

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.
INSIDE THE SI 50
SECONDARIES INVESTOR 50 | METHODOLOGY
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:Â 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.
SECONDARIES INVESTOR 50 | PREVIOUS RANKINGS
SI 50: Secondaries scales new heights
SI 50: Secondaries climbs to greater heights
SI 30: Ready to switch on
SI 30: Who tops the tree?
SI 30: World’s largest secondaries firms revealed
SI 30 ranking: Ardian retains top spot
Si30 ranking: Ardian takes top spot
LATEST SECONDARIES INVESTOR HEADLINES
ICG LP Secondaries secures over $200m portfolio from UK pension Cummins
Bank failures boost demand for Industry Ventures’ 10th secondaries fund
Kline Hill, Goldman, Morgan Stanley back GEC’s energy secondary
Pollen Street runs $1bn continuation fund on insurance assets
Partners Group steps up as buyer on $1bn-plus CDPQ secondaries sale
OTHER RANKINGS
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 Investor, Infrastructure Investor and PERE, simply navigate through the sections below:
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Secondaries Investor’s comprehensive database is full of intelligence relating to funds being raised worldwide, with key information on target sizes and strategies used.