Daniel Bullock

EQT is pleased to announce the appointment of Daniel Bullock as Head of Private Wealth, Australia. He will be based in Sydney and will report directly to Sueann Yeo, Head of Asia Pacific Private Wealth.

With over 15 years of experience in financial services and a demonstrated track record in wealth management, Dan will play a key role in advancing EQT’s strategy of expanding its private wealth footprint in the key market of Australia, which ranks third globally in terms of wealth growth and exceeds nearly AUD 1.6 trillion in high-net-worth wealth value.^[1]

Dan joins EQT from GQG Partners, where he served as Head of Wholesale Markets. In this role, he was instrumental in developing and executing the go-to-market strategy for the Australian wholesale business. Under his leadership, Dan successfully raised over AUD 5 billion in assets under management, building a strong network with key industry stakeholders, including private wealth managers, financial advisors, and family offices. Prior to GQG Partners, he also held senior roles at Colonial First State and Magellan Asset Management. Dan holds a Master’s degree in Applied Finance from Macquarie University and a Bachelor of Commerce degree from the University of Wollongong.

Dan’s appointment is a key step in EQT’s broader strategy to enhance its private wealth presence in Australia, which is recognised as a fast-growing and sophisticated investor market. He will oversee EQT’s private wealth initiatives in Australia including EQT Nexus. Launched in May 2023, EQT Nexus is the firm’s evergreen investment strategy for private investors. With Nexus, EQT aims to provide individual and institutional wholesale investors alike access to the global investment platform that EQT’s institutional clients have benefitted from for 30 years.

EQT has been steadily expanding its private wealth initiatives. Since the launch of EQT Nexus in 2023, EQT has further expanded its evergreen strategies beyond private equity to include EQT Nexus Infrastructure. This new strategy provides both individual and institutional investors access to a diversified suite of infrastructure investment opportunities.

Sueann Yeo, Head of Asia Pacific Private Wealth at EQT, commented: “We are delighted to welcome Dan to EQT as we continue to expand our private wealth business in Australia. Australia’s substantial and growing private wealth market, coupled with an increasing appetite for alternative investments makes it a core market for us. With deep industry relationships and a track record of raising significant capital in the region, Dan is a valuable addition to our growing private wealth team at EQT. We look forward to his contributions as we continue to expand our local presence with EQT Nexus in this space.”

Dan Bullock, Head of Private Wealth, Australia, said: “EQT is the world’s third-largest private equity firm, built on decades of expertise and an active ownership approach to drive long-term value creation. I am thrilled to build upon EQT’s private wealth strategy in Australia and to collaborate with local distributors and partners to expand access to private market investments for a broader range of individual investors. By leveraging EQT’s global platform, sector expertise, and commitment to sustainability, we aim to deliver institutional-quality investment opportunities to private wealth clients seeking diversified, long-term growth.”

To further support its expanding private wealth business, EQT has reinforced its local-with-locals client coverage approach, making recent senior hires in key regions globally, ensuring personalised service and dedicated support for private wealth clients. Dan adds to a global team of nearly 100 professionals in the private wealth business at EQT. The firm has made substantial investments in strengthening its evergreen solutions supporting teams, including sales, operations, product management, and product development, to enhance operational efficiency and ensure a seamless, high-quality experience for investors and distribution partners. Today, EQT oversees over EUR 1 billion of capital from individual investors. In recent years, about 10% of EQT’s assets under management was from wealthy individuals and families, and that pool is growing. Going forward, 15- 20% of future fundraising is expected to come from private wealth.^[2]

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Notes:
[1] Capgemini World Wealth Report (June 2024)
[2] EQT Capital Markets Day Presentation (March 2024)

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Jean Salata

EQT is pleased to announce that the BPEA EQT Mid-Market Growth Partnership (the “MMG Fund” or the “Fund”) has held its final close at AUD $2.4billion (USD 1.6 billion) in total fund commitments, of which AUD $2.1 billion (USD 1.4 billion) is fee-generating. The fundraise more than doubled the Fund’s original target size of USD 750 million (AUD $1.1 billion).

The MMG strategy invests in high-growth mid-market companies across Asia. The region is the epicenter of global growth, expected to contribute 60 percent of global GDP by the end of 2024. Yet Asia’s private markets are relatively underserved – for example, in 2023 just 9 percent of capital raised globally went to Asia-focused funds. This dedicated strategy aims to help address this financing gap.​

The MMG Fund remains a key underlying investment for EQT Nexus​

In September 2023, EQT announced the Australian launch of EQT Nexus – an open-ended fund that gives Australian wholesale investors access to the same portfolio and deal flow of EQT’s institutional investors. EQT Nexus invests in a range of EQT funds spanning mature buyouts to early-stage investing across geographies and industries, with a focus on EQT’s flagship Private Equity and Infrastructure strategies. It will also co-invest in companies alongside EQT’s funds. The MMG Fund remains a key underlying investment for EQT Nexus.

Private individual investors in Australia have historically faced large barriers to entry when looking to invest into private markets, due to a variety of factors including high investment minimums, complex liquidity arrangements, and longer lockups. EQT Nexus seeks to address these challenges by enabling investors to access EQT’s strategies through a fully-funded single investment, supported by a transparent fee structure​

MMG is one of the few scaled pan-Asian investment strategies dedicated to mid-market control buyouts

MMG is a natural extension of EQT Private Capital Asia’s large-cap buyout strategy and one of the few scaled pan-Asian investment strategies dedicated to mid-market control buyouts. It employs the same thematic investment approach, centered on the technology, services, healthcare, and technology services sectors. It leverages EQT’s pan-Asian presence – with more than 100 investment professionals across eight offices – with a particular focus on India, Southeast Asia, Japan, and Australia. And MMG is similarly dedicated to thematic control investments, allowing it to fully deploy EQT’s active ownership approach that integrates digitalisation and sustainability throughout the investment lifecycle.

​“We have been investing in Asia for the best part of three decades and now have a fully-scaled and established large-cap platform. Following this growth, we found that we no longer had a dedicated pool of capital to invest in compelling mid-market companies,” said Jean Salata, Chairman of EQT Asia and Head of the EQT Private Capital Asia advisory team. “With EQT Private Capital Asia Mid-Market Growth we return to our roots. We already had the track record, local expertise and global capabilities to identify the champions of tomorrow while they are still mid-sized. Now we have the capital to execute.”

Nicholas Macksey, Partner in the EQT Private Capital Asia advisory team who heads the Mid-Market Growth strategy: “The team has hit the ground running with this new fund, having made four investments to date. In a testament to the dynamism of Asia’s mid-market segment, as well as our scale and network, the pipeline is strong and we’re excited for what’s ahead. We would like to thank all our investors for their trust and support, and look forward to making this pan-Asia mid-market buyout strategy a success in the years to come.”

The Fund welcomed a diverse range of investors from across the world. Existing investors in the flagship Asian large-cap buyout funds made up over 80 percent of the total commitments. The majority of the remaining commitments came from investors in other EQT funds, which were allocating to the Asian platform for the first time. A significant portion of the commitments also came from EQT employees. The final close of the Fund brings the combined total of fundraises completed in 2024 by EQT’s global Private Capital strategies to nearly USD 29 billion in total commitments, following the USD 24 billion close of EQT X in February and the USD 3.3 billion close of EQT Future in March.

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Suzanne Donohoe

EQT is pleased to share that EQT X (the “Fund”) has held its final close, having raised EUR 22 billion (AUD 33.6 billion) in total commitments, of which EUR 21.7 billion (AUD 36.5 billion) are fee-generating assets under management. The fundraise exceeded the target size of EUR 20 billion (AUD 33 billion) and represents a near 40 percent increase on EQT IX, which closed at EUR 15.6 billion in April 2021. It also represents one of the largest private equity funds ever raised.

The Fund received commitments from a broad range of investors, including pension and sovereign wealth funds, asset managers, and the private wealth segment. The latter made up an increased share of the total commitments, on the back of EQT’s recent strategic drive to offer the segment increased access to EQT funds with the launch of EQT Nexus. Fund investors were based across the Americas, Asia-Pacific, the Middle East, Europe and the Nordics.

In September 2023, EQT announced the Australian launch of EQT Nexus – an open-ended fund that gives Australian wholesale investors access to the same portfolio and deal flow of EQT’s institutional investors. EQT Nexus invests in a range of EQT funds spanning mature buyouts to early-stage investing across geographies and industries, with a focus on EQT’s flagship Private Equity and Infrastructure strategies. It will also co-invest in companies alongside EQT’s funds. EQT X remains a key underlying investment for EQT Nexus.

EQT X is the latest fund in the EQT Private Equity strategy. For thirty years, the strategy has invested in the Healthcare, Technology, Tech-enabled Services and Industrial Technology sectors in Europe and North America, and over that time it has delivered a realised gross multiple on invested capital of 2.7x. The Fund has announced seven investments since June 2022, starting with the acquisition of Envirotainer, the globally leading provider of mission-critical transport services to the biopharma industry. Other investments include advanced medical components supplier Zeus, accounts receivable automation leader Billtrust, and animal pharmaceutical business Dechra Pharmaceuticals.

Per Franzén, Head of Private Capital Europe & North America at EQT and Chairman of the EQT Private Equity Investment Committees, said: “We remain focused on backing and futureproofing companies in attractive and resilient sectors, such as healthcare and technology, and have proven our ability to perform and return capital across cycles. We continue to invest in our sector expertise, sharpening our ownership model and developing our value-creation toolbox. Our thematic investment strategy and strong local presence are competitive advantages when sourcing opportunities, not least in a slower deal-making environment. EQT X is off to a strong start, having already announced four take-privates while offering substantial co-invest opportunities. We look forward to continuing to partner with our clients.”

Suzanne Donohoe, Chief Commercial Officer at EQT, said: “We would like to thank both our long-term and new clients for their support of EQT X. Around 70 percent of the commitments to the fund came from existing EQT IX investors, a testament to the long-term trust we have built together. We’re also grateful for the support from new clients, who recognized our 30-year track record of delivering strong and steady returns. We look forward to continuing to strengthen our partnerships for the next 30 years and beyond.”

As one of EQT’s eleven business lines, the EQT Private Equity team consists of more than 130 investment professionals spread across 15 offices in Europe and North America. They work with portfolio companies to accelerate growth, strengthen profitability and increase resilience through an active ownership model. They do this through hands-on support of management teams, employing long-term perspectives, and bringing deep expertise in areas such as AI, digitalization and sustainability. The teams also draw upon the expertise of EQT’s network of over 600 Industrial Advisors, who each bring experience leading companies in EQT Private Equity’s core sectors. EQT Private Equity works closely with EQT’s other private capital business lines, which include EQT Private Capital Asia, EQT Future, EQT Healthcare Growth, EQT Growth, and EQT Ventures.

EQT X is currently 30-35 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication), based on the actual fund size.

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