EQT's third credit fund closes on €1.3bn

The vehicle will continue the strategy of its predecessor funds and make primary and secondary investments.

Approximately 20% of the fund (€240m) had already been invested in 11 European companies at the time of the final close, according to a source close to the situation.

The previous vehicle in the strategy, EQT Credit II, held a final close on €845m in October 2013, surpassing its €750m target.

The new fund is targetting "private-equity-style" 20% gross returns, according to the source.

Investors
LPs in the fund include European, Asian, North and South American pension funds, insurance companies, endowments, foundations and family offices. The fund's predecessor, EQT Credit II, had €100m commitments from Lancashire County Council Pension Fund and New York State Common Retirement Fund, according to unquote" data.

For a detailed profile of EQT's funds, including further LPs for EQT Credit II, visit the dedicated page on unquote" data. 

Investments
The fund will focus on medium-term investment opportunities in complex situations via the secondary market, by providing capital to companies that are unable to access the capital markets.

It will target four main types of investments: bespoke capital solutions, balance sheet transformations, opportunities to tap into deep value in the secondary market, and special situations.

People
EQT Partners – Andrew Konopelski, Cyril Tergiman (partners).

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