Sweden's EQT closes largest Asia-focused PE fund at $15.6 bn in commitments

Swedish investment firm EQT has raised what it calls Asia-Pacific’s largest private equity fund, BPEA Private Equity Fund IX (BPEA IX), with total commitments of $15.6 billion. The firm said that it the largest Asia-Pacific-dedicated private equity fund raised to date.

The fund, which hit its hard cap, includes $14.9 billion in fee-generating assets under management and was oversubscribed, driven by strong demand from a globally diversified investor base, EQT said in a statement.

The fundraising milestone comes despite a challenging backdrop for the region, with capital raised for Asian funds hitting a 12-year low in 2025 after four consecutive years of decline.

“As the market increasingly bifurcates, investors are consolidating capital with scaled, global platforms that offer a proven track record of success – a trend that reinforces the strength of EQT’s expanded footprint in Asia,” the release noted.

The fundraise also highlights continued momentum following EQT’s merger with Baring Private Equity Asia (BPEA) in 2022, which significantly expanded its regional footprint, it added.

EQT’s Private Capital Asia platform, established in 1997, has deployed around $30 billion across more than 160 investments and currently manages a portfolio of about 65 companies employing over 270,000 people. The platform also offers investors access to a wide range of strategies, from large-cap and mid-market deals to growth investments, alongside one of the region’s largest co-investment platforms.

The release added that investor participation in the fund was broad-based, with commitments evenly spread across the Americas, Europe and the Middle East, and Asia-Pacific. The fund attracted over 75 new investors, including more than 45 from across EQT’s broader investment platform. Pension funds and sovereign wealth funds were among the key contributors, pointing to sustained backing from long-term institutional investors.

Jean Eric Salata, Chairperson of EQT Asia, described the fund’s closing as a “defining milestone,” reflecting nearly three decades of investment experience in the region.

“The successful fundraise demonstrates continued conviction in EQT’s Asia strategy and its “local-with-locals” model, with teams embedded in the region’s key markets. Refined over multiple economic cycles, this approach was further institutionalized by the 2022 combination of BPEA and EQT,” he noted.

BPEA IX will focus on control investments in leading companies across Asia-Pacific, targeting sectors such as technology, healthcare, industrial technology, and services. The strategy will centre on businesses with strong fundamentals where EQT can drive operational improvements and long-term value creation.

BPEA IX is currently 5-10% invested, including closed and signed deals as well as announced public offers, net of any expected syndication, based on the fund’s actual size.