27 February 2024

EQT raises €22 billion for latest PE fund

Swedish PE firm EQT has successfully raised €22 billion for its largest fund to date, despite the current challenging conditions for raising capital. Approximately 70% of the commitments are from existing investors.

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This successful fundraise is an example of investor money flowing in larger amounts to the most established buyout groups. Pitchbook reports that the concentration of capital in megafunds has reached record levels in 2023, while smaller firms are struggling to reach their target amounts. Recent successes in raising new capital include infrastructure fund Brookfield with $28bn, CVC's Europe and Americas fund with $26bn, flagship buyout fund Permira with $16.7bn and most recently flagship fund Cinven with $14.5bn, which closed last month.

EQT, which listed on Nasdaq Stockholm in 2019, now oversees approximately €232 billion. The company focuses on investments in mid- and large-cap companies in Europe and North America, particularly in the healthcare, technology and services sectors. This includes, for example, the acquisitions of Envirotainer, a Swedish biopharmaceutical company, and Dechra Pharmaceuticals, a British veterinary drug manufacturer.