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SI 50: The world’s top secondaries firms

The fundraising environment is undeniably brutal right now, but the secondaries industry is growing in popularity. In total, $37.2 billion was raised by secondaries firms in the first half of 2023 – up 29 percent year on year.

The 50 firms in the 2023 edition of the Secondaries Investor 50 collectively raised $434.4 billion in the five and a half years covered by our ranking – up 13 percent a year ago.




The 2023 SI 50 ranking is based on the amount of dedicated secondaries capital raised for funds that closed between 1 January 2018, and 30 June 2023.

Secondaries: For purposes of the SI 50, the definition of ‘secondaries capital’ is capital raised for a dedicated programme of investing directly into the secondaries market. This includes equity capital for diversified private equity, real estate, buyout, growth equity, venture capital and turnaround or control-orientated distressed secondaries investment opportunities.

Capital raised: This refers to capital definitively committed to a secondaries investment programme. In the case of a fundraise, it means the fund has had a final or official interim close after 1 January, 2018. You may count the full amount of a fund if it has a close after this date, and you may count the full amount of an interim close (a real one, not a ‘soft circle’) that has occurred recently, even if no official announcement has been made. We also count capital raised through co-investment vehicles.

Structures: Limited partnerships; co-investment funds; separate accounts; capital raised by secondaries firms that happen to be publicly traded; and seed capital and GP commitments.

Strategies: Private equity secondaries; real estate secondaries; infrastructure secondaries; real assets secondaries; dedicated direct secondaries funds; and secondaries-specific capital raised by funds of funds.

Not counted: Expected capital commitments, public funds, contributions from sponsoring entities, hedge funds, capital raised on a deal-by-deal basis, leverage, PIPE investments and ESG funds that prioritise financial return over impact.


SI 50: Secondaries scales new heights

Even amid today’s rocky macro environment, the industry’s biggest fundraisers continue to pull in more capital.

SI 50: Secondaries climbs to greater heights

This year’s ranking of the industry’s biggest secondaries fundraisers is larger and broader than ever.

SI 30: Ready to switch on

Our largest-ever ranking shows the secondaries market is here to stay, and its biggest participants are ready to capitalise on post-covid opportunities.

SI 30: Who tops the tree?

Which firms raised the most capital over five years revealed, and what the changes mean for the secondaries market.

SI 30: World’s largest secondaries firms revealed

More than one secondaries fund held a final close each month on average since we last compiled our ranking of the biggest 30 managers.

SI 30 ranking: Ardian retains top spot

The Paris-headquartered firm has raised more than double its closest rival in our exclusive list of the world's biggest secondaries managers.

Si30 ranking: Ardian takes top spot

The Paris-headquartered firm raced past Lexington Partners and Blackstone in our exclusive list of the world's largest secondaries managers.

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From proof of concept to lasting record

The secondaries industry is stepping up its reporting of the performance of continuation fund exits as the supply of opportunities continues to outstrip the available capital for these deals.

StepStone leads on $175m insurance-focused continuation fund

Hudson Structured Capital Management has moved five assets out of a multi-sector insurance-focused fund into a continuation vehicle.

ICG’s Strategic Equity steps up as buyer on CVC’s single asset

LPs will be given the option to roll or sell on CVC’s continuation fund process for Multiversity, which is understood to be €1.5bn-€2bn in size, Secondaries Investor learns.

Real estate secondaries on the cusp of a golden age

A broad pipeline of manager- and investor-led deals is emerging in the current liquidity-constrained market, fuelling long-term growth.

ICG: From deal-by-deal approach to oversubscribed debut LP-led fund

ICG LP Secondaries Fund I has completed seven transactions and is already around 50% committed.


In addition to the SI 50, Secondaries Investor also compiles the Next Gen Leaders list each year. Click here to access the latest Next Gen Leaders list.

What’s more, our sister titles also produce their own industry rankings covering private equity, private debt, infrastructure investing and private real estate.

To view the latest rankings from Private Equity International, Private Debt InvestorInfrastructure Investor and PERE, simply navigate through the sections below:


Secondaries Investor’s comprehensive database is full of intelligence relating to funds being raised worldwide, with key information on target sizes and strategies used.

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