Leonard Green Taps Blackstone, AlpInvest Talent for Secondaries

Leonard Green & Partners plans to raise a new fund to provide ways for private equity firms to hold certain portfolio companies for longer, according to people with knowledge of the matter.

The firm hired Blackstone Inc. senior managing director David Fox and Garrett Hall, a partner at AlpInvest Partners, as partners and co-heads of the new private equity effort focused on continuation funds and other so-called GP-led secondary transactions, said the people, all of whom requested not to be identified discussing confidential information.

Continuation funds have grown in popularity among sponsors as a way to extend the ...