Leonard Green & Partners, L.P. (LGP) has announced the final closing of Sage Equity Investors (“Sage I”), its first investment program focused on single-asset continuation funds sponsored by third-party private equity managers. The fund exceeded expectations with over $3.6 billion in total commitments, more than double its initial $1.5 billion target.
“Sage represents a natural extension of LGP’s long history of investing in high-quality businesses and partnering with exceptional sponsors and management teams,” said Jonathan Sokoloff, Managing Partner of LGP. “The successful launch of Sage reflects the strength of our platform and the compelling opportunity in this rapidly evolving segment of private markets.”
A Platform for Continuation Funds
Sage I is designed to capitalize on the growing continuation fund market, providing flexible, long-term capital solutions for high-quality assets. The fund aims to partner with experienced sponsors and management teams, offering speed, certainty, and scale to support single-asset transactions.
“The single-asset continuation fund market continues to grow in its size, sophistication, and importance,” said David Fox, Co-Head of Sage Fund. “Sage is purpose-built to meet the needs of leading sponsors, and the depth of opportunity ahead is significant.”
Broad Institutional Support
The Sage fundraise attracted a diverse group of global investors, including public and corporate pension plans, sovereign wealth funds, endowments, family offices, insurance companies, and other institutional investors. The program also received meaningful commitments from LGP partners themselves, reflecting confidence in the platform.
Garrett Hall, Co-Head of Sage Fund, added, “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. Our scale, discipline, and collaborative approach position us to support high-performing assets and deliver outstanding returns.”
Kirkland & Ellis LLP served as legal counsel for LGP in connection with the formation of Sage Equity Investors.
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