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ACI Capital Closes Fund II At $335M, More Than Double Fund I
By Shasha Dai
11/3/2006 - ACI Capital Co. has closed on $335 million for its second fund, ACI Capital Investors II LP, more than doubling the size of its debut fund.
Fund II has enlisted about 100 limited partners, the majority of which are returning investors, said Managing Director Kevin Penn. About 67% of the commitments came from institutional investors, with the remainder from individuals or family offices, Penn said.
New York-based ACI didn't use a placement agent.
ACI's debut fund, ACI Capital America Fund, closed on $150 million around 2000. Like its predecessor, Fund II will target middle-market companies and will be industry-agnostic, Penn said.
"If I could duplicate Fund I's portfolio, I would," Penn said.
ACI has exited eight of the 14 portfolio companies in Fund I, generating a cash-on-cash return of 2.7 times, Penn said. That fund is fully invested, in such companies as a natural gas distributor, an ethanol producer, a nutritional supplements provider and a direct marketing company.
ACI typically targets companies with revenue of less than $500 million and aims to put in between $10 million and $50 million of equity in each deal, according to ACI's Web site.
To deploy a bigger fund, ACI has added two members to its investment team. Mira Muhtadie, formerly an associate of KPS Special Situations, joined ACI earlier this year as a senior associate. Austin Zalkin joined the firm as an associate from ING Ghent Asset Management, where he was an assistant vice president. ACI now has about 10 investment professionals.
Reach ACI Capital at 212-634-3333.
www.acicapital.com
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