EQT, which acquired Baring Private Equity Asia in 2022, has set a hard cap for investor commitments for one of its Asia-focussed PE fund.
To be sure, a ‘hard cap’ refers to an upper limit on the amount of investor commitments accepted. The actual fund size is dependent on the outcome of the fundraising process, said EQT in a statement.
It has set the hard cap for BPEA Private Equity Fund IX at $14.5 billion. The target fund size for BPEA IX, as earlier disclosed, is $12.5 billion.
The private equity firm had, in July, said it was raising a new Asia-focussed fund.
The announcement came on the heels of it raising $11.2 billion for its BPEA VIII fund. The firm had been targetting mid-market PE investments in the region in a bid to bring more high-growth names under its belt.
It also raised $1.6 billion for its Asia-focussed buyout fund to ramp up its presence in mid-market PE investments.
Back in February, EQT had raised close to $24 billion for its EQT X fund, which happened to be its largest-ever fundraise, marking its first close in the region since Baring Private Equity Asia acquisition.
EQT had acquired BPEA in March 2022, for a total consideration of 6.8 billion euros (close to $7.5 billion).
At the time, BPEA had 17.7 billion euros in assets under management. The acquisition enhanced EQT’s Asia presence, providing it access to structural growth opportunities in Asian private markets.
EQT’s investment strategies cover all phases of a business' development, from inception to maturity. It has 246 billion euros in total assets under management (134 billion euros in fee-generating AUM), within two business segments – private capital and real assets, according to its website.
EQT has offices in more than 25 countries across Europe, Asia, and the Americas, with a staff count of more than 1,900 employees.
