Ares Management has closed an $850m continuation fund to hold Convergint Technologies, according to a Bloomberg report.

The vehicle allows an asset originally acquired in 2018 to be transferred into a new structure. The deal provides liquidity to existing investors while enabling Ares to retain exposure to the business.

Leonard Green & Partners reportedly acted as lead investor in the fund. Goldman Sachs’ alternatives business also participated.

Ares confirmed that one of its private equity funds made a substantial new investment in Convergint. Its funds will continue to hold a shared control position alongside Leonard Green and Harvest Partners.

The transaction reflects a broader structural shift in private equity. Continuation vehicles are increasingly used to extend ownership of high-performing assets while returning capital to LPs.

The secondaries market reached a record $240bn in volume last year, according to Jefferies Financial Group. Against that backdrop, the $850m Convergint vehicle underscores how continuation funds have become a mainstream capital management tool for large sponsors.

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