The 2025 SI 50 ranking by Secondaries Investor identifies the world's top secondaries firms based on dedicated secondaries capital raised for funds closed between January 1, 2020, and December 31, 2024. The ranking measures capital definitively committed to secondaries investment programmes, including final or official interim closes after January 1, 2020. Eligible structures include limited partnerships, co-investment funds, separate accounts, and capital from publicly traded secondaries firms, seed capital, and GP commitments.

Counted strategies span private equity, real estate, infrastructure, real assets, dedicated direct secondaries funds, and secondaries-specific capital from funds of funds. Excluded are expected commitments, public funds, sponsor contributions, hedge funds, deal-by-deal capital, leverage, PIPE investments, and ESG funds prioritizing financial return over impact. The methodology emphasizes real, verifiable capital raises, excluding soft circles and uncommitted pledges.