AC Private Equity Fund is a private equity fund of funds established in 1999. The fund is fully invested with fourteen investments in U.S. and European venture capital and buy-out funds. Gerken Capital Associates is a co-founder and manager to the fund. Private Equity Fund of Fund. Investment objective >15% annual net return with low volatility and correlation to public indices. Dynamically managed across all asset classes, including private equity, venture capital & expansion, distressed, mezzanine and special situations. 80% allocation to U.S. and EU markets and up to 20% invested in BRIC markets. Up to 20% allocation to secondary and direct transactions.