Exponent Private Equity ("Exponent") today announces it has reached the final close of its new £1 billion fund, Exponent Private Equity Partners III, LP (the "Fund").
The Fund will continue Exponent's successful investment strategy of investing in UK-headquartered businesses operating in the upper middle-market. It will target companies with enterprise values between £75 million and £350 million which operate in a broad range of sectors and markets.
The £1 billion of commitments raised for the Fund, which is the third fund raised by Exponent, exceeded the £800 million target, and its final close on 10th April comes just three months after its initial close in January. The previous fund, Exponent Private Equity Partners II, LP, closed in January 2008 at £805 million.
The capital for the Fund was raised from a diversified group of leading investors from around the globe. In particular, it attracted very strong support from public and private pension funds, with 48% of the capital secured from these investors. 30% of the total capital was sourced from limited partners based in North America, 18% from the UK, 51% from Europe and the balance from Australia and Japan.
Commenting, Richard Lenane, a Senior Partner at Exponent Private Equity, said:
“We are delighted to have closed our third fund and to have received such an enthusiastic response from investors. Exponent has a long track record of working with superb management teams to create world class UK headquartered businesses, and we are looking forward to continuing this successful strategy with this new fund. As well as enjoying support from our existing investors, we are privileged to welcome a number of new blue chip investors. We would like to thank them all for their support and will endeavour to continue delivering superior returns by driving strong profit growth in our portfolio companies.”
“On the back of the Trainline exit, the IPO of HSS Hire, and a new investment in Big Bus Tours, we have already had an excellent start to 2015, and we are enthusiastic about building on the success of our first two funds as we put this fund to work.”
Campbell Lutyens & Co. Ltd acted as exclusive global placement agent for the offering. Exponent's legal adviser was Debevoise & Plimpton LLP.