The secondaries market is on a tear, with a number of incumbents securing ever-larger fundraises while new entrants seek to launch their own strategies.
The top 50 secondaries firms raised a total of $522.5 billion between 1 January 2020 and 31 December 2024 – an increase of around 10 percent from the previous year’s ranking, when $473.8 billion was recorded.
TOP 10 BIGGEST SECONDARIES FUND MANAGERS
| Rank | Fund Manager | Headquarters | Capital raised ($m) |
|---|---|---|---|
| 1 | Ardian | Paris | 57,250 |
| 2 | Blackstone Strategic Partners | New York | 38,671 |
| 3 | HarbourVest Partners | Boston | 37,133 |
| 4 | Lexington Partners | New York | 36,700 |
| 5 | Goldman Sachs Asset Management | New York | 34,975 |
| 6 | StepStone Group | New York | 31,513 |
| 7 | The Carlyle Group (AlpInvest) | Washington, DC | 26,000 |
| 8 | Pantheon | London | 22,255 |
| 9 | LGT Capital Partners | Pfäffikon, Switzerland | 21,389 |
| 10 | ICG | London | 20,308 |
SECONDARIES INVESTOR 50 | METHODOLOGY
The 2025 SI 50 ranking is based on the amount of dedicated secondaries capital raised for funds that closed between 1 January 2020 and 31 December 2024.
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 2020. 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.
SECONDARIES INVESTOR 50 | PREVIOUS RANKINGS
The Secondaries Investor 50: 2024
Secondaries fundraisers find success through specialisation.
How to get into the SI 50: Inside our latest ranking of the biggest fundraisers
Focusing down into specific areas of both private markets and the secondaries market is fuelling further capital raising, as well as the rise of evergreen vehicles, we discuss in the latest Second Thoughts podcast.
The Secondaries Investor 50 – fundraisers belie difficult 2023
Our ranking of the biggest secondaries fundraisers reveals a market reaching an inflection point.
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.
LATEST SECONDARIES INVESTOR HEADLINES
Hollyport maintains independence with stake sale to Blue Owl
Blue Owl has acquired a passive stake in the tail-end specialist, which will ‘ultimately represent’ approximately 25% of the economic interests of the firm.
Apollo, Pantheon and SQ Capital co-lead on Exponent’s €750m CV
The transaction values engineering services company H&MV at €1.4bn.
StepStone surpasses $20bn in private wealth AUM
Four of the firm's cornerstone evergreen products are heavily weighted to secondaries investments.
Infra’s single assets: From liquidity tool to access strategy
The single-asset secondaries market within infrastructure is blooming. However, discipline, alignment and entry valuations remain critical to ensuring buyers bag a good deal, writes Stafford's William Greene.
Pantheon backs BlackRock BDC’s credit CV
The new vehicle will house over $500m of debt positions held by TCPC, with pricing coming in at 95% of gross fair value as of 31 December 2025.
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:
SEEN OUR SECONDARIES MARKET DATABASE?
Secondaries Investor’s comprehensive database is full of intelligence relating to funds being raised worldwide, with key information on target sizes and strategies used.
