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Alternative Market Briefing

EQT Second European direct lending fund raises $2.63bn

Tuesday, December 11, 2018

Laxman Pai, Opalesque Asia:

Swedish EQT Credit platform said that its second European direct lending fund - EQT Mid-Market Credit I - has closed on $2.63bn of available capital, including anticipated leverage - more than four times the size of its predecessor direct lending fund, EQT Mid-Market Credit.

The investment firm with approximately EUR50bn ($56.93bn) in raised capital across 28 funds said that EQT Mid-Market Credit II will provide financing solutions to European mid-market companies. Thirty percent of the fund has already been committed.

Investors in EQT Mid-Market Credit II include a diverse group of European, Asian and North American pension funds, insurance companies, endowments, foundations and family offices.

EQT revealed that over 30% of the net proceeds have already been committed in 12 investments, including recent financings for German software firm Medifox, UK-based education company Dukes Education and U.S.-based food services provider VPS.

Paul Johnson, Partner at EQT Partners, Investment Advisor to the Fund, said: "The significant opportunities in the market play to EQT Credit's strengths as a due diligence-focused investor with the ability to leverage the knowledge that resides in EQT having invested in the same geographies and industries over the last 24 years. The Fund is well positioned to capitalize on these opportunities over the coming years as the direct lending market continues to grow across Europe."

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