SI 30: Where the big secondaries fundraisers are based

The US rose, Europe fell and the UK stayed the same - the firms that make up the SI 30 by geography.

Secondaries fundraising dropped to a five-year low in the first half of 2018, at least in terms of funds that reached final close. The total raised hit $12.73 billion, against $24.45 billion recorded in the same period a year ago. With so many big funds in market, this is likely to be a temporary lull.

Around $193 billion was raised by the top 30 managers over the last five years, slightly up on the $190 billion registered in last year’s SI 30, sister title Secondaries Investor’s list of the biggest firms in its class.

Amid the healthy fundraising environment, the composition of firms that made the third SI 30 ranking is changing, if subtly.

US-headquartered managers bounced back in 2018. They accounted for $106 billion of the secondaries capital raised over the past five years, with 18 firms making up 55 percent of the total raised. Last year there were 17 US-based firms in the list which raised a combined $100 billion, equivalent to 53 percent of the total.

The amount of capital raised by mainland Europe-headquartered firms has stayed stable, with six firms accounting for $66.4 billion in this year’s list. There were seven such firms in last year’ list, accounting for $66.3 billion. Europe-based firms accounted for fewer big final closes over the last 12 months, with Montana Capital Partners’ €800 million fundraise for mcp Opportunity Secondary Program IV a rare exception.

Like last year, no Asia-based firms made it in to this year’s list, a sign that limited partner appetite for secondaries in the region has a long way to catch up with strategies focusing on Europe and North America.