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Swedish private equity giant EQT is placing a major bet on London's insurance brokerage scene. The firm announced Friday it will acquire McGill and Partners from Warburg Pincus for $2 billion, in a transaction guided by law firms Clifford Chance LLP and Freshfields LLP.

The Structure Behind the Acquisition

EQT confirmed that its investment fund, EQT X, has agreed to purchase a majority stake in McGill and Partners — the London-based insurance broker founded in 2019 — from the U.S. private equity firm Warburg Pincus. Despite its relatively young age, McGill has clearly grown into an asset substantial enough to command a billion-dollar valuation.

Timeline and Fund Implications

The deal remains subject to regulatory approval, with EQT expecting it to close during the first half of 2027. Notably, EQT said this transaction pushes EQT X to being up to 90% invested — a milestone suggesting the fund is nearing the end of its active deployment phase.

Leadership Continuity at McGill

Despite the change in majority ownership, the people steering McGill's day-to-day operations aren't going anywhere. Founder and chief executive Steve McGill will continue leading the British company, while chairman John Lloyd will remain actively involved in its operations, according to the announcement — a signal that EQT is buying into existing leadership as much as the business itself.

Leadership Reactions to the Deal

"EQT's track record of backing high-growth, best-in-class technology-enabled businesses makes them absolutely the right partner for the next stage of our journey," McGill said, framing the acquisition as a natural next chapter rather than a disruptive handoff.

Miriam Tawil, an EQT private equity partner, echoed that growth-focused framing from the buyer's side, saying the firm is looking forward "to investing in the team and platform to accelerate growth of its U.S. and international client portfolio, further connecting the world to the Lloyd's and London market."

EQT's Broader Portfolio and Momentum

EQT's operations span private capital, infrastructure and real estate, and the firm reported managing assets worth €291 billion — roughly $338 billion at current exchange rates — as of June. This deal arrives amid a broader flurry of acquisition activity for the firm throughout the year.

Recent Deals Rounding Out EQT's Year

On Aug. 31, EQT completed its acquisition of leading secondaries firm Coller Capital, a deal it had first announced back in January. The firm also revealed in August that it's set to become the majority shareholder of Australian rugby league club Melbourne Storm, through its mid-market opportunities fund — though EQT did not disclose financial terms for that particular transaction.

The Legal Teams Behind the McGill Deal

Freshfields partner Patrick Ko and senior associate Alex Collins led the team advising McGill and Partners and Warburg Pincus on the transaction. A Clifford Chance team led by the firm's head of private equity, Spencer Baylin, along with partners Graham Phillips and Thomas Fisher, steered EQT through the deal, with Mayer Brown LLP also providing advisory support.

Additional Legal Contributors

Clifford Chance lawyers Victoria Ho, Martin Kolmar, Eleanor Burkin, Angus Hancock, Ruth McAteer, Ross Nixon and Shoshana Leibovici also worked on the deal, joined by members of the firm's global insurance team, led by James Cashier, and its employment and incentive team, led by Sonia Gilbert.

Freshfields lawyers Alastair Mordaunt, Bosco Yu, Meghan Arapakis, Samuel Christie, Xavier Chitnavis, Annabel Kennard and Peter Clements also contributed to the transaction. Full counsel information for the deal was not immediately available.