Mumbai, April 22 -- EQT has closed its ninth private equity (PE) fund at $15.6 billion in total commitments, making it the largest PE fund ever raised in the Asia-Pacific region, it said on Tuesday. The oversubscribed fundraise comes at a time when capital raised for Asian funds has fallen to a 12-year low in 2025 after four consecutive years of decline. As the market increasingly bifurcates, investors are consolidating capital with scaled, global platforms that offer a proven track record of success. "The opportunity in Asia today has shifted from chasing growth to leading profound structural transformation. As the region evolves-redefining global supply chains and scaling digital champions-it has created a more complex investment landscape," said Hari Gopalakrishnan and Nicholas Macksey, deputy co-heads of private capital Asia at EQT, in a joint statement. They added that EQT's value creation capabilities were the clear differentiators in this environment where performance is defined by earnings growth and active ownership. "With BPEA IX, we remain committed to backing market leaders and building resilient, global-scale businesses. This focus on future-proofing companies remains central to how we deliver consistent performance over time," they said. The fund was oversubscribed, driven by strong demand from a globally diversified investor base with capital broadly balanced across the Americas, Europe and West Asia, and Asia Pacific. All regions increased allocations compared to the prior vintage. Pension funds and sovereign wealth funds were leading contributors, underscoring sustained backing from long-term institutional investors. The capital was raised from both existing and new investors, attracting over 75 new investors, including more than 45 from across EQT's broader investment platform. The firm said this reflects the continued expansion of its global investor base and validates the EQT-BPEA merger four years after its completion. While the firm did not disclose fund allocations, India is a key market. It has invested in companies such as Resolven (formerly Zelestra), Indira IVF, Sagility, Credila Financial Services, O2 Power and Citius Tech....