Swedish private equity firm EQT is looking to raise at least $23bn for its tenth flagship buyout fund as it looks to expand its US footprint, the Wall Street Journal reported. Should it reach its target, EQT X will be 28% bigger than EQT IX which reached a €15.6bn close in April last year.
The fund is currently the largest European-managed fund on the market. At €20 billion, it would be the second-largest vehicle to come out of the region after CVC Capital Partners’ Fund VIII which reached a €21.3 billion close in 2020.
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However, the fund is not expected to focus exclusively on Europe. Its predecessor targets investments in Europe and the US with an investment range between €125 million and €1 billion and a focus on healthcare, TMT and services and industrial technology.
Notable deals from EQT IX include biopharma company Parexel, which EQT and Goldman Sachs Asset Management acquired in July last year for $8.5 billion, and real estate investment firm Exeter Property Group which EQT bought for over $1.8 billion in January, 2021.
Source: PitchBook
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