EQT has raised 29 funds with approximately EUR 62 billion in commitments. Since EQT’s inception, over EUR 35 billion has been invested in more than 240 controlled or co-controlled portfolio companies. EQT has several business lines, all of which focus on assets with certain characteristics.
For instance, the Private Equity business line typically seeks to invest in large, market-leading companies, whereas the Credit business lines typically seeks opportunities in corporate debt. In addition, a fund typically also has a mandate to invest primarily within a certain geographical area, for example in Northern Europe or the US. The term of an EQT fund is typically 7–10 years, with a possible extension of up to three years. Usually, investments are made within the first half and divestments during the second half of the term of the fund. A long-term perspective and the ability to meet commitments over time are essential for an investor in an EQT fund, as the commitment will only be drawn when needed in connection with an investment or capital injection. Correspondingly, capital will be returned to investors over time as assets are divested. The guidelines for the governance and specific terms of the EQT funds are set out in the legal documentation entered into between the respective fund and its investors. Currently, each EQT fund has a Fund Manager and/or General Partner, with its own board of directors and in most cases an Investment Advisory Committee.
As a result of a structural reorganization carried out by EQT in 2012, all EQT funds established from then onwards are managed and operated in one of three onshore jurisdictions (being, the United Kingdom, the Netherlands and Luxembourg), with the fund manager and general partner entities of such EQT funds being held directly or indirectly by EQT AB (publ) as part of the EQT AB Group. EQT funds established prior to 2012 are managed and operated out of Guernsey. The general partner entities responsible for managing such funds are not part of the EQT AB Group, but are instead held under CBTJ Financial Services B.V. (“CBTJ”). CBTJ is owned by a number of Partners and SEP Holdings B.V., which in turn is indirectly owned by certain Partners.