Performance Watch: How EQT’s PE vehicles fared in Q4 2020

We examine EQT's private equity funds in the latest instalment of PEI's Performance Watch series.

The latest quarterly reporting from private equity’s listed giants sheds light on how the asset class is faring as the pandemic recovery progresses.

We examine EQT‘s private equity funds in Private Equity International’s Performance Watch, which compares the firm’s Q4 2020 figures with those from the prior three quarters.

The Scandinavian giant reported €52.5 billion of assets as of the end of December, €16.5 billion more than the equivalent period in 2019, according to its 2020 year-end report.

PE assets under management increased 42 percent to $31.3 billion as of Q4 2020, compared with $31 billion in end-2019.

EQT had raised €14.6 billion by the end of last year for its ninth flagship fund. EQT IX has a hard-cap of €15 billion and a target of €14.75 billion. Capital raising for the vehicle, “progressed according to plan albeit with an increasing share of work handled remotely and digitally”, according to the report. Meanwhile, it gathered €7.6 billion out of a €12.5 billion target for its fifth infrastructure vehicle. Deployment levels stood at 30-35 percent for EQT IX and 20-25 percent for EQT Infrastructure V as of 26 January.

Investment activity picked up materially in the second half of last year. In fact, 85 percent of EQT’s investments across strategies in 2020 were executed in the second half. Almost 80 percent of the investments last year were in healthcare and TMT.

The interactive charts below depict its latest flagship private equity and infrastructure funds based on its latest full-year report. The bubbles are sized proportionately to the size of the fund; toggle between the tabs to see how their performance differed between quarters.

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