Exponent’s second fund closes ahead of target(2)

The spin-out from 3i is profiting from investor appetite for mid-market deals as the credit crunch hits large buyouts.

Exponent Private Equity, a UK mid-market firm, has closed its second fund with commitments of £805 million (€1 billion; $1.6 billion). The fund is double the amount raised in the first fund in 2004. 

Hugh Richards, one of the firm’s four founding partners, said the increased capacity was in line with the growth in the market.