ACON Investments, a private equity firm focused on the United States and Latin America, has exited its investment in Mexico’s InverCap Holdings, which manages independent Mexican pension fund manager Afore InverCap, in a company buyback. ACON originally invested in InverCap via a mix of debt and warrants in October 2010 through its ACON Latin America Opportunities Fund (ALAOF). ACON previously sold a portion of its stake in InverCap to global private equity firm Advent International in November 2012. Financial details of the transaction were not disclosed, but ACON reportedly achieved a 2.3x return multiple over the two exits.