Digging through EQT’s IPO prospectus last month, we were struck by the fact that only 2 percent of the giant firm’s revenue was coming from carried interest. Philippa Kent has the details here. The firm expects this to evolve in the medium-term such that carry will comprise 25-30 percent of revenue. It is a testament to how rapidly EQT, like its powerhouse peers in the upper echelons of the industry, has undergone explosive growth in recent years. More than 90 percent of EQT’s AUM of €40 billion is in the pre-carry phase.
Elsewhere, Pantheon has appointed a new CTO (John Eggleston from BGF) and a new head of recruitment (Richard Berke from Insight Investment): press release here.
Fund services firm Apex Group has appointed Renaud Oury, formerly of IQ-EQ, as its group chief data officer.
We will leave you with a romantic notion from one Steve Schwarzman, speaking to students at London Business School yesterday. Anyone can work hard, said the self-confessed “B+ student who forced himself to be an A,” but “you have to have the ability to dream and create something new.”
Email prepared by Toby Mitchenall.