Leonard Green & Partners, L.P. (LGP), a well-known private equity firm based in Los Angeles, has made waves with the launch of its first dedicated investment program, Sage Equity Investors (Sage I).
Unlike traditional funds, Sage I focuses primarily on single-asset continuation funds sponsored by third-party private equity managers—a niche that has been rapidly gaining traction in the private equity world.
Exceeding Expectations with Over $3.6 Billion Raised
Sage I didn’t just meet its goals—it smashed them.
The fund closed with more than $3.6 billion in total commitments, more than double its initial target of $1.5 billion.
Notably, LGP’s own partners played a significant role in backing the fund, underscoring their confidence in the strategy.
The fund attracted a wide-ranging group of global investors, including public and corporate pension plans, sovereign wealth funds, endowments, family offices, insurance companies, and other institutional investors.
This mix of seasoned and new relationships highlights LGP’s growing reach and reputation in the market.
Strategic Focus on Continuation Funds
Sage was created to seize opportunities in the continuation fund market, which has continued to expand in recent years.
The fund aims to provide flexible, long-term capital solutions for high-quality assets while working alongside experienced sponsors and management teams.
By doing so, Sage I positions itself to support companies through the next stages of growth while offering investors unique opportunities in the private equity space.
Leadership for the Sage Fund is provided by David Fox and Garrett Hall, who bring extensive experience in private equity and fund management.
Leonard Green & Partners’ Track Record
Since its founding in 1989, LGP has grown into a powerhouse in private equity, managing over $75 billion in assets.
The firm is known for partnering with experienced management teams—and often founders themselves—to invest in companies across a range of strategies, including traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions.
LGP primarily targets industries such as consumer, healthcare, business services, distribution, and industrials.
Over the years, the firm has completed more than 160 investments, demonstrating its deep expertise and long-standing presence in the private equity landscape.
What Lies Ahead
With Sage I now successfully closed, Leonard Green & Partners is well-positioned to expand its footprint in the continuation fund space.
Investors and market watchers will be keeping a close eye on the fund’s performance and the opportunities it creates for high-quality asset growth.
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