Private equity giant EQT is preparing to kick off a new round of fundraising for its next Asia mid-market fund, Private Equity International reported.
BPEA Mid-Market II was registered in Luxembourg earlier this month, the news outlet reported, citing public filings. The formal capital-raising process for the fund will reportedly start this year, PEI said, stating that the target is unclear.
EQT declined to comment when reached out by DealStreetAsia.
The BPEA EQT Mid-Market Growth Fund raised $1.6 billion for the first instalment of the series in a final close that more than doubled the initial target in 2024. The fund series focuses on the technology, services, and healthcare sectors across Asia, prioritising India, South East Asia, Japan and Australia.
The debut fund, which is still actively deploying capital, has five portfolio companies, including Australia’s Compass Education; Japan’s HR Brain; India’s Indium Software and Niwas Housing Finance; and Quantios, per its website.
EQT is set to be in the fundraising market at the same time as TPG’s first Asia mid-market fund, which most recently gathered $742 million and made the first close last year. The group’s latest Asia flagship fund is nearing final close and is expected to close at $14.5 billion in the first quarter as megafunds are raising ever-larger pools of capital dedicated to the region, creating record war chests that are expected to intensify competition for assets and drive bigger transactions.
EQT, one of Asia’s most active private equity investors, allocated roughly 20% of its 16 billion euros of 2025 investments to the region, according to its earnings presentation. Investments in the year include tender offers for Japan’s Fujtech and South Korea’s Douzone Bizon from BPEA IX, as well as London-based Nothing from its Hong Kong growth fund.
EQT announced total gross fund exits of 19 billion euros in 2025. In addition, it realised 14 billion euros ($16.6 billion) for its co-investors, making last year its most active exit year ever in terms of total realisations. About 24% of the total gross fund exits were from Asia, including sell-downs in Hong Kong-listed Horizon Robotics from BPEA VII and India-listed Sagility from BPEA VIII. Other exits include Nord Anglia from BPEA VI and Pioneer from BPEA VI and BPEA VII.
Carried interest and investment income increased to 448 million euros in 2025, primarily driven by EQT VIII, BPEA VII and BPEA VI.
