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EQT wraps up initial mid-market European fund at about $1.8 bln

EQT Partners has closed its inaugural mid-market European buyout fund at a hard cap of 1.6 billion euros (about $1.8 billion)

The EQT Mid Market Europe fund will target mid-market companies in Northern Europe with growth potential.

The pool’s limited partners include pension funds, insurance companies, fund-of-funds and other institutions, such as BNP Paribas Fortis, Danica Pension, Danske Bank Wealth Management, GoldPoint Partners, HarbourVest Partners, Neuberger Berman Private Equity, Teachers’ Retirement System of the State of Illinois and UBS Asset Management.

EQT Mid Market Europe fund will invest in companies that have an enterprise value between 100 million euros and 300 million euros.

So far, the fund has made several undisclosed investments in companies that include Netherlands-based TransIP, a hosting and virtual private server provider; Germany-based Utimaco, a provider of cyber security; and Fertin Pharma, a Danish maker of medicated chewing gum.

Simpson Thacher advised EQT on the fund-closing.

Photo: A picture illustration, taken with the multiple exposure function of the camera, shows a euro coin and a map of Europe, January 9, 2013. Reuters /Kai Pfaffenbach