ACON Investments announced the closing of ACON Equity Partners IV at its roughly $1.07 billion hard cap and above its $850 million fundraising target.
The fund will focus on midmarket control investments primarily in U.S. businesses, and has already closed on two portfolio investments — “a take-private of an infrastructure services business and a control investment of a specialty pharmacy business,” the private equity manager said in a news release Tuesday.
Predecessor fund ACON Equity Partners III closed at $751 million in 2013.
An ACON official could not immediately be reached for further information.
Investors in ACON Equity Partners IV include the $202.8 billion California State Teachers' Retirement System, West Sacramento; Oregon Investment Council, Tigard, which runs the $70.5 billion Oregon Public Employees Retirement Fund; and the $186 billion New York State Common Retirement Fund, Albany.