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Private Equity

EQT closes eighth fund at €10.7 billion

EQT closed its eighth private equity fund, EQT VIII, at €10.7 billion ($13.3 billion), the private equity firm said in a news release Friday.

The fund targets Northern European companies in core sectors including health care, technology, media and telecommunications, industrial technology and consumer goods.

Some 70% of the commitments to EQT VIII were made since its launch in September by investors that committed to the predecessor fund, EQT VII, which closed at €6.75 billion in 2015.

"We are extremely proud to have earned investors' trust and are fully committed to using EQT's experience to find solid businesses with transformational potential. EQT seeks to create superior and sustainable value by improving companies with the support of EQT's superb industrial network and the investment advisory teams at EQT," said Christian Sinding, head of the EQT equity investment advisory team and deputy managing partner at EQT, in the news release.

Investors in the latest fund include the $350 billion GIC, Singapore; $193.5 billion New York City Retirement Systems; $146 billion Texas Teacher Retirement System, Austin; $52.2 billion Illinois Teachers' Retirement System, Springfield; and the 60 billion ($84 billion) Universities Superannuation Scheme, London.

A spokesman could not be reached to provide details of the fund's target.