EQT sets Fund X hard-cap at EUR 21.5bn

Harriet Matthews
20 April 2022

Tweet
Facebook
LinkedIn
Google plus
Send to

EQT has set the hard-cap for its tenth flagship fund at EUR 21.5bn, marking a EUR 6.5bn increase on the hard-cap of EQT IX.

EQT X was launched in January 2022 with a EUR 20bn target.

The GP held a final close of EQT IX in April 2021 on EUR 15.6bn; the vehicle originally had a target of EUR 14.75bn and a hard-cap of EUR 15bn. The fund was launched in January 2022.

EQT's flagship strategy deploys equity tickets of EUR 150m- EUR 1bn and makes investments in the healthcare, TMT, services, and selectively in industrial technology sectors. EQT IX has made 10 investments to date and was 75% deployed as of January 2022, according to Unquote Data.

LPs in EQT IX include US pension funds such as the Teacher Retirement System of Texas (TRS) and the Teachers' Retirement System of the State of Illinois (TRS), as well as Asian life insurance firms Cathay and Fubon, plus asset managers including Truffle Invest, according to Unquote Data.

In addition to EQT X, currently fundraising for EQT Future Fund, which was launched in October 2021 with a EUR 4bn target. The fund plans to make impact-driven investments and made its second deal in March 2022, as reported.

EQT is also on the road for EQT Growth Fund, according to Unquote Data, which was announced in July 2020 and has a EUR 2bn target.

With the confirmation of the hard-cap for its latest flagship fund, EQT joins the ranks of GPs who are looking to raise funds of more than EUR 20bn in 2022, including Apollo Global and Blackstone. An increasing portion of private equity commitments is being hoovered up by these large funds in a highly competitive market, as reported by Unquote.