Core Viewpoint - EQT is significantly increasing its investment focus on Asia, identifying the region as a major growth engine with compelling opportunities in private equity and infrastructure [1][2]. Investment Strategy - EQT raised over $10 billion for its ninth Asia private equity fund, the BPEA Private Equity Fund IX, which has a target of $12.5 billion [3]. - The firm plans to invest approximately $930 million in Douzone Bizon, a South Korean enterprise software provider [3]. Market Trends - Other private equity firms, such as KKR, are also shifting focus to Asia, with half of their 2025 private equity capital returns expected to come from the region [5]. - EQT's Asia strategy is based on a strong local presence to exploit "structural alpha opportunities" due to market inefficiencies compared to the U.S. and Europe [6][7]. Regional Focus - While many investors are cautious about China, EQT sees potential in early-stage investments driven by domestic demand rather than cross-border flows [8]. - The firm emphasizes sectors such as services, software, education, and financial services, which are less affected by geopolitical tensions [8]. Performance Insights - In 2020, China represented over 50% of Asia-Pacific private equity deal value, but this share dropped to 27% in 2024 [9]. - EQT's performance has been largely independent of monetary cycles, with the firm not relying on falling interest rates for future success [10][11].