The Los Angeles City Employees’ Retirement System (LACERS) has committed $20m to private equity firm ACON’s third fund.
ACON Equity Partners III has recently been closed on $751.4m, smashing its initial $600m target.
The fund has received commitments from 58 LPs, the first of which was registered in January 2012.
The Washington-headquartered firm invests $20m to $150m in mid-market companies, focusing on the US Hispanic and Latin American markets.
The new fund follows the ACON-Bastion Partners II fund, which raised $500m together with its c-investment vehicle in 2006. Three years later, ACON raised $173m for its Latin America Opportunities Fund.
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