8 million, down 3%; and the cost/income ratio was 57.8%. The EUR 15.5 million maximum equals about 82% of that operating profit.

eQ Asset Management raised EUR 312 million for private equity and venture capital funds during the review period. eQ PE XVIII North contributed EUR 166 million and eQ PE SF VI, a secondary fund, EUR 68 million; the two funds accounted for EUR 234 million, or three quarters of the total. eQ PE Direct I, the firm's first co-investment fund, invests in around 20 Northern European SMEs.

Closing is expected by the first quarter of 2027. After that, eQ's private markets business would add Nordic real estate alongside its buyout, venture, secondaries and co-investment vehicles.