Swedish private equity firm EQT has completed the final close of its second European direct lending fund at 2.3 billion euros ($2.6 billion).

The new fund, EQT Mid-Market Credit II, received commitments from a diverse group of European, Asian and North American pension funds, insurance companies, endowments, foundations and family offices.

The new fund will invest in financing solutions to European mid-market companies, with a focus on high-quality performing businesses with defensive characteristics.

EQT revealed that over 30 percent of the net proceeds have already been committed in 12 investments, including recent financings for German software firm Medifox, UK-based education company Dukes Education and U.S.-based food services provider VPS.