The oversubscribed vehicle for Ireland-based H&MV Engineering values the power infrastructure specialist at €1.4 billion, marking a 12x increase since Exponent's initial 2022 investment.
The 15-asset vehicle, among the largest GP-led infrastructure deals to date, drew more than $7 billion of demand and included around $2.5 billion of new capital.
The potential vehicle follows Antin's July agreement to sell ~30% of the asset to GLIL Infrastructure from its €3.6 billion Fund III.
Potential backers reportedly sought a lower valuation for the loans held in the continuation fund.
Aberdeen and Rock Rail's continuation fund, which was co-led by Partners Group and StepStone, achieved an £800 million first close in July.
The oversubscribed single-asset fund extends the firm's hold on a European modular buildings provider it initially backed in 2021.
The direct secondary transaction reportedly values the truck leasing company at around €4 billion.
The continuation vehicle raised around £800 million for a UK rolling stock leasing platform owned by Aberdeen Investments and Rock Rail.
The single-asset CV for a platform of water companies drew participation from HarbourVest as a substantial investor.
The GP-led secondary includes the purchase of a €300 million majority stake in Lefdal Mine Datacenter, along with other operating renewable assets.
