Swedish investment firm EQT is expanding its presence in Japan, hiring across its private capital, infrastructure, and real estate platforms as it eyes the country as a potential cornerstone of its Asian strategy over the next five years, according to a report by Reuters.
Speaking during a visit to Tokyo, EQT founder and chairperson Conni Jonsson said Japan could become the firm’s most important market in Asia, citing a shifting business culture and growing openness to private capital among stakeholders—from companies to policymakers and unions.
“I think Japan has a really good chance at becoming the biggest and most important investment market for us in Asia,” Jonsson said.
EQT entered Japan in 2021 and has since completed two investments, most notably leading a $1.4bn management buyout of education provider Benesse in 2024. The firm’s local team, which includes professionals from Baring Private Equity Asia – acquired by EQT in 2022 – currently numbers around 50.
While Jonsson did not specify headcount targets or investment volumes, he noted that the firm is actively building capacity in Japan. Baring Private Equity Asia, prior to its integration, had made seven investments in Japan since 2006.
The firm’s optimism comes despite a recent dip in M&A activity in the country. Private equity-backed deals in Japan reached over $14bn in Q1 2025 – the highest since 2023 – before tapering to just $500m in the weeks following US tariff announcements in April, according to LSEG data.
Still, EQT sees strong long-term fundamentals. Its latest Asia-focused buyout fund, which held a first close in April, has raised over $10bn in commitments. While the fund will not allocate capital by country, Japan is expected to be a key destination as the firm leverages its pan-Asian platform.
