EQT closes first US fund short of $1bn target

Tweet
Facebook
LinkedIn
Google plus
Send to

EQT has held a final close for its maiden US mid-market vehicle on $726m, short of the vehicle’s $1bn target.

The closing comes three months after unquote" reported the GP had launched its first US-focused fund, having reportedly raised around $365m towards a first close at the time.

EQT Mid Market US has made two investments ahead of the final close, marketing research and intelligence provider FocusVision, and sustainable drainage and flood hazard software developer XP Solutions.

EQT is the first Nordic private equity firm to manage a dedicated buyout fund focused on North America, though the GP has previously made investments in the US through its large-cap buyout vehicle and infrastructure funds.

The fund's LPs include Investor – the investment vehicle backed by Sweden's SEB-founding Wallenberg family, which also holds a 19% stake in EQT – as well as Canadian institutional fund manager La Caisse de Dépôt et Placement du Québec. EQT said other backers of the fund includes North American and European pension funds, insurance companies and funds-of-funds.