Those acquisitions are indicative of EQT's shifting sector focus. Since the start of 2010, the percentage of the firm's new deals that involve IT business has more than doubled, per the PitchBook Platform, with that rate rising to nearly 30% last year. This broadly mirrors the wider trend for PE on the continent, where deal flow in the IT vertical is on the uptick as a share of overall activity.
That increase has largely come at the expense of B2B, as you can see in this chart mapping yearly totals for the percentage of all private equity deals in Europe taking place in the industry's three most-popular sectors:
YoY % share of European PE investment
Investors will certainly hope the elder fund’s success carries over into the new pool—according to PitchBook data, EQT's 2014 mid-market fund had an IRR of 14.59% as of the end of 4Q, placing it second among its peer benchmark of nine vehicles.
PitchBook subscribers can access more info on EQT's past funds, investment history and more.