Washington D.C. based ACON Investments has closed its fourth Latin American focused fund on $600 million. The ACON Latin America Opportunities Fund IV has commitments from a combination of global investors and $150 million in issuance of Mexican publicly traded trust certificates, specifically Certificados de Capital de Desarrollo or Capital Development Certificates (CKD).
ACON declined to comment on fundraising.
Fund IV was oversubscribed and included substantial re-commitments from existing investors.
The fund will focus on pan-regional middle market companies that are thinly traded. Sources familiar with the fund say that the firm is already investing from the vehicle, and has recently closed its first transaction.
No specific target is set for the number of investments that will come from the fund. Fund IV may also include limited co-investment opportunities.
With the closing of ALAOF IV and the CKD, ACON has raised more than $3.5 billion of capital commitments since inception.
“We believe the current environment in Latin America provides a highly attractive opportunity to generate favorable returns,” Ken Brotman, a Founding and Managing Partner of ACON said in a statement.
ACON’s placement agent for ALAOF IV was Stanwich Advisors, LLC. Hogan Lovells US, LLP served as ACON’s primary fund counsel with McCarthy Tétrault LLP joining to advise on Ontario law matters.