EQT has struck a deal with Alphabet Inc.‘s (NASDAQ:GOOGL) Google Cloud aimed at speeding up artificial intelligence projects across more than 300 companies held in the buyout firm's portfolio.

The arrangement gives these businesses access to Google Cloud's AI and security tools, including the Gemini Enterprise Agent platform for building AI applications, Reuters reported. Portfolio companies will also receive early access to select upcoming Google Cloud AI products.

EQT said its holdings span areas such as enterprise software and healthcare, and the partnership is designed to help those companies move from AI experimentation to broader rollout.

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Google Cloud's engineers will collaborate with EQT's in-house AI transformation group, which is approximately 35 people. The agreement also opens the door to Google Cloud's partner ecosystem, which Reuters said includes more than 330,000 specialists across firms such as Accenture, Deloitte and KPMG.

Bert Janssens, EQT's co-head of private capital in Europe and North America, said the partnership would help "management teams future-proof their businesses and be more competitive in an increasingly AI-driven economy".

EQT Isn’t Google’s Only PE Partner

In April, Google Cloud also signed AI rollout agreements with Vista Equity Partners and Thoma Bravo. Those deals allow software companies in participating portfolios to list products in Google Cloud's marketplace.

Meanwhile, Alphabet and Blackstone Inc.(NYSE :BX) said they are forming a new artificial intelligence cloud and data center venture in the U.S. In an announcement release, Blackstone said it will initially invest $5 billion in equity to help bring 500 megawatts of data center capacity online by 2027, with plans for future expansion.

The new company will offer data center capacity alongside Google’s custom-built AI chips, known as Tensor Processing Units, or TPUs, through a compute-as-a-service model.

The partnership comes as demand for AI computing capacity continues to soar amid the rapid adoption of generative AI tools and enterprise AI applications.

Big Tech companies are expected to spend more than $800 billion on AI infrastructure in 2026 alone, including data centers, networking equipment and advanced semiconductors.

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