EQT runs stapled secondaries deal on Fund VI

Partners Group is backing a deal to provide liquidity for LPs in the Swedish firm's 2011-vintage buyout fund, according to sister title Secondaries Investor.

Partners Group has emerged as the buyer in a stapled deal involving Swedish manager EQT‘s 2011-vintage flagship buyout fund and its latest Asia-focused fund that will increase its exposure to both vehicles, sister publication Secondaries Investor has learned.

The Zug-headquartered investment firm has offered to acquire limited partners’ stakes in the €4.8 billion EQT VI while committing to EQT Mid Market Asia III, according to three sources familiar with the deal. Partners’ offer represents a premium to net asset value based on a 30 June valuation date, one of the sources said.

The size of the deal was unclear.

Mid Market Asia III is close to reaching its $800 million hard-cap, according to a fourth source. The fund was registered in 2015 as EQT Mid Market Asia, according to a filing with the UK’s Companies House.

Stockholm-headquartered EQT launched the process to give LPs the option of cashing out of EQT VI after receiving demand from secondaries buyers for stakes in that fund, according to one of the sources. The firm did not hire an advisor to work on the process, the three sources said.

EQT and Partners Group declined to comment.

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