PE firm EQT closes $15.6 billion Asia fund, largest in region amid fundraising slump
EQT closed its ninth private equity fund with total commitments of $15.6 billion, making it the largest private equity fund ever raised in the Asia-Pacific region, the firm said Tuesday.
The oversubscribed fundraising comes at a time when capital raised for Asian funds has fallen to a 12-year low in 2025, following four consecutive years of decline. As the market increasingly bifurcates, investors are pooling their capital with scaled, global platforms that offer a proven track record of success.
“The opportunity in Asia today has shifted from chasing growth to leading deep structural transformation. As the region evolves – redefining global supply chains and scaling digital champions – it has created a more complex investment environment,” Hari Gopalakrishnan and Nicholas Macksey, co-heads of Asia private equity at EQT, said in a joint statement.
They added that in this environment where performance is defined by earnings growth and active ownership, EQT’s value creation capabilities are clear differentiators.
“With BPEA IX, we are committed to supporting market leaders and building resilient, global-scale businesses. A focus on future-ready companies remains at the heart of how we will deliver consistent performance over time,” they said.
Investor appetite
The fund is oversubscribed due to strong demand from a globally diversified investor base whose capital is broadly balanced across the Americas, Europe, West Asia and Asia Pacific. All regions increased allocations compared to the previous period.
Pension funds and sovereign wealth funds were the leading contributors, underlining the continued support of long-term institutional investors.
Capital was raised from both existing and new investors and attracted over 75 new investors, including more than 45 from EQT’s wider investment platform. The firm said this reflects the continued expansion of its global investor base and confirms the EQT-BPEA merger four years after its completion.
Investment focus
The new fund, which has $14.9 billion in fee-generating assets under management, will focus on controlling investments in leading companies in high-conviction industries, including technology, healthcare, industrial technology, utilities and technology services.
BPEA IX will target businesses with resilient foundations where EQT can drive operational improvement to accelerate expansion and long-term enterprise building.
Approximately 5-10% of the ninth fund is currently invested, including closed and/or signed investments and announced IPOs, excluding anticipated syndication (where applicable).
EQT emphasized that it benefits from its expanding footprint in Asia, the capabilities of its integrated global franchise and nearly 30 years of investment experience in the region.
“In a highly competitive and selective fundraising market, our ability to deliver consistent realizations was a differentiator for our investors,” said Jean Eric Salata, president of EQT Asia.
Regional footprint
Founded in 1997, EQT Private Capital Asia has invested $30 billion in more than 160 transactions, investing in approximately 65 companies in 10 countries. These companies collectively employ more than 270,000 people.
EQT’s Private Capital Asia platform offers exposure across the investment spectrum, from large-cap and mid-cap to growth strategies, supported by dedicated teams in Japan, India, South Korea, Southeast Asia, Greater China and Australia.
The firm also operates one of the largest co-investment platforms in Asia, providing investors with additional ways to scale exposure and increase returns.
