Leonard Green's $3.6B Sage Fund Marks Largest Dedicated GP-Led Secondary Platform in North America

Leonard Green Launches $3.6B GP-Led Secondary Platform Leonard Green and Partners (LGP) has closed Sage Equity Investors I at over $3.6 billion in total commitments , significantly exceeding its initial target of $1.5 billion. Sage is purpose-built to invest primarily in single-asset continuation funds sponsored by third-party private equity managers, making it the largest dedicated GP-led secondary platform in North America. Fund Structure and Strategy Focus: Single-asset continuation funds (third-party PE sponsors) Final close: $3.6 billion+ vs. $1.5 billion target (140% oversubscription) First-time fund classification; landmark first-time raise for the strategy LGP partners contributed a meaningful commitment alongside external LPs Sage represents a natural extension of LGP 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. - Jonathan Sokoloff, Managing Partner, LGP Investor Base The Sage fundraise attracted a broad, global LP base including: Public and corporate pension plans Sovereign wealth funds Endowments and foundations Family offices and insurance companies Strong participation from both existing LGP relationships and new investors Market Context: The Continuation Fund Boom Single-asset continuation vehicles have become the dominant form of GP-led secondary transaction. GPs are increasingly using them to hold onto their best assets longer while providing early LP investors with liquidity options. The market has grown from a niche instrument to a multi-hundred-billion-dollar segment, with 2025 total secondary market volume reaching a record $226 billion. 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. - David Fox, Co-Head, Sage Fund Why This Matters for Private Markets Sage I closing at $3.6 billion is a clear signal that dedicated GP-led secondary capital is now a mature institutional product. For GPs considering continuation vehicles, the existence of a $3.6 billion dedicated buyer provides pricing certainty and execution speed. For LPs in existing PE funds, the proliferation of well-capitalized GP-led buyers means better liquidity options at competitive prices. The oversubscription by 140% also suggests that LP appetite for GP-led secondaries far outstrips available supply - a dynamic that will keep continuation fund valuations elevated in 2026.