SI 50: The world’s top secondaries firms - PEI Secondaries Investor

PEI Group has published its SI 50 ranking of the world's top secondaries firms, as published on PEI Secondaries Investor. The ranking is based on the amount of capital raised by general partners for private markets funds that held a final close between 1 January 2021 and 31 December 2025, along with capital raised by funds that were actively fundraising at the end of the counting period.

The methodology sets strict eligibility criteria. Only closed-end funds in which the manager has full investment discretion are counted, and only blind-pool structures in which limited partners cannot make investment decisions and have no liquidity options before the end of the fund's finite life without GP approval. Funds must invest solely in private assets, while GP commitments made for interest alignment may be included. Capital from affiliated entities and fund leverage are not eligible.

Co-investment and separately managed account capital is counted only where it meets the core criteria or functions as an extension of a main fund, meaning vehicles that invest alongside a selection of the main fund's portfolio assets. Deal-by-deal fundraises, fund of funds, and recycled or rolled-over capital from previous fundraises are excluded. For funds in market, only LP commitments made before the end of the counting period qualify; targets and expected commitments do not. For open-end funds launched before the period began, only capital raised entirely within the five-year window is counted.

For the SI 50, secondaries capital refers to capital raised for funds focused on private markets secondaries, including direct secondaries and LP stakes in private equity, private real estate, private infrastructure, or private debt funds. Direct funds themselves cannot be counted toward the ranking.