Exponent closes €750M continuation fund to back H&MV's US push
What's the deal? European private equity firm Exponent has closed a €750 million ($866 million) continuation fund that extends its investment in H&MV EngineeringDealroom has a profile for this one. Try Dealroom →, an Ireland-headquartered high-voltage specialist expanding in the US. The transaction values H&MV at €1.4 billion.
Who's backing it? Apollo Global ManagementDealroom has a profile for this one. Try Dealroom →'s secondaries business, Pantheon, and SQ CapitalDealroom has a profile for this one. Try Dealroom → are joining the deal, according to a statement from H&MV EngineeringDealroom has a profile for this one. Try Dealroom →. The fund was oversubscribed.
What's the endgame? H&MV provides infrastructure services for data centers, renewable energy developers, and utilities. The continuation fund gives Exponent more time and capital to support the company as it scales in the US.
Why now? H&MV has grown rapidly as demand for artificial intelligence, battery storage, and renewable energy has risen. Each of those trends leans heavily on high-voltage grid connections and power infrastructure.
The signal: Continuation funds let firms hold onto strong assets rather than sell them, and investor appetite here points to conviction in the infrastructure powering the AI and energy transition build-out.
Read more: Bloomberg Law
Image credit: Phil Roeder
