EQT held a €21.5 billion (around $23.3 billion) final close for its latest infrastructure fund—the largest of its type to ever be raised in Europe.
EQT Infrastructure VI, which beat its original €20 billion target to hit its hard cap, is 35% bigger than its predecessor, which closed on €15.7 billion in 2021. Existing LPs committed 70% of the total capital raised.
The fund—which is already about 50% deployed via 10 investments—is targeting areas such as digital infrastructure and energy storage, generation, distribution and decarbonization.
Its recent investments include the €2.2 billion acquisition of Spanish private university operator Universidad Europea from Permira in April, as well as the 16.35 billion Swedish kronor (around $1.6 billion) take-private of Swedish wind and solar farm developer OX2 in October.
Unlike the wider private fundraising market, investor appetite remains strong for infrastructure—an asset class that is traditionally seen as a hedge against market volatility and inflation.
According to PitchBook data, EQT’s latest fundraise boosted infrastructure fundraising in Europe to €36.2 billion this year, reaching 81% of the total raised in 2024. Fund count, however, remains low, with only seven funds closed so far.
Globally, EQT Infrastructure VI is the third largest after the $30 billion Lunate Capital Climate Fund and the $28 billion Brookfield Infrastructure Fund V. Both funds were closed in 2023.
Featured image by jitendrajadhav/Getty Images
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