EQT has announced the final close of its BPEA Private Equity Fund IX, reaching its hard cap with $15.6bn in total commitments, including $14.9bn in fee-generating assets under management. The fund was oversubscribed, driven by strong demand from a globally diversified investor base, said EQT in a statement. 

BPEA IX is the largest-ever Asia Pacific-dedicated private equity fund raised to date, the firm said. It was achieved despite record-low regional fundraising, with capital raised for Asian funds falling to a 12-year low in 2025 after four consecutive years of decline.

BPEA IX saw participation from both existing and new investors, attracting over 75 new investors, including more than 45 from across EQT’s broader investment platform.

Capital commitments were broadly balanced across the Americas, Europe and the Middle East, and Asia Pacific, with all regions increasing allocations from the prior vintage. Pension funds and sovereign wealth funds were leading contributors.

BPEA IX will focus on control investments in leading companies across high-conviction sectors, including technology, healthcare, industrial technology, services, and technology services. The fund targets businesses with resilient fundamentals where EQT can drive operational improvement to accelerate expansion and long-term enterprise-building. 

BPEA IX is currently 5-10% invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication), based on the actual fund size, the firm said.

Jean Eric Salata, chairperson of EQT Asia, said,“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 successful fundraise demonstrates continued conviction in EQT’s Asia strategy and its “local-with-locals” model, with teams embedded in the region’s key markets. Refined over multiple economic cycles, this approach was further institutionalized by the 2022 combination of BPEA and EQT.”

EQT’s Private Capital Asia platform is supported by dedicated teams in Japan, India, South Korea, Southeast Asia, Greater China and Australia.

Hari Gopalakrishnan and Nicholas Macksey, deputy co-heads of private capital Asia at EQT, said, “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.”

EQT Private Capital Asia was established in 1997 and has deployed $30bn in over 160 transactions. EQT’s Private Capital Asia portfolio today includes investments in approximately 65 companies in 10 countries, employing more than 270,000 people, according to the firm.