EQT Private Capital Asia’s Mid-Market Growth Fund raises $1.6B

Private equity firm EQT's latest fund BPEA EQT Mid-Market Growth Partnership (MMG Fund) has raised $1.6 billion—more than double its original $750 million target. 

The MMG strategy entails investing in high-growth mid-market companies across Asia, with a focus on expanding EQT's large-cap buyout approach, specifically targeting sectors such as technology, healthcare, and various service sectors.

“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. 

The MMG Fund utilises the Swedish investment firm’s presence in Asia, which spans eight offices, along with a focus on India, Japan, Southeast Asia, and Australia.

“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,” said Nicholas Macksey, Partner, EQT Private Capital Asia advisory team. 

Over 80% of the funding came from current investors in EQT's Asian large-cap buyout funds. Most of the remaining major commitments were made by investors from other EQT funds who made their first allocation to the Asian platform. Additionally, the company said that a significant portion of the commitments came from its own employees.

The final close of the fund brings EQT's total fundraising for 2024 to nearly $29 billion, including $24 billion for EQT X in February and $3.3 billion for EQT Future in March.