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EQT raises €9B at close of 4th infrastructure fund

EQT AB closed its fourth infrastructure fund at a hard cap of €9 billion after six months of fundraising.

EQT Infrastructure IV had initially set a fundraising target of €7.5 billion, according to a source familiar with the matter. The source added that the fund saw demand "well above its hard cap" but that the company sought to keep the fund size in line with the level of opportunity it saw in the market.

A majority of the fund commitments came from investors in predecessor fund EQT Infrastructure III, which closed at a hard cap of €4 billion in February 2017.

Infrastructure IV will seek to invest in companies with infrastructure characteristics primarily in Europe and North America. It also plans to opportunistically explore opportunities in Asia-Pacific.

It has made two investments that, according to the source, represent 10% of the total fund: Saur France SA, a French water management company, and Osmose Utilities Services Inc., which provides critical inspection, maintenance and restoration services for utility and telecom infrastructure in the U.S.