EQT

EQT was reported on 3 July 2026 to be pursuing a further stake in CuspAI, the Cambridge AI materials-discovery firm, ahead of a valuation marker above £2bn. CuspAI's Series B eventually closed on 20 July 2026 with Kleiner Perkins and NEA as co-leads, valuing the company at $2.6bn; EQT is absent from that final investor list.

The Scaleup Europe Fund mandate, won after a competitive process against rival bidders in February 2026, reflects the European Innovation Council's preference for EQT's European anchoring and growth-technology track record. It positions EQT to draw in additional private capital beyond the roughly EUR2.5bn already committed to the fund it manages, most of it from the Council itself and a group of institutional backers named on the fund's own page.

The brief CuspAI pursuit showed a freshly mandated EU vehicle assessing the same UK-originated AI company Britain's state-backed investors have been weighing at scale, even though the round that closed in the end included neither EQT nor, until its later disclosure, any UK sovereign money.