EQT on track for 2023 final close for Fund X

Wahida Ahmed
18 January 2023

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Pan-European sponsor EQT is aiming for a 2023 close for EQT X on EUR 20bn having raised EUR 15.4bn by year-end 2022, and a further EUR 1bn committed to date in 2023, according to the sponsorтs 2022 end-of-year report.

The GP has received a further EUR 1bn in commitments for the fund to date in 2023, it said.

EQT X, which launched in January 2022, is expected to follow the same strategy as its predecessor fund. EQT IX held a EUR 15.6bn final close in April 2020, surpassing its EUR 15bn hard-cap. In a webcast, the sponsor said that EQT X is now 10%-15% deployed and EQT expects to substantially raise the fund by summer 2023.

According to Unquote Data, LPs in EQT X include public pension funds Houston Firefighters Relief and Retirement Fund and Teachers' Retirement System of the State of Illinois.

EQT IX targeted healthcare, TMT, services, and selectively industrial technology sectors across the US and Europe. LPs in the fund included Cathay Life Insurance, Chicago Teachers' Pension Fund, Fubon Life Insurance, Teacher Retirement System of Texas, Teachers' Retirement System of the State of Illinois, and Truffle Invest, according to Unquote Data.

The GP was also on the road for several other strategies in 2022, with EQT Growth Fund holding a final close on EUR 2.2bn in September. EQT Ventures III held a final close on EUR 1bn in November.

In the webcast, the sponsor said its investment activity has dropped by 40%, while exit volume dropped by 60% in 2022.

The GP's recent private equity investments include Sweden-based cold chain solutions provider Envirotainer, which it acquired alongside Mubadala in June 2022 for EUR 2.8bn.

EQT has also been active in recent auction processes, with Mergermarket reporting earlier this month that EQT is among the suitors shortlisted by AXA Investment Managers Real Assets for Data4, a data centre business.

The GP reported EUR 11bn total gross fund exits in 2022, which included Italy-based Facile.it, sold to Silver Lake in June 2022. EQT sold a minority stake in Sweden-based cloud software business IFS to Hg and TA Associates in March 2022.