EQT raises $21.8bn for Asia Pacific private equity fund

EQT has raised US$15.6 billion ($21.8bn) for its BPEA Private Equity Fund IX, making it the largest ever dedicated Asia Pacific private equity fund raise to date.

The investment giant said the fund will target businesses with resilient fundamentals where it can drive operational improvement to accelerate expansion.

BPEA IX will invest in sectors such as healthcare, industrial technology, services, and technology services.

EQT said commitments were globally diversified, with capital coming in from Americas, Europe, the Middle East, and Asia Pacific. Pension funds and sovereign wealth funds were leading contributors.

"The closing of BPEA IX is a defining milestone that reflects the depth, strength, and investment performance of our platform over nearly three decades, bringing together the history of BPEA and EQT in Asia," EQT Asia chair Jean Eric Salata said.

BPEA IX attracted over 75 new investors, which included more than 45 from across EQT's broader investment platform.

EQT said the fundraise strengthened its continued conviction in its "local-with-locals" model, with teams embedded in the region's key markets. This approach, it said, was further institutionalised by the 2022 combination of BPEA and EQT.

"This highlights the continued expansion of EQT's global investor base and its ability to mobilise capital across strategies and serves as a clear validation of EQT and BPEA's merger four years on," EQT said.

EQT deputy co-heads of Private Capital, Asia Hari Gopalakrishnan and Nicholas Macksey said Asia has evolved into a complex investment landscape and EQT's value-creation capabilities will be a clear differentiators.

"With BPEA IX, we remain committed to backing market leaders and building resilient, global-scale businesses. This focus on future-proofing companies remains central to how we deliver consistent performance over time," Gopalakrishnan and Macksey said.

BPEA IX is currently 5% to 10% invested.

"We're grateful for the strong support from our investors, which has enabled us to close this flagship fund at scale and in a short period of time, despite significant market volatility," Private Capital partner and co-head for Australia and New Zealand Frank Heckes said."We continue to see a very active pipeline in the region, where our global playbook and deep network of trusted executive and director partners position us well to deploy capital at scale, with discipline and a strong focus on growth."

EQT has €270 billion ($443bn) in total assets under management as of 31 December 2025, within two business segments - Private Capital and Real Assets.