The deal would reportedly expand the firm's presence in Europe and boost its infrastructure exposure.
The partnership will also develop products for wealth investors, beginning with an evergreen private equity secondaries fund expected in the coming weeks.
The potential vehicle follows Antin's July agreement to sell ~30% of the asset to GLIL Infrastructure from its €3.6 billion Fund III.
The Swiss manager will acquire ownership in the pan-Nordic data center platform through its infrastructure secondaries strategy.
The deal expands Flexstone's private markets platform with the addition of Glouston's North American middle market secondaries strategy.
The transaction adds nine private equity and credit secondaries strategies to EQT's offering, while its combined evergreen platform now exceeds €10 billion in NAV.
Under the non-binding agreement, O3 may increase its ownership in the social impact investor if certain fund launch and fundraising milestones are met.
The secondary market specialist will remain independently managed by its existing leadership team, with no changes to its investment strategy.
The oversubscribed vehicle for Ireland-based H&MV Engineering values the power infrastructure specialist at €1.4 billion, marking a 12x increase since Exponent's initial 2022 investment.
The deal marks Reality Growth's second investment since launching earlier this year as a dedicated GP stakes platform.
