ACON collects $400m for Fund III

The firm is targeting $600m for its third fund, which launched in Q2 2011.

ACON Investments has raised $400 million for its third buyout fund targeting $600 million, according to market sources.

The firm came to market with ACON Equity Partners III during the second quarter of 2011, a source said. The fund targets businesses in a variety of sectors, including banking and finance, consumer goods, energy, healthcare and media, according to data provider Private Equity Connect.

ACON’s second fund was raised in 2006 and collected $374 million. The fund was generating a 1.9x multiple and 22.9 percent net IRR as of Q2 2011, according to a market source. Limited partners in Fund II include the California Public Employees’ Retirement System, the California State Teachers’ Retirement System and the Los Angeles City Employees' Retirement System.

ACON was not available for comment at press time.

Founded in 1996, ACON invests in mid-market companies and manages private equity funds and special purpose partnerships with investments in the US and Latin America.