EQT raises €2.3bn for Mid-Market Credit II fund

The amount includes both commitments and anticipated leverage - investors in the levered sleeve can use up to a 1:1 leverage ratio, Unquote understands.

It is a significant step up from the fund's predecessor, EQT Mid-Market Credit, which closed on €530m in April 2016.

According to Unquote Data, the new fund was registered in March 2017, with fundraising starting around that time; a first close was held in December 2017.  EQT stated that the Luxembourg-domiciled vehicle "far exceeded" its target, which is understood to have been in the region €1bn.

EQT has now raised more than €6bn for its credit strategy in the space of 10 years, with €5.1bn deployed across 170 companies. The family of funds includes EQT Credit Opportunities III, which held a final close on €1.3bn in December 2017, surpassing its €1.15bn target. The fund makes both primary and secondary investments.

Investors
EQT provided few details around the LP base, beyond stating that the fund benefited from "strong support" from existing investors and new investors to both EQT and EQT Credit. LPs include pension funds, insurance companies, family offices and foundations across Europe, North America and Asia.

According to Unquote Data, investors in EQT Mid-Market Credit II include Houston Firefighters Relief and Retirement Fund, South Yorkshire Pensions Authority, and Worcestershire County Council Pension Fund.

Investments
The vehicle provides financing to European mid-market companies. It is already deployed at more than 30% across 12 investments, including recent financings for Medifox, Dukes Education and VPS. The investment period is expected to be around four years.

People
EQT Credit – Andrew Konopelski (partner and head of EQT Credit).

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