EQT, a Stockholm-based firm with a track record of investing in Asia, has set an $800 million target for its EQT Mid Market Asia III vehicle, according to the Financial News. The fund will be used to make investments of between €40 million and €100 million in companies located in China and Southeast Asia, per the report.
A decade ago, EQT appeared poised to emerge as a major player in the region—but the firm’s activity has seriously slumped off since the financial crisis, according to the PitchBook Platform. EQT’s most recent fund with an Asia focus was EQT Greater China II, which closed on $535 million in 2006. The firm has used other vehicles to make deals in that area since, but seeking $800 million for a new region-specific fund seems to represent a renewed commitment.
Several other buyout behemoths have shown an increased interest in Asia in recent months. Warburg Pincus closed a $2 billion fund focused on China during December, while Bain Capital raised $3 billion in 2015 to spend throughout Asia. KKR, meanwhile, is reportedly planning a new Pan-Asian fund that could reach $7 billion.