As markets reopened following summer EQT [STO:EQT] emerged as the most active private equity firm in EMEA in 3Q 2024, but the Swedish sponsor trails behind CVC [AMS:CVC] as the most active sponsor in EMEA Capital Markets YTD.

The Swedish PE firm reached ECM volumes of USD 1.1bn during last quarter, according to Dealogic data, driven by the selldown in Galderma Group AG [SWX:GALD].

ADIA (Abu Dhabi Investment Authority Ltd) was also active in the same sell down in the Swiss pharmaceutical company, securing second place for the quarter with USD 631m.

Despite the relatively low sponsor-led volumes in 3Q, YTD figures show a pickup of sponsors tapping the capital markets. The most active in terms of volumes has been CVC Capital Partners [AMS: CVC], which went from not having a single issuance last year to USD 4bn in 2024 YTD, including the sponsor’s IPO of Zabka Group, which priced this week.

EQT (USD 2.3bn), GIC (USD 2.1bn), CPP Investment (USD 2bn) and Blackstone (USD 1.4bn) form the rest of the top five most active sponsors so far this year.

“Sponsors need an open IPO market to exit their investments. They’re not taking revolutionary approaches, just seeking legitimate IPOs at attractive valuations,” an ECM banker said.

CVC is an unusual case in that most of its ECM volume has been through IPOs this year, including its own. Follow-ons remain the bread and butter for sponsors capitalisations this year with most returning capital to shareholders through sales of already listed stakes.

With the final quarter underway, it’ll be interesting to see if the summer lull turns into a winter freeze, or if sponsors will heat things up, storming back to wrap up the year with a flurry of deals. If the start of 4Q is anything to go by it could be a busy finish to 2024.