MUMBAI: Sweden-based private equity firm EQT has closed a new $1.6 billion Asia-focused fund, and India is expected to get the largest share of capital allotment from it, the company said in response to queries. The PE firm raised more capital than its initial estimated target of $750 million.
EQT plans to bet on the healthcare, financial services and technology sectors in India and the market has bagged two of the fund’s four investments so far.In Dec last year, EQT had acquired a majority stake in Chennai’s Indium Software from existing shareholders . The broader strategy will be to invest in high-growth mid-market companies across Asia. Private markets in the region remain relatively underserved – in 2023 only 9% of the capital raised went to Asia-focused funds. “This dedicated strategy aims to help address this financing gap. The region is the epicentre of global growth, expected to contribute 60% of global GDP by the end of 2024,” EQT said in a statement . Besides India, Japan, Australia and Southeast Asia will be the other areas of focus for the fund.