Sweden-based private equity firm EQT AB has completed fundraising for its Asia-focused buyout fund, securing USD 15.6 billion and making it the largest private equity fund raised for the region. The development reflects continued investor interest in Asian markets despite ongoing global volatility linked to geopolitical tensions.
The fund, BPEA Private Equity Fund IX, will focus on acquiring controlling stakes across sectors such as technology, healthcare and services. It saw strong participation from existing investors along with more than 75 new investors, and was oversubscribed. Investor commitments were well distributed across the Americas, Europe, the Middle East and Asia Pacific, with pension funds and sovereign wealth funds contributing significantly. Around USD 14.9 billion of the fund is expected to generate management fees.
Senior leadership at EQT indicated that the investment landscape in Asia has evolved from growth-focused strategies to deeper structural transformation opportunities. They noted that shifts in global supply chains and the rise of digital businesses have made the region more complex but also more attractive for long-term investments.
Large global investment firms have continued to capture a major share of private capital flows into Asia over the past two years. Firms such as Blackstone Inc, Bain Capital and KKR & Co have all raised or are in the process of raising multi-billion-dollar Asia-focused funds, indicating strong institutional appetite for the region.
EQT’s Asia chair and regional head of private equity, Jean Salata, stated that factors such as consistent capital distribution, industry consolidation and portfolio diversification supported the fundraising. The firm returned a record USD 14 billion to investors in 2025, which further strengthened investor confidence. Its large co-investment platform also played a role in attracting commitments.
Global institutional and high-net-worth investors have increasingly looked to diversify beyond the U.S., driven by high valuations, inflation concerns and geopolitical uncertainty. Asian markets, particularly Japan and India, have gained attention due to steady deal pipelines and growth opportunities. EQT highlighted that the buyout market in Asia has become deeper and more developed, with Japan emerging as a key focus area. It also noted rising opportunities from generational transitions, corporate carve-outs and divestments in markets such as South Korea and India.
The fund has already made its first investment by taking private Japanese elevator manufacturer Fujitec. This aligns with EQT’s broader strategy of targeting control-oriented transactions in established businesses.
Fundraising for this vehicle began in 2024, and the latest fund is more than 40% larger than EQT’s previous Asia-focused fund, which raised USD 11.2 billion in 2022. The firm has been expanding its presence in Asia since its merger with Baring Private Equity Asia in 2022, strengthening its regional capabilities.
EQT reported total assets under management of approximately EUR 270 billion, equivalent to USD 317.98 billion, by the end of 2025. The firm has invested around USD 35 billion in Asia Pacific since 1997, reflecting its long-term focus on the region.
In recent developments, EQT launched a USD 371 million tender offer to privatise Japanese IT services firm MAMEZO and also initiated a similar move for Seoul-listed Douzone Bizon. Additionally, it partnered with Neuberger Berman and the Canada Pension Plan Investment Board to acquire international schools operator Nord Anglia Education in a deal valued at USD 14.5 billion, including debt. The firm has been associated with the company since 2008 and has expanded its operations over the years.
Source Reuters