The haul puts the Washington, D.C-based firm well on its way to its $600 million target. The firm started reaching out to potential new investors for the fund, ACON Equity Partners III LP, in August.
ACON typically invests $20 million to $150 million, often to acquire energy and energy services-related companies, Latin American companies and companies that serve the U.S. Hispanic population.
Founded in 1996, ACON has offices in Washington, D.C., Los Angeles and Madrid. In 2008, ACON raised a total of $565 million—$375 million for a buyout fund and a $190 million co-investment sidecar fund. The buyout fund was generating a 22.37 percent IRR as of March 31, 2011, according to one investor, the California State Teachers’ Retirement System.
Besides CalSTRS, other investors in ACON’s previous fund included the California Public Employees’ Retirement System, The New York State Common Retirement Fund and David Bonderman, the founder of TPG Capital, which has had a close relationship with ACON over the years and has sometimes co-invested with it. TPG also backed an earlier fund focused on Latin America.