EQT gears up for ninth fund launch

Greg Gille
22 November 2019

Tweet
Facebook
LinkedIn
Google plus
Send to

Private equity firm EQT registered several vehicles in Luxembourg on 21 November, in preparation for the launch of the EQT IX fundraise next year.

EQT registered several EQT IX vehicles with the Luxembourg Business Registers, denominated in both euros and dollars.

EQT stated in its Q3 2019 results on 5 November that it would look to begin formally fundraising for EQT IX in 2020, given that EQT VIII was already 65-70% deployed.

The firm declined to comment on the upcoming fundraise when contacted by Unquote.

EQT VIII hit its €10.75bn hard-cap at a first and final close in February 2018. The fund was launched in September 2017, targeting €8bn. Launched in January 2015, EQT VII targeted €5.25bn before closing less than six months after launch on its €6.75bn hard-cap.

Recent deals from EQT VIII include the CHF 10.2bn buyout of skin care company Nestlé Skin Health alongside ADIA in May. The GP also sold a 9.9% stake in Anticimex (an EQT VI investment) to Singaporean sovereign wealth fund GIC in a deal that values the company at around €3.6bn earlier this month.

For 2019 to date, the EQT funds have invested approximately €10bn, the firm said in its Q3 report. Total exits for the first nine months of 2019 amounted to €5.6bn, including the sales of Press Ganey in the US and AutoStore in Europe.

EQT also recently closed EQT Ventures II on €660m, surpassing its €600m target following a launch in April this year. The fund's predecessor, EQT Ventures I, closed on €566m in 2016 after less than a year on the road.

The firm successfully listed on Nasdaq Stockholm in late September, pricing at the top of the range. Its market cap currently stands at around €9.47bn.