PE firm EQT closes $15.6 billion Asia fund, largest in region amid fundraising slump

EQT has closed its ninth private equity fund at $15.6 billion in total commitments, making it the largest private equity fund ever raised in the Asia-Pacific region, the firm said on Tuesday.

The oversubscribed fundraise comes at a time when capital raised for Asian funds has fallen to 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.

“The opportunity in Asia today has shifted from chasing growth to leading profound structural transformation. As the region evolves – redefining global supply chains and scaling digital champions – it has created a more complex investment landscape,” said Hari Gopalakrishnan and Nicholas Macksey, deputy co-heads of private capital Asia at EQT, in a joint statement.

They added that EQT’s value creation capabilities were the clear differentiators in this environment where performance is defined by earnings growth and active ownership.

“With BPEA IX, we remain committed to backing market leaders and building resilient, global-scale businesses. This focus on future-proofing companies remains central to how we deliver consistent performance over time,” they said.

Investor appetite

The fund was oversubscribed, driven by strong demand from a globally diversified investor base with capital broadly balanced across the Americas, Europe and West Asia, and Asia Pacific. All regions increased allocations compared to the prior vintage.

Pension funds and sovereign wealth funds were leading contributors, underscoring sustained backing from long-term institutional investors.

The capital was raised from both existing and new investors, attracting over 75 new investors, including more than 45 from across EQT’s broader investment platform. The firm said this reflects the continued expansion of its global investor base and validates the EQT–BPEA merger four years after its completion.

While the firm did not disclose fund allocations, India is a key market. It has invested in companies such as Resolven (formerly Zelestra), Indira IVF, Sagility, Credila Financial Services, O2 Power and Citius Tech.

Investment focus

With $14.9 billion in fee-generating assets under management, the new fund will focus on control investments in leading companies across high-conviction sectors including technology, healthcare, industrial technology, services and technology services.

BPEA IX will target businesses with resilient fundamentals where EQT can drive operational improvement to accelerate expansion and long-term enterprise-building.

About 5–10% of the ninth fund is already invested, including closed and/or signed investments and announced public offers, where applicable, net of any expected syndication.

EQT emphasized that it has benefited from its expanded footprint in Asia, the capabilities of its integrated global franchise, and nearly 30 years of investing 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, chairperson of EQT Asia.

Regional footprint

Established in 1997, EQT Private Capital Asia has deployed $30 billion across more than 160 transactions, investing in around 65 companies across 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-market to growth strategies — supported by dedicated teams in Japan, India, South Korea, Southeast Asia, Greater China and Australia.

The firm also manages one of the largest co-investment platforms in Asia, providing investors with additional avenues to scale exposure and enhance returns.