EQT targets $1bn for first US fund

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EQT has launched its first ever US buyout fund and aims to raise $1bn for mid-market investments, sources with knowledge of the matter have told unquote”.

Although the GP declined to comment, $365m has reportedly been raised towards a first close, with commitments from Investor, the Wallenberg-family controlled investment vehicle that holds a 19% stake in EQT, and Canadian institutional fund manager La Caisse de dépôt et placement du Québec.

EQT is the first Nordic private equity firm to launch a US-based buyout fund. The news comes after a long period of rumours that the Stockholm-headquartered GP was looking to launch a fund on the other side of the Atlantic, where it has a New York office.

The GP is one of the oldest private equity houses in the Nordic region, and has been branching out from a pure buyout focus in recent years, launching credit- and infrastructure-focused funds, while a tech-focused vehicle is rumoured to be on the way.

EQT's most recent buyout fund, the oversubscribed 2011-vintage EQT VI, raised €4.7bn. Previous vehicle EQT IV tops Palico's list of the most coveted secondaries stakes in Europe.