Aria Growth Partners Closes $152M Fund-II

Monica Watrous Jun. 25, 2025 at 12:16 PM

Buoyed by strategic exits of portfolio companies LesserEvil and Hero Cosmetics, Aria Growth Partners announced today the close of its second fund with $152 million in capital commitments. The oversubscribed Fund-II was backed by returning Fund-I investors – nearly all of whom increased the commitment size – as well as new investors, including university endowments, fund-of-funds and family offices.

Founded in 2020, Aria Growth Partners writes checks of $10 million to more than $30 million to founders with “clear product vision who are often solving personal pain points” across the food, beauty, personal care, supplements and household products industries.

“We’ve identified a compelling opportunity in the market where many specialist consumer funds have grown too large to serve founders at the stage where we see the greatest potential,” said Trevor Nelson, co-founder and partner, in a press release. “We’re excited to stay in the part of the market where we can provide the most value to founders and to our investors.”

Aria’s Fund-I portfolio companies include canned tequila brand Onda and organic popcorn and healthy snack brand LesserEvil. In April, The Hershey Company announced plans to acquire LesserEvil for a reported $750 million. Another Fund-I company, personal care purveyor Hero Cosmetics, was acquired by Church & Dwight for $630 million. Hero Cosmetics co-founder and CEO Ju Rhyu said Aria’s team offered “deep consumer expertise, strategic clarity and unwavering support” as the business scaled its way to a sale.

“Our strategy is predicated on partnering with founders who aren’t actively seeking capital per se, but are very much looking for something different – a partner who’s insightful and dedicated to service,” said Jackie Dunklau, co-founder and partner of Aria Growth Partners, in the release. “We help ensure they make the right moves between now and an eventual exit, providing a roadmap based on our experience of what makes companies attractive to strategic acquirers.”