EQT Private Equity (EQPE): NAV by Class, Fees, Repurchases

What EQPE is, and what it is not

EQPE is EQT’s private equity vehicle for US individuals. It is not a registered fund. The 10-Q describes it as “a holding company that seeks to acquire, own and control Joint Ventures and portfolio companies globally,” formed on June 20, 2024, and says it operates so that it does not fall under the Investment Company Act. Its Form 10 became effective on October 29, 2024, which is why it files 10-Ks, 10-Qs and 8-Ks like a public company even though its shares have no market. It sold its first shares to outside investors on July 1, 2025, to “accredited investors” under Regulation D and, abroad, to non-U.S. persons under Regulation S. It has paid no distributions: the 10-Q says none were declared or paid through June 30, 2026, so a holder’s whole return is the change in the share price.

The wrapper is the same idea as KKR’s K-PEC and the other vehicles in our guide to investing in private equity, and its sister vehicle for infrastructure is covered in our evergreen infrastructure comparison. It is much smaller: $1.15 billion against $12.81 billion for K-PEC at August 31, 2026. It expects to own nearly all of its companies “alongside one or more EQT Vehicles,” the 10-Q says, so the same companies sit in EQT’s other funds too. A name note: the word “Nexus,” which some search results attach to EQT’s evergreen products, appears in none of the filings we saved. The SEC registrant is EQT Private Equity Company LLC.

The price: 13 share classes at September 30, 2026

The company publishes a Transactional NAV per share for every class each month in an 8-K, about three weeks after month end. It is “the price at which the Company sells and repurchases its shares.” The 8-K of October 22, 2026 sets the prices that apply to the November 5, 2026 repurchase date.

Five of the 13 classes are founder classes, which the 10-Q says the company “ceased offering as of June 1, 2026”: A-I, A-D, A-S, A-J1 and A-J2. Together they are $891.8 million, 77.3% of NAV (our arithmetic). Another 16.2% is Class E, which EQT AB Group holds, and 0.02% is Q, T and H. Only 6.5% of NAV, $75.2 million, sits in the four non-founder classes that new investors can still buy (our arithmetic). The 10-K counted 3,338 holders across Classes A-D, A-I, A-J1, A-J2, A-S and I as of March 31, 2026, 1,853 of them in Class A-S (our sum).

The GAAP number is lower than the transaction price. The September 30 exhibit reconciles $1,136.1 million of GAAP NAV to $1,154.1 million of Transactional NAV: the $18.0 million difference is shareholder servicing fees that GAAP books up front and the transaction price recognizes monthly, 1.6% of the transaction NAV (our arithmetic).

Why Class S is $26.02 and Class A-I is $31.64

The first thing a new reader asks is why the same fund has prices from $26 to $33. The answer is in the launch dates, not in the results. Every class was sold at $25.00 on the first day it existed, and a class that started later has had less time to grow. The 10-Q says how the monthly change is shared: “any change in the Company’s NAV (whether an increase or decrease) is allocated among each Share class based on the relative percentage of the previous aggregate NAV for each share class,” adjusted for issuances and repurchases.

The 8-K of August 26, 2025 gives the case in one line: “Class A-S Shares were purchased at a price of $25 per Class A-S Share given that Class A-S Shares were not outstanding as of July 31, 2025.” The same happened on July 1, 2026 with Classes S, J1 and J2: the 10-Q shows 345,409 Class S shares sold for $8,635 thousand, 226,692 Class J1 shares for $5,667 thousand and 5,600 Class J2 shares for $140 thousand, $25.00 each (our arithmetic).

So per-share prices cannot be compared across classes; percentage changes and fees can. The 10-Q gives total returns for the six classes that existed at June 30, 2026, measured on the change in Transactional NAV per share: Class A-I 3.86% for the quarter and 21.29% annualized since July 1, 2025; A-D 20.98%; A-J1 and A-J2 20.68%; Class I 19.91%; and Class A-S 15.82% annualized since August 1, 2025, a class that carries a 0.85% servicing fee that A-I does not. Those are the company’s figures for a vehicle that is 15 months old, and the September quarter added another 4.1% to 4.4% on top (our arithmetic).

Monthly NAV, July 2025 to September 2026

Class A-I went from $25.98 at July 31, 2025 to $31.64 at September 30, 2026, up 21.8%, and fell in only one of 14 months, February 2026 (-0.38%). Class I fell in two, January 2026 (-0.10%) and February 2026 (-0.45%) (our arithmetic on the exhibits). Gains arrive in lumps: A-I rose 4.19% in September 2025, 2.03% in December 2025, 2.09% in June 2026 and 2.33% in September 2026, and by under 1% in six of the other ten months. Cash was 14.4% of NAV at September 30, 2026, up from 9.7% three months earlier (our arithmetic); the June 30, 2026 balance sheet shows no borrowings.

What sits behind the September jump

Every month’s NAV is a valuation, not a trade. The exhibits show what the valuation rests on. The portfolio is valued mostly by comparing each company with listed or recently sold peers, and the weight given to that method moves from quarter to quarter.

Between June 30 and September 30, 2026 the cost of the portfolio companies rose by $3.9 million while their fair value rose by $59.4 million, and the weighted multiple moved from 16.3x to 18.5x, inside a range of 11.6x to 22.7x at September 30, 2026. The weight on market comparables went to 100%, from 79%, with the remainder previously on “Transaction Price/Other.” The filings show the inputs but not the reason, and the next 10-Q, due in mid-November 2026, will carry the first GAAP statements for the quarter. None of this says the valuation is wrong. It says that the largest quarterly gain since launch coincided with a higher multiple and a larger weight on a method that depends on where peers trade, and that is the number to watch if peers fall.

New money: $861 million, then a slowdown

Each month the company files an Item 3.02 8-K with what it sold on the first day of the month, at the prior month-end price. The company’s own running total was approximately $861.1 million sold since July 1, 2025 after the September 1, 2026 sale (8-K of September 24, 2026). The monthly pattern:

Three readings, all from the table. The three subscription dates of July-September 2026 added up to $72.96 million, against $132.29 million for April-June 2026 (-44.9%) and $262.20 million for July-September 2025 (-72.2%) (our sums). The slide started in May 2026, before the founder classes closed on June 1, 2026. And the July 1, 2026 8-K shows a 393,409-share Class S line and a $29.5 million total, while the 10-Q shows 345,409 shares and $28,252 thousand; the company’s own cumulative figures from August 2026 on agree with the lower number, so we use it. The monthly amounts in the table add up to $861.2 million against the company’s $861.1 million; the $0.1 million gap sits in the company’s own rounding (our arithmetic).

The October 1, 2026 subscription 8-K had not been filed when we read EDGAR on October 23, 2026.

Exits: two repurchases, and a plan that does not publish requests

The plan lets shareholders ask once a quarter. The window opens on the first business day of the quarter and closes on the fifth calendar day of the second month, which is the repurchase date; the price is the NAV of the prior quarter-end. For the current window that means October 1 to November 5, 2026 at the September 30 prices in the first table, and a request can be withdrawn until 4:00 p.m. Eastern on November 5, 2026. Total repurchases of Investor Shares are limited to 5% of NAV per calendar quarter, and the company “may repurchase fewer Shares than have been requested in any particular quarter.”

The August 5 payout is a small fraction of what the plan allows. Gross at the NAV prices, the shares were worth about $2.58 million, 0.25% of the June 30 NAV of $1,036.2 million and about 5% of the $51.8 million cap that 5% of that NAV implies (our arithmetic; the plan measures the cap on average NAV, so the exact figure differs slightly). The 10-Q shows the amounts net of the early fee: $2,218 thousand for 76,992 Class A-I shares at a $30.32 NAV is $28.81 a share, which is 95% of the NAV (our arithmetic). The filing text prints the Class A-S price as “$28.6”; the Class A-S NAV at June 30, 2026 was $28.96.

What the filings do not say is how much was asked for. The 10-Q and the 10-K report purchases, not requests, so we cannot say whether every request was paid or whether pro rata applied. The 10-K says pro rata applies if the company repurchases only some of the requests, after death, divorce, bankruptcy and similar cases are paid first, and that “There may be quarters in which we do not repurchase Shares, and it is possible that we will not repurchase Shares at all for an extended period.” Other rules that cost money or flexibility:

• 5% early repurchase fee on shares repurchased within 24 months of their original issue date, which “will inure to the benefit of the Company.” The first shares were issued on July 1, 2025, so no investor share is past the window before July 1, 2027 (our arithmetic). The company may waive it for death, qualifying disability or divorce.
• Board powers: the plan lists “a material decrease in the estimated NAV” among the reasons not to repurchase, and says the Board may modify or suspend it.
• Class E is outside the plan. The 10-K says “Class E Shares are not subject to our share repurchase plan, including with respect to any repurchase limits,” and describes a separate arrangement under which the company expects to offer to repurchase EQT AB Group’s Class E shares each month with “the net proceeds from new subscriptions” less investor repurchases. The 5,743,614 Class E shares have not changed since May 31, 2026, so no such repurchase has happened yet (our reading of the exhibits).

For how other evergreen vehicles disclosed requests and proration, see our redemption comparison and the BXPE repurchase page; EQPE’s history is two small payments and no queue data.

What comes out before the NAV: fees by class

The 10-K sets the fees. The table lists them by class as the filing does: non-founder classes and Class E pay 1.25%, the five founder classes pay the founder rate explained below.

All Investor Shares also pay a performance allocation of 15.0% of total return above a 5.0% annualized hurdle, with a high water mark and a 100% catch-up, measured on the calendar year. For the first period, July 1 to December 31, 2025, the accrual was $7,278 thousand, which the 10-Q says was paid to the Class H member in the first half of 2026. At September 30, 2026, $12,573 thousand was accrued for 2026, 1.1% of NAV (our arithmetic). The early repurchase fee is 5% of NAV within 24 months of the original issue date.

Two clauses change what the founder fee means. The Management Agreement gives the founder classes 1.00% “for a 36-month period following July 1, 2025,” with “a Management Fee waiver for a 12-month period following July 1, 2025,” and 1.25% thereafter. The 10-Q says the gross management fee of $6,545 thousand was offset by a $5,168 thousand waiver, leaving $1,378 thousand payable at June 30, 2026. Read as written, the waiver ended on June 30, 2026, so the third quarter is the first with the fee in full (our reading; the 10-Q for September 30, 2026 will show it).

The second clause is the expense cap. Under the Expense Limitation Agreement the Manager absorbs expenses so that specified expenses stay at or below 0.75% of net assets, through March 31, 2027, and the company has agreed to repay the Manager “within five years” when and if it asks, as long as the cap still holds.

The $21.5 million is 2.1% of the $1,018.5 million of GAAP net assets at June 30, 2026 (our arithmetic). It does not appear among the liabilities at June 30, 2026; it is a right the Manager keeps, and the filing adds that on dissolution, a sale of substantially all assets or termination of the Management Agreement the company “has agreed first to reimburse the Manager.” The balance sheet also shows $12.2 million due from the Manager at June 30, 2026.

What it owns, and who sold it to the fund

At June 30, 2026 the fund held 23 portfolio companies with an aggregate fair value of $938.3 million. Information technology was 61.65% of net assets (62.15% at December 31, 2025). By region, as a share of net assets, 37.44% was in Europe, 29.15% in North America and 25.54% in Asia Pacific. The schedule names only holdings above 5% of net assets, plus one smaller line:

Percentages fell mainly because net assets grew from $610.6 million to $1,018.5 million over those six months. What the schedule does not show is who sold the assets. Note 3 of the 10-K and the 10-Q do:

The Class E issues add to $100.0 million, the 2025 cash purchases to $129.4 million and the 2026 cash purchases to $103.1 million, so the filings name $332.5 million of transactions with EQT entities, 39.9% of the $833.2 million of portfolio purchases through June 30, 2026 ($543.1 million in 2025 and $290.1 million in the first half of 2026) (our arithmetic). Acronis appears twice in the filings, once as a Class E issue and once as a cash acquisition, and we counted it once in the Class E line. The list is a floor: the filing says “acquired ownership interests” without naming the seller for other deals, and the 10-Q says the company expects to own “nearly all” of its companies “through Joint Ventures alongside one or more EQT Vehicles.” The filings do not link the $58.1 million of Class E shares issued on May 1, 2026 to the $58.0 million purchased from EQT Investments AB on May 26, 2026; we note the amounts are within 0.2% of each other and say nothing more.

Tax: a Schedule K-1, not a 1099

The company intends to be taxed as a partnership. The 10-K says it intends to provide “IRS Schedule K-1 information” 75 days after each calendar year end, which is March 16, 2027 for tax year 2026 (our arithmetic), and warns that “it is possible that, in any taxable year, a shareholder will need to apply for an extension of time to file such shareholder’s tax returns.” Our K-1 deadline page and K-1 versus 1099 guide cover the mechanics. For retirement accounts the 10-K says the company expects to hold its interests through “Non-U.S. Holding Corporations” to “avoid generating UBTI, and to provide simplified tax reporting for shareholders,” with the caveat “No assurances can be provided that the Company’s structures will achieve their intended results.” Our Form 990-T and IRA page explains why that matters in an IRA. The holding corporations may owe corporate tax of their own.

What a reader can do with this

• If you hold founder shares (A-I, A-D, A-S, A-J1, A-J2): you are in the closed classes, 77.3% of NAV. Your repurchase price on November 5, 2026 is the September 30 NAV of your class, less 5% if the shares are under 24 months old, which for every share issued so far they are. The August window paid about 5% of the cap, which describes the demand that reached the plan, not what a larger queue would get.
• If you are weighing an add or a first purchase: only Classes I, D, S, J1 and J2 are open. Compare classes by percentage return and fee, not by price per share. The filings do not give the minimum investment or the sales load a given adviser will charge; those sit in the private placement memorandum.
• If you want to see the exposure: 61.65% of net assets was information technology on June 30, 2026, and the filings name 39.9% of purchases as bought from, or paid for in shares to, EQT entities. The tables above give the holdings and the counterparties.
• What would change the picture: a window in which repurchases use a larger share of the 5% cap, a borrowing on the balance sheet (none at June 30, 2026), a fall in the weighted multiple from 18.5x, a Board notice under the plan’s suspension rules, or a first repurchase of EQT’s Class E shares funded by investor subscriptions.
• What to read next: the October 1 subscription 8-K, the third-quarter 10-Q (the 2025 one was filed on November 14, 2025), and the October 31 NAV 8-K around November 20, 2026.

FAQ

All figures are from SEC filings of EQT Private Equity Company LLC (CIK 2032020) read on EDGAR on October 23, 2026: the Form 8-Ks and their Exhibit 99.1 NAV tables for July 31, 2025 to September 30, 2026 (accessions 0001193125-25-188779, -25-209160, -25-246738, -25-293640, -25-326943, -26-017912, -26-063924, -26-116061, -26-166692, -26-234186, -26-277486, -26-310381, -26-361060, -26-399361 and -26-428901), the Item 3.02 subscription 8-Ks (accessions 0001193125-25-154998, -25-213545, -25-248722, -25-296987, -25-328667, -26-019407, -26-066923, -26-117724, -26-170303, -26-241838, -26-401001), the Form 10-K for 2025 (accession 0001193125-26-134920, filed March 31, 2026) and the Form 10-Qs for March 31, 2026 (accession 0001193125-26-227058) and June 30, 2026 (accession 0001193125-26-351936, filed August 14, 2026). Dollar amounts are as filed; percentages marked “our arithmetic” are ours. This is analysis of public documents, not investment, legal or tax advice.