Exponent doubles up for fund II

Exponent Private Equity, a mid-market private equity firm formed by former 3i executives, has held a final closing of its second fund with commitments of £805m (US$1.58bn).

Exponent Private Equity Partners II is double the size of its predecessor, which raised £400m in 2004. Exponent was founded the same year by Richard Campin, Chris Graham, Hugh Richard and Tom Sweet-Escott.

The first fund is now approximately 80% invested in eight transactions: a £235m acquisition of TSL Education from News International in October 2005, sold to Charterhouse in May 2007; Durrants Media Monitoring, bought from August Equity for £82m in April 2006; graduate recruitment publisher Group GTI in June 2006; Trainline, acquired from Virgin for £163m in June 2006; V-Holdings, a ship management group bought for US$340m in March 2007; electronic payment provider Cardsave in August of last year, and most recently, fashion handbag brand Radley, bought from Phoenix Private Equity for £130m in December.

Exponent will continue its focus on the media, business and financial services, healthcare and leisure and consumer sector, committing up to £200m in any one transaction.