EQT Targets $24.5B for Next Infrastructure Flagship Fund

EQT is preparing to launch its next flagship infrastructure fund with a target of €21 billion, or approximately $24.5 billion, positioning the strategy among the largest infrastructure fundraising efforts globally.

The Stockholm-based investment firm disclosed the target for EQT Infrastructure VII but did not specify a launch date or hard cap. During its first-quarter earnings call in April, EQT said it expects to begin fundraising for the vehicle this summer and plans to have more than 10 closed-ended strategies in the market during 2026.

Infrastructure VII will succeed EQT Infrastructure VI, which closed in March 2025 with €21.5 billion in commitments, exceeding its €20 billion target and representing a 35% increase from Infrastructure V, which raised €15.7 billion in 2021.

EQT typically launches successor funds as prior vintages approach full deployment. Commitment periods generally conclude once 80% to 90% of committed capital has been invested, with the remaining capital reserved for follow-on investments, acquisitions and portfolio support.

The firm has accelerated deployment of Infrastructure VI through several large transactions this year. In March, a consortium led by EQT and Global Infrastructure Partners agreed to acquire AES Corp. in a deal valuing the power company at approximately $33.4 billion, including debt. A month earlier, EQT partnered with Blackstone Infrastructure to acquire Spanish waste management company Urbaser from Platinum Equity in a transaction valued at roughly $6.6 billion.

Under the fund structure, management fees for Infrastructure VII may begin upon signing its first investment or at the conclusion of Infrastructure VI’s commitment period. At that point, fees for Infrastructure VI will transition to a net invested capital basis.