Ares Management has closed an $850 million 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, providing liquidity to existing investors while enabling Ares to retain exposure to the business.

Leonard Green & Partners reportedly acted as lead investor in the fund, with Goldman Sachs' alternatives business also participating. Ares confirmed that one of its private equity funds made a substantial new investment in Convergint, and 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 $240 billion in volume last year, according to Jefferies Financial Group.