The success of BPEA IX underscores the strength of EQT's expanded footprint in Asia following its merger with Baring Private Equity Asia (BPEA) in 2022. This merger has created a formidable global franchise, combining BPEA's deep regional roots with EQT's global sector capabilities and operational resources. Jean Eric Salata, Chairperson of EQT Asia, reflected on this achievement by stating, “The closing of BPEA IX is a defining milestone that reflects the depth, strength, and investment performance of our platform over nearly three decades, bringing together the history of BPEA and EQT in Asia.”

The fund's success is particularly noteworthy given the challenging fundraising environment in the region. Capital raised for Asian funds had been declining for four consecutive years, reaching a nadir in 2025. Despite these challenges, EQT's ability to mobilise capital across strategies and deliver consistently strong returns has attracted significant interest from both existing and new investors. Over 75 new investors participated in BPEA IX, including more than 45 from across EQT’s broader investment platform.

Commitments to the fund were globally diversified, with significant contributions from pension funds and sovereign wealth funds. These long-term institutional investors have shown sustained support, reflecting confidence in EQT’s strategic approach to investing in the Asia Pacific region. The capital was broadly balanced across the Americas, Europe and the Middle East, and Asia Pacific, with all regions increasing allocations from the prior vintage.

Hari Gopalakrishnan and Nicholas Macksey, Deputy Co-Heads of Private Capital Asia at EQT, emphasised the evolving investment landscape in Asia. “The opportunity in Asia today has shifted from chasing growth to leading profound structural transformation. As the region evolves – redefining global supply chains and scaling digital champions – it has created a more complex investment landscape. In this environment, where performance is defined by earnings growth and active ownership, our value-creation capabilities are clear differentiators,” they said.

The fund will focus on control investments in leading companies across high-conviction sectors, including technology, healthcare, industrial technology, services, and technology services. By targeting businesses with resilient fundamentals, EQT aims to drive operational improvement and accelerate expansion, building on its nearly three decades of regional presence and established value creation track record.

Frank Heckes, Partner and Co-Head of Private Capital Australia and New Zealand, expressed gratitude for the strong support from investors, which enabled the fund to close at scale despite significant market volatility. “We’re grateful for the strong support from our investors, which has enabled us to close this flagship fund at scale and in a short period of time, despite significant market volatility. It reflects confidence in EQT as a differentiated partner, and we’re excited to work alongside our Industrial Advisers to build the next generation of regional and global leaders from Australia and New Zealand,” he said.

EQT’s Private Capital Asia platform, established in 1997, provides investors with access across the full investment spectrum – from large-cap and mid-market to growth strategies. This regional presence is supported by dedicated teams in Japan, India, South Korea, Southeast Asia, Greater China, and Australia. The platform has deployed USD 30 billion in over 160 transactions and currently holds investments in approximately 65 companies across 10 countries, employing more than 270,000 people.

BPEA IX is currently 5-10 percent invested, focusing on companies where EQT can drive operational improvement to accelerate expansion and long-term enterprise-building. This focus on future-proofing companies remains central to EQT's strategy, as highlighted by Gopalakrishnan and Macksey: “With BPEA IX, we remain committed to backing market leaders and building resilient, global-scale businesses.”

As EQT continues to navigate the complexities of the Asia Pacific market, the successful closing of BPEA IX serves as a testament to its strategic vision and capacity to deliver consistent performance over time.