Exponent closes second fund on £805m

Exponent Private Equity has closed its second fund with commitments of £805m, doubling the sum raised by its first fund in 2004.

Exponent launched the fund at the end of May 2007 targeting £750m. A first close was held in August and by the end of September the fundraising process was almost complete. Exponent reached the final close of Exponent Private Equity Partners II LP (EPEP II) in January. EPEP II is structured as a traditional 10-year fund with a five-year investment period and has terms and conditions described as industry standard.

Hugh Richards, Exponent's founding partner, explained that the doubling of Exponent's fund size in a four-year period, "is a reflection of Exponent's commitment to the senior end of the mid-market". He said: "This space is defined by where the larger players have vacated." As a result of gravitation up the value chain, Exponent's target enterprise value is now £75-350m.

Thirty investors committed to EPEP II, up from a total of 19 participants in Exponent's first vehicle. EPEP II will follow the strategy of Exponent's first fund focusing on larger, more complex mid-market buyouts of UK-headquartered companies and can invest up to £200m in any one transaction. (Page 05).

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