EQT Private Capital Asia's Mid-Market Growth Fund closes at more than double its target size, raising USD 1.6 billion in total fund commitments
-- The Asia-focused mid-market buyout fund, which had an initial target
size of USD 750 million, closes with USD 1.6 billion in total fund
commitments, of which USD 1.4 billion is fee-generating
-- The Mid-Market Growth strategy - which focuses on the technology,
services, and healthcare sectors across Asia, prioritising India, South
East Asia, Japan and Australia - is a natural extension of EQT's
established large-cap buyout platform in Asia
-- EQT's Private Capital strategies across the world have now completed
fundraises in 2024 that combine to nearly USD 29 billion in total
commitments
STOCKHOLM, May 27, 2024 /PRNewswire/ -- EQT is pleased to announce that the BPEA EQT Mid-Market Growth Partnership (the "MMG Fund" or the "Fund") has held its final close at USD 1.6 billion in total fund commitments, of which USD 1.4 billion is fee-generating. The fundraise more than doubled the Fund's original target size of USD 750 million.
The MMG strategy invests in high-growth mid-market companies across Asia. The region is the epicenter of global growth, expected to contribute 60 percent of global GDP by the end of 2024. Yet Asia's private markets are relatively underserved - for example, in 2023 just 9 percent of capital raised globally went to Asia-focused funds. This dedicated strategy aims to help address this financing gap.
MMG is a natural extension of EQT Private Capital Asia's large-cap buyout strategy and one of the few scaled pan-Asian investment strategies dedicated to mid-market control buyouts. It employs the same thematic investment approach, centered on the technology, services, healthcare, and technology services sectors. It leverages EQT's pan-Asian presence - with more than 100 investment professionals across eight offices - with a particular focus on India, Southeast Asia, Japan, and Australia. And MMG is similarly dedicated to thematic control investments, allowing it to fully deploy EQT's active ownership approach that integrates digitalization and sustainability throughout the investment lifecycle.
"We have been investing in Asia for the best part of three decades and now have a fully-scaled and established large-cap platform. Following this growth, we found that we no longer had a dedicated pool of capital to invest in compelling mid-market companies," said Jean Salata, Chairman of EQT Asia and Head of the EQT Private Capital Asia advisory team. "With EQT Private Capital Asia Mid-Market Growth we return to our roots. We already had the track record, local expertise and global capabilities to identify the champions of tomorrow while they are still mid-sized. Now we have the capital to execute."
Nicholas Macksey, Partner in the EQT Private Capital Asia advisory team who heads the Mid-Market Growth strategy, added: "The team has hit the ground running with this new fund, having made four investments to date. In a testament to the dynamism of Asia's mid-market segment, as well as our scale and network, the pipeline is strong and we're excited for what's ahead. We would like to thank all our investors for their trust and support, and look forward to making this pan-Asia mid-market buyout strategy a success in the years to come."
The Fund welcomed a diverse range of investors from across the world. Existing investors in the flagship Asian large-cap buyout funds made up over 80 percent of the total commitments. The majority of the remaining commitments came from investors in other EQT funds, which were allocating to the Asian platform for the first time. A significant portion of the commitments also came from EQT employees. The final close of the Fund brings the combined total of fundraises completed in 2024 by EQT's global Private Capital strategies to nearly USD 29 billion in total commitments, following the USD 24 billion close of EQT X in February and the USD 3.3 billion close of EQT Future in March.
Contact
Finn McLaughlan, Communications Associate Director, finn.mclaughlan@eqtpartners.com
EQT Press Office, press@eqtpartners.com
Olof Svensson, Head of Shareholder Relations, olof.svensson@eqtpartners.com
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SOURCE EQT
