Swedish private equity giant EQT has completed fundraising for its EQT X fund after raising 22 billion euros ($23.87 billion), breaking company records after securing bumper support from new private wealth investors.

EQT said the fund had beaten its capital-raising targets by 2 billion euros and was already 30-35% invested, predominantly in the healthcare, technology, and tech-enabled services sectors in Europe and North America.

“We remain focused on backing and futureproofing companies in attractive and resilient sectors … and have proven our ability to perform and return capital across cycles,” Per Franzén, head of Private Capital Europe & North America at EQT and chairman of the EQT Private Equity Investment Committees, said in a statement.

The fund has announced seven investments since June 2022, including the acquisition of biopharma transport services provider Envirotainer and medical components supplier Zeus, and animal pharmaceutical business Dechra Pharmaceuticals.

Around 70% of the commitments to the fund came from existing EQT IX investors from across the Americas, Asia-Pacific, the Middle East, Europe and the Nordics, EQT said, with a greater share of commitments coming from private wealth.

EQT has 232 billion euros in total assets under management within two business segments – Private Capital and Real Assets.

Reuters