EQT has raised US$15.6 billion by closing its BPEA Private Equity Fund IX with commitments from global institutional investors across the Asia-Pacific region.

BPEA IX stands as the largest Asia-Pacific–focused private equity fund ever raised, achieved despite a challenging fundraising environment where capital flows into Asian funds dropped to a 12-year low in 2025 after several years of decline. The milestone reflects a broader shift in the market, with investors concentrating their commitments on large, globally established platforms that have strong track records—underscoring the growing strength of EQT’s expanded presence in Asia, its integrated capabilities, and its long history of delivering consistent returns in the region. The fund drew robust interest from both existing and new investors, including more than 75 new participants—over 45 of whom came through EQT’s wider investment platform. This demonstrates the firm’s expanding global investor network, its ability to raise capital across strategies, and reinforces the success of the merger between EQT and Baring Private Equity Asia four years after it was completed. 

Capital commitments were well diversified globally, with roughly balanced contributions from the Americas, Europe and the Middle East, and Asia-Pacific, and each region increasing its allocation compared to the previous fund. Pension funds and sovereign wealth funds emerged as key backers, highlighting continued confidence from long-term institutional investors. The strong fundraising outcome reflects sustained belief in EQT’s Asia strategy and its “local-with-locals” approach, which relies on teams deeply embedded in major regional markets. This model, refined over several economic cycles, was further strengthened by the 2022 merger with Baring Private Equity Asia, creating a scaled global platform that combines BPEA’s regional expertise with EQT’s global sector strengths, advisory network, and operational capabilities.

Today, EQT’s Private Capital Asia platform offers investors exposure across the entire investment spectrum, spanning large-cap, mid-market, and growth strategies. Its strong regional footprint is supported by dedicated teams operating in key markets such as Japan, India, South Korea, Southeast Asia, Greater China, and Australia. EQT also runs one of Asia’s largest co-investment platforms, enabling investors to increase their exposure and potentially boost returns. BPEA IX will primarily pursue control investments in leading companies across high-conviction sectors like technology, healthcare, industrial technology, services, and tech-enabled services. The fund targets businesses with strong, resilient fundamentals where EQT can drive operational improvements to accelerate growth and build long-term enterprise value.