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 €2.5bn 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.