EQT raises €1.1bn for Fund II

The infrastructure arm of the Swedish private equity firm has recently reached a first close for Fund II after less than six months on the fundraising trail. EQT is targeting a €1.5bn final close for its second infrastructure fund.

EQT Infrastructure, the infrastructure arm of Swedish private equity firm EQT, has just reached a first close for its second infrastructure fund, raising €1.1 billion in less than six months, sources familiar with the fundraising told Infrastructure Investor.

The private equity group is targeting a final close of €1.5 billion for its second infrastructure vehicle. EQT already manages a €1.2 billion infrastructure fund, closed in 2008, which is close to being fully invested. 

The firm’s first infrastructure fund was set up to invest primarily in Northern and Eastern Europe and North America but with an option to invest globally. Target sectors included power generation, electricity and gas networks, airports, rail transportation and ports. According to Infrastructure Connect, investors in the first fund included the likes of AUSCOAL Super, Pantheon Ventures and West Midlands Pension Fund (see here).   

EQT could not be reached for comment on the fundraising for its second fund.

The firm has been active on the acquisitions trail and is currently one of the shortlisted bidders for the potential privatisation of indebted US city Harrisburg’s parking assets. Late last year, EQT bought Fortum’s outsourced energy solutions and small-scale heating businesses in Finland and Estonia in a €200 million deal.

In 2011, EQT also invested in Spanish car park operator Acciona Aparcamientos, Dutch oil storage business Argos Terminals, Swedish gas network E.ON Gas Sverige and US natural gas storage company Peregrine Midstream Partners.