One of the largest first-time funds of its kind as well as the largest dedicated private equity GP-led secondary platform in North America. Fundraise significantly exceeds its $1.5 billion target and marks a major expansion into single-asset continuation fund investing.
LOS ANGELES, Jan. 26, 2026 /PRNewswire/ — Leonard Green & Partners, L.P. (“LGP”) announced today the final closing of Sage Equity Investors and its related entities (“Sage I”), its inaugural investment program dedicated to investing primarily in single-asset continuation funds sponsored by third-party private equity managers.
Sage I closed with over $3.6 billion of total commitments, significantly exceeding its initial target of $1.5 billion, including a meaningful commitment from LGP’s partners.
“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. “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.”
Sage was established to capitalize on the continued growth of the continuation fund market, seeking to provide flexible, long-term capital solutions for high-quality assets while partnering with experienced sponsors and management teams.
“The single-asset continuation fund market continues to grow in its size, sophistication, and importance,” said David Fox, Co-Head of the Sage Fund. “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.”
The Sage fundraise attracted a broad and diverse group of global investors including public and corporate pension plans, sovereign wealth funds, endowments, family offices, insurance companies, and other institutional investors, with strong support from both existing and new relationships to LGP.
“We are humbled by the trust our limited partners have placed in us,” said Garrett Hall, Co-Head of the Sage Fund. “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.”
Kirkland & Ellis LLP served as legal counsel to LGP in connection with the formation of Sage Equity Investors.
About Leonard Green & Partners
LGP is a leading private equity investment firm founded in 1989 and based in Los Angeles with over $75 billion of assets under management. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has completed over 160 investments in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on services, including consumer, healthcare, and business services, as well as distribution and industrials. For more information, please visit www.leonardgreen.com.
SOURCE Leonard Green & Partners, L.P.
