The secondaries market has entered an era of scale. Once dominated by a handful of specialist players, today’s industry is led by a global roster of firms raising multi-billion-dollar funds and reshaping private market liquidity. The Secondaries Investor 50: 2025 ranking provides a snapshot of this evolution, highlighting which firms dominate the landscape, who is climbing the ranks, and who has fallen behind.
Between 2020 and 2024, the top 50 secondaries managers raised $522.5 billion in capital, marking a 10.3% increase from the 2019-2023 period. But beneath the headline figure lies a fascinating story of concentration at the top, new entrants disrupting the list, and the strategies that separate winners from laggards.
The SI 50 makes one thing clear: the very top of the table is dominated by firms with scale, distribution reach, and the ability to execute mega-deals. Ardian is the undisputed leader, raising $57.3 billion over the five-year period. Its flagship fund closed at $30 billion in early 2025, the largest ever secondaries fund. Ardian specializes in acquiring large LP portfolios, with individual deals now averaging $2 billion or more.
Blackstone Strategic Partners holds second place with $38.7 billion raised, though this was a 22% decline from its 2024 showing. Blackstone remains the largest manager of alternative assets globally, and its scale continues to attract LPs seeking one-stop solutions.
HarbourVest rose to third with more than $37 billion raised, a 20% increase over the prior year. Its latest fund closed at $15.1 billion in August 2024, exceeding its $12 billion target and marking the firm’s largest raise to date.
These firms represent the institutionalization of secondaries: global platforms with multi-strategy offerings and the ability to provide both LP and GP liquidity solutions. Their dominance reflects years of cultivating relationships, building global coverage, and proving that they can execute in all market conditions.
Perhaps the most striking story of the 2025 ranking is Carlyle AlpInvest. The firm jumped seven places to rank 7th, fueled by a 109.7% increase in capital raised (totaling $26 billion during the counting period). Its latest flagship fund, launched in 2023, had already surpassed its $10 billion target by mid-2025, raising $11.4 billion.
As Carlyle’s global head of secondaries Chris Perriello explained: “What was once a niche trading market has become a more strategic financing mechanism.” AlpInvest’s climb underscores how firms that balance investor selectivity with scale can thrive in today’s market.
While some climbed, others fell out of the ranking entirely. Nine firms exited the SI 50 in 2025, including notable names like Schroders Capital, Mercer Investments, and Bridge Investment Group.
Falling out of the top 50 does not necessarily mean these firms failed; rather, it highlights the intense competition and scale required to remain relevant. As mega-funds and GP-led transactions grow in prominence, smaller or less specialized players find it harder to keep pace.
One of the most important insights from the SI 50 is the concentration of capital. The top 10 firms account for the overwhelming majority of capital raised, reflecting the “winner takes most” dynamic in private markets.
This concentration is being driven by several factors. First, LP consolidation is reshaping allocations, with investors increasingly preferring to write larger checks to a smaller group of managers who can demonstrate scale and long track records. Second, deal size inflation means transactions routinely exceed $1–5 billion, making it difficult for smaller funds to participate. Finally, multi-strategy platforms such as Blackstone and Carlyle can leverage their ecosystems to cross-sell and deepen LP relationships, giving them a competitive edge.
The result is a market where being in the top tier creates a self-reinforcing cycle. Scale attracts dealflow, and dealflow justifies more fundraising, further widening the gap between leaders and the rest.
What differentiates firms that rise in the SI 50 from those that stagnate or fall? The report and market commentary suggest three key levers. First, mega-fund capabilities matter: firms able to execute large LP portfolio trades gain a natural advantage. Second, GP-led expertise has become critical, with continuation funds rewarding platforms that can support complex transactions. Third, diversification is proving its worth, as HarbourVest’s global and multi-strategy presence and Accel-KKR’s sector specialization in technology illustrate.
What unites these approaches is adaptability. The most successful firms are those that can move seamlessly between LP-led transactions, GP-led continuation funds, and niche opportunities while maintaining consistency in returns and investor confidence.
The Secondaries Investor 50: 2025 paints a vivid picture of a market in motion. Scale players like Ardian, Blackstone, and HarbourVest dominate the top tier, while climbers like Carlyle AlpInvest show how rapid growth and GP-led expertise can propel firms upward. Meanwhile, new entrants such as Accel-KKR point to the future: more specialized, sector-driven strategies that complement mega-fund dominance.
As the market expands toward $200 billion in annual deal volume, the SI 50 is a map of where secondaries are heading. For investors, the message is to know who the leaders are, understand their strategies, and watch closely for the next wave of challengers. The competitive dynamics suggest that the next decade will not just be about who can raise the largest funds, but who can innovate in structuring, broaden access to new investor bases, and sustain performance across cycles.
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