• ACG V will target consumer brands
• Willkie Farr & Gallagher LLP served as legal advisor for ACG V, while Aqueduct Capital Group served as placement agent for ACG V
• Firm raised $350m for previous fund

Alliance Consumer Growth, an early backer of Shake Shack and Athletic Brewing, has closed its fifth fund at $160 million.

Fund V began fundraising in June 2022 and held a first close on $72 million in July 2023, according to fundraising data from affiliate Buyouts (registration required). Information about investors in the fund was unavailable.

Fund V is less than half the size of Alliance Consumer Growth Fund IV, which closed on $350 million for 2018, Buyouts reported.

ACG V will make investments in consumer brands. The fund has already invested in skincare brand skincare brand Innbeauty Project and David Chang’s Momofuku Goods.

“We’re very proud of our current and past partner brands, grateful to our ACG team, and thrilled and honored to have many terrific and supportive limited partners in Fund V,” ACG co-founders Josh Goldin and Julian Steinberg said in a statement. “We’re looking forward to continuing to support promising, entrepreneurial consumer brands to help them grow and thrive in the years to come.”

Willkie Farr & Gallagher LLP served as legal advisor for ACG V while Aqueduct Capital Group served as placement agent for ACG V.

Based in New York and Los Angeles, ACG has raised more than $1 billion in capital commitments since its founding in 2011.