Exponent rolls H&MV into €1.4bn continuation vehicle

Exponent has rolled H&MV into a single-asset continuation vehicle, placing a €1.4bn valuation on the Irish electrical engineering firm, AltAssets first reported. The vehicle is roughly €750m. AltAssets says the mark is twelve times the firm's earlier value.

Data-centre demand powers that gain, per AltAssets. H&MV is based in Ireland and does electrical engineering for large facilities. The continuation structure lets Exponent keep ownership past the original fund's life.

Secondaries fundraising reached a record $93B, Secondaries Daily has reported. The total includes a $2B mandate. It went to a manager that opened two years ago. Overall private equity fundraising fell for a second straight year. The divergence shows investors favoring exit options over blind-pool commitments. GP-led continuations sit at the center of that flow, letting sponsors hold appreciating assets beyond their original fund lives.

AltAssets ties the twelvefold gain to data-centre demand. Exponent is doubling down: it is rolling the asset forward rather than cashing out at the higher mark. For LPs, the vehicle offers liquidity at the marked price, and a bet that European data-centre power remains a constraint worth owning. LPs will scrutinize the valuation process after a twelvefold mark. There is one asset in the vehicle, so the outcome rests entirely on H&MV.