Secondaries investors continue to defy fundraising obstacles amid increasing demand for more specialisation within the market.
The top 50 secondaries firms raised a total of $473.8 billion between 1 January 2019 and 31 December 2023 – an increase of 9 percent from the previous year’s ranking, when $434.5 billion was recorded in a longer counting period of 5.5 years.
TOP 10 BIGGEST SECONDARIES FUND MANAGERS
| Rank | Fund Manager | Headquarters | Capital raised ($m) |
|---|---|---|---|
| 1 | Ardian | Paris | 49,644 |
| 2 | Blackstone Strategic Partners | New York | 49,581 |
| 3 | Lexington Partners | New York | 36,700 |
| 4 | Goldman Sachs | New York | 34,581 |
| 5 | HarbourVest Partners | Boston | 30,586 |
| 6 | StepStone Group | La Jolla, CA | 23,164 |
| 7 | LGT Capital Partners | Pfaeffikon, Switzerland | 22,266 |
| 8 | Pantheon | London | 17,089 |
| 9 | Coller Capital | London | 16,839 |
| 10 | Partners Group | Baar-Zug, Switzerland | 15,582 |
SECONDARIES INVESTOR 50 | METHODOLOGY
The 2024 SI 50 ranking is based on the amount of dedicated secondaries capital raised for funds that closed between 1 January 2019 and 31 December 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 2019. 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 – 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
Creating a legacy in the tail-end secondaries market
Hollyport's John Carter and Elm Capital's Etienne Deshormes delve into why the opportunity in the tail-end secondaries market has grown, yet the number of buyers remains concentrated.
Tail-end secondaries: The $900bn-plus opportunity
As private markets AUM continues to grow at a clip, so too does the number of legacy funds held onto by institutions. Hollyport's John Carter and Elm Capital's Etienne Deshormes join Madeleine Farman in the latest edition of Second Thoughts.
AlpInvest and Coller step up as lead buyers on Advent’s single-asset CV
Advent is seeking to move business management software, payments and commerce-related technologies provider Xplor into a separate vehicle.
NYSCRF backs TPG and Blue Owl secondaries funds
The public pension fund has committed $860m across two secondaries funds.
Brazil’s Spectra raises secondaries allocation in flagship close
Approximately 45% of Fund VI will be allocated to secondaries transactions amid constrained liquidity and elevated capital costs in Brazil.
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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