EQT beats Asia mid-market growth fund target

The $1.6bn fundraise more than doubled the fund’s target size of $750m. The mid-market strategy will focus on the technology, services and healthcare sectors, prioritising India, SE Asia, Japan and Australia.

Private equity frim EQT has closed its BPEA EQT Mid-Market Growth Partnership fund at $1.6 billion in total fund commitments, more than double the fund’s original target size of $750 million.

The Asia-focused mid-market buyout fund, which had an initial target size of $750 million, closes with $1.6 billion in total fund commitments, of which $1.4 billion is fee-generating, according to a company statement.

The  will focus on the technologfundy, services, and healthcare sectors across Asia, prioritising India, Southeast Asia, Japan and Australia. It has already made four investments to date. 

EQT’s private capital strategies across the world have now completed fundraises in 2024 that combine to nearly $29 billion in total commitments.

The fund has a "diverse range" of global investors, while existing investors in the flagship Asian large-cap buyout funds made up over 80% of , according to the statthe investments. The majority of the remaining commitments came from investors in other EQT funds, which were allocating to the Asian platform for the first time, while a "significant" undisclosed portion of the commitments also came from EQT employees.

The close of the fund brings the combined total of fundraises completed in 2024 by EQT’s global Private Capital strategies to nearly $29 billion, following the $24 billion close of EQT X in February and a $3.3 billion close of EQT Future in March.

“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,” said Jean Salata, chairman of EQT Asia and head of the EQT Private Capital Asia advisory team. 

Sweden's EQT completed the purchase of Hong Kong-headquartered Baring Private Equity Asia (BPEA) in October 2022. 

FinanceAsia has reached out to EQT for more information. 

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