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Alternative Market Briefing

EQT targets $14bn for its latest infrastructure fund

Monday, July 06, 2020

Laxman Pai, Opalesque Asia:

Swedish alternative investment firm EQT AB said it would target €12.5 billion ($14 billion) for its fifth infrastructure fund which would be the firm's largest such vehicle to date.

The target for EQT Infrastructure V is larger than the €9.1 billion raised for its fourth fund, which the Stockholm-based firm began marketing in 2018.

The vehicle will follow the same strategy as its predecessor, which is used to invest between €100 million and €600 million into companies primarily in Europe and North America.

In a press statement, EQT said it expects the fifth fund's terms to be "materially in line with" those of the fourth.

"To ensure continuity between two fund generations, EQT's capital raisings usually follow a cycle with successor funds generally targeted to be in a position to commence investment activities when the predecessor fund is close to being fully invested," said the release.

This means that the commitment period of the predecessor fund typically ends when approximately 80 to 90 percent of its total commitments are invested, with remaining commitments used primarily for add-on acquisitions and strategic capital injections as well as for ongoing expenses.

Management fees for the successor fund will be charged from the earlier of (i) the date of closing of the first investment by the successor fund, or (ii) the date of termination of the commitment period of the predecessor fund.

Management fees on the p......................

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