LONDON, Jan 19 (Reuters Breakingviews) - EQT’s (EQTAB.ST)full-year results offer a teachable moment for its Luxembourg-based peer CVC Capital, which is weighing a possible London listing according to Sky News. The 39 billion euro Swedish private-equity group is booming. Earnings of 989 million euros last year were triple 2020’s level. And Chief Executive Christian Sinding is looking to raise a 20 billion euro mega fund, called EQT X, just two years after launching the previous instantiation, EQT IX. Yet under the surface there are signs of caution. Sinding and his team sold far more assets than they bought last year: so-called exits of 31 billion euros dwarfed investments of 21 billion euros. And back in September, the group’s partners sold EQT shares equivalent to 6% of the company’s total, as part of a deal that also extended the lockup period on their remaining holdings. Investors are cooling on listed buyout groups as central bankers prepare to hike rates. EQT’s stock is down 18% in 2022, leaving its valuation at a still-puffy 30 times next year’s earnings. The lesson is that CVC has a window, but it might close soon. (By Liam Proud)