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 $584.6 billion between 1 January 2021 and 31 December 2025 – an increase of 12 percent from the previous year’s ranking, when $522.5 billion was recorded.
TOP 10 BIGGEST SECONDARIES FUND MANAGERS
| Rank | Fund Manager | Headquarters | Capital raised ($m) |
|---|---|---|---|
| 1 | Goldman Sachs Asset Management | New York | 45,133 |
| 2 | Ardian | Paris | 43,769 |
| 3 | StepStone Group | New York | 35, 943 |
| 4 | Blackstone | New York | 35,420 |
| 5 | Coller Capital | London | 35,103 |
| 6 | HarbourVest Partners | Boston | 31,130 |
| 7 | Pantheon | London | 29,600 |
| 8 | Lexington Partners | New York | 26,200 |
| 9 | The Carlyle Group (AlpInvest) | Washington, DC | 24,476 |
| 10 | Ares Management | Los Angeles | 21,940 |
TOP 10 SECONDARIES FIRMS 2026
Here is a brief overview of the biggest secondaries firms as of 2026. Clicking the firm names will take you to their institution profile where you can see a range of information regarding their investment activities, contacts, addresses, and specific fund formation.
- Goldman Sachs Asset Management
The largest secondaries manager in the SI 50, Goldman Sachs Asset Management raised $45.1 billion over the five-year period. Its secondaries platform spans LP portfolio acquisitions and GP-led transactions across private equity, real assets, infrastructure credit and venture capital via its acquisition of Industry Ventures. - Ardian
With $43.8 billion raised, Ardian is one of the world’s most active secondaries investors. The Paris-headquartered firm’s secondaries business covers the LP-led and GP-led markets across private equity and infrastructure. It has also launched a real estate secondaries platform with backing from the Abu Dhabi Investment Authority. - StepStone Group
The $35.9 billion raised by StepStone reflects the continued growth of its secondaries platform, which deploys across LP-led and GP-led transactions in private equity, venture capital, infrastructure and real estate. - Blackstone
Blackstone’s Strategic Partners unit raised $35.4 billion, investing in both LP and GP-led deals across private equity, real estate, infrastructure and venture capital secondaries. Strategic Partners has also broadened its focus to invest into private debt secondaries, PEI Group has reported. - Coller Capital
One of the oldest dedicated secondaries firms, London-headquartered Coller Capital raised $35.1 billion across the counting period. Its focus spans LP portfolio sales and GP-led transactions in private equity and private credit globally. - HarbourVest Partners
HarbourVest Partners raised $31.1 billion across its secondaries platform, which covers LP interests and GP-led deals in private equity and real assets. The Boston-headquartered firm has also recently expanded into credit secondaries. - Pantheon
Raising $29.6 billion over the period, London-headquartered Pantheon operates across LP portfolio acquisitions and GP-led transactions in private equity, credit and infrastructure. - Lexington Partners
One of the largest dedicated secondaries managers in the world, Lexington Partners raised $26.2 billion across the period. Its focus is on LP interest acquisitions across private equity and alternative assets as well as GP-led deals. - The Carlyle Group (AlpInvest)
Carlyle’s AlpInvest unit raised $24.5 billion across LP portfolio acquisitions, GP-led deals across private equity and private credit. The unit also offers portfolio fund finance for private equity funds, limited partner interests and general partners. - Ares Management
Los Angeles-headquartered Ares Management raised $21.9 billion through its Landmark Partners business. It invests via LP-led and GP-led transactions across private equity, credit, real estate and infrastructure secondaries globally.
SECONDARIES INVESTOR 50 | METHODOLOGY
PEI Group rankings
PEI Group’s GP rankings are based on the amount of capital raised for private markets funds that held a final close between 1 January 2021 and 31 December 2025, as well as capital raised for funds that were actively fundraising at the end of the counting period.
For the purpose of the rankings, we only count closed-end funds for which the fund manager has full discretion over the investment process. We only accept blind-pool funds in which LPs cannot exercise investment decisions and have no liquidity options before the end of the (multiple years-long but finite) fund life without approval from the GP.
Funds must invest solely into private assets, and GP commitments (for interest alignment only) can also be included. Capital committed by affiliated entities, as well as fund leverage, is not eligible.
We also count capital raised for co-investments and SMAs, as long as they either fulfil the above criteria or serve as an extension of the main fund’s fundraise. ‘Extension’ is defined as vehicles that invest alongside a selection of the portfolio assets of their respective main funds. We do not accept deal-by-deal fundraises. Finally, we do not count fund of funds, or recycled or rolled-over capital from previous fundraises.
For funds in market, capital raised via actual LP commitments which were made before the end of the counting period can be included. We cannot include commitments made after the end of the counting period, nor do we accept targets or expected commitments.
For open-end funds that launched prior to the beginning of the counting period, we only count capital raised entirely within the five-year counting period.
The SI 50 ranking
For purposes of the SI 50, the definition of ‘secondaries capital’ is capital raised for funds that focus on private markets secondaries. These can be funds that invest into direct secondaries or LP stakes of private markets funds in private equity, private real estate, private infrastructure or private debt. Direct funds cannot be counted towards this ranking.
SECONDARIES INVESTOR 50 | PREVIOUS RANKINGS
The Secondaries Investor 50: 2025
Secondaries use is soaring as the search for liquidity intensifies.
Can there be a $50bn secondaries fund? There’s no reason why not
The Secondaries Investor 50 ranking shows fundraising is on an ever upward trajectory – and few are predicting when it will stop.
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
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CVC Secondary Partners is also backing the deal, which is expected to close in late Q4, PEI Secondaries Investor has learned.
Make or break the relationship
Small- and mid-sized GPs are following their larger peers to the CV market at a clip – relationship management within their LP base, however, is arguably a more thorny issue.
A legacy approach to CVs: Hollyport seeks strong assets following longer holds
The tail-end specialist – which PEI Secondaries Investor understands has raised $1.5bn for its latest GP-led programme – looks to back assets that have more to show after five-plus years in a fund, Steve Nicholls and Catherine Badour say.
Inside PEI Group’s inaugural Private Markets 100 ranking
Read our full report for details of the 100 firms that make the ranking as well as our insight and analysis of each constituent asset class: private equity, private credit, infrastructure, real estate and secondaries.
Going hybrid: A new solution for a complex market
Hybrid capital appears to be having a moment. The strategy’s knack for complex deals at a time of market disruption is juicing demand – including among liquidity-strapped GPs.
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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