On July 28, 2025, EQT, through its EQT X fund, and Canada Pension Plan Investment Board (CPP Investments) have agreed to acquire NEOGOV, a leading provider of human capital management and public safety solutions for nearly 10,000 public sector organizations across North America, from funds managed by Warburg Pincus and Carlyle. Founded in 2000 and based in El Segundo, California, NEOGOV offers a cloud-native suite that supports the entire employee lifecycle, helping agencies remain compliant with local policies and regulatory frameworks. NEOGOV’s CEO, Shane Evangelist, highlighted the company’s mission to help local governments operate more efficiently and its plans to advance product innovation and AI capabilities with the support of EQT and CPP Investments. EQT’s Arvindh Kumar and Tyler Parker praised NEOGOV’s trusted reputation and customer-centric approach, while CPP Investments’ Sam Blaichman emphasized the company’s fit with their strategy to invest in high-quality software platforms. The transaction, which will result in EQT X being 60–65 percent invested, is subject to customary conditions and approvals and is expected to close in the coming months.

Moelis & Company LLC acted as exclusive financial advisor and Willkie Farr & Gallagher as legal counsel to NEOGOV, while Jefferies LLC served as exclusive financial advisor and Ropes & Gray as legal counsel to EQT.

The transaction value was not disclosed in the announcement.