For proper group actions on smooth manifolds, with compact quotients, we define an equivariant version of the Ruelle dynamical -function for equivariant flows satisfying a nondegeneracy condition. The construction is based on an equivariant generalisation of Guillemin’s trace formula, obtained in a companion paper. This formula implies several properties of the equivariant Ruelle -function. We ask the question in what situations an equivariant generalisation of Fried’s conjecture holds, relating the equivariant Ruelle -function to equivariant analytic torsion. We compute the equivariant Ruelle -function in several examples, including examples where the classical Ruelle -function is not defined. The equivariant Fried conjecture holds in the examples where the condition of the conjecture (vanishing of the kernel of the Laplacian) is satisfied.

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