ACON Investments Hits $1.07B Hard Cap For Fourth Buyout Fund

May 16 2017 | 11:06pm ET

Private equity manager ACON has raised $1.07 billion in capital commitments for its oversubscribed fourth U.S. buyout fund, easily beating its original target of $850 million. 

The new fund, named ACON Equity Partners IV, closed at its hard cap, according to the company, represents the firm’s fourth U.S. investment fund targeting mid-market control investments primarily in U.S. businesses.

Investors include public and private pensions, sovereign wealth funds, insurance companies and other institutional investors from North America, Asia, and Europe, ACON added. Two investments from the new fund have already closed and a robust pipeline of opportunities currently is under review.

Evercore Private Funds Group acted as global placement agent and Hogan Lovells served as ACON’s primary fund counsel. 

Based in Washington, D.C., ACON was founded in 1996 by former Goldman Sachs executive Bernard Aronson, former Veritas Capital partner Ken Brotman, and former GEF Funds senior investment officer Jonathan Ginns. It is an international middle-market private equity firm managing more than $5.5 billion of committed capital.

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