Top 20 Secondaries & Liquidity Solutions PEF 2024

This report forms part of the Ranking News Capital Ranking series, which evaluates private equity firms and investment platforms across global capital markets.

The secondaries and liquidity solutions segment has become an increasingly important component of the global private equity ecosystem, providing structured liquidity to investors, fund managers, and shareholders across private markets. As private equity allocations grow and holding periods extend, the need for flexible liquidity solutions has expanded significantly.

Secondaries firms specialize in acquiring existing private equity interests, including limited partner (LP) stakes in funds, direct portfolios, and general partner (GP)-led continuation vehicles. These transactions allow investors to rebalance portfolios, manage liquidity, and optimize capital allocation without relying on traditional exit pathways such as IPOs or strategic sales.

Unlike primary private equity investing, secondaries transactions involve pricing, structuring, and underwriting existing portfolios rather than originating new investments. This requires a distinct set of capabilities, including portfolio analysis, valuation discipline, and the ability to structure complex transactions across multiple stakeholders.

This ranking identifies secondaries and liquidity solutions firms whose institutional scale, transaction capabilities, and market positioning demonstrate sustained leadership within the global private equity secondary market.

Market Overview

The secondaries market has grown rapidly over the past decade, evolving from a niche segment into a core component of private capital markets. Institutional investors increasingly view secondaries as an essential tool for portfolio management, enabling active rebalancing, liquidity generation, and risk management.

LP-led transactions remain a foundational part of the market, allowing investors to sell fund interests prior to maturity. At the same time, GP-led transactions have expanded significantly, including continuation funds, preferred equity solutions, and structured liquidity transactions designed to extend holding periods or provide partial exits.

The increasing scale of private equity allocations among institutional investors has further supported demand for secondaries. As portfolios become larger and more complex, investors require more flexible mechanisms to manage exposure, particularly in environments where traditional exit markets are less active.

Secondaries firms have responded by expanding their capabilities, raising larger funds, and developing more sophisticated transaction structures. The segment now includes a range of participants, from large global platforms to specialized firms focused on specific transaction types or market segments.

Industry Trend — 2024

In 2024, the secondaries market continues to expand as private equity holding periods remain extended and exit activity fluctuates with broader market conditions. The segment has become a critical liquidity channel, particularly during periods of reduced IPO and M&A activity.

GP-led transactions have emerged as a dominant trend, with continuation vehicles allowing private equity sponsors to retain high-performing assets while providing liquidity to existing investors. These transactions require close alignment between sponsors, investors, and secondaries firms, increasing the importance of structuring expertise and relationship networks.

Another key trend is the growing use of preferred equity and structured solutions to provide flexible liquidity without requiring full asset sales. These instruments allow investors and sponsors to optimize capital structures while maintaining exposure to underlying assets.

As competition within the segment increases, firms are differentiating themselves through sector expertise, transaction complexity, and the ability to deploy large amounts of capital quickly. Firms with strong underwriting capabilities and deep relationships across private equity ecosystems are expected to maintain leadership positions.

Methodology — Core Eligibility Criteria

To ensure structural consistency within the category, firms considered for this ranking were evaluated based on the following eligibility conditions:

• Operates as a dedicated secondaries or liquidity solutions investment platform
• Engages in LP-led, GP-led, or structured secondary transactions
• Demonstrates capabilities in portfolio underwriting and transaction structuring
• Maintains institutional relationships with private equity sponsors and investors
• Operates at scale within global private equity secondary markets

Traditional buyout firms without dedicated secondaries strategies and generalist asset managers without specialized liquidity capabilities are generally excluded.

Methodology — Ranking Factors

Firms included in the ranking were evaluated using a combination of qualitative and structural considerations rather than short-term performance metrics. Key factors considered include:

• Institutional scale and capital deployment capacity
• Depth of experience in secondaries transactions
• Ability to structure complex GP-led and LP-led deals
• Strength of relationships with private equity sponsors and LPs
• Portfolio underwriting and valuation capabilities
• Reputation within the private equity ecosystem
• Consistency of transaction execution across market cycles

The objective of the ranking is to identify firms whose secondaries platforms maintain sustained relevance within global private capital markets.

The Ranking News Top 20 Secondaries & Liquidity Solutions Private Equity Firms 2024 ranking evaluates leading secondaries platforms globally.

The ranking universe consisted of approximately 60 secondaries and liquidity solutions firms globally, from which 20 institutions were selected for inclusion.

Tier classifications reflect relative institutional positioning within the secondaries market and do not represent investment performance rankings.

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Tier I — Leading Secondaries & Liquidity Platforms

Ardian (Secondaries & Primaries)

• Headquarters: Paris, France
• Founded: 1996

Ardian is one of the largest and most established secondaries investors globally, with a dedicated platform spanning LP secondaries, GP-led transactions, and co-investments. The firm has played a central role in the development of the modern secondaries market.

Its platform combines large-scale capital deployment with deep portfolio underwriting capabilities, enabling it to evaluate complex fund interests and structured transactions. Ardian’s global presence provides access to a broad range of opportunities across regions and sectors.

The firm’s long-standing relationships with private equity sponsors and institutional investors, combined with its disciplined investment approach, have reinforced its position as a benchmark leader within the secondaries ecosystem.

Lexington Partners

• Headquarters: New York, United States
• Founded: 1994

Lexington Partners is a pioneer of the secondaries market, with extensive experience in acquiring LP interests and structuring complex liquidity transactions. The firm has built one of the largest dedicated secondaries platforms globally.

Its investment approach emphasizes portfolio diversification, disciplined pricing, and long-term capital deployment across multiple private equity funds. Lexington’s deep relationships with institutional investors provide consistent access to large-scale transaction opportunities.

The firm’s track record across multiple market cycles and its role in shaping secondaries market practices position it as a leading participant within the global liquidity solutions landscape.

Coller Capital

• Headquarters: London, United Kingdom
• Founded: 1990

Coller Capital is one of the longest-standing dedicated secondaries firms, focusing on acquiring private equity fund interests and structured liquidity solutions. The firm operates globally, with a diversified portfolio spanning multiple asset classes and geographies.

Its investment strategy combines rigorous portfolio analysis with disciplined transaction execution, allowing it to participate in both LP-led and GP-led opportunities. Coller’s experience in structuring transactions has supported its role in advancing the development of the secondaries market.

The firm’s long-term presence and institutional relationships continue to reinforce its position as a key participant within global secondaries investing.

HarbourVest Partners (Secondaries)

• Headquarters: Boston, United States
• Founded: 1982

HarbourVest Partners operates a comprehensive private markets platform, with a significant presence in secondaries investing alongside primary and direct strategies. Its secondaries business focuses on acquiring fund interests and structured portfolios across global markets.

The firm leverages its broad institutional relationships and extensive market coverage to source transactions and evaluate opportunities. HarbourVest’s integrated platform provides access to a wide range of private equity exposures.

Its scale, global reach, and diversified investment capabilities position it as a leading participant within the secondaries market.

Pantheon (Secondaries)

• Headquarters: London, United Kingdom
• Founded: 1982

Pantheon is a global private markets investor with a strong presence in secondaries, focusing on acquiring private equity fund interests and constructing diversified portfolios. The firm has developed deep expertise in portfolio construction and asset allocation.

Its secondaries strategy emphasizes diversification, risk management, and disciplined pricing across transactions. Pantheon’s global network provides access to a broad pipeline of opportunities.

The firm’s long-standing experience and structured investment approach support its position as a recognized leader within the global secondaries ecosystem.

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Tier II — Established Secondaries & Liquidity Firms

(Alphabetical order)

AlpInvest Partners

• Headquarters: Amsterdam, Netherlands
• Founded: 2000

AlpInvest Partners is a global private equity investor with a well-established secondaries platform, focusing on acquiring LP interests and structured portfolios across private markets. The firm operates as part of the Carlyle Group, benefiting from institutional scale and global market access.

Its secondaries strategy emphasizes disciplined portfolio construction, diversification, and risk-adjusted returns. AlpInvest leverages its relationships with private equity sponsors and institutional investors to source transactions and evaluate opportunities across regions.

The firm’s integration within a broader private equity platform, combined with its specialized secondaries capabilities, positions it as a consistent and credible participant within the global secondaries market.

Blackstone Strategic Partners

• Headquarters: New York, United States
• Founded: 2000

Blackstone Strategic Partners represents the secondaries arm of Blackstone, focusing on large-scale LP and GP-led transactions. The platform benefits from Blackstone’s global reach, capital base, and relationships across private equity markets.

Its investment strategy includes acquiring fund interests, structured portfolios, and participating in continuation vehicles. The firm’s ability to execute large and complex transactions distinguishes it within the segment.

Strategic Partners’ scale and integration within one of the world’s largest alternative asset managers reinforce its position as a key institutional player in secondaries.

Goldman Sachs Asset Management (Secondaries)

• Headquarters: New York, United States
• Founded: 1988

Goldman Sachs Asset Management operates a secondaries platform focused on providing liquidity solutions across private equity markets. The strategy includes LP acquisitions, GP-led transactions, and structured investments.

The firm benefits from Goldman Sachs’ global network, access to capital markets, and institutional relationships. Its ability to source and execute transactions across regions enhances its positioning.

Its integration within a broader financial institution supports its role as an established participant within the secondaries ecosystem.

Neuberger Berman (Secondaries)

• Headquarters: New York, United States
• Founded: 1939

Neuberger Berman operates a dedicated private equity secondaries platform, focusing on acquiring fund interests and structured portfolios. The firm emphasizes disciplined underwriting and diversification across transactions.

Its long-standing presence in asset management provides strong institutional relationships and market access. Neuberger’s secondaries strategy is supported by its broader private markets platform.

The firm’s consistent execution and institutional backing support its position within the secondaries market.

StepStone Group (Secondaries)

• Headquarters: New York, United States
• Founded: 2007

StepStone Group operates a global private markets platform with a significant secondaries business. The firm focuses on providing liquidity solutions through fund interest acquisitions and structured transactions.

Its data-driven investment approach and advisory capabilities support transaction sourcing and execution. StepStone leverages its relationships across private markets to access opportunities.

The firm’s integrated platform and growing scale position it as an established participant in secondaries.

TR Capital

• Headquarters: Hong Kong
• Founded: 2007

TR Capital is an Asia-focused secondaries firm specializing in private equity transactions across the Asia-Pacific region. The firm focuses on acquiring fund interests and structured portfolios in emerging markets.

Its regional expertise and network provide access to opportunities less accessible to global players. TR Capital emphasizes disciplined underwriting and local market knowledge.

The firm’s specialization supports its positioning within the Asia-focused secondaries segment.

Whitehorse Liquidity Partners

• Headquarters: Toronto, Canada
• Founded: 2015

Whitehorse Liquidity Partners focuses on acquiring LP interests in private equity funds, providing liquidity solutions to institutional investors. The firm targets mid-market transactions across global markets.

Its investment strategy emphasizes portfolio diversification and disciplined pricing. Whitehorse has developed a niche within mid-sized secondaries transactions.

The firm’s focused approach supports its growing presence within the secondaries ecosystem.

LGT Capital Partners (Secondaries)

• Headquarters: Pfaeffikon, Switzerland
• Founded: 1998

LGT Capital Partners operates a global secondaries platform focused on private equity fund investments. The firm emphasizes long-term portfolio construction and risk management.

Its global network and institutional relationships provide access to diverse transaction opportunities. LGT’s disciplined investment approach supports consistent execution.

The firm remains a recognized participant within the global secondaries market.

Industry Ventures (Secondaries)

• Headquarters: San Francisco, United States
• Founded: 2000

Industry Ventures focuses on secondary investments in venture-backed companies and funds. The firm specializes in liquidity solutions within the venture ecosystem.

Its niche positioning allows it to access opportunities in high-growth sectors such as technology and innovation. Industry Ventures combines venture expertise with secondaries capabilities.

The firm’s specialization supports its role within venture-focused secondaries markets.

Vintage Investment Partners

• Headquarters: Herzliya, Israel
• Founded: 2003

Vintage Investment Partners focuses on secondary investments in venture capital and growth equity funds. The firm provides liquidity solutions within technology and innovation ecosystems.

Its regional expertise and global network support access to venture-focused transactions. Vintage emphasizes disciplined portfolio construction and sector specialization.

The firm’s positioning within venture secondaries supports its relevance in this segment.

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Tier III — Recognized Secondaries Firms

(Alphabetical order)

• 17Capital
• Glendower Capital
• Landmark Partners
• Pomona Capital
• Stafford Capital Partners

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Remarks

Secondaries and liquidity solutions platforms have become an essential component of global private capital markets, providing flexibility, portfolio management tools, and capital efficiency for institutional investors. As private market allocations continue to grow, the importance of structured liquidity solutions is expected to increase.

The firms recognized in this ranking represent platforms with demonstrated capabilities in executing complex transactions, underwriting portfolios, and maintaining strong relationships across the private equity ecosystem. Their role in facilitating liquidity and enabling portfolio optimization reinforces their structural importance within global private markets.

Tier classification reflects relative institutional positioning within the secondaries segment and does not represent investment performance rankings.

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Recognition

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