EQT Partners, a Nordic private equity firm, has boosted its latest fundraising by a third to €4.25bn ($5.3bn).

The firm held a first close for its fifth fund in August but decided to increase the total from €3bn in response to investor demand, ahead of its upper limit of about €4bn. It is unusual for such a large increase to be made and rise above an upper limit. Investors said some backers had been unable to commit in the first closing as fundraising had started in late June during Nordic summer holidays. The fundraising is about to close after being oversubscribed, sources said. Placement agent MVision, which is handling the fundraising, and EQT declined to comment. EQT's previous fund raised €2.5bn, which was invested within two years in seven deals. Investments included ISS, a cleaning company, which EQT bought with Goldman Sachs for €3.1bn; and MTU Friedrichshafen, an aero engine manufacturer, which it acquired for €3.1bn after putting in a lower price than rival Kohlberg Kravis Roberts.