Swedish global private equity giant EQT's new top boss Per Franzen is betting big on India and Japan.
Franzen, who took over from Christian Sinding as the firm's CEO and Managing Partner in May, expects more deal activity and capital deployment in both the markets during the second half of the year. The remarks were made during a conference call for EQT's half-year report for 2025 on July 17.
"Our strong global presence and geographical diversification puts us in a good position to continue to deliver alpha for clients in a volatile and an increasingly multi-polar world. We continue to find attractive thematic investment opportunities and we put 7 billion euros of capital to work for our clients during the first half. And we continue to have an attractive pipeline. I would highlight Asia in particular, and places such as India and Japan, where we expect more activity during the second half," Franzen said in his opening comments.
Franzen also alluded to the vibrant capital markets activity in India during the call, while elaborating on EQT's Asia strategy.
"We are incredibly bullish about that part (Asia) of our business. That pan-Asia presence that we have, is really a key differentiator for us and it allows us to monetize deals in certain pockets or parts of Asia where capital markets are strong. That's certainly the case, right now, for India . Also, Japan, I'll highlight, where we see a high degree of deal activity and relatively speaking, strong capital markets. We do expect to do more and put more capital to work across Asia, and in particular also, in those two markets, where we have a strong pipeline," he said during the conference call.
Franzen, who joined EQT in 2007, is also the Chairman of the Equity Partners Investment Committee.
EQT, which is backed by one of Europe's prominent industrial families , Sweden's Wallenberg's, now ranks as the second-largest private equity firm globally by capital raised and the largest alternative investment platform in Europe across private equity, infrastructure, and real estate, as per its half-year report for 2025.
In terms of fresh capital raising, the report disclosed, "EQT Infrastructure VI closed at 21.5 bn Euro in total commitments, and we held the first close for BPEA IX, which as of 17 July 2025 had received commitments of $11.4 bn. We also launched fundraising for EQT XI, with a target fund size of 23 bn Euro."
During a media roundtable in December, Jean Salata, Chairperson, EQT Asia said the buyout market is "underpenetrated" in India and EQT seeks to replicate the success achieved by the firm earlier in the IT services segment with similar, control deals in the healthcare and financial services segment.
EQT & India deals
Earlier this week, top fertility services provider Indira IVF, an EQT portfolio company, re-filed its draft papers with market regulator Sebi via the confidential route to reportedly raise Rs 3,500 crore from an IPO , after a withdrawal in March.
Last month, the country's leading education loans financier, Credila Financial Services, which is backed by EQT and ChrysCapital filed draft papers with Sebi to mobilise Rs 5,000 crore via an IPO. It was earlier known as HDFC Credila Financial Services.
Another portfolio firm Sagility India made its debut on the domestic bourses on December 12.
In M&A action, in September 2024, ChrysCapital signed a definitive agreement to sell a controlling beneficial interest in GeBBS Healthcare Solutions Private Limited, a provider of revenue cycle management (RCM) services and risk adjustment solutions to EQT.
The transaction, one of the biggest in the Indian BPO space in recent times, likely valued GeBBS Healthcare between $800-850 million.
Moneycontrol was the first to report on September 5 that the Swedish investment major was the lead contender to bag the deal.
The firm also completed its acquisition of affordable housing finance player Niwas Housing Finance (formerly known as IndoStar Home Finance) this week. It will invest $58 mn as growth capital for geographic expansion and enhanced digital capabilities.
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