Eight-manager comparison · checked 20 October 2026
Private equity secondaries firms: eight to compare
By Dan Keegan · Page updated
Private equity secondaries firms invest in existing private-market interests, but their strategies differ in transaction type, concentration and underlying assets.
The FCA’s private-market valuation review is useful context before comparing any manager’s description of pricing or opportunity.
- Eight official strategy sources
- Alphabetical, unranked selection
- Manager ≠ transaction adviser
Eight sourced managers
Which eight managers publish a secondaries strategy?
Read the linked strategy page and then identify the actual vehicle and team you want to assess.
This is an alphabetical editorial selection of eight managers with accessible official secondaries sources, not a ranking by size, returns or suitability.
The managers operate internationally; UK-facing research does not establish UK fund domicile, retail access or current fundraising availability.
The selection requires an official secondaries remit; it does not claim these are the only relevant managers.
Showing 8 of 8 · listed alphabetically, not ranked
Descriptions paraphrase the firms’ own stated strategies; they do not independently verify performance or availability.
The directory includes Ardian, Coller, Hamilton Lane, HarbourVest, Lexington Partners, Pantheon, Partners Group and StepStone.
Compare the mandate
Which transaction types does the actual fund buy?
Private equity secondaries firms may run several vehicles with different mandates.
For example, Lexington describes partnership portfolios, continuation vehicles and other opportunities on its strategy page; that does not mean every Lexington vehicle holds all those exposures.
- LP-ledExisting investor interests and diversified portfolios.
- GP-ledManager-led transactions and continuation exposure.
- Direct interestsExisting company holdings, where the mandate permits.
- Other capitalPreferred or structured exposure must be identified separately.
Four comparison questions
How can a manager shortlist avoid comparing unlike funds?
Private equity secondaries firms should be compared on a common mandate, not simply on a shared marketing label.
| Dimension | Ask for | Why it changes the comparison |
|---|---|---|
| Asset class | The share of private equity versus infrastructure, credit or other assets. | A multi-asset platform is not the same as a dedicated buyout secondaries vehicle. |
| Concentration | Single-asset, multi-asset and diversified portfolio limits. | A broad manager platform can still offer a concentrated individual fund. |
| Maturity | The age and development stage of underlying investments. | Early secondaries can have different funding and holding-period needs from mature portfolios. |
| Economics | The fee basis, expenses, leverage and carried-interest arrangements. | The headline purchase discount does not describe the investor’s complete economics. |
Read the underlying assets
What should the manager explain about underwriting?
Ask private equity secondaries firms to show how they assess the assets behind the fund interests.
Partners Group’s official update describes both LP portfolios and GP-led deals within its partnership-investments approach.
A stated research capability is a starting point for questions, not proof that an investor can rely on every valuation.
- CompaniesBusiness concentration, operational exposure and debt.
- ManagersSponsor dependence and access to underlying information.
- VintagesExposure to investment periods and exit environments.
- ValuationsReference dates, assumptions and independent challenge.
Seven manager questions
Which seven questions should an investor take to a manager meeting?
Use the same questions across the shortlist and retain the dated answers.
- 01
Which vehicle are we discussing?
Record the legal fund, strategy and investment period; do not substitute the group’s entire track record.
- 02
Which transactions dominate?
Ask how LP-led, GP-led and direct exposure differ in this mandate.
- 03
How is price underwritten?
Ask for the bridge from reference NAV to price and subsequent cash-flow adjustments.
- 04
What must be funded later?
Identify unfunded commitments, follow-on requirements and permitted leverage.
- 05
Where is the portfolio concentrated?
Compare company, sector, manager, currency and vintage exposure.
- 06
How are conflicts handled?
Review valuation challenge, governance, economics and continuation decisions.
- 07
What can the investor actually access?
Confirm eligibility, information rights, dealing restrictions and reporting before treating a strategy as available.
Risk is vehicle-specific
Why is a manager name insufficient for a risk assessment?
Private equity secondaries firms can offer a range of exposures under one brand.
Pantheon’s private-equity page distinguishes primaries, secondaries and co-investments and describes a dedicated GP-led strategy.
A group-level description cannot replace the documents and portfolio information for the actual investment.
- GroupThe organisation and its wider capabilities.
- StrategyThe investment approach the team describes.
- VehicleThe legal terms, costs and permitted assets.
- PortfolioThe holdings and actual concentration over time.
Compare a price basis
How does a quoted purchase price compare with a reference NAV?
Use the same reference basis when discussing prices with private equity secondaries firms.
A numerical discount is a comparison, not a manager rating.
Your figures · arithmetic only
Discount (%) = (reference NAV − purchase price) ÷ reference NAV × 100. A price above NAV is a premium.
The result excludes fees, leverage, unfunded commitments and cash-flow true-ups; it does not predict investment performance.
Build the evidence file
What should a researched shortlist contain?
Private equity secondaries firms belong on a shortlist when their stated strategy fits the mandate and their evidence answers the investor’s questions.
Use the secondaries guide for transaction mechanics and the fund-structure guide for roles and cash flows.
For transaction advice or fundraising support, use the separate placement-agent directory; investing secondary capital and advising on a sale are different roles.
- Mandate fitThe relevant vehicle matches the question.
- Primary sourcesClaims have dated, attributable evidence.
- Comparable termsRisks and economics use the same basis.
- Open questionsUnanswered points remain visible before a decision.
A manager’s name does not describe the risk of an individual fund.
Understand the transaction before comparing a mandate →questions
Which questions remain?
No. The list is an unranked editorial selection based on accessible official strategy sources.
It does not compare returns, assets under management or suitability for a particular investor.
No. A secondaries manager invests capital under a mandate; a placement or private-capital adviser may arrange fundraising or transactions.
A financial group may have several practices, so verify the named team and service.
No. Domicile, marketing permissions, eligibility, minimum commitments and availability must be checked with the relevant provider.
sources
Which sources support this guide?
Primary sources for the rules and figures on this page.