Private equity firm could surpass some of the largest funds raised in Europe last year
EQT has set a €14.75bn target for its latest flagship fund, just months after the Sweden-based private equity group listed on the stock exchange.
The firm pointed out that the actual size depends on the outcome of the fundraising process and may be higher or lower than the target. EQT closed its previous fund, EQT VIII, in February 2018 raising €10.75bn. The firm said the new fund’s strategy will be in line with its predecessor.
If EQT reaches its target, it will surpass some of the largest funds in Europe raised last year, including Permira’s €11bn seventh fund and Cinven VII, which closed at €10bn.
Backed by Sweden’s billionaire Wallenberg family, EQT was founded in 1994 and has grown rapidly in recent years, listing on the Nasdaq Stockholm in September. It posted €295m of revenue and €140m in earnings before interest, tax, depreciation and amortisation in the six months to 30 June 2019. Profit over the period reached €109m.
EQT has €41bn in assets under management across private capital, real assets and credit. Deals in 2019 include the acquisition of Danish manufacturer Ellab, the purchase of a stake in Waystar in a $2.7bn deal and the €9bn acquisition of Nestlé Skin Health. It closed its second venture capital fund in November, raising €660m to invest with both European and US founders.
Source: Financial News
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