Investment firm EQT has raised €15.7bn for its latest global infrastructure fund.
The fundraising for the EQT Infrastructure V fund, which had a €15bn hard cap target, resulted in a 99% re-up rate from the predecessor fund based on committed capital and 68% based on the number of investors, the manager said.
EQT Infrastructure V fund was launched in July 2020 and held a €12.5bn first close in March this year.
EQT said the fund is backed by a diversified, global investor base consisting of pension funds, insurance companies, sovereign wealth funds, financial institutions, endowments, foundations, family offices, and private wealth platforms, among others.
As previously reported, the fund’s backers include US pension funds New York State Common Retirement Fund, Orange County Employees Retirement System and New Jersey Division of Investment. UK public pension pool Border to Coast Pensions Partnership also revealed making a commitment to the EQT fund.
EQT said the fund made its first transaction in August 2020 and has since then invested in 12 portfolio companies.
The portfolio companies include ferry line operators Molslinjen and Torghatten in the Nordics, energy transition companies Covanta and Cypress Creek in North America, as well as digital infrastructure operators Deutsche Glasfaser, Delta Fiber, and Fiberklaar in Continental Europe.
EQT Infrastructure V is currently approximately 60-65% invested, subject to customary regulatory approvals, the manager said.
Lennart Blecher, the head of EQT’s real assets’ advisory teams and deputy managing partner, said: “Looking ahead, we have a strong pipeline of interesting opportunities within energy transition and decarbonisation, digital, environmental, and social infrastructure on both sides of the Atlantic, as well as the potential for select investments in Asia-Pacific.”
Christian Sinding, CEO and managing partner at EQT, said EQT Infrastructure has over the years evolved into a truly global platform that is actively developing mission-critical infrastructure assets that provide essential services to societies around the world.
“The closing marks yet another milestone on this journey, and it will allow EQT Infrastructure to continue to execute on sustainable transformation within its core sectors.”
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