Exponent has raised an $867m continuation vehicle for H&MV, alongside its fifth flagship fund. The vehicle is buying the company out of the firm’s 2022‑vintage Fund IV and from select minority holders. The raise was significantly oversubscribed, drawing a mix of existing and new institutional backers.

Exponent has grown H&MV to a value nearly twelve times what it paid in 2022, and the price has almost doubled again since LGT Capital Partners and Hamilton Lane took minority stakes in 2024. Continuation funds let sponsors keep assets they are reluctant to sell while giving original investors the option to cash out, and single‑asset versions concentrate that wager on one company.

Pantheon, Apollo’s S3, and SQ Capital lead the deal. Amyn Hassanally, Pantheon’s global head of private equity secondaries, said the deal fit “the kind of GP‑led opportunities we look for: high‑quality and compelling middle‑market assets, sponsors with genuine conviction, and opportunities to provide long‑duration capital to fuel continued growth.”

H&MV sits in a critical power‑supply chain, designing, building, and energising high‑voltage infrastructure behind data centres, battery storage, utilities, and renewable projects. Revenue has passed $1.15 bn, the workforce is over 1,900 across EMEA, the US, and Asia, and the company has completed three acquisitions, including last year’s purchase of Cooke Power Services in Amarillo, Texas, which took it into North America ahead of a planned US headquarters in Dallas.