EQT raises EUR 2 billion in its new fund
EQT is pleased to announce the final closing of its new private equity fund, EQT Northern Europe, focused on investments in Denmark, Finland, Germany, Norway and Sweden.
EQT Northern Europe has received commitments of EUR 2 billion, significantly exceeding its original target of EUR 1.5 billion, and more than tripling the amount raised by its predecessor, EQT Scandinavia II. EQT Northern Europe was substantially oversubscribed and EQT was forced to scale back investors at the final close to stay under its self imposed cap. Of previous investors in EQT Scandinavia II, approximately 80% have reinvested in EQT Northern Europe providing approximately 60% of the total amount raised by the new fund.
The fund has secured commitments from investors world-wide, with approximately 50% coming from the Nordic countries, 20% from other European countries, 20% from the US and 10% from rest of the world. Of the total amount raised, approximately 32% came from Investor AB. Excluding Investor AB, approximately 25% came from family groups and endowments/foundations, 25% from insurance companies, 24% from pension funds while the balance came from banks and fund-of-funds. Merrill Lynch served as financial advisor and exclusive placement agent.
EQT's philosophy is to acquire high-quality companies with strong development potential. Through acting as a hands-on owner and driving change in close co-operation with the management team, EQT supports the acquired companies in realising their full growth and earnings potential. EQT has a tradition of building long-term value in an industrially sound manner, in which the focus is to make genuine and long-standing improvements of operations and the competitive position of its companies.
Key to the successful implementation of EQT’s investment strategy is a group of Senior Advisors from commerce, finance and industry. The Senior Advisors for EQT Northern Europe include Percy Barnevik, Bo Berggren, Bengt Braun, Jørgen Mads Clausen, Eckhard Cordes, Peter H. Grassmann, Jukka Härmälä, Jouko K. Leskinen, Mikael Lilius, Jens Christian Lorenzen, Henning Kruse Petersen, Günter Rexrodt, Birger Riisager, Wolfgang J. Ruttenstorfer, Anders Scharp, Stig Stendahl, Christen Sveaas, Björn Svedberg, Peter Wallenberg, Mark Wössner and Leif Östling.
The Investment Committee of EQT Northern Europe will consist of Claes Dahlbäck
(Chairman), Harald Einsmann, Massimo Rossi, Horst Thaler and Jacob Wallenberg.
For additional information, please contact:
Claes Dahlbäck, Chairman, EQT Northern Europe: +31-20-577 66 70
Conni Jonsson, Managing Partner, EQT Partners: +46-8-440 53 00
Fredrik Åtting, Partner, EQT Partners: +46-8-440 53 00