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Laxman Pai, Opalesque Asia:

Swedish global investment giant EQT would raise $12.5 billion for its new Asia-focused fund.

The fund will be managed by EQT Private Capital Asia, which was formed in October 2022 when EQT acquired Baring Private Equity Asia for $6.7 billion.

According to a press release from the alternative investment manager, the investment strategy for the new fund - EQT Private Capital Asia's BPEA Private Equity Fund IX - will be "materially in line" with the $11.2 billion predecessor fund, BPEA VIII, from September 2022.

The actual fund size is dependent on the outcome of the fundraising process and may be higher or lower than the target size; the hard cap of the fund will be set at a later date.

To ensure continuity between two fund generations, EQT's capital raisings usually follow a cycle with successor funds 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 being available primarily for add-on acquisitions and strategic capital injections as well as for ongoing expenses," it added.

The management fee for BPEA IX may be charged from the initial closing of the Fund (or a later date designated by EQT in its sole discretion). Management fee on ......................

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