Swedish buyout giant EQT is planning a big push for its private wealth offering in the firm’s latest fundraising cycle.
Since the launch of EQT BPEA IX last year, EQT has embarked on a fundraising cycle with a target of €100 billion (around $104 billion), the firm said in its 2024 full-year earnings call.
The upcoming fund launches will focus on the private wealth market, including EQT Nexus Infrastructure, which will cater to individual investors in Europe and Asia, and two products for US investors for infrastructure and PE, respectively.
EQT first launched its semi-liquid Nexus series in 2023, and the firm said it now sees scalability. Inflow in Q4 was up 50% compared to the Q1 through Q3 average, marking the year’s strongest quarter. It is also less reliant on domestic capital, with “a significant majority” of capital raised outside of the Nordics in Q4.
“If you would compare us to some of the US players, we recognize that we don’t have the same brand recognition to start off with on day one launching in the US. But over time, it will depend on the relationships that we have with the distributors and performance in the products,” said Gustav Segerberg, head of business development at EQT.
“From the relative profitability point of view, we don’t see that there will be a negative impact [due to the more resource-intensive nature of the private wealth market] over time. But of course, we have it today, as we’re building the resources before we have the revenue.”
The firm has doubled its private wealth team from 2023 to over 100 people across sales, operations, product development and branding. It is also expected to onboard up to 10 new large distributors in the first half of the year.
Outside of private wealth, EQT’s new fundraising cycle will also include its next flagship fund EQT XI, which will launch in early 2026, and EQT Transition Infrastructure, which has a target of €3 billion to €5 billion.
The firm has also collected €18.1 billion so far for Infrastructure VI, which is expected to close on target—€20 billion—in Q1.
EQT BPEA IX—EQT’s $12.5 billion Asia PE fund— is also approaching its target size and expecting a first close in H1 2025.
The firm expects fundraising to be back at the 2021 level by 2027. However, dealmaking will be active this year, supported by healthy underlying growth forecasts around the world and the calming of geopolitical tensions in the largest economies.
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