Leonard Green & Partners, L.P., announced it has reached a final close for Sage Equity Investors and related entities, collectively known as Sage I, securing more than $3.6 billion in total commitments for its inaugural program focused primarily on single-asset continuation funds sponsored by third-party private equity managers.
The firm said the raise far exceeded Sage I’s initial $1.5 billion target and included a “meaningful commitment” from Leonard Green’s partners, positioning the platform as a major expansion of the firm’s activity in the growing continuation fund market. The firm characterized Sage I as one of the largest first-time funds of its kind and the largest dedicated private equity GP-led secondary platform in North America.
Leonard Green said Sage was formed to pursue flexible, long-term capital solutions for high-quality assets, partnering with experienced sponsors and management teams as the continuation fund market grows in scale and sophistication. The firm added that the fund attracted a broad mix of global limited partners, including public and corporate pensions, sovereign wealth funds, endowments, family offices, insurers, and other institutions, supported by both existing and new investor relationships.
Support: Kirkland & Ellis served as legal counsel to Leonard Green in connection with the formation of Sage Equity Investors. Leonard Green, founded in 1989 and based in Los Angeles, has more than $75 billion of assets under management and has completed over 160 investments across buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions, with a primary focus on services, distribution, and industrials.
KEY QUOTES
“Sage represents a natural extension of LGP’s long history of investing in high-quality businesses and partnering with exceptional sponsors and management teams. We believe the successful launch of Sage reflects both the strength of our platform and the compelling opportunity we see in this rapidly evolving segment of the private markets.”
Jonathan Sokoloff, Managing Partner, Leonard Green & Partners
“The single-asset continuation fund market continues to grow in its size, sophistication, and importance. Sage is purpose-built to provide speed, certainty and scale to leading sponsors, and we are excited about the depth of the potential opportunity set ahead.”
David Fox, Co-Head of the Sage Fund
“We are humbled by the trust our limited partners have placed in us. Sage is designed to be a thoughtful, long-term partner to exceptional companies, and we believe our scale, discipline, and collaborative approach positions us well to support high-performing assets and sponsors and deliver outstanding returns to our limited partners.”
Garrett Hall, Co-Head of the Sage Fund
