EQ targets first close for two PE funds by January 2020

The EQ PE XII North fund and EQ PE SF III have target sizes of €200m and €150m, respectively. The first close for EQ's new funds are expected by January 2020, and fundraising will continue during the spring.

EQ PE XII North is set to invest in country-focused and sector funds, as well as special situations and turnaround funds in northern Europe that are below €500m in size.

EQ PE SF III focuses on portfolio acquisitions in the secondary market, and also backs GP-led transactions and continuation funds.

Around two thirds of the capital committed to the funds are expected to come from existing LPs for both funds, while the remainder is expected from new LPs. The investors are based either in Europe or the US.

EQ has a long track record of investing in private equity, making its first fund commitment in 1994 before raising its first European fund in 2002. Today, the organisation functions as a fund-of-funds manager investing in both Europe and the US, while it also manages separate accounts on behalf of large Finnish institutions.

EQ is also planning to launch a US-focused private equity fund in 2021, and a Europe-orientated one in 2022.

The Helsinki-based manager has more than €7bn in private equity assets under management.

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