EQT has officially set the target size for its next flagship buyout vehicle, EQT XI, at €23bn, according to a statement published on 15 June 2025. While the final fund size may exceed or fall short of this target, the hard cap will be determined later in the process.

EQT XI will follow the same investment strategy as its predecessor, EQT X, continuing the firm’s consistent approach to large-cap buyouts across multiple sectors and geographies. The launch of EQT XI aligns with EQT’s typical fundraising cadence, where successor funds begin deployment as prior funds approach full investment – typically when 80-90% of commitments have been deployed.

Management fees for EQT XI will begin accruing either at the time of its first investment or when EQT X’s commitment period concludes. At that point, EQT X fees will shift to being based on net invested capital.

This move underscores EQT’s disciplined fund lifecycle strategy and ongoing commitment to continuity between fund vintages. The firm, which manages €273bn in total assets across private equity, infrastructure, real estate, and growth strategies, continues to solidify its position among the top-tier global private equity platforms.

The firm’s global fundraising operations remain active, though EQT noted that all investor discussions will proceed under applicable regulations via private placement memoranda and qualified investor channels.

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