The Largest Secondaries and Fund-of-Funds Managers
78 firms met the criteria · showing the ten largest · ranked by regulatory AUM 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 register is built
The number
Regulatory assets under management as disclosed on Form ADV, filed with the SEC. Each filing is public.
The classification
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 AUM would be meaningless.
Links
Every website is resolved to the firm’s own corporate domain and checked before publication. Where we cannot confirm one, we print no link rather than a guess.