European private equity firm EQT Partners has reached a final close on its debut direct lending fund, as the firm looks to take advantage of “a growing acceptance” of direct lenders across Europe, Andrew Konopelski, head of EQT Credit, said.

The Stockholm-based firm closed above its €500 million target on €530 million following commitments from a variety of institutional investors, including pension funds, insurance companies and family offices. The majority of investors were European-based, Paul Johnson, the portfolio manager of EQT mid-market credit, said.