ACON Investments, a Washington D.C.-based private equity firm, has closed its ACON Strategic Partners II LP, a new single-asset continuation fund with around $700 million.

The fund-raise is in connection with the partial sale of its ACON Equity Partners IV portfolio investment in New Era Cap and an increase in its ownership stake in New Era Cap. The new continuation fund will be supported by both new and continuing limited partners. Apollo, GCM Grosvenor, Hamilton Lane, and Neuberger Berman are all among the new investors in the fund.

“New Era Cap represents a unique and proprietary opportunity in which ACON served as an early partner for the Company and the first institutional equity capital for this 102-year old iconic brand,” added Ken Brotman, founding partner of ACON Investments.”

ACON was represented in the transaction by Evercore. Jefferies LLC also acted as a financial advisor to ACON while Winston & Strawn served as ACON’s legal advisor. Truist Securities acted as exclusive financial advisor and Bryan Cave Leighton Paisner served as legal advisor to New Era Cap.