EQT closes €350m credit opportunities fund

The Nordic firm is the latest private equity house to add a credit strategy to its platform.

EQT Partners has raised a little more than €350 million for its debut credit opportunities fund, a source close to the firm has confirmed.

EQT was not immediately available for comment.

The Stockholm-headquartered firm had originally gone to market in early 2009 with a €500 million target, but soon after it initally approached existing LPs it opted to downsize the fund’s target to €350 million, the source said.

At the time, a number of private equity firms were also raising or had plans to launch various types of credit-focused funds, including LBO France, Oaktree Capital Management, Goldman Sachs, Kohlberg Kravis Roberts and The Carlyle Group.

Meanwhile, the firm is expected to enter the market again in coming months to raise a sixth private equity fund. It has room in its €4.3 billion EQT V fund – which is approximately 65 percent invested – for “one or two” more investments, a separate source told PEI last month.

The firm's debut infrastructure fund raised €1.2 billion in 2008, while its second China-focused fund raised $535 million in January 2007.

EQT’s credit fund was structured by Clifford Chance and placed by Mvision Private Equity Advisers.