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
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
Is it even really worth leading a deal these days?
Reports of the benefits of preferential terms for investors who negotiate and structure a deal may be greatly exaggerated.
Bain: China’s new IPO regulations could bolster secondaries market
The country's official cabinet has published a nine-point circular to ‘strengthen supervision’ on capital markets, including updates on listing process and delisting regulations.
Brookfield and Sequoia-backed Pinegrove shares strategy details
The venture secondaries firm plans to use equity investments and structured financings, and will deploy capital via GP- and LP-facing transactions.
Manulife: Search for alpha in secondaries market sparks LP interest
Manulife Investment Management’s GP-led secondaries programme will seek out concentrated deals from the large-cap space through to the lower mid-market.
Secondaries fundraising falls off cliff in Q1
Capital raising for private equity secondaries strategies plummeted 77% year-on-year for the three months to end-March, according to PEI data.
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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