EQT Raises USD 1.6 Bn Mid-Market Growth Fund, Twice Original Target The fund would target industries like technology, healthcare, and various service sectors, with a particular focus on India, Southeast Asia, Japan, and Australia.
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Swedish investment group EQT's latest fund BPEA EQT Mid-Market Growth Partnership (MMG Fund) announced that it has raised USD 1.6 billion.
The funds raised have surpassed the fund's initial aim of USD 750 million, according to the official release.
The fund would target industries like technology, healthcare, and various service sectors, with a particular focus on India, Southeast Asia, Japan, and Australia.
Jean Salata, Chairman of EQT Asia and Head of the EQT Private Capital Asia advisory team, said, "We have been investing in Asia for the best part of three decades and now have a fully-scaled and established large-cap platform. Following this growth, we found that we no longer had a dedicated pool of capital to invest in compelling mid-market companies."
The fund welcomed a diverse range of investors from across the world. Existing investors in the flagship Asian large-cap buyout funds made up over 80 percent of the total commitments.
The majority of the remaining commitments came from investors in other EQT funds, which were allocating to the Asian platform for the first time. A significant portion of the commitments also came from EQT employees.
Nicholas Macksey, Partner, EQT Private Capital Asia advisory team, added, "The team has hit the ground running with this new fund, having made four investments to date. In a testament to the dynamism of Asia's mid-market segment, as well as our scale and network, the pipeline is strong, and we're excited for what's ahead. We would like to thank all our investors for their trust and support and look forward to making this pan-Asia mid-market buyout strategy a success in the years to come."
The final close of the fund brings EQT's total fundraising for 2024 to nearly USD 29 billion, including USD 24 billion for EQT X in February and USD 3.3 billion for EQT Future in March.
