US investors still dominate the list of largest known LP commitments in secondaries, but the roster now shows a growing footprint from non-US institutions. Asia and the UK are the primary sources of this expanding international presence, signaling a shift in the global capital landscape.

This trend reflects a broader diversification of capital sources in the secondaries market. As institutional investors worldwide seek portfolio liquidity and exposure to mature private assets, their participation increases competition and deal flow. This could pressure US firms to adapt their strategies.

The growing influence of non-US LPs may lead to more cross-border transactions and varied investment theses. Investors should monitor how these institutions shape pricing and deal structures. The long-term impact could be a more balanced, globally integrated secondaries ecosystem.