Private equity firm EQT AB has set a target fund size of €21bn (approximately $24.5bn) for its latest infrastructure vehicle, EQT Infrastructure VII, marking the next step in the firm’s flagship real assets fundraising programme.
The final size of the fund will depend on investor commitments and could ultimately land above or below the stated target, with the hard cap to be confirmed at a later date. EQT said the investment strategy for Infrastructure VII is expected to remain broadly consistent with its predecessor fund, EQT Infrastructure VI.
The fundraising process follows EQT’s established sequencing approach, in which successor funds are launched as predecessor vehicles approach full deployment. Typically, this occurs when around 80–90% of commitments in the prior fund have been invested, leaving remaining capital for add-on acquisitions, follow-ons and portfolio support.
Under the proposed fee structure, management fees for Infrastructure VII may begin from the earlier of either the first investment closing or the end of the commitment period for Infrastructure VI. Once that transition occurs, fees on Infrastructure VI will shift to being calculated on net invested capital.
EQT, which manages approximately €269bn in total assets under management as of 31 March 2026, operates across private capital and real assets strategies and has continued to scale its infrastructure platform as institutional investor demand for core and core-plus assets remains strong.
The firm noted that any offering will be conducted via confidential private placement documentation and will not be publicly marketed, in line with regulatory requirements.
