EQT has raised its largest ever amount for an infrastructure fund after it held a first close for EQT Infrastructure V on its target of €12.5 billion.
The figure exceeds the €9.1 billion EQT raised for EQT Infrastructure IV in March 2019 and builds on the €7.5 billion raised for EQT Infrastructure V by the end of 2020, according to the group’s 2020 annual report.
EQT said it will continue to fundraise towards its €15 billion hard-cap, although “the actual fund size remains dependent on the final outcome of the fundraising process”. A final close is envisaged by the end of June.
The fund was 20-25 percent invested at the end of 2020. Investments to date have included a co-investment with EQT Infrastructure IV in German broadband group Deutsche Glasfaser, French nursing home operator Colisée and Torghatten, a Norwegian transportation company. Torghatten operates passenger ferries, express boats, buses and air traffic, although the latter part of the business was excluded from the deal.
EQT’s 2012-vintage second fund made two exits last year, amounting to €300 million. According to EQT’s annual report, EQT Infrastructure II exited European rail freight operator Hector Rail to Ancala Partners and US-based wastewater biosolids solutions provider Synagro to Goldman Sachs’ infrastructure business. The fund was generating a net IRR of 15.2 percent, as at the end of September, according to the New Mexico Educational Retirement Board.
EQT said in its year-end report that it expected exits to “regain momentum in 2021” following the effects of uncertain markets and an unfavourable exit environment last year.
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