EQT has so far secured more than half of the €20bn it expects to raise for its latest global infrastructure fund.
The investment firm disclosed in its half-year report that EQT Infrastructure VI has received €11bn in capital commitments as of its first close.
As previously reported, the New York State Common Retirement Fund, the Orange County Employees Retirement System, Oregon Public Employees Retirement Fund, the Teachers’ Retirement System of Louisiana and the New Mexico State Investment Council are among institutions to commit to the EQT fund.
The manager said it expects to raise a “significant majority of the fund” this year, with fundraising set to continue well into 2024. It added that the fund is expected to meet its target fund size.
EQT Infrastructure VI’s investment strategy and commercial terms are expected to be similar to its predecessor.
EQT raised €15.7bn for EQT Infrastructure V, which closed in November 2021. This fund was designed to invest mostly in Europe and North America and target sectors including energy, environmental, transportation, logistics, social and telecommunications.
As previously reported, EQT Infrastructure VI invested KRW2trn (€1.44bn) to acquire a 68% stake in South Korean cyber and physical security company SK Shieldus. The fund also invested in Italian mobile network by acquiring a 60% stake in a €3.4bn company created to own and operate Wind Tre’s mobile and fixed network infrastructure.
In March, the fund also agreed to buy Lazer Logistics, a North American provider of outsourced yard management and spotting services.
“Whilst we are faced with continued market uncertainties and a slower fundraising market, EQT has seized investment opportunities globally and secured strong client commitments to our latest generation of flagship funds,” Christian Sinding, EQT CEO and managing partner said during the firm’s first half report.
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