The Walking Dead
Hallowe’en has just passed but for some in the private equity industry, the next decade could be a scary affair if the fundraising environment remains challenging, prompting some executives to sound the alarm. In the Financial Times this week, Per Franzén, who became CEO of Swedish private equity firm EQT in May 2025, said that 80% of private markets firms could be zombie firms over the next decade, managing invested portfolios to exit while struggling to raise fresh capital from investors.
