EQT Fund X reaches upper limit of €22 billion in commitments

Photo: Per Fran­zén (photo©eqt), Head of Private Capi­tal Europe & North America at EQT
27. Febru­ary 2024

Munich/ Stock­holm — EQT’s flag­ship private equity fund recei­ves commit­ments tota­ling EUR 22 billion (USD 24 billion) in its largest fund­rai­sing to date, of which EUR 21.7 billion (USD 23.5 billion) rela­tes to assets under manage­ment, excee­ding the target of EUR 20 billion (USD 21.6 billion).

This repres­ents an increase of almost 40 percent over EQT IX, thanks to strong support from exis­ting and new inves­tors, with a grea­ter propor­tion of commit­ments coming from private assets.

EQT X builds on EQT Private Equity’s 30-year track record of inves­t­ing prima­rily in the health­care, tech­no­logy and tech­­no­­logy-enab­­led services sectors in Europe and North America.
EQT is plea­sed to announce that EQT X (the “Fund”) has comple­ted its final close and has raised a total of EUR 22 billion (USD 24 billion) in commit­ments, of which EUR 21.7 billion (USD 23.5 billion) are fee-gene­ra­­ting assets under manage­ment. The fund­rai­sing excee­ded the target of EUR 20 billion (USD 21.6 billion) and repres­ents an increase of almost 40% compared to EQT IX, which closed in April 2021 at EUR 15.6 billion. It is also one of the largest private equity funds ever launched.

The fund recei­ved commit­ments from a wide range of inves­tors, inclu­ding pension and sove­reign wealth funds, asset mana­gers and the private wealth segment. The latter accoun­ted for a larger share of total commit­ments, reflec­ting EQT’s recent stra­te­gic efforts to offer this segment better access to EQT funds with the launch of EQT Nexus. The fund inves­tors were based in North and South America, the Asia-Paci­­fic region, the Middle East, Europe and the Nordic countries.

EQT X is the latest fund in EQT’s private equity strategy

The stra­tegy has been inves­t­ing in the health­care, tech­no­logy, tech­­no­­logy-enab­­led services and indus­trial tech­no­logy sectors in Europe and North America for thirty years and has achie­ved a gross multi­ple on inves­ted capi­tal of 2.7x during this time. The fund has announ­ced seven invest­ments since June 2022, start­ing with the acqui­si­tion of Envi­ro­tai­ner, the world’s leading provi­der of mission-criti­­cal trans­por­ta­tion services to the biopharma indus­try. Other invest­ments include advan­ced medi­cal compon­ents provi­der Zeus, leading accounts receiva­ble auto­ma­tion company Bill­trust and vete­ri­nary phar­maceu­ti­cals company Dechra Pharmaceuticals.

Per Fran­zén (photo), Head of Private Capi­tal Europe & North America at EQT and Chair­man of the EQT Private Equity Invest­ment Commit­tee, said: “We remain focu­sed on support­ing and future-proofing busi­nesses in attrac­tive and resi­li­ent sectors such as health­care and tech­no­logy and have proven our ability to perform and return capi­tal through cycles. We are conti­nuing to invest in our sector exper­tise, shar­pe­ning our invest­ment model and deve­lo­ping our value crea­tion tools. Our thema­tic invest­ment stra­tegy and our strong local presence are compe­ti­tive advan­ta­ges when it comes to sourcing oppor­tu­ni­ties, not least in an envi­ron­ment where deals are slower to close. EQT X has made a good start: We have alre­ady announ­ced four take-priva­­tes and offer exten­sive co-inves­t­­ment opportunities.”

Suzanne Dono­hoe, Chief Commer­cial Offi­cer at EQT, said: “We would like to thank both our long-stan­­ding and new clients for their support of EQT X. We look forward to working with them in the future. Around 70 percent of commit­ments to the fund came from exis­ting EQT IX inves­tors, a testa­ment to the long-term trust we have built toge­ther. We are also grateful for the support of new clients who have reco­gni­zed our 30-year track record of deli­ve­ring strong and consis­tent returns. We look forward to further streng­thening our part­ner­ships over the next 30 years and beyond.”

As one of EQT’s eleven busi­ness units, the EQT Private Equity team consists of more than 130 invest­ment profes­sio­nals spread across 15 offices in Europe and North America. They work with port­fo­lio compa­nies to acce­le­rate growth, streng­then profi­ta­bi­lity and increase resi­li­ence through an active parti­ci­pa­tion model. This is done by provi­ding prac­ti­cal support to manage­ment teams, taking a long-term perspec­tive and contri­bu­ting in-depth exper­tise in areas such as AI, digi­ta­liza­tion and sustaina­bi­lity. The teams also draw on the exper­tise of EQT’s network of over 600 indus­try consul­tants, all of whom have expe­ri­ence in mana­ging compa­nies in EQT Private Equity’s core sectors. EQT Private Equity works closely with EQT’s other private capi­tal busi­nesses, which include EQT Private Capi­tal Asia, EQT Future, EQT Health­care Growth, EQT Growth and EQT Ventures.

About EQT

EQT is a global invest­ment orga­niza­tion focu­sed on active owner­ship stra­te­gies. With its Nordic heri­tage and global mind­set, EQT has an almost three-decade track record of deve­lo­ping busi­nesses across geogra­phies, sectors and stra­te­gies. EQT has invest­ment stra­te­gies that cover all stages of a company’s deve­lo­p­ment, from start-up to matu­rity. EQT has total assets under manage­ment of EUR 232 billion (EUR 130 billion in fee-earning assets) in two busi­ness segments — Private Capi­tal and Real Assets.

EQT has its roots in the entre­pre­neu­rial mind­set of the Wallen­berg family and their philo­so­phy of long-term owner­ship and is guided by a strong set of values and a distinc­tive corpo­rate culture. EQT mana­ges and advi­ses funds and vehic­les that invest globally with the aim of future-proofing compa­nies, gene­ra­ting attrac­tive returns and making a posi­tive impact with ever­y­thing EQT does.

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