Secondaries Investor 50: 2026

Source: PEI Group's GP rankings are based on the amount of capital raised for private markets funds that held a final close between the 1 January 2020 and 31 December 2024, 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 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.

Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources.

Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur. 

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Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.

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