Dat of 1st # of secondary fund raised AUM Raised (in million Last secondary fund raised /

since 2010 €) Geographical (Biggest Fund raised)

Ranking Management Company Location Secondary
Focus
fund Equity Infra RE Credit Since 2010 Total Name Amount Date
Blackstone Strategic Blackstone Strategic Partners Real Estate VIII 2 600 M$ Live
1 US 2003 6 2 3 55 749 62 694 Global
Partners (Blackstone Strategic Partners IX) (22 200 M$) (Jan-23)
Ardian Secondary Fund IX 20 000 M$ Live
2 Ardian France 1999 4 3 43 318 47 658 Global
(Ardian Secondary Fund VIII) (14 000 M$) (Jun-20)
GS Vintage Real Estate Partners III ??? Live
3 Goldman Sachs AIMS US 2001 4 1 2 38 876 49 287 Global
(Goldman Sachs Vintage Fund IX) (14 200 M$) (Sept-23)
Lexington Partners Lexington Capital Partners X 22 700 M$ (Jan- 24)
4 US 2001 6 33 234 38 635 Global
(Franklin Templeton) (Lexington Capital Partners IX) (14 000 M$) (Jan-20)
Coller International Partners IX 12 000 M$ Live
5 Coller Capital UK 1996 3 1 21 607 29 498 Global
(Coller International Partners VIII) (9 000 M$) (Jan-21)
Landmark Real Estate Fund IX 3 300 M$ Dec-23
Ares Management (ex Ares Secondaries Infrastructure Solutions III 2 000 M$ Live
6 US 1993 4 1 3 Live 19 814 24 196 Global
Landmark Partners) Ares Secondaries Credit Solutions ??? Live
(Landmark Equity Partners XVI) (7 000 M$) (Sept-18)
AlpInvest Secondaries Program VIII 10 000 M$
Alpinvest Partners Live Live
7 Netherlands 2002 4 17 056 20 823 Global Alpinvest Atom Fund 500 M$
(Carlyle) (Dec-20)
(AlpInvest Secondaries Program VII) (9 000 M$)
HarbourVest Dover Street XI 12 000 M$ Live
8 HarbourVest Partners US 1999 3 15 406 19 380 Global
(HarbourVest Dover Street X) (8 100 M$) (Oct-20)
Partners Group RE Secondary 2021 ??? Live
9 Partners Group Switzerland 2004 3 3 13 433 17 433 Global
(Partners Group Secondary 2020) (3 200 M$) (2021?)
Pantheon Global Infrastructure IV 3 500 M$ Jan-24
10 Pantheon UK 2000 4 3 3 12 402 15 532 Global Pantheon Global Secondary Fund VII 3 250 M$ Nov-23
(Pantheon Global Secondary Fund V) (3 080 M$) (Jun-16)
LGT Crown Global Secondaries VI LGT Crown 6 000 M$ Live
11 LGT Capital Partners Switzerland 2010 6 11 698 11 698 Global Secondaries Special Opp. III > 2 000 M$ Live
(LGT Crown Global Secondaries V) (4 500 M$) (May-21)
Glendower Capital
12 UK 2007 4 10 068 10 793 Global Glendower Secondary Opp. Fund V 5 800 M$ juil-23
(CVC)
NB Strategic Capital Fund II 2 500 M$ Live
13 Neuberger Berman US 2008 4 9 683 11 245 Global
(NB Secondary Opportunities Fund V) (4 900 M$) (Sept-22)
Stepstone VC Secondaries Fund VI 2 750 M$ Live
14 StepStone US 2013 8 2 8 988 8 988 Global / US StepStone Secondary Opp Fund V > 1 600 M$ Live
(Stepstone VC Secondaries Fund V) (2 600 M$) (Apr-22)
ICG Strategic Equity Fund V 6 000 M$ Live
15 ICG UK 2017 3 8 091 8 091 Global ICG LP Secondaries Fund 1 000 M$ Live
(ICG Strategic Equity Fund IV) (5 180 M$) (Jun-22)
Hamilton Lane Secondary Fund VI 5 000 M$ Live
16 Hamilton Lane US 2007 3 1 6 819 7 709 Global Hamilton Lane Infrastructure Opp. Fund II 1 000M$ Live
(Hamilton Lane Secondary Fund V) (3 900 M$) (Feb-21)
17 Pomona Capital US 1994 3 5 725 8 654 Global Pomona X 2 600 M$ Aug-22
Madison International
18 US 2011 5 5 262 5 546 Global Madison Int. RE Liquidity Fund VIII 1 700 M$ Sept-23
Realty
Newbury Equity Partners VI 2 500 M$ Live
19 Newbury Partners US 2007 4 5 207 5 864 Global
(Newbury Equity Partners V) (2 000 M$) (Dec-21)
Portfolio Advisors Secondary Fund V 3 500 M$ Live
20 Portfolio Advisors US 2009 3 4 770 5 827 Focus US Portfolio Advisors GP Solutions 750 M$ Live
(Portfolio Advisors Secondary IV) (2 670 M$) (Jan-22)
21 Hollyport Capital UK 2007 6 3 797 3 822 Global Hollyport Secondary Opp. Fund VIII 2 200 M$ Dec-22
22 Industry Ventures US 2007 5 3 391 3 737 US Industry Ventures secondary X 1 450 M$ Sept-23
 Dat of 1st # of secondary fund raised AUM Raised (in million Last secondary fund raised /
since 2010 €) Geographical (Biggest Fund raised)
Ranking Management Company Location Secondary
Focus
fund Equity Infra RE Credit Since 2010 Total Name Amount Date
Committed Advisors Secondary V 2 400 M€ Live
23 Committed Advisors France 2011 4 3 386 3 386 Global
(Committed Advisors Secondary IV) (1 600 M€) (Nov-20)
Adams Street Global Secondary Fund 8 2 000 M$ Live
24 Adams Street Partners US 1988 3 3 208 7 670 Global
(Adams Street Global Secondary Fund 7) (1 330 M$) (May-23)
25 Morgan Stanley US 2019 2 2 970 2 970 Global Ashbridge Transformational Sec. Fund II 2 500 M$ Feb-23
HSBC Private Equity Opportunities III 738 M$ Mar-23
26 HSBC AM UK 2020 3 2 879 2 879 Global
(HSBC Private Equity Opportunities) (1 034 M$) (Dec-20)
Montana Capital Partners
27 Switzerland 2013 5 2 707 2 707 Global MCP Opportunity Secondary Program V 1 300 M€ janv-21
(PGIM)
Montauk TriGuard Fund IX 632 M$ 2022
28 Montauk TriGuard US 1999 5 2 520 3 212 Global
(Montauk TriGuard Fund VII) (660 M$) (Jul-16)
29 Willowridge Partners US 2005 4 2 292 2 680 Global Amberbrook IX 900 M$ Aug-23
BlackRock Sec. & Liquidity Solutions II 4 000 M$ Live
30 BlackRock US 2021 1 2 245 2 245 Global
(BlackRock Sec. & Liquidity Solutions) (2 400 M$) (Mar-21)
31 Northleaf Capital Partners Canada 2014 3 2 203 2 203 Global Northleaf Secondary Partners III 1 300 M$ Feb-23
32 LSV Advisors US 2005 5 2 065 2 084 Global LSV Special Opportunities Round VI 700 M$ 2022
Global /
33 Unigestion Switzerland 2011 6 2 020 2 020 Unigestion Secondary V 900 M€ juil-22
Europe
PineBridge Secondary Partners V 350 M$ Nov-20
34 PineBridge Investments US 2012 4 1 970 2 642 Global / US
(PineBridge Secondary Opp. Partners) (880 M$) (Oct-18)
Principalement Five Arrows Secondary Opportunities VI 1 500 M€ Live
35 Five Arrows France 2003 3 1 860 1 860
Europe + US (Five Arrows Secondary Opportunities V) (1 000 M€) (Jan-20)
36 RCP Advisors US 2013 4 1 846 1 846 US RCP Secondary Opportunity IV 797 M$ juil-23
37 GCM Grosvenor US 2015 3 1 738 1 738 Focus US GCM Grosvenor Secondary Opp. III 972 M$ janv-23
ACP Secondaries 5 1 300 M€ Live
38 Altamar Private Equity Spain 2009 3 1 716 1 781 Global
(ACP Secondaries 4) (1 025 M€) (Jan-22)
Aberdeen Standard
39 Scotland 2014 4 1 1 670 1 670 Global Aberdeen Standard SOF IV 556 M$ juin-21
(formerly SL Capital)
BentallGreenOak BGO Strategic CP Secondaries III 1 500 M$ Live
40 US 2016 2 1 637 1 637 US
(formerly Carlyle) (Carlyle Real Estate’s Secondaries II) (1 200 M$) (Jan-19)
Capital Dynamics Global Secondaries VI 850 M$ Live
41 Capital Dynamics Switzerland 2010 3 1 522 1 522 Global
(Capital Dynamics Global Secondaries V) (786 M$) (Mar-21)
Eurazeo Eurazeo Secondary Fund V 1 500 M€ Live
42 France 2012 4 1 474 1 474 Europe
(formerly Idinvest) (Idinvest Secondary Fund IV) (700 M€) (Jul-21)
Banner Ridge Secondary Fund V 1 400 M$ Live
43 Banner Ridge Partners US 2020 2 1 450 1 450 US
(Banner Ridge Secondary Fund IV) (1 000 M$) (Oct-21)
Kline Hill Partners Solutions 250 M$ Live
44 Kline Hill Partners US 2017 4 1 425 1 425 US
(Kline Hill Partners IV) (540 M$) (Jun-22)
Revelation Partners
45 (Leerink Revelation US 2015 4 1 288 1 288 US Revelation Healthcare Fund IV 608 M$ Oct-23
Partners)
Arcano Secondary Fund XIV 450 M€ Jan-23
46 Arcano Partners Spain 2011 4 1 254 1 254 Global
(Arcano Secondary Fund I) (560 M$) (Mar-11)
Cubera X ??? Live
47 Cubera Private Equity Norway 2009 5 1 244 1 296 Nordic
(Cubera IX) (524 M€) (Feb-20)
48 BEX Capital France 2014 4 1 227 1 227 Europe BEX Fund IV 765 M$ mars-22
CF Private Equity Commonfund Capital Secondary IV ??? Live
49 US 2016 3 1 212 1 212 Global
(formerly Commonfund) (Commonfund Capital Secondary III) (675 M$) (Sept-21)
 Dat of 1st # of secondary fund raised AUM Raised (in million Last secondary fund raised /
since 2010 €) Geographical (Biggest Fund raised)
Ranking Management Company Location Secondary
Focus
fund Equity Infra RE Credit Since 2010 Total Name Amount Date
Stafford Infra Secondaries V 1 300 M€ Live
50 Stafford Capital Partners UK 2018 3 1 193 1 193 Global
(Stafford Infra Secondaries IV) (731 M€) (Aug-22)
Glouston Capital Partners Glouston Private Equity Opp. VII ??? Live
51 US 2002 3 1 115 1 442 US
(formerly Permal) (Permal Private Equity Opp. V) (465 M$) (Nov-16)
Auda Secondary Fund V 500 M$? Live
52 HQ Capital International Allemagne 2010 3 982 982 Global
(Auda Secondary Fund IV) (503 M$) (May-18)
Apogem Capital
53 US 2018 3 955 955 US PA Secondary Fund VI 614 M$ juin-22
(formerly PA Capital)
Churchill Asset
54 US 2021 1 935 935 US Churchill Secondary Partners 1 000 M$ Sept-21
Management
Schroders Capital
55 Switzerland 2010 4 876 876 Global Schroders Private Equity Secondaries IV 410 M$ Nov-23
(formerly Schroder Adveq)
New 2ND Capital Fund III 600 M$ Live
56 New 2ND Capital US 2019 2 810 810 US
(New 2ND Capital Fund II) (572 M$) (Jun-21)
eQ PE SF IV 151 M€ Dec-22
57 eQ Asset Management Finland 2017 4 565 565 Europe
(eQ PE SF III) (155 M€) (Jun-20)
CBRE Investment
58 US 2022 1 560 560 Global CBRE Global Special Situations Fund 599 M$ May-22
Management
Headlands Capital Secondary IV 400 M$ Live
59 Headlands Capital US 2015 3 555 555 Global
(Headlands Capital Secondary III) (284 M$) (Dec-21)
Headway Investment Partners V 500 M€ Live
60 Headway Capital Partners UK 2005 2 547 749 Global
(Headway Investment Partners IV) (372 M€) (Oct-19)
Abbott Secondaries Opportunities III 450 M$ Live
61 Abbott Capital US 2017 2 545 545 US
(Abbott Secondaries Opportunities II) (375 M$) (2021)
62 Mill Reef Capital Switzerland 2021 2 530 530 Europe Mill Reef Capital Fund II 350 M€ Sept-23
Live Brookfield Real Estate Secondaries 3 000 M$ Live
63 Brookfield Canada 2021 1 514 514 Global
(DWS Private Equity Solutions) (550 M$) (Oct-21)
European Secondary Dev. VI 201 M€ 2020?
64 Arcis Group France 1998 2 511 1 134 Europe
(European Secondary Fund IV) (354 M€) (2008)
Flexstone Partners Flexstone Select Opportunities III 200 M€ Live
65 France 2016 2 430 430 Europe
(Natixis) (Flexstone Select Opportunities II) (300 M€) (Jul-19)
Mantra Investment
66 France 2015 3 380 380 Europe Mantra Secondary Opportunities III 180 M€ Dec-21
Partners
Tikehau Private Debt Secondaries II 1 000 M$ Live
67 Tikehau Capital France 2022 1 374 374 Global
(Tikehau Private Debt Secondaries I) (400 M$) (Q3 2022)
Sweetwater Secondaries Fund III 550 M$ Live
68 Sweetwater Private Equity US 2020 1 327 327 US
(Sweetwater Secondaries Fund II) (350 M$) (Oct-20)
Keyhaven Secondaries Fund III 500 M€ Live
69 Keyhaven Capital UK 2012 2 319 319 Europe
(Keyhaven Secondaries Fund II) (250 M€) (Dec-17)
North Sky Clean Growth Fund VI 350 M$ Live
70 North Sky US 2017 3 287 287 Global
(North Sky Clean Growth Fund V) (220 M$) (Aug-19)
Golding Secondaries 2022 500 M€ Live
71 Golding Capital Partners Allemagne 2022 1 280 280 Global
(Golding Secondaries 2019) (280 M€) (Dec-21)
ODDO BHF Secondaries Fund II 500 M€ Live
72 ODDO BHF AM France 2020 1 240 240 Global
(ODDO BHF Secondaries Fund) (240 M€) (Jul-20)
73 Timber Bay Partners US 2017 2 224 224 US Timber Bay Fund II 145 M$ Apr-21
74 Evoco Switzerland 2016 2 162 162 Europe Evoco TSE III 162 M€ Dec-21
75 Nordea Private Equity Danemark 2021 1 158 158 Europe Nordea Private Equity Secondary Fund I 158 M€ janv-21
76 Balderton Capital UK 2018 1 136 136 Europe Balderton Liquidity I 145 M$ Oct-18
 Dat of 1st # of secondary fund raised AUM Raised (in million Last secondary fund raised /
since 2010 €) Geographical (Biggest Fund raised)
Ranking Management Company Location Secondary
Focus
fund Equity Infra RE Credit Since 2010 Total Name Amount Date
Morningside Vintage Secondary 2023 125-150 M$ Live
77 Morningside Capital US 2022 1 < 100 < 100 Global
(Morningside Vintage Secondary 2022) < 100 M$ Apr-22
Live
78 AllianzGI Allemagne - - - Global Allianz Private Debt Secondary Fund 500 M€ Live
Bellevue Asset Live
79 Switzerland - - - Global Bellevue Global Private Equity Fund 200 M$ Live
Management
Live
80 Blue Owl Capital US - - - Global Blue Owl Strategic Equity Strategy ??? Live
Live
81 Cambridge Associates US - - - Global CA Secondaries Aggregation Vehicle 250 M$ Live
Live
82 Clipway UK - - - Global Clipway Secondary Fund 4 000 M$ Live
Live
83 FEI Luxembourg - - - Europe AMUF European Secondaries 200 M€ Live
Live
84 Manulife IM Canada - - - Global Manulife Strategic Secondaries 750 M$ Live

Pinegrove Capital Partners Live

85 US - - - US Pinegrove Capital Partners 2 000 M$ Live
(Brookfield / Sequoia)
Live
86 TPG US - - - Global TPG GP Solutions 2 000 M$ Live