EQT Private Capital Asia has closed its mid-market buyout fund at US$1.6 billion ($2.16 billion), double its original target size of US$750 million, according to a release on May 27.
Out of the total fund commitments, US$1.4 billion is fee-generating. The investment firm’s BPEA EQT Mid-Market Growth Partnership (MMG Fund) invests in high-growth mid-market companies across Asia.
The fund is an extension of EQT Private Capital Asia’s large-cap buyout strategy and one of the few scaled pan-Asian investment strategies dedicated to mid-market control buyouts.
It employs the same thematic investment approach, centered on the technology, services, healthcare, and technology services sectors, with a particular focus on India, Southeast Asia, Japan, and Australia.
MMG saw a range of investors worldwide, but existing investors in the flagship Asian large-cap buyout funds made up over 80% of the total commitments.
The majority of the remaining commitments came from investors in other EQT funds, which were allocated to the Asian platform for the first time. A significant portion of the commitments also came from EQT employees.
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The final close of the fund brings the combined total of fundraises completed in 2024 by EQT’s global Private Capital strategies to nearly US$29 billion in total commitments, following the US$24 billion close of EQT X in February and the US$3.3 billion close of EQT Future in March.
Jean Salata, chairman of EQT Asia and Head of the EQT Private Capital Asia advisory team, says: “With EQT Private Capital Asia Mid-Market Growth we return to our roots. We already had the track record, local expertise, and global capabilities to identify the champions of tomorrow while they are still mid-sized. Now we have the capital to execute.”
Adding on, Nicholas Macksey, partner in the EQT Private Capital Asia advisory team who heads the Mid-Market Growth strategy says that this is a testament to the dynamism of Asia’s mid-market segment, as well as their scale and network. “...the pipeline is strong and we’re excited for what’s ahead”, he says.
