ACON Investments beat its original $850 million target to close on the hard-cap on its fourth mid-market fund after 19 months of fundraising.
The Washington DC-headquartered private equity firm raised $1.07 billion for ACON Equity Partners IV (AEP IV), according to a statement. The fund will target control positions mainly in the US mid-market.
AEP IV received “substantial” re-ups from limited partners as well as commitments from new investors. Its LP base include public and private pension funds, sovereign wealth funds, insurance companies and other institutional investors from North America, Europe and Asia.
LPs in AEP IV include New York State Common Retirement fund, which committed $200 million, Oregon State Treasury, which committed $150 million and California State Teachers' Retirement System, which committed $50 million, according to PEI data.
The fund has closed two investments – the take-private of an infrastructure services business and a control investment in a specialty pharmacy business, according to the statement.
AEP IV's predecessor, a 2012-vintage vehicle, closed above its $600 million target on $751 million after 26 months of fundraising, according to PEI data.
Evercore helped place AEP IV and Hogan Lovells provided legal advice.
ACON invests in the US and Latin America. Founded in 1996, the firm has around $5.5 billion in assets under management and employs staff in five offices.