Private equity competition to raise money around the world is overwhelming investors, leaving some firms falling short of their funding goals, according to Baring Private Equity Asia Chief Executive Officer Jean Eric Salata.

Salata, whose company is being acquired by Sweden’s EQT AB in one of the biggest deals of its kind, said a combination of public market drops, the war in Ukraine and too many private equity players trying to raise money simultaneously was leading to the funding squeeze.

Swedish investment firm EQT agreed in March to buy Baring PE Asia for 6.8 billion euros ($7.5 billion), after which the Hong Kong-based company will be renamed BPEA EQT Asia. Salata will remain CEO of the firm, which invests in mid to large-cap companies in the region and is mainly focused on private equity, real estate and growth assets, EQT said at the time.

Read more: BNN Bloomberg