Leonard Green Is Leading a $1 Billion Ares Continuation Fund

Leonard Green & Partners emerged as lead investor for a secondary transaction that will let Ares Management Corp. extend its hold on systems integrator Convergint Technologies, according to people familiar with the matter.

The single-asset continuation fund has collected almost $1 billion including co-investments, said the people, who asked not to be identified discussing confidential information.

Leonard Green made the investment through its new Sage Equity Investors secondary fund, which had raised $2.28 billion as of Aug. 13, according to a regulatory filing.

Ares and Leonard Green declined to comment, as did Jefferies Financial Group Inc. and William ...