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 |
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
Scale is reshaping the secondaries leaderboard
A new name at the top of SI 50 shows how consolidation is changing the competitive landscape in the buyer universe.
Shell duo to lead Alantra energy transition secondaries business
Two longtime corporate venture capital investors have joined the firm with a €120m portfolio of climate tech businesses.
CVC outstrips target to reach $10bn for latest flagship
The raise of Secondary Opportunities Fund VI proves the rationale behind CVC and legacy Glendower Capital’s tie-up ‘was right’, CVC Secondary Partners' head tells PEI Secondaries Investor.
The CV boom reaches fund finance
While continuation vehicles present an interesting opportunity for fund finance, concentration risk and a reluctant investor base pose a challenge.
Small LPs use GP-led secondaries to accelerate private markets allocations, OCIOs say
Endowments and foundations using outsourced investment offices increasingly view GP-led secondaries as a way to deploy capital more quickly into private markets, prioritising performance opportunities over liquidity concerns.
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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