Leonard Green & Partners has emerged as the lead investor in a $1bn single-asset continuation fund that allows Ares Management Corp to extend its holding in systems integrator Convergint Technologies, according to a report by Bloomberg citing unnamed sources familiar with the matter.
The continuation fund, which includes co-investments, was raised through Leonard Green’s Sage Equity Investors secondary fund, which had amassed $2.28bn as of August 2025, according to a regulatory filing.
Ares acquired Convergint in 2018, a company that designs, installs, and services security and building-automation systems, and sold a stake to Leonard Green and Harvest Partners three years later. The continuation fund enables Ares to retain the asset while distributing returns to existing investors and bringing in new capital.
Leonard Green launched its Sage strategy in 2024 specifically to back third-party continuation funds. The strategy is led by former Blackstone executives David Fox and Garrett Hall, who previously worked at Carlyle Group’s AlpInvest unit.
In recent months, the Sage fund has supported continuation funds for PlayCore Group, raised by Court Square Capital Partners, and HGCC’s Fullscript health-care platform, reflecting growing appetite for single-asset continuation vehicles among private equity managers.
