The Largest Secondaries and Fund-of-Funds Managers
78 firms on this list · showing the ten largest · ranked by regulatory assets under management on Form ADV
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1
$190.9Breg. AUM
HarbourVest Partners
Global private markets firm investing via primary fund commitments, secondaries and direct co-investments.
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2
$160.2Breg. AUM
Neuberger Berman
Neuberger Berman's alternatives arm investing in private equity funds, secondaries and co-investments.
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3
$97.8Breg. AUM
Pathway Capital Management
Builds private markets fund-of-funds and secondaries programs across private equity, credit and infrastructure.
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4
$95.5Breg. AUM
GCM Grosvenor
Manages multi-manager funds and separate accounts across private equity, credit, infrastructure, real estate and hedge funds.
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5
$94.7Breg. AUM
Blue Owl Capital
Blue Owl unit acquiring minority equity stakes in established private capital management firms.
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6
$87.7Breg. AUM
Pantheon
Global private markets fund-of-funds and secondaries investor across buyout, venture, infrastructure and credit.
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7
$80.4Breg. AUM
Blackstone
Blackstone's secondaries arm buying private fund stakes and providing GP-led liquidity solutions.
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8
$63.4Breg. AUM
Adams Street Partners
Private markets manager investing via primary funds, secondaries, co-investments, growth equity and credit.
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9
$59.8Breg. AUM
LGT Capital Partners
Alternatives specialist running private markets fund-of-funds, secondaries and multi-alternative programs for institutions.
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10
$57.7Breg. AUM
AlpInvest (Carlyle)
Carlyle's private equity solutions arm investing in secondaries, fund commitments and co-investments.
How this list is built
The number
Regulatory assets under management as disclosed on Form ADV, filed with the SEC. Each filing is public.
Where a firm sits
Firms are placed by the strategy they are principally known for. A manager filing several entities appears once, at its largest.
What is excluded
Banks, brokerages, index managers and wealth advisers. Their assets are a different measure and ranking them beside a fund’s regulatory assets would be meaningless.
Links
Every website is checked as the firm’s own site before publication. Where we cannot confirm one, we print no link rather than a guess.