Inside the EQT–Google Cloud Deal: Agentic AI for 300 Portfolio Companies

On May 28, 2026, the Swedish private equity firm EQT announced a broad partnership with Google Cloud to embed agentic AI across its entire investment portfolio, which spans more than 300 companies in sectors ranging from enterprise software to healthcare . The deal gives those portfolio firms streamlined access to Google Cloud’s technology, talent, and commercial channels, aiming to accelerate the real-world deployment of AI agents at scale.

Full access to Google Cloud's AI stack

The centerpiece of the partnership provides every EQT portfolio company with access to Google Cloud’s full AI stack, built around the Gemini Enterprise Agent Platform . Companies can choose from a range of Gemini models and tap into Google’s leading AI architecture to build, test, and run agents tailored to their businesses.

On the security side, the agreement bundles cybersecurity capabilities from Mandiant and Wiz, ensuring that AI agents can be deployed safely across the portfolio . For companies operating in regulated industries or across multiple jurisdictions, the deal includes sovereign cloud and sovereign AI solutions designed to meet strict data residency and governance requirements .

Portfolio companies also receive early access to select future Google Cloud AI products, giving them a head start on prototyping and testing next-generation capabilities before they become generally available .

Engineering firepower: forward-deployed teams and a massive talent pool

Beyond software access, the partnership embeds Google engineers directly inside EQT’s operations. Forward-deployed Google engineers will work side-by-side with EQT’s internal AI transformation team to accelerate secure deployments across the entire portfolio .

The deal also opens the door to Google Cloud’s broader partner ecosystem, which includes access to more than 330,000 trained Google AI experts from global consulting and systems integration firms. Names explicitly cited in the announcement include Accenture, Capgemini, Cognizant, Deloitte, HCLTech, KPMG, McKinsey, PwC, and TCS .

Commercial upside for software companies

For EQT’s portfolio companies that build and sell software, the partnership goes beyond technology and includes concrete commercial benefits. They receive streamlined onboarding to the Google Cloud Marketplace, reducing the friction of listing and selling their products to Google Cloud customers . In parallel, they gain expanded enterprise distribution through Google Cloud’s co-sell initiatives, which connect their software directly with Google’s own sales teams and customer base .

A formalization of an existing relationship

The partnership does not start from zero. EQT had already been building internal AI and data capabilities for over a decade, folding digitization into both its investment selection and its post-acquisition value-creation playbook . Before the deal was signed, several well-known portfolio companies—including Believe, Epidemic Sound, Keywords Studios, and Zooplus—were already using Google Cloud AI in production . The formal agreement scales that ad-hoc collaboration into a structured, portfolio-wide program.

A pattern among private equity firms

The EQT deal is not an isolated move. A month earlier, in April 2026, Google Cloud announced a similar partnership with Vista Equity Partners, a technology-focused investor whose portfolio includes more than 90 enterprise software companies serving over 2.5 million business customers . That deal likewise gave Vista portfolio companies access to the Gemini Enterprise Agent Platform, AI Hypercomputer, and forward-deployed Google engineering resources. The back-to-back announcements suggest a deliberate strategy by Google Cloud to embed its agentic AI platform inside major private equity portfolios as a channel for enterprise adoption.