EQT holds final close for Mid Market Asia III

Fundraising started at the beginning of Q2 2016, and the vehicle held an initial close in October 2016, after 80% of LPs from the Mid Market Asia I fund re-upped, EQT partner Martin Mok told Unquote.

Following the first close, the fund made four acquisitions, which gave the vehicle momentum and helped to bring in investors when the fund was taken into the wider market, Mok said. A few parties came late to the process and were conducting due diligence on the fund's acquisitions, which delayed the final close by a few months, he added.

Global investors committing to the vehicle include insurance funds and companies, pension funds and funds-of-funds. The commitments came at around 48% from the Nordic region, 31% from the rest of Europe, 19% from Asia, 1% from North America and 1% from the rest of the world.

Similar to EQT's first Asia fund, the third fund will be seeking investment solely in China and south-east Asia. The sector focus in the region follows EQT's overall sector approach, which is composed of healthcare services, consumer, TMT and industrial technology.

By contrast, the 2013-vintage Mid Market Asia II fund allocated a third of its investments each to Scandinavia, DACH and Asia. The idea behind the second fund was to create cross-border transactions, combining knowledge from EQT's investment team in Europe and Asia. It was also an easier way to enable LPs to pick their own regions in the fund, Mok said.

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