Global investment firm EQT has raised the largest-ever Asia-Pacific focused private equity fund, closing BPEA Private Equity Fund IX (BPEA IX) at $15.6 billion, indicating sustained investor appetite for the region—including India—despite a broader slowdown in fundraising.

The fund, which hit its hard cap and was oversubscribed, comes at a time when capital raised for Asian private equity funds fell to a 12-year low in 2025 after four consecutive years of decline, a statement from the PE firm said.

Against this backdrop, strong participation from a globally diversified investor base—including pension funds and sovereign wealth funds—signals continued confidence in large, established platforms with proven track records, it added.

The fund invests in leading companies across Asia Pacific benefitting from long-term structural growth trends,

BPEA IX will target control investments across high-growth sectors such as technology, healthcare, industrial technology and services. India is expected to remain a key focus market, given its structural growth drivers, expanding digital economy and increasing role in global supply chain diversification.

EQT already has dedicated teams in India as part of its wider Asia platform, which spans major markets including Japan, South Korea, Southeast Asia and Greater China.

The fundraise builds on EQT’s integration with Baring Private Equity Asia (BPEA) in 2022, which strengthened its regional footprint and enhanced its ability to source and scale investments across Asia.

The combined platform follows a “local-with-locals” strategy, with on-ground teams driving deal origination and operational improvements in portfolio companies, it said.

Jean Eric Salata, Chairperson of EQT Asia, said the successful close reflects “the depth, strength, and investment performance” of the firm’s Asia business over nearly three decades. He added that consistent realizations and the ability to navigate economic cycles were key differentiators in a competitive fundraising environment.

EQT’s Private Capital Asia platform, established in 1997, has deployed about $30 billion across more than 160 transactions and currently holds stakes in around 65 companies employing over 270,000 people. The new fund is already 5–10 per cent invested.

For India, the scale of BPEA IX could translate into larger deal sizes and increased competition for quality assets, particularly in technology services, healthcare and new-age digital businesses, where global private equity interest has remained robust.

Published on April 21, 2026