Alliance Consumer Growth (ACG) — Research
Overview
Alliance Consumer Growth (ACG) is a New York City-based growth equity firm founded in 2011 by Josh Goldin and Julian Steinberg. ACG focuses exclusively on consumer and retail brands, providing minority growth equity to the most promising emerging brands across food & beverage, beauty, personal care, pet, apparel, and restaurants. Since its founding, ACG has raised over $1 billion in aggregate capital across five funds and has become one of the most recognized growth equity investors in the consumer brand ecosystem.
Investment Thesis
ACG's thesis is straightforward: find the best emerging consumer brands with strong product-market fit and category leadership potential, and serve as a collaborative minority partner to help them scale. Unlike traditional private equity that seeks control positions, ACG takes minority stakes, allowing founders to maintain decision-making authority and meaningful economic upside. The firm positions itself as a true partner—not just capital, but strategic guidance, operational support, and an extensive industry network.
ACG is specifically drawn to brands with:
- Potential for true category leadership: Brands disrupting categories with the potential to become household names.
- People with passion and purpose: Innovative, driven entrepreneurs passionate about building best-in-class brands.
- Proven metrics and momentum: Typically invests in companies with annual revenues of $5M to $50M+, with extraordinary products and loyal customer followings ("raving fans").
Stage Focus & Check Size
ACG invests at the growth equity stage, targeting companies that have already proven product-market fit and are seeking capital to accelerate growth or provide interim shareholder liquidity. The firm typically provides $10 million to $50 million of equity per company. This targets predominantly Series B and beyond, though exact stage labeling in consumer can be fluid.
Sector Focus
ACG focuses entirely on consumer and retail, with sub-sectors including:
- Food & Beverage: Functional beverages, better-for-you snacks, restaurant chains, pantry essentials
- Beauty: Color cosmetics, skincare, haircare
- Personal Care: Wellness, feminine care, baby care
- Pet: Premium pet food and care
- Apparel: Direct-to-consumer fashion and lifestyle brands
- Restaurants: Fast-casual and growth-stage restaurant concepts
The firm explicitly avoids technology, healthcare, enterprise software, or sectors outside consumer and retail.
Lead Tendency
ACG typically leads or co-leads its investment rounds as the primary growth equity partner. The firm acts as a minority investor but is typically the lead or anchor investor in the rounds it participates in.
Recent Activity & Fund Status
In July 2024, ACG closed Fund V ($160M), its fifth fund. Fund V has already made investments in Momofuku Goods (September 2023) and iNNBEAUTY Project (December 2022). In March 2026, ACG participated in Create Wellness's $20M growth capital round — the most recent disclosed investment. The firm's total AUM as of early 2025 stands at approximately $901M.
ACG has eight notable exits to date, including:
- Shake Shack (IPO, 2015) — invested 2013
- KRAVE Jerky (sold to Hershey, 2015) — invested 2013
- Suja Juice (sold to Coca-Cola, 2015) — invested 2013
- barkTHINS (sold to Hershey, 2016) — invested 2014
- Babyganics (sold to S.C. Johnson, 2016) — invested 2011
- OUAI Haircare (sold to Procter & Gamble, 2022) — invested 2018
- Milk Makeup (merged into Waldencast/IPO, 2022)
- Nudestix (exit, September 2025)
Portfolio Highlights
ACG's current and past portfolio reads like a roll call of highly successful consumer brands:
- Harry's — men's grooming (now $1.7B valuation)
- SKIMS (Kim Kardashian) — now a $4B+ apparel brand
- Athletic Brewing Co. — leading non-alcoholic beer brand
- Momofuku Goods — chef David Chang's pantry brand ($67M+ revenue)
- Half Magic (Euphoria makeup lead Donni Davy) — beauty brand
- Good American (Khloé Kardashian) — size-inclusive fashion
- Herschel Supply Co. — accessories/bags
- Tata Harper — luxury natural skincare (acquired by Amorepacific)
- Create Wellness — creatine supplement brand
Team
- Josh Goldin, Co-Founder & Managing Partner — Listed on Fortune "40 Under 40" (2015)
- Julian Steinberg, Co-Founder & Managing Partner — Listed on Fortune "40 Under 40" (2015)
- Sharon Mao, Chief Financial Officer
- Ron Coughlin, Operating Partner
- Julianne Kur, Principal
- Justin Wong, Principal
- Natalie Messing, Vice President
- Alexis Kline, Associate
- Chris Sanchez, Associate
- Operating Advisors: Larry Jewett, Phil Anson, Mark Ellis, Shawn Parr
Geographic Focus
ACG focuses exclusively on US-based consumer brands, headquartered in New York City.
Value-Add Resources
ACG differentiates through its "ACG Resources" toolkit: strategic planning, talent & recruiting, operations support (manufacturing/supply chain), marketing & branding, sales & distribution relationships with major retailers, digital & e-commerce capabilities, and a Founders Circle connecting portfolio founders.
Founder Preferences
ACG prefers passionate entrepreneurs who are experts in their brand's category, typically with products already resonating with consumers. They back founders who want a collaborative minority partner and are willing to share governance while maintaining independence.