EQT Infrastructure (EQIC): NAV by Class, Fees, Repurchases

What EQIC is, and what it is not

EQIC is EQT’s infrastructure vehicle for US individuals. It is not a registered fund. The 10-Q describes it as “a holding company that seeks to acquire, own and control Joint Ventures and portfolio companies globally,” formed on June 20, 2024, and says it operates so that it does not fall under the Investment Company Act. It files 10-Ks, 10-Qs and 8-Ks like a public company because its Form 10 registration statement “automatically became effective on November 19, 2024,” even though its shares have no market. It “commenced commercial operations on February 1, 2026, upon the sale of Investor Shares to third-party investors,” to accredited investors under Regulation D and, outside the United States, under Regulation S. Through June 30, 2026 it declared no distribution, so a holder’s return so far is the change in the share price.

The sibling vehicle for private equity is covered on our EQPE page, and the four evergreen infrastructure funds are set side by side in our infrastructure comparison, with K-INFRA and BXINFRA on their own pages. This page is the month-by-month file: what each class is worth, where the cash went, who sold the assets, and what the exit rules say.

The manager expects to “own nearly all of our portfolio companies through Joint Ventures alongside one or more EQT Vehicles,” so the same companies sit in other EQT funds too. About the name: the word “Nexus,” which search results attach to EQT’s infrastructure product, appears in none of the filings we saved, and the EQIC page on EQT’s own site that we opened on October 23, 2026 does not use it. EQT’s press materials describe a separate global product called EQT Nexus Infrastructure; we have not confirmed from any filing that it is the same fund as EQIC. The SEC registrant is EQT Infrastructure Company LLC.

The price: 11 share classes at September 30, 2026

The company publishes a Transactional NAV per share for every class each month in an 8-K, about three weeks after month end. It is “the price at which the Company sells and repurchases its shares.” The 8-K of October 22, 2026 sets the prices that applied to the October 1, 2026 subscriptions and that apply to the November 5, 2026 repurchase date.

The 10-Q defines the “Founder Shares” as Classes A-I, A-D, A-S, M-I, M-S, M-I-TE and M-S-TE and the “Non-Founder Shares” as Classes I, D and S. At September 30, 2026 the only Non-Founder class outstanding was Class I, with 400 shares. So the $1.10 billion of investor money is in founder classes, which carry the lower management fee described below (our arithmetic). EQT’s Classes E, T, Q and H add up to $115.6 million, 9.5% of NAV. The 10-K counted holders of record as of March 31, 2026: 68 in Class A-S, 3 in Class A-I, 3 in Class T and 2 in Class E. Holders of record can be intermediaries, so that is not a count of investors.

The GAAP number is lower than the transaction price. The September 30 exhibit reconciles $1,212.1 million of GAAP NAV to $1,218.6 million of Transactional NAV: the $6.5 million difference is accrued shareholder servicing fees, which GAAP books up front and the transaction price recognizes monthly, 0.5% of the transaction NAV (our arithmetic).

Why Class M-S-TE is $25.86 and Class A-I is $29.53

The same fund shows prices from $25.86 to $30.23. The answer is in the launch dates. Every class was sold at $25.00 on the first day it existed, and a class that started later has had less time to move. The 10-Q says how the monthly change is shared: “any change in the Company’s NAV (whether an increase or decrease) is allocated among each Share class based on the relative percentage of the previous aggregate NAV for each share class,” adjusted for issuances and repurchases. Servicing fees then reduce the classes that pay them.

Class M-I and M-S had a $25.00 first price because $762,000 bought 30,480 Class M-I shares and $8,925,000 bought 357,000 Class M-S shares on May 1, 2026, and the two TE classes because $1,029,000 bought 41,160 M-I-TE shares and $2,650,500 bought 106,020 M-S-TE shares on July 1, 2026 (our arithmetic from the 8-Ks and the NAV exhibits). The Class E line is the first issue only: EQT’s shares were issued at prices from $25.00 to $27.46 over the year.

Per-share prices cannot be compared across classes; percentage changes and fees can. The 10-Q gives total returns on the change in Transactional NAV per share to June 30, 2026: 6.52% for Class A-I in the second quarter, 6.29% for A-S, 6.23% for I, 4.64% for M-I and 4.49% for M-S. For Class A-I it also prints 13.93% as “inception to date annualized.” A rise from $25.00 to $28.48 is 13.9% (our arithmetic), so that figure appears to be the cumulative change over five months, not an annualized one. We do not extrapolate it.

Monthly NAV, February to September 2026

Class A-I has risen in every month since launch. The biggest steps were March 2026 (+3.93%) and June 2026 (+3.08%), the smallest July (+0.63%) and August (+0.56%), and September added +2.46% (our arithmetic on the exhibits). Gains arrive in lumps because most of the portfolio is valued by model, not by trade.

One data note. The February 28, 2026 exhibit prints a Class A-I column of $150,776 thousand and 5,179,945 shares, but its classes then add to $191,391 thousand and 6,754,225 shares, short of the stated totals of $219,837 thousand and 8,539,525 shares. The other columns and the total tie to the company’s sales. We use the per-share prices, which are unaffected, and flag the column.

What sits behind the NAV: cost, fair value and cash

Every month’s NAV is a valuation, not a trade. The exhibit shows the bridge from what the fund paid to what it carries and how much sits in cash.

Three things stand out. First, September was a deployment month: the cost of the portfolio companies rose $188.6 million and fair value $216.4 million, while cash fell $83.8 million (our arithmetic). Over the quarter from June 30, cost rose $269.8 million. The only acquisition the 10-Q names after June 30 is A-Train AB, the operator of the Arlanda Express rail service, in July 2026; the next 10-Q will list the rest.

Second, the gain over cost has been steady near 14% since June, so the larger monthly gains came with a bigger asset base more than with a jump in the mark (our reading). Third, the valuation inputs moved: the weighted multiple went from 14.5x at July 31 to 16.4x at August 31 and 18.3x at September 30, inside a range of 13.7x to 20.0x, and the weight on transaction price or other methods went from 41% to 31%. The exhibit does not say which input drove which month, and a 0.25 percentage point lower discount rate would have added 1.30% to asset values at June 30, 2026 (10-Q, our reading). None of this says the valuation is wrong. It says where to look if peers reprice.

The 10-Q says the target mix is about 80% portfolio companies and 20% “Liquidity Portfolio,” and that liquid assets “may exceed 20% of our assets at any given time due to new subscriptions.” At 27.3% cash on September 30, 2026 the fund was above that mark, and at 52.9% on March 31, 2026 it was well above it.

New money: $1.0 billion in eight months

Each month the company files an Item 3.02 8-K with what it sold on the first day of the month, at the prior month-end price. The company’s own running total was approximately $1,008.1 million sold since February 1, 2026 after the September 1, 2026 sale (8-K of September 24, 2026).

By quarter, February-March 2026 raised $325.4 million, April-June $386.0 million and July-September $295.4 million (our sums), so the third quarter was 23.5% below the second. The September sale was 23.2% above August’s but still 41.5% below February’s (our arithmetic). The October 1, 2026 sale had not been reported when we read EDGAR on October 23, 2026.

Two reading notes. The monthly amounts add up to $1,006.9 million against the company’s $1,008.1 million; the $1.2 million gap appears in the August 19, 2026 8-K, where the cumulative total rose by $1.2 million more than that month’s sale (our arithmetic). And in the April, June and July 8-Ks the printed Class A-I share counts are 3.9%, 1.5% and 3.1% higher than the change in Class A-I shares between the NAV exhibits (our arithmetic), while the dollar amounts tie to the company’s cumulative totals apart from the $1.2 million above. We use the dollars.

Exits: no repurchase yet, and what the plan allows

The company has said the same thing in the 8-Ks of January 30 and April 30, 2026 and in both 10-Qs: it does not expect to make repurchases until after September 30, 2026. The shares outstanding by class rose in every month and none fell, and the statement of changes in net assets for the six months to June 30, 2026 shows no payment for the repurchase of shares (our reading). The plan, as the 10-K describes it:

For the current window that means October 1 to November 5, 2026 at the September 30 prices in the first table. The 5% cap on the September 30 investor NAV of $1,103.2 million (all classes except E, Q and H, our sum) is about $55.2 million; the plan measures on average NAV, so the exact figure differs. For scale, the single September 1, 2026 sale was $104.4 million, 1.9 times that amount (our arithmetic). The September 30 price was published on October 22, 2026, the tenth business day before November 5 (our arithmetic), which is the last day the plan treats as timely; a later publication would let the company extend the offer or skip the quarter.

A worked case (our arithmetic): 1,000 Class A-I shares requested at the $29.53 price are worth $29,530; the 5% early fee is $1,476.50, leaving $28,053.50 before any performance allocation deducted on exit. Every investor share issued so far is under 24 months old, and the earliest, from February 1, 2026, passes the mark on February 1, 2028.

Two clauses decide who gets paid first. The 10-K says “There may be quarters in which we do not repurchase Shares, and it is possible that we will not repurchase Shares at all for an extended period.” And EQT’s own shares have a separate track: “Class E Shares are not subject to our share repurchase plan, including with respect to any repurchase limits.” On the last day of each month the company expects to offer to repurchase Class E shares in an amount equal to the net proceeds of new subscriptions less repurchases under the plan, for as long as it takes to buy back all of them, unless the quarterly cap has been reduced or requests under the plan are not fully met. The 3,851,545 Class E shares have not changed since May 31, 2026, so no such repurchase has happened yet (our reading of the exhibits). Class E is $115.4 million. Our redemption comparison shows how other evergreen funds handled their first windows.

What comes out before the NAV: fees by class

The performance allocation is 12.5% of total return above a 5.0% annualized hurdle, with a high water mark and a 100% catch-up, measured once for the first period from February 1 to December 31, 2026 and annually after that. It accrues monthly: $13.6 million at September 30, 2026, 1.1% of NAV, up from $8.3 million at June 30 (our arithmetic). It is paid to EQT AB Group in cash or Class T shares.

Two clauses change what the founder fee means. The 10-Q gives the founder classes 1.00% “for a 33-month period following the Initial Offering” with “a Management Fee waiver for a 9-month period following the Initial Offering,” and 1.25% thereafter. The 10-Q defines the Initial Offering as “the initial subscription for Shares of the Company by persons that are not affiliates of the Manager, which occurred on February 1, 2026.” Read as written, the waiver ends around October 31, 2026 and the 1.00% rate around October 31, 2028 (our reading). In the first half the gross management fee was $2,397 thousand, the waiver $1,962 thousand and the net fee $435 thousand. Once the waiver ends, 1.00% of the $1,102.9 million in founder classes at September 30 is about $11.0 million a year (our arithmetic).

The second clause is the expense cap. Under the Expense Limitation Agreement the Manager absorbs expenses so that specified expenses stay at or below 0.75% of net assets through March 31, 2027, and the company has agreed to repay the Manager “within five years” when and if it asks, as long as the cap still holds.

The $14.2 million is 1.6% of the $876.7 million of net assets at June 30, 2026 (our arithmetic). It is not a liability on the balance sheet; it is a right the Manager keeps, and the filing adds that on dissolution, a sale of substantially all assets or termination of the Management Agreement the company “has agreed first to reimburse the Manager.” The balance sheet also shows $11.9 million due from the Manager at June 30, 2026.

What it owns, and who sold it to the fund

At June 30, 2026 the fund held twelve portfolio companies with an aggregate fair value of $576.9 million, cost $500.8 million, 65.81% of net assets; money market funds were another 34.88%. By sector, 45.77% of net assets was energy and environmental, 16.63% technology and 3.41% transportation and logistics; by region, 51.06% of fair value was in North America and 14.75% in Europe. The schedule names the holdings above 5% of net assets:

The data center line matters to readers of our data center fund guide: McNair is one holding at 8.05% of net assets. What the schedule does not show is who sold the assets. Note 3 of the 10-Q does:

The first eleven cash lines add to $326.3 million, the Class E issues to $100.0 million, and the three lines with no seller named to $80.5 million, so the note lists $506.8 million of acquisitions, of which $426.3 million, 84.1%, names an EQT entity (our arithmetic). The note’s lines add to $2.8 million more than the $504.0 million of purchases in the 10-Q’s fair value roll-forward. The filings do not say whether the prices were set by an independent party; the Class E shares were issued at the prevailing Transactional NAV, which the Manager determines. The 10-Q says the manager expects to own the companies alongside “one or more EQT Vehicles,” so the same assets may be held by other EQT funds at other prices. A buyer should read the related-party note in context, not as a verdict.

Tax: a Schedule K-1, not a 1099

The company intends to be taxed as a partnership. The 10-K says it intends to provide “IRS Schedule K-1 information” “75 days after the close of each calendar year,” which is March 16, 2027 for tax year 2026 (our arithmetic), and warns that “it is possible that, in any taxable year, a shareholder will need to apply for an extension of time to file such shareholder’s tax returns.” Our K-1 deadline page and K-1 versus 1099 guide cover the mechanics. For retirement accounts the filing says the acquisitions are structured “to avoid generating UBTI, and to provide simplified tax reporting for shareholders,” followed by “No assurances can be provided that the Company’s structures will achieve their intended results.” It also warns that non-U.S. holding corporations may owe corporate tax and may count as passive foreign investment companies. Our Form 990-T and IRA page explains why UBTI matters in an IRA.

What a reader can do with this

• If you hold shares: your price on a November 5, 2026 repurchase is the September 30, 2026 NAV of your class, less 5% if the shares are under 24 months old, which for every investor share issued so far they are. The company has not said it will run the window; the third-quarter 10-Q, due in mid-November 2026, should report whether any shares were repurchased. A request can be withdrawn until 4:00 p.m. Eastern on November 5.
• If you are weighing a first purchase: compare classes by percentage change and fee, not by price per share. The filings do not state a minimum initial investment, and the load and servicing fee a given adviser charges sit in the private placement memorandum. The management fee waiver ends around October 31, 2026 (our reading), so the 1.00% fee would start to be charged in November 2026.
• If you want to see the exposure: 62.4% of net assets at June 30, 2026 was in energy and technology (45.77% plus 16.63%, our sum), 84.1% of the listed purchases came from EQT entities, and 27.3% of NAV was cash on September 30, 2026. The tables above give the holdings and the counterparties.
• What would change the picture: a window in which requests use a large part of the 5% cap, a first repurchase of EQT’s Class E shares funded by investor subscriptions, a borrowing (none is on the June 30, 2026 balance sheet), a fall in the 18.3x weighted multiple, or a Board notice under the plan’s suspension rules.
• What to read next: the October 1 subscription 8-K, the third-quarter 10-Q, and the October 31 NAV 8-K, expected around November 20, 2026 (our reading of the August to October filing dates).

FAQ

All figures are from SEC filings of EQT Infrastructure Company LLC (CIK 2032019) read on EDGAR on October 23, 2026: the Form 8-Ks and their Exhibit 99.1 NAV tables for February 28 to September 30, 2026 (accessions 0001193125-26-116058, -26-166690, -26-234177, -26-277485, -26-310500, -26-361061, -26-399360 and -26-428900), the Item 3.02 subscription 8-Ks (accessions 0001193125-26-035669, -26-117730, -26-170300, -26-241837, -26-277485, -26-310500, -26-361061 and -26-400999), the plan and agreement 8-Ks of January 30 and April 30, 2026 (accessions 0001193125-26-031743 and -26-201368), the Form 10-K for 2025 (accession 0001193125-26-134921, filed March 31, 2026) and the Form 10-Qs for March 31, 2026 (accession 0001193125-26-227028) and June 30, 2026 (accession 0001193125-26-351941, filed August 14, 2026). Dollar amounts are as filed; percentages marked “our arithmetic” are ours. This is analysis of public documents, not investment, legal or tax advice.