EQT Teases Close of Infra, Asian PE Funds, Plans to Shutter US Multifamily

EQT in its 2024 year-end report for 2024 updated closing plans for its latest infrastructure and Asian private equity funds as well as its decision to discontinue multifamily real estate investments in the United States.

The Sweden-based global investment manager expects a final close for EQT Infrastructure VI within the first quarter of 2025 and an initial close of EQT Private Capital Asia's BPEA Private Equity Fund IX (BPEA IX) in the first half of the year. EQT is targeting €20B (~$20.81B) for Infrastructure VI, with the hard cap set at €21B (~$21.86B), while it is aiming to raise $12.5B for BPEA IX, with a hard cap of $14.5B.

Infrastructure VI's strategy will be materially in line with its predecessor, EQT Infrastructure V, which closed with €15.7B (~$16.34B) in capital commitments. Infrastructure V targeted infrastructure companies with strong performance and the potential to deliver significant value. According to Dakota data, Infrastructure VI has secured commitments from at least 14 US pensions, including the Houston Firefighters' Relief and Retirement Fund, New Mexico State Investment Council and the Santa Barbara County Employees' Retirement System.

Meanwhile, BPEA IX is expected to reach its target by its first close. Deployment is expected soon after, with allocations expected to be largely in line with the strategy of its predecessor, BPEA Private Equity Fund VIII, which raised $11.2B at closing. The eighth buyout fund's portfolio includes Credila Financial Services, PropertyGuru, VetPartners and WSO2.

Regarding the closure of the group's US multifamily fund, EQT said the decision was part of the revamp of EQT Exeter, which was placed under the EQT Real Estate brand. Aside from halting its US multifamily fund, the group has also paused investments in office and life science properties.

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Written By: Dakota

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