EQT had spent only a few months as a publicly-listed company when the Covid-19 pandemic struck in March 2020, forcing it to put its ambitious expansion plans on ice.

Just six months earlier, the Sweden-based private equity group had raised €600m through an unusual public share sale to invest in growth through acquisitions. But the onset of the coronavirus crisis meant chief executive Christian Sinding redirected his focus to protecting the firm’s existing portfolio instead.