The deal brings the firm's combined private markets AUM to $75 billion, adding secondaries, co-investments, and evergreen fund capabilities.
The passive minority investment will reportedly strengthen the Swiss private equity firm's balance sheet and support team expansion and alignment with LPs.
A non-binding term sheet also gives O3 the option to increase its ownership in the Hungarian fund manager if AUM grows significantly.
The deal marks the sixth investment made by Armen's inaugural GP stakes fund, which targets a portfolio of European alternative asset managers across different strategies.
The transaction creates a $2.6 trillion manager spanning public and private markets, including secondaries and semi-liquid investment platforms.
The partnership will also develop products for wealth investors, beginning with an evergreen private equity secondaries fund expected in the coming weeks.
The Swiss firm's flagship semi-liquid strategy tracks the Morningstar PitchBook Unicorn 20 Index primarily through secondaries.
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.
The Dutch investment manager is expanding into GP stakes investing while also developing a dedicated open-ended strategy for managing secondary investments.
The deal will expand Mercer's private markets platform, adding expertise in secondaries and evergreen vehicles to its offerings.
