European buyout firm EQT Partners has launched its first US mid-market fund with a $1 billion target, according to investors.

The Stockholm-based firm has gathered $365 million from cornerstone investors Investor AB, the investment vehicle of Sweden's Wallenberg family, and Canada's La Caisse de dépôt et placement du Québec, for a first closing on the fund, according to an investor document seen by Private Equity News.