EQT, the Stockholm-based venture capital firm, has successfully concluded the fundraising for EQT X, securing €22B in commitments and surpassing its initial €20B target. This achievement sets a new record for one of the largest private equity funds ever raised, representing a nearly 40% increase from EQT IX’s closing at €15.6B in April 2021.
EQT X attracted a diverse investor base, including pension funds, sovereign wealth funds, asset managers, and the private wealth segment, following the firm’s strategic push through the launch of EQT Nexus. The fund’s investors are distributed across the Americas, Asia-Pacific, the Middle East, Europe, and the Nordics.
Suzanne Donohoe, Chief Commercial Officer expressed gratitude to both long-term and new clients for their support of EQT X. “Around 70% of the commitments to the fund came from existing EQT IX investors, a testament to the long-term trust we have built together,” Donohoe stated.
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EQT X: A New Addition to the EQT Private Equity Strategy
EQT X is the latest addition to the Private Equity strategy, which has focused on investing in Healthcare, Technology, Tech-enabled Services, and Industrial Technology sectors in Europe and North America over the past three decades. The strategy has delivered a realized gross multiple on invested capital of 2.7x.
Since June 2022, the Fund has announced seven investments, starting with the acquisition of Envirotainer, a key player in mission-critical transport services for the biopharma industry. Other investments include Zeus, a supplier of advanced medical components, Billtrust, a leader in accounts receivable automation, and Dechra Pharmaceuticals, specializing in animal pharmaceuticals.
Currently, EQT X is 30-35% invested, considering closed and/or signed investments, announced public offers, and accounting for any expected syndication, all based on the current fund size.
Per Franzén, Head of Private Capital Europe & North America and Chairman of the EQT Private Equity Investment Committees, emphasized the focus on backing and future-proofing companies in attractive and resilient sectors. “Our thematic investment strategy and strong local presence are competitive advantages when sourcing opportunities, not least in a slower deal-making environment,” Franzén noted.
EQT Private Equity, one of EQT’s business lines, comprises over 130 investment professionals across 15 offices in Europe and North America. The firm provides portfolio companies with hands-on support, long-term perspectives, and expertise in AI, digitalization, and sustainability, collaborating with a network of over 600 Industrial Advisors.
With the successful closure of EQT X, the VC firm continues to strengthen its partnerships and looks forward to driving forward groundbreaking developments in the sectors it invests in.
