ACON Investments Closes $700M Continuation Fund for New Era Cap
August 4, 2022
ACON Investments closed ACON Strategic Partners II, a single-asset continuation fund of approximately $700 million to effect a partial sale of its ACON Equity Partners IV stake in New Era Cap and to increase its existing ownership. New and continuing investors — led by Apollo Global Management, GCM Grosvenor, Hamilton Lane and Neuberger Berman — joined the fund, and Major League Baseball, the National Football League and the National Basketball Association took minority equity positions as part of the transaction to support New Era's global growth and DTC/retail expansion.
- Buyers
- ACON Investments, Apollo Global Management, GCM Grosvenor, Hamilton Lane, Neuberger Berman, Major League Baseball, National Football League, National Basketball Association
- Targets
- New Era Cap, LLC
- Sellers
- ACON Equity Partners IV
- Industry
- Consumer Products
- Location
- New York, United States
- Transaction Type
- Recapitalization
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