Sweden-based global private capital firm EQT has completed raising its largest ever fund.

The firm’s latest flagship private equity fund, EQT X, has closed at €22 billion ($33.6 billion) in total commitments of which €21.7 billion are fee-generating assets under management.

This exceeds the €20 billion target and represents nearly a 40% increase on the prior fund.

Private wealth commitments make up an increased proportion of the new fund. Australian investors are still able to gain exposure to EQT X through the EQT Nexus open-ended feeder fund which was launched locally in September.

EQT said other commitments to the new fund came from a broad range of investors including pension funds, sovereign wealth funds and asset managers. Geographically, commitments came from the Americas, Asia-Pacific, the Middle East, Europe and the Nordic region.

EQT has been investing in private equity for thirty years. The strategy has focused on the healthcare, technology, tech-enabled services and industrial technology sectors in Europe and North America and has delivered a realised gross multiple on invested capital of 2.7x.

The new fund has announced seven investments so far from the new fund which makes it currently more than 30 per cent invested.

EQT established a Sydney office in 2020 and now has more than 50 local employees.  

The firm made its first investment in Australia in 2014 when EQT Mid Market was the lead investor in the acquisition of diagnostic imaging services provider I-MED Radiology network. The business was exited in 2018 to UK private equity major Permira.

Last year (APE&VCJ, Oct 2023), EQT acquired VetPartners, Australia and New Zealand’s largest provider of veterinary services. No value for the acquisition was disclosed but the transaction followed a competitive sale process run by investment bank Jefferies which initially sought bids well over $1 billion.

Image: EQT investee business VetPartners is Australia and New Zealand’s largest provider of veterinary services.