Exponent to return to fundraising trail with fifth buyout vehicle

New fund registered with Companies House

Rachel Lewis
30 May 2023

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Sponsor Exponent has registered the fifth iteration of its flagship fund, six years after it filed its fourth.

The GP made a filing for the vehicle, Exponent Private Equity V, with Companies House on May 25.

Exponent registered its fourth fund in July 2017 but has not disclosed a date or value for a first or final close. The vehicle was planning to hold a GBP 700m first close in early 2018 and was ultimately targeting as much as GBP 1.5bn, according to media reports.

Fund IV was heavily impacted by Brexit, according to two sources familiar with the situation, with one adding that it went out with too high a target.

However, it is currently running a MOIC north of 3x, said one of the sources.

Fund III held a final close in mid-2015 on GBP 1bn.

The GP reaped more than 3x last month on the sale of Irish recycling group Enva, a Fund III asset, to I Squared Capital for more than GBP 600m.

The sponsor this month set up a new operational base in Ireland, citing new legislation for fund managers, becoming one of the first GPs to operate under Ireland's revised Investment Limited Partnership (ILP) structure.

Exponent declined to comment.