EQT has announced that EQT X has held its final close, having raised €22 billion (USD 24 billion) in total commitments, of which €21.7 billion (USD 23.5 billion) are fee-generating assets under management. The fundraising exceeded the target size of €20 billion (USD 21.6 billion) and represented a nearly 40% increase on EQT IX, which closed at €15.6 billion in April 2021. It also represents one of the largest private equity funds ever raised.
This fund received commitments from various investors, including pension and sovereign wealth funds, asset managers, and the private wealth segment. And the latter made up an increased share of the total commitments on the back of EQT’s recent strategic drive to offer the segment increased access to EQT funds with the launch of EQT Nexus. Fund investors were based across the Americas, Asia-Pacific, the Middle East, Europe, and the Nordics.
EQT X is the latest fund in the EQT Private Equity strategy. For thirty years, the strategy has invested in the Healthcare, Technology, Tech-enabled Services and Industrial Technology sectors in Europe and North America. Over that time, it has delivered a realized gross multiple on invested capital of 2.7x.
This Fund has announced seven investments since June 2022, starting with acquiring Envirotainer – the globally leading provider of mission-critical transport services to the biopharma industry. Other investments include advanced medical components supplier Zeus, accounts receivable automation leader Billtrust, and animal pharmaceutical business Dechra Pharmaceuticals.
As one of EQT’s eleven business lines, the EQT Private Equity team comprises over 130 investment professionals across 15 offices in Europe and North America. They work with portfolio companies to accelerate growth, strengthen profitability, and increase resilience through an active ownership model. They do this with the hands-on support of management teams, employing long-term perspectives, and bringing deep expertise in AI, digitalization, and sustainability.
The teams also draw upon the expertise of EQT’s network of over 600 Industrial Advisors, who each bring experience leading companies in EQT Private Equity’s core sectors. EQT Private Equity works closely with EQT’s other private capital business lines, which include EQT Private Capital Asia, EQT Future, EQT Healthcare Growth, EQT Growth, and EQT Ventures.
EQT X is currently 30% to 35% invested (including closed and signed investments, announced public offers, if applicable, and less any expected syndication), based on the actual fund size.
KEY QUOTES:
“We remain focused on backing and futureproofing companies in attractive and resilient sectors, such as healthcare and technology, and have proven our ability to perform and return capital across cycles. We continue to invest in our sector expertise, sharpening our ownership model and developing our value-creation toolbox. Our thematic investment strategy and strong local presence are competitive advantages when sourcing opportunities, not least in a slower deal-making environment. EQT X is off to a strong start, having already announced four take-privates while offering substantial co-invest opportunities. We look forward to continuing to partner with our clients.”
- Per Franzén, Head of Private Capital Europe & North Americaat EQT and Chairman of the EQT Private Equity Investment Committees
“We would like to thank both our long-term and new clients for their support of EQT X. Around 70 percent of the commitments to the fund came from existing EQT IX investors, a testament to the long-term trust we have built together. We’re also grateful for the support from new clients, who recognized our 30-year track record of delivering strong and steady returns. We look forward to continuing to strengthen our partnerships for the next 30 years and beyond.”
- Suzanne Donohoe, Chief Commercial Officer at EQT
