EQT Partners has closed its eighth flagship fund at its €10.75bn hard cap after five months on the road.
Returning investors from EQT VIII’s predecessor fund committed approximately 70 per cent of the capital. The fund is 59 per cent larger than its predecessor, EQT VII, which closed at its €6.75bn hard cap in 2015.
Real Deals understands demand for the new fund was more than double the target fund size. The raise was led by EQT’s in-house investor relations team.
EQT VIII will continue on the same strategy as the firm’s previous equity funds. The firm focuses on three core sectors: healthcare, TMT and services, and seeks out selective investment in industrial technology and consumer goods. EQT primarily looks for deals in Northern Europe.
Historically, EQT’s portfolio companies have on average increased sales by ten per cent and earnings by 13 per cent annually during the firm’s ownership.
“EQT VIII marks yet another milestone in our long-term strategy, manifesting EQT’s position as a leading global investment firm,” EQT’s CEO and managing partner Thomas von Koch said. “With EQT’s vision of becoming the most reputable investor and owner, our strategy is to make EQT VIII the best possible home for companies poised for growth, as well as be a responsible corporate citizen in the societies where we operate.”
EQT’s latest fund has been backed by a number of global blue-chip investors including:
- CNP Assurances
- Daido Life Insurance Company
- The Dai-ichi Life Insurance Company
- Danske Bank Wealth Management
- Fubon Life Insurance Company
- GoldPoint Partners
- HarbourVest Partners
- Harel Insurance
- The Andrew W. Mellon Foundation
- Nan Shan Life Insurance Company
- The New York City Retirement Systems
- Northwestern Mutual Life Insurance
- Partners Group
- PFA Pension
- Signal Iduna
- Teacher Retirement System of Texas
- Teachers’ Retirement System of the State of Illinois
- Universities Superannuation Scheme