Ares Management Corp has closed an $850m continuation vehicle to hold portfolio company Convergint Technologies, according to a report by Bloomberg. Leonard Green & Partners acted as lead investor in the fund, with participation from the alternatives business of Goldman Sachs.
The transaction enables an asset acquired by Ares’ private equity arm in 2018 to be rolled into a new vehicle. Ares said one of its private equity funds made a substantial new investment in Convergint, a systems integrator that installs and services security and safety systems. Ares funds will continue to hold a shared control position in the company alongside Leonard Green and Harvest Partners.
A slower exit environment has led to a boom in secondaries, with the market reaching a record $240bn of volume last year, according to data from Jefferies. Ares previously sold a stake in Convergint to Leonard Green and Harvest Partners in 2021.
