SI 30: Where the big fundraisers are headquartered

Secondaries fundraising dropped to a five-year low in the first half of 2018, at least in terms of funds that reached final close. The total raised hit $12.73 billion, against $24.45 billion recorded in the same period a year ago. With so many big funds in market, this is likely to be a temporary lull.

Around $193 billion was raised by the top 30 managers over the last five years, slightly up on the figure of $190 billion registered in last year’s SI 30.

Amid the healthy fundraising environment, the composition of firms that made our third SI 30 ranking is changing, if subtly.

US-headquartered managers bounced back in 2018. They accounted for $106 billion of the secondaries capital raised over the past five years, with 18 firms making up 55 percent of the total raised. Last year there were 17 US-based firms in the list which raised a combined $100 billion, equivalent to 53 percent of the total.

The amount of capital raised by mainland Europe-headquartered firms has stayed stable, with six firms accounting for $66.4 billion in this year’s list. There were seven such firms in last year’ list, accounting for $66.3 billion. Europe-based firms accounted for fewer big final closes over the last 12 months, with Montana Capital Partners’ €800 million fundraise for mcp Opportunity Secondary Program IV a rare exception.

Like last year, no Asia-based firms made it in to this year’s list, a sign that limited partner appetite for secondaries in the region has a long way to catch up with strategies focusing on Europe and North America.