Exponent holds final close for third fund on £1bn

The final close comes shortly after the GP announced the vehicle's first close in January 2015.

The fund's predecessor, Exponent Private Equity Partners II, held its final close in January 2008 on £805m.

Campbell Lutyens acted as exclusive global placement agent for the vehicle, while Debevoise & Plimpton advised Exponent on legal matters.

Investors
Commitments to Exponent Private Equity Partners III came from an international base of new and existing LPs, with public and private pension funds accounting for 48% of all commitments. US-based LPs accounted for 30% of commitments to the fund, with Europe accounting for 51%, UK investors contributing 18% and the remainder coming from Australia and Japan.

Investments
The new fund will invest in UK companies with enterprise values of between £75-350m. According to unquote" data, the vehicle made its first investment in March 2014, when it acquired a majority stake in The Loch Lomond Distillery Company.

Sector-wise, the firm adopts a generalist approach, with its current portfolio including Quorn, a producer of meat alternative products; magazine publisher Immediate Media; and sightseeing bus tour company Big Bus Tours.

People
Richard Lenane is a senior partner at Exponent.

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• Topics
• Buyout
• UK / Ireland
• Exponent Private Equity
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• Unq2015May