Division of Investment Management

Division of Investment Management

Analytics Office

Private Fund Statistics

Third Calendar Quarter 2024

This is a report of the Staff of the Division of Investment Management’s Analytics Office of the U.S.

Securities and Exchange Commission. The Commission has expressed no view regarding the analysis,

findings, or conclusions contained herein.

Analytics Office

Introduction

This report provides a summary of recent private fund industry statistics and trends, reflecting

data collected from Form PF and Form ADV filings received through March 21, 2025.1 Form PF

information provided in this report is aggregated, rounded, and/or masked to avoid potential

disclosure of proprietary information of individual Form PF filers. Masked data in this report is

denoted by “***”. Please see the Division of Investment Management’s “Investment Adviser

Statistics” report on SEC.gov for information and statistics relating to advisers not presented in this

report. For complementary aggregate information based upon Form PF data, see the Federal

Reserve’s Financial Accounts of the United States. Please see the Appendix to this report for

definitions of capitalized terms, other technical descriptions, and significant changes to Form PF over

time.

This report reflects data from Third Calendar Quarter 2022 through Third Calendar Quarter

2024 as reported by Form PF filers.2

Please see the Appendix for further information on the categories of Form PF filers, including

Qualifying Hedge Funds, Section 3 Liquidity Funds, Section 4 Private Equity Funds, as well as the

definitions of capitalized terms and other technical descriptions.

Commission Staff continues to work with data reported on Form PF and with filers to

identify and correct filing errors. Commission Staff updates reported statistics based on

amended filings and also may make certain adjustments to the statistics presented to

correct what appear to be clear filing errors. Further, Commission Staff has employed

certain assumptions in aggregating the data. Future adjustments to these methodologies

and amended filings that change the underlying data could lead to changes in previously

reported statistics.

If you have any questions or comments about Third Calendar Quarter 2024 Private

Fund Statistics, please contact: IM-Analytics (IM-Analytics@sec.gov) with subject line “Third

Calendar Quarter 2024-Private Fund Statistics”.

1

Only SEC-registered advisers with at least $150 million in private fund assets under management must report to the

Commission on Form PF. SEC-registered investment advisers (RIAs) with less than $150 million in private fund assets

under management, SEC exempt reporting advisers, and state-registered investment advisers are not required to file

Form PF, but report general information about the private funds they manage on Form ADV.

2

The Commission began receiving Form PF filings from Large Hedge Fund Advisers in July 2012. A full data set was

not received until March 2013.

1

Contents

1

Number of Funds and Advisers

3

2

Aggregate Fund Assets

4

3

Fund Domiciles and Adviser Main Offices

13

4

Beneficial Ownership of Funds

14

5

Fund Investments in Derivatives

19

6

Additional Hedge Fund Industry Information

21

7

Information Reported by Large Hedge Fund Advisers

27

8

Qualifying Hedge Fund Specific Information

34

9

Section 3 Liquidity Fund Specific Information

55

10

Section 4 Private Equity Fund Specific Information

59

11

Appendices

63

2

Analytics Office

1

Number of Funds and Advisers3

Table 1.1: Number of Funds

Fund Type

Private Equity Fund

Hedge Fund

Other Private Fund

Real Estate Fund

Venture Capital Fund

Securitized Asset Fund

Liquidity Fund

Total

2022Q3

19,078

9,795

6,287

3,790

2,290

2,257

78

43,575

2022Q4

20,949

9,803

6,767

4,273

2,990

2,461

71

47,314

2023Q1

20,969

9,862

6,906

4,274

2,993

2,470

70

47,544

2023Q2

20,982

9,861

6,864

4,276

3,002

2,474

69

47,528

2023Q3

20,990

9,962

6,836

4,265

2,998

2,479

68

47,598

2023Q4

23,096

9,675

7,134

4,254

3,252

2,702

72

50,185

2024Q1

23,149

9,781

7,134

4,270

3,254

2,731

73

50,392

2024Q2

23,118

9,850

7,160

4,266

3,254

2,736

75

50,459

2024Q3

23,203

9,919

7,172

4,249

3,258

2,735

76

50,612

Table 1.2: Number of Funds Reported by Large Filers

Fund Type

Section 4 Private Equity Fund

Qualifying Hedge Fund

Section 3 Liquidity Fund

2022Q3

6,658

2,041

51

2022Q4

7,506

2,075

50

2023Q1

7,416

2,047

50

2023Q2

7,499

2,091

50

2023Q3

7,498

2,101

50

2023Q4

8,573

2,107

51

2024Q1

8,575

2,087

48

2024Q2

8,545

1,998

51

2024Q3

8,547

2,050

51

Table 1.3: Number of Advisers Advising Each Fund Type

The “Total” row shows the total reported, and will not equal the sum of the preceding rows,

because the rows are not mutually exclusive.

Fund Type

Private Equity Fund

Hedge Fund

Section 4 Private Equity Fund

Other Private Fund

Real Estate Fund

Venture Capital Fund

Securitized Asset Fund

Qualifying Hedge Fund

Liquidity Fund

Section 3 Liquidity Fund

Total

2022Q3

1,648

1,866

438

735

432

241

173

584

39

21

3,686

2022Q4

1,763

1,862

455

763

460

284

178

593

34

21

3,808

2023Q1

1,765

1,863

453

766

460

286

176

576

33

21

3,812

2023Q2

1,765

1,862

455

769

461

287

175

591

33

21

3,812

2023Q3

1,766

1,863

454

769

461

285

174

590

33

21

3,811

2023Q4

1,862

1,853

487

784

466

317

176

595

37

22

3,927

2024Q1

1,859

1,855

489

780

467

318

176

592

37

19

3,928

2024Q2

1,858

1,852

487

783

464

318

177

593

38

21

3,927

2024Q3

1,855

1,858

488

785

462

321

175

605

39

21

3,930

Table 1.4: Numbers of Advisers Reporting Private Funds, Bucketed by

Number of Private Funds Reported

In this table, advisers are counted for three quarters following each quarter they report a private

fund. See the appendix for a review of interval notation used here.

Private Funds Reported

Fewer than 5

[5,10)

[10,25)

[25,100)

100 or more

Total

2022Q3

1,710

869

733

330

44

3,686

2022Q4

1,736

870

776

381

45

3,808

2023Q1

1,735

873

776

382

46

3,812

2023Q2

1,736

870

777

384

45

3,812

2023Q3

1,732

872

777

384

46

3,811

2023Q4

1,748

901

820

406

52

3,927

2024Q1

1,754

899

815

409

51

3,928

2024Q2

1,754

894

819

408

52

3,927

2024Q3

1,758

899

815

406

52

3,930

3

In this report, “Funds” means all private funds reported on Form PF and “Advisers” means all SEC-registered

investment advisers that file a Form PF to report private funds. Please see the Form PF Glossary of Terms and

Appendix 11.5 for definitions of other capitalized terms used in this report.

3

Analytics Office

2

Aggregate Fund Assets

2.1

Aggregate Assets by Fund Type over Time

Table 2.1: Aggregate Private Fund Gross Asset Value (GAV) ($ Billions)

As reported on Form PF, Question 8.

Fund Type

Hedge Fund

Private Equity Fund

Other Private Fund

Real Estate Fund

Securitized Asset Fund

Venture Capital Fund

Liquidity Fund

Total

2022Q3

9,279

6,410

1,716

976

869

334

335

19,918

2022Q4

9,360

6,714

1,646

1,140

923

375

321

20,480

2023Q1

9,501

6,650

1,605

1,139

925

374

320

20,513

2023Q2

9,895

6,661

1,577

1,138

923

374

332

20,900

2023Q3

10,211

6,668

1,569

1,129

924

374

361

21,236

2023Q4

10,756

7,410

1,732

1,078

1,024

400

361

22,761

2024Q1

11,113

7,425

1,735

1,081

1,031

400

339

23,125

2024Q2

11,338

7,416

1,743

1,078

1,031

400

352

23,357

2024Q3

12,230

7,410

1,753

1,070

1,027

400

379

24,269

Table 2.2: Aggregate Private Fund GAV Reported by Funds of Large Filers

($ Billions)

As reported on Form PF, Question 8.

Fund Type

Qualifying Hedge Fund

Section 4 Private Equity Fund

Section 3 Liquidity Fund

2022Q3

7,698

4,956

331

2022Q4

7,827

5,280

319

2023Q1

7,998

5,223

319

2023Q2

8,432

5,235

330

2023Q3

8,755

5,235

359

2023Q4

9,208

5,871

359

2024Q1

9,434

5,875

333

2024Q2

9,573

5,873

349

2024Q3

10,364

5,877

375

Table 2.3: Aggregate Private Fund Net Asset Value (NAV) ($ Billions)

As reported on Form PF, Question 9.

Fund Type

Private Equity Fund

Hedge Fund

Other Private Fund

Real Estate Fund

Venture Capital Fund

Liquidity Fund

Securitized Asset Fund

Total

2022Q3

5,749

4,851

1,534

751

314

331

264

13,794

2022Q4

6,031

4,817

1,417

859

342

318

264

14,049

2023Q1

5,974

4,858

1,373

859

341

313

265

13,983

2023Q2

5,984

4,912

1,346

859

341

319

265

14,027

2023Q3

5,993

4,931

1,339

850

341

346

264

14,065

2023Q4

6,739

4,993

1,542

822

375

352

284

15,106

2024Q1

6,753

5,213

1,541

826

375

331

288

15,327

2024Q2

6,745

5,215

1,552

823

374

342

288

15,340

2024Q3

6,738

5,385

1,560

818

375

368

288

15,531

Table 2.4: Aggregate Private Fund NAV Reported by Funds of Large Filers

($ Billions)

As reported on Form PF, Question 9.

Fund Type

Section 4 Private Equity Fund

Qualifying Hedge Fund

Section 3 Liquidity Fund

2022Q3

4,489

3,766

327

2022Q4

4,780

3,791

316

2023Q1

4,727

3,878

311

4

2023Q2

4,738

3,935

317

2023Q3

4,738

3,963

345

2023Q4

5,382

3,964

350

2024Q1

5,386

4,101

325

2024Q2

5,385

4,096

340

2024Q3

5,389

4,260

364

Analytics Office

2.2

Distribution of Assets by Fund Type over Time

Table 2.5: Qualifying Hedge Fund GAV and NAV Distribution ($ Billions)

As reported on Form PF, Questions 8 and 9.

Asset Type

GAV

NAV

Statistic

10th Percentile

25th Percentile

Median

75th Percentile

90th Percentile

Mean

10th Percentile

25th Percentile

Median

75th Percentile

90th Percentile

Mean

2022Q3

0.2

0.6

1.2

2.8

6.3

3.8

0.1

0.5

0.9

1.8

3.9

1.8

2022Q4

0.2

0.6

1.2

2.6

6.1

3.8

0.1

0.5

0.9

1.8

3.9

1.8

2023Q1

0.2

0.6

1.3

2.8

6.4

3.9

0.1

0.5

0.9

1.9

4.0

1.9

2023Q2

0.2

0.6

1.3

2.8

6.5

4.0

0.2

0.5

0.9

1.9

4.0

1.9

2023Q3

0.2

0.6

1.2

2.8

6.5

4.2

0.2

0.5

0.9

1.9

4.0

1.9

2023Q4

0.2

0.6

1.3

2.8

6.6

4.4

0.2

0.5

0.9

1.8

4.0

1.9

2024Q1

0.2

0.6

1.3

2.9

6.9

4.5

0.2

0.6

1.0

1.9

4.2

2.0

2024Q2

0.3

0.7

1.4

3.0

7.2

4.8

0.3

0.6

1.0

2.0

4.3

2.1

2024Q3

0.3

0.7

1.4

3.1

7.5

5.1

0.3

0.6

1.0

2.0

4.4

2.1

Table 2.6: Section 4 Private Equity Fund GAV and NAV Distribution ($

Billions)

As reported on Form PF, Questions 8 and 9.

Asset Type

GAV

NAV

Statistic

10th Percentile

25th Percentile

Median

75th Percentile

90th Percentile

Mean

10th Percentile

25th Percentile

Median

75th Percentile

90th Percentile

Mean

2022Q3

0.0

0.0

0.1

0.5

1.6

0.7

0.0

0.0

0.1

0.5

1.4

0.7

2022Q4

0.0

0.0

0.1

0.5

1.6

0.7

0.0

0.0

0.1

0.5

1.4

0.6

2023Q1

0.0

0.0

0.1

0.5

1.6

0.7

0.0

0.0

0.1

0.5

1.4

0.6

2023Q2

0.0

0.0

0.1

0.5

1.5

0.7

0.0

0.0

0.1

0.5

1.4

0.6

5

2023Q3

0.0

0.0

0.1

0.5

1.6

0.7

0.0

0.0

0.1

0.5

1.4

0.6

2023Q4

0.0

0.0

0.1

0.5

1.5

0.7

0.0

0.0

0.1

0.5

1.4

0.6

2024Q1

0.0

0.0

0.1

0.5

1.5

0.7

0.0

0.0

0.1

0.5

1.4

0.6

2024Q2

0.0

0.0

0.1

0.5

1.5

0.7

0.0

0.0

0.1

0.5

1.4

0.6

2024Q3

0.0

0.0

0.1

0.5

1.5

0.7

0.0

0.0

0.1

0.5

1.4

0.6

Analytics Office

Table 2.7: Aggregate Net Assets of Private Funds by GAV to NAV Ratio

($ Billions)

As reported on Form PF, Questions 8, 9, and 10. See the appendix for a review of interval notation

used here.

Fund Universe

All Private Funds

Qualifying Hedge Funds

Ratio

[1,2)

[2,5)

[5,10)

10 or more

[1,2)

[2,5)

[5,10)

10 or more

2022Q3

12,635

711

235

106

2,995

488

201

69

2022Q4

12,907

674

249

105

3,051

434

215

70

2023Q1

12,798

695

272

108

3,098

449

239

73

2023Q2

12,810

747

236

122

3,108

517

209

88

2023Q3

12,862

699

245

146

3,151

468

217

112

2023Q4

13,801

742

232

174

3,106

512

194

133

2024Q1

14,017

714

252

188

3,252

479

213

146

2024Q2

14,012

759

207

213

3,230

518

168

169

2024Q3

14,131

776

244

225

3,332

537

206

171

Table 2.8: Number of Private Funds by GAV to NAV Ratio

As reported on Form PF, Questions 8, 9, and 10. See the appendix for a review of interval notation

used here.

Fund Universe

All Private Funds

Qualifying Hedge Funds

Ratio

[1,2)

[2,5)

[5,10)

10 or more

[1,2)

[2,5)

[5,10)

10 or more

2022Q3

33,641

1,866

494

1,385

1,687

261

43

24

2022Q4

36,806

2,019

495

1,577

1,717

258

47

22

2023Q1

36,978

2,031

504

1,573

1,699

238

54

24

6

2023Q2

37,084

2,051

493

1,576

1,729

274

45

26

2023Q3

37,095

2,006

499

1,585

1,764

244

41

34

2023Q4

39,541

2,020

561

1,609

1,755

246

42

32

2024Q1

39,672

2,028

568

1,620

1,753

236

45

36

2024Q2

39,689

2,053

579

1,627

1,655

239

46

39

2024Q3

39,654

2,094

587

1,638

1,682

259

47

44

Analytics Office

2.3

Fund Borrowings

Table 2.9: Aggregate Borrowings (Percent of Aggregate GAV)

As reported on Form PF, Questions 8, 12, and 43 (Third Month).

Fund Type

Qualifying Hedge Fund

Securitized Asset Fund

Hedge Fund

Real Estate Fund

Other Private Fund

Section 4 Private Equity Fund

Private Equity Fund

Venture Capital Fund

Liquidity Fund

Section 3 Liquidity Fund

2022Q3

43.5

49.4

40.0

12.5

3.7

5.4

5.5

0.7

0.0

0.0

2022Q4

44.8

56.5

41.1

14.0

5.6

5.7

5.7

0.6

0.0

0.0

2023Q1

47.3

53.6

43.5

13.2

5.8

5.8

5.6

0.6

0.0

0.0

2023Q2

48.5

53.6

44.5

13.2

5.9

5.8

5.6

0.6

0.0

0.0

2023Q3

48.3

53.3

44.5

13.6

5.9

5.8

5.5

0.6

0.0

0.0

2023Q4

50.7

56.6

46.5

14.8

5.2

5.0

4.9

0.6

0.0

0.0

2024Q1

52.6

53.4

47.8

14.0

5.2

5.0

4.8

0.6

0.0

0.0

2024Q2

53.5

53.3

48.7

14.0

5.2

5.0

4.8

0.6

0.0

0.0

2024Q3

56.3

52.9

51.6

14.3

5.2

5.0

4.8

0.6

0.0

0.0

Table 2.10: Distribution of Fund Borrowing ($ Billions)

As reported on Form PF, Questions 12 and 43 (Third Month). Funds with no borrowing were removed

from this analysis.

Fund Type

All Private Funds

Qualifying Hedge Funds

Statistic

Median

75th Percentile

90th Percentile

95th Percentile

Mean

Median

75th Percentile

90th Percentile

95th Percentile

Mean

2022Q3

0.0

0.3

0.6

1.1

0.5

0.3

1.0

3.4

8.5

2.6

2022Q4

0.0

0.3

0.6

1.0

0.5

0.3

1.0

3.3

8.7

2.7

2023Q1

0.0

0.3

0.6

1.0

0.5

0.3

1.1

3.5

10.3

3.0

7

2023Q2

0.0

0.3

0.6

1.1

0.6

0.3

1.1

3.8

10.5

3.2

2023Q3

0.0

0.3

0.6

1.1

0.6

0.3

1.2

3.7

10.0

3.3

2023Q4

0.0

0.3

0.6

1.0

0.6

0.3

1.1

3.9

11.4

3.7

2024Q1

0.0

0.3

0.6

1.1

0.6

0.3

1.3

4.4

12.4

3.9

2024Q2

0.0

0.3

0.6

1.1

0.6

0.3

1.3

4.7

12.8

4.0

2024Q3

0.0

0.3

0.6

1.2

0.7

0.3

1.4

4.9

14.6

4.5

Analytics Office

Table 2.11: Aggregate Net Assets of Private Funds by Borrowing to NAV

Ratio ($ Billions)

As reported on Form PF, Questions 9, 10, 12, and 43 (Third Month). See the appendix for a review of

interval notation used here.

Fund Universe

All Private Funds

Qualifying Hedge Funds

Ratio

0

(0,1)

[1,4)

[4,9)

9 or more

0

(0,1)

[1,4)

[4,9)

9 or more

2022Q3

6,827

6,131

642

107

87

865

2,214

532

100

56

2022Q4

6,841

6,322

660

127

99

882

2,208

511

119

72

2023Q1

6,816

6,243

652

160

112

948

2,197

497

151

86

2023Q2

6,859

6,212

688

161

107

996

2,158

546

151

85

2023Q3

6,823

6,260

700

173

110

949

2,206

557

163

88

2023Q4

7,617

6,529

657

160

143

975

2,215

512

145

117

2024Q1

7,704

6,618

673

190

143

1,003

2,276

529

178

115

2024Q2

7,730

6,571

731

155

153

1,014

2,237

578

141

125

2024Q3

7,793

6,675

688

198

176

1,053

2,343

539

185

140

Table 2.12: Number of Private Funds by Borrowing to NAV Ratio

As reported on Form PF, Questions 9, 10, 12, and 43 (Third Month). See the appendix for a review of

interval notation used here.

Fund Universe

All Private Funds

Qualifying Hedge Funds

Ratio

0

(0,1)

[1,4)

[4,9)

9 or more

0

(0,1)

[1,4)

[4,9)

9 or more

2022Q3

28,912

7,133

1,078

126

2,707

747

1,013

234

17

30

2022Q4

31,485

7,695

1,176

150

3,054

774

1,008

238

21

34

2023Q1

31,769

7,623

1,154

161

3,053

772

997

221

30

27

2023Q2

31,869

7,597

1,177

161

3,059

801

991

247

27

25

2023Q3

31,923

7,646

1,146

154

3,067

802

1,012

233

27

27

2023Q4

34,275

7,911

1,146

233

3,050

814

1,008

220

24

41

2024Q1

34,533

7,853

1,145

208

3,039

808

993

224

25

37

2024Q2

34,460

7,840

1,182

214

3,129

728

984

224

27

35

2024Q3

34,630

7,835

1,190

223

3,048

756

995

225

33

41

Table 2.13: Aggregate Borrowing by Creditor Type (Percent)

As reported on Form PF, Questions 12 and 43 (Third Month).

Creditor Type

US Financial

Non-US Financial

US Non-Financial

Non-US Non-Financial

2022Q3

67.7

28.8

3.3

1.0

2022Q4

66.5

29.4

3.3

0.9

2023Q1

66.4

30.5

3.1

0.8

2023Q2

66.3

30.9

3.0

0.7

8

2023Q3

65.3

31.9

2.8

0.7

2023Q4

64.0

33.0

2.7

0.4

2024Q1

67.3

30.3

2.7

0.4

2024Q2

67.2

30.5

2.7

0.4

2024Q3

64.2

33.7

2.5

0.4

Analytics Office

2.4

Fair Value Hierarchy4

Table 2.14: Private Fund Assets According to Fair Value Hierarchy ($

Billions)

As reported on Form PF, Question 14. Funds that do not categorize assets and liabilities using a

fair value hierarchy similar to that established under U.S. GAAP are not required to respond to this

question.

Fair Value Level

Level 1

Level 2

Level 3

Cost-Based

2022Q3

4,564

3,798

6,809

2,871

2022Q4

4,155

3,597

7,569

3,080

2023Q1

4,089

3,563

7,476

3,060

2023Q2

4,067

3,515

7,481

3,057

2023Q3

4,062

3,518

7,469

3,064

2023Q4

4,859

3,890

8,321

3,608

2024Q1

4,885

3,909

8,352

3,602

2024Q2

4,890

3,913

8,361

3,598

2024Q3

4,909

3,934

8,363

3,616

Table 2.15: Private Fund Liabilities According to Fair Value Hierarchy

($ Billions)

As reported on Form PF, Question 14. Funds that do not categorize assets and liabilities using a

fair value hierarchy similar to that established under U.S. GAAP are not required to respond to this

question.

Fair Value Level

Level 1

Level 2

Level 3

Cost-Based

2022Q3

1,692

1,328

342

2,279

2022Q4

1,584

1,494

377

2,584

2023Q1

1,590

1,473

377

2,579

2023Q2

1,591

1,439

391

2,579

2023Q3

1,594

1,446

381

2,573

2023Q4

1,870

1,578

410

3,761

2024Q1

1,872

1,687

416

3,763

2024Q2

1,874

1,670

415

3,773

2024Q3

1,878

1,743

410

3,782

Table 2.16: Hedge Fund Assets According to Fair Value Hierarchy ($

Billions)

As reported on Form PF, Question 14. Funds that do not categorize assets and liabilities using a

fair value hierarchy similar to that established under U.S. GAAP are not required to respond to this

question.

Fair Value Level

Level 1

Level 2

Level 3

Cost-Based

2022Q3

3,518

2,343

1,463

1,801

2022Q4

3,212

2,250

1,603

1,955

2023Q1

3,154

2,214

1,601

1,924

2023Q2

3,153

2,177

1,606

1,916

2023Q3

3,149

2,184

1,598

1,914

2023Q4

3,936

2,481

1,734

2,413

2024Q1

3,962

2,501

1,739

2,424

2024Q2

3,965

2,510

1,746

2,416

2024Q3

3,985

2,525

1,756

2,431

Table 2.17: Hedge Fund Liabilities According to Fair Value Hierarchy ($

Billions)

As reported on Form PF, Question 14. Funds that do not categorize assets and liabilities using a

fair value hierarchy similar to that established under U.S. GAAP are not required to respond to this

question.

Fair Value Level

Level 1

Level 2

Level 3

Cost-Based

2022Q3

1,644

1,212

93

1,395

2022Q4

1,538

1,349

97

1,621

2023Q1

1,544

1,329

97

1,617

2023Q2

1,544

1,295

111

1,617

2023Q3

1,547

1,303

100

1,613

2023Q4

1,825

1,427

105

2,764

2024Q1

1,828

1,535

107

2,764

2024Q2

1,830

1,519

106

2,776

2024Q3

1,834

1,591

101

2,786

4

Contributions to the “cost-based” rows include investments in other funds and cash. For related guidance, see Form

PF frequently asked questions here.

9

Analytics Office

Table 2.18: Qualifying Hedge Fund Assets According to Fair Value

Hierarchy ($ Billions)

As reported on Form PF, Question 14. Funds that do not categorize assets and liabilities using a

fair value hierarchy similar to that established under U.S. GAAP are not required to respond to this

question.

Fair Value Level

Level 1

Level 2

Level 3

Cost-Based

2022Q3

3,107

2,079

1,188

1,548

2022Q4

2,850

2,007

1,319

1,651

2023Q1

2,793

1,972

1,323

1,631

2023Q2

2,796

1,956

1,328

1,624

2023Q3

2,785

1,951

1,321

1,610

2023Q4

3,507

2,223

1,414

2,095

2024Q1

3,529

2,208

1,419

2,103

2024Q2

3,530

2,209

1,427

2,099

2024Q3

3,553

2,229

1,436

2,106

Table 2.19: Qualifying Hedge Fund Liabilities According to Fair Value

Hierarchy ($ Billions)

As reported on Form PF, Question 14. Funds that do not categorize assets and liabilities using a

fair value hierarchy similar to that established under U.S. GAAP are not required to respond to this

question.

Fair Value Level

Level 1

Level 2

Level 3

Cost-Based

2022Q3

1,532

1,127

84

1,237

2022Q4

1,424

1,274

88

1,456

2023Q1

1,427

1,263

89

1,450

2023Q2

1,428

1,248

100

1,452

2023Q3

1,422

1,248

89

1,446

2023Q4

1,673

1,370

96

2,560

2024Q1

1,678

1,443

98

2,558

2024Q2

1,680

1,425

97

2,565

2024Q3

1,685

1,488

92

2,571

Table 2.20: Private Equity Fund Assets According to Fair Value Hierarchy

($ Billions)

As reported on Form PF, Question 14. Funds that do not categorize assets and liabilities using a

fair value hierarchy similar to that established under U.S. GAAP are not required to respond to this

question.

Fair Value Level

Level 1

Level 2

Level 3

Cost-Based

2022Q3

368

259

3,977

556

2022Q4

204

153

4,358

549

2023Q1

201

152

4,298

561

2023Q2

201

152

4,298

563

2023Q3

202

152

4,298

570

2023Q4

217

157

4,908

597

2024Q1

217

157

4,930

579

2024Q2

218

157

4,923

578

2024Q3

215

156

4,925

580

Table 2.21: Private Equity Fund Liabilities According to Fair Value

Hierarchy ($ Billions)

As reported on Form PF, Question 14. Funds that do not categorize assets and liabilities using a

fair value hierarchy similar to that established under U.S. GAAP are not required to respond to this

question.

Fair Value Level

Level 1

Level 2

Level 3

Cost-Based

2022Q3

15

25

27

316

2022Q4

13

20

21

342

2023Q1

14

20

21

340

2023Q2

14

20

21

341

10

2023Q3

14

20

21

339

2023Q4

14

22

20

335

2024Q1

13

22

20

336

2024Q2

13

22

20

335

2024Q3

13

22

20

333

Analytics Office

Table 2.22: Section 4 Private Equity Fund Assets According to Fair Value

Hierarchy ($ Billions)

As reported on Form PF, Question 14. Funds that do not categorize assets and liabilities using a

fair value hierarchy similar to that established under U.S. GAAP are not required to respond to this

question.

Fair Value Level

Level 1

Level 2

Level 3

Cost-Based

2022Q3

320

182

3,138

360

2022Q4

171

121

3,506

358

2023Q1

170

121

3,456

356

2023Q2

170

121

3,459

357

2023Q3

170

121

3,458

357

2023Q4

184

115

4,032

383

2024Q1

184

115

4,035

383

2024Q2

183

115

4,035

382

2024Q3

183

119

4,035

384

Table 2.23: Section 4 Private Equity Fund Liabilities According to Fair

Value Hierarchy ($ Billions)

As reported on Form PF, Question 14. Funds that do not categorize assets and liabilities using a

fair value hierarchy similar to that established under U.S. GAAP are not required to respond to this

question.

Fair Value Level

Level 1

Level 2

Level 3

Cost-Based

2022Q3

11

6

8

246

2022Q4

7

10

8

275

2023Q1

7

10

8

272

2023Q2

7

10

8

272

11

2023Q3

7

10

8

272

2023Q4

11

8

9

265

2024Q1

11

8

9

265

2024Q2

11

8

9

264

2024Q3

11

8

9

266

Analytics Office

2.5

Parallel Managed Accounts5

Table 2.24: Number of Funds with Parallel Managed Accounts

As reported on Form PF, Question 11.

Fund Type

Hedge Fund

Other Private Fund

Private Equity Fund

Real Estate Fund

Venture Capital Fund

Liquidity Fund

Securitized Asset Fund

Total

2022Q3

576

499

321

89

30

***

***

1,527

2022Q4

566

481

345

67

39

***

***

1,508

2023Q1

562

484

421

68

39

***

***

1,584

2023Q2

559

461

427

68

39

***

***

1,564

2023Q3

570

448

427

68

39

***

***

1,562

2023Q4

560

441

488

80

28

***

***

1,607

2024Q1

530

438

410

78

28

***

***

1,493

2024Q2

545

459

390

78

28

***

***

1,511

2024Q3

549

463

391

78

28

***

***

1,520

Table 2.25: Number of Funds with Parallel Managed Accounts Reported by

Large Filers

As reported on Form PF, Question 11.

Type

Qualifying Hedge Fund

Section 4 Private Equity Fund

Section 3 Liquidity Fund

2022Q3

208

144

***

2022Q4

214

163

***

2023Q1

207

163

***

2023Q2

203

169

***

2023Q3

218

169

***

2023Q4

218

204

***

2024Q1

201

204

***

2024Q2

214

204

11

2024Q3

223

205

11

Table 2.26: Aggregate Value in Parallel Managed Accounts ($ Billions)

As reported on Form PF, Question 11.

Fund Type

Hedge Fund

Other Private Fund

Private Equity Fund

Real Estate Fund

Venture Capital Fund

Liquidity Fund

Securitized Asset Fund

Total

2022Q3

729

3,416

156

16

2

***

***

4,710

2022Q4

725

2,369

120

14

2

***

***

3,611

2023Q1

695

2,367

131

15

2

***

***

3,598

2023Q2

693

1,536

125

15

2

***

***

2,749

2023Q3

706

1,495

125

15

2

***

***

2,751

2023Q4

754

1,708

154

31

1

***

***

3,058

2024Q1

725

1,707

142

31

1

***

***

2,997

2024Q2

736

1,721

116

31

1

***

***

3,002

2024Q3

788

1,735

116

31

1

***

***

3,088

Table 2.27: Aggregate Value in Parallel Managed Accounts Reported by

Funds of Large Filers ($ Billions)

As reported on Form PF, Question 11.

Type

Qualifying Hedge Fund

Section 4 Private Equity Fund

Section 3 Liquidity Fund

2022Q3

438

115

***

2022Q4

435

120

***

2023Q1

385

120

***

2023Q2

405

114

***

2023Q3

426

114

***

2023Q4

472

146

***

2024Q1

444

146

***

2024Q2

460

134

396

2024Q3

514

142

418

5

Certain data points in the tables in this section and other sections may be masked to avoid possible disclosure of

proprietary information of individual Form PF filers.

12

Analytics Office

3

Fund Domiciles and Adviser Main Offices

Table 3.1: Fund Domicile (Percent of NAV)

As reported on Form PF, Question 9 and Form ADV.

Fund Universe

All Private Funds

Qualifying Hedge Funds

Section 3 Liquidity Funds

Section 4 Private Equity Funds

Country

United States

Cayman Islands

Luxembourg

Ireland

Bermuda

United Kingdom

Virgin Islands, British

Other

Cayman Islands

United States

Luxembourg

Ireland

Virgin Islands, British

Bermuda

Other

Ireland

United States

Cayman Islands

Other

United States

Cayman Islands

Canada

United Kingdom

Bermuda

Other

2022Q3

52.9

32.7

4.1

3.9

1.0

0.9

0.9

3.6

53.1

35.0

2.3

2.8

3.1

1.9

1.7

***

25.5

***

***

56.9

29.5

2.0

1.4

1.2

9.0

2022Q4

52.7

32.1

5.0

3.6

1.0

0.9

0.8

3.7

52.4

35.7

2.7

3.0

2.9

1.9

1.4

***

23.4

***

***

56.1

28.0

2.1

1.4

1.0

11.3

2023Q1

52.5

32.5

5.0

3.6

1.0

0.9

0.8

3.6

52.8

35.6

2.9

2.7

2.6

1.7

1.6

***

23.9

***

***

56.4

28.1

2.1

1.4

1.0

11.0

2023Q2

52.5

32.7

4.9

3.6

1.0

0.9

0.8

3.6

53.2

35.4

3.0

2.7

2.5

1.6

1.6

***

23.5

***

***

56.4

28.0

2.1

1.4

1.0

11.0

2023Q3

52.4

32.7

4.9

3.7

1.0

0.9

0.8

3.6

53.3

35.3

3.0

2.6

2.4

1.7

1.6

***

25.5

***

***

56.4

28.0

2.1

1.4

1.0

11.0

2023Q4

53.7

31.5

4.9

3.4

1.0

0.9

0.6

3.9

53.8

35.5

2.8

2.5

2.2

1.7

1.5

***

21.5

***

***

57.8

27.5

2.3

1.3

1.1

10.1

2024Q1

53.7

31.6

4.8

3.2

1.1

0.9

0.6

4.0

53.7

35.6

2.6

2.5

2.2

1.6

1.8

***

23.4

***

***

57.9

27.4

2.3

1.3

1.1

10.0

2024Q2

53.6

31.6

4.9

3.3

1.1

0.9

0.6

3.9

53.6

35.7

2.7

2.6

2.1

1.7

1.7

***

22.0

***

***

57.9

27.4

2.3

1.3

1.1

10.0

2024Q3

53.4

31.7

4.9

3.5

1.1

0.9

0.6

3.9

53.3

35.9

2.8

2.6

2.0

1.6

1.7

***

21.7

***

***

57.9

27.4

2.3

1.3

1.1

10.0

Table 3.2: Adviser Main Office Location (Percent of NAV)

As reported on Form PF, Question 9 and Form ADV.

Fund Universe

All Private Funds

Qualifying Hedge Funds

Section 3 Liquidity Funds

Section 4 Private Equity Funds

Country

United States

United Kingdom

Other

United States

United Kingdom

Australia

Hong Kong

Other

United States

United Kingdom

France

United States

Canada

Other

2022Q3

91.9

***

***

91.1

3.5

***

1.4

***

57.1

***

***

95.5

***

***

2022Q4

92.3

***

***

90.5

4.1

***

0.4

***

53.0

***

***

95.4

***

***

13

2023Q1

91.9

***

***

90.7

4.0

***

0.3

***

52.3

***

***

95.4

***

***

2023Q2

91.8

***

***

91.6

4.0

***

0.3

***

51.3

***

***

95.4

***

***

2023Q3

92.0

***

***

92.2

3.6

***

0.2

***

55.6

***

***

95.4

***

***

2023Q4

93.4

***

***

92.1

3.8

***

0.3

***

53.1

***

***

96.8

***

***

2024Q1

93.3

***

***

92.1

3.9

***

0.2

***

55.7

***

***

96.8

***

***

2024Q2

93.3

***

***

92.2

3.9

***

0.2

***

56.1

***

***

96.8

***

***

2024Q3

93.2

***

***

92.1

3.9

***

0.2

***

56.7

***

***

96.8

***

***

Analytics Office

4

Beneficial Ownership of Funds

4.1

All Private Funds

Table 4.1: Beneficial Ownership for All Private Funds ($ Billions)

As reported on Form PF, Questions 9 and 16.

Type

Private Funds

Other

State/Muni. Govt. Pension Plans

U.S. Individuals

Non-Profits

Pension Plans

Sov. Wealth Funds And For. Official Inst.

Insurance Companies

Non-U.S. Individuals

State/Muni. Govt. Entities

Unknown Non-U.S. Investors

Banking/Thrift Inst.

SEC-Registered Investment Companies

Broker-Dealers

2022Q3

2,589

2,416

1,863

1,367

1,256

1,272

1,011

704

393

224

305

196

149

42

2022Q4

2,595

2,543

1,913

1,325

1,246

1,310

1,083

745

376

241

285

193

150

38

2023Q1

2,597

2,558

1,907

1,336

1,254

1,306

1,069

755

314

248

251

190

152

40

2023Q2

2,612

2,556

1,915

1,348

1,269

1,294

1,081

762

317

249

253

178

147

38

2023Q3

2,634

2,577

1,919

1,351

1,261

1,283

1,089

760

316

260

242

179

147

40

2023Q4

2,859

2,941

1,982

1,469

1,327

1,309

1,167

795

332

266

245

192

160

58

2024Q1

2,909

2,959

2,015

1,501

1,358

1,322

1,195

806

331

272

238

196

161

56

2024Q2

2,955

2,901

2,019

1,493

1,346

1,314

1,194

795

333

273

271

225

155

56

2024Q3

2,994

2,933

2,010

1,510

1,373

1,319

1,220

819

341

275

269

243

156

61

Table 4.2: Beneficial Ownership for All Private Funds (Percent of

Aggregate NAV)

As reported on Form PF, Questions 9 and 16.

Type

Private Funds

Other

State/Muni. Govt. Pension Plans

U.S. Individuals

Non-Profits

Pension Plans

Sov. Wealth Funds And For. Official Inst.

Insurance Companies

Non-U.S. Individuals

State/Muni. Govt. Entities

Unknown Non-U.S. Investors

Banking/Thrift Inst.

SEC-Registered Investment Companies

Broker-Dealers

2022Q3

18.8

17.5

13.5

9.9

9.1

9.2

7.3

5.1

2.8

1.6

2.2

1.4

1.1

0.3

2022Q4

18.5

18.1

13.6

9.4

8.9

9.3

7.7

5.3

2.7

1.7

2.0

1.4

1.1

0.3

2023Q1

18.6

18.3

13.6

9.6

9.0

9.3

7.6

5.4

2.2

1.8

1.8

1.4

1.1

0.3

14

2023Q2

18.6

18.2

13.7

9.6

9.0

9.2

7.7

5.4

2.3

1.8

1.8

1.3

1.0

0.3

2023Q3

18.7

18.3

13.6

9.6

9.0

9.1

7.7

5.4

2.2

1.9

1.7

1.3

1.0

0.3

2023Q4

18.9

19.5

13.1

9.7

8.8

8.7

7.7

5.3

2.2

1.8

1.6

1.3

1.1

0.4

2024Q1

19.0

19.3

13.1

9.8

8.9

8.6

7.8

5.3

2.2

1.8

1.6

1.3

1.1

0.4

2024Q2

19.3

18.9

13.2

9.7

8.8

8.6

7.8

5.2

2.2

1.8

1.8

1.5

1.0

0.4

2024Q3

19.3

18.9

12.9

9.7

8.8

8.5

7.9

5.3

2.2

1.8

1.7

1.6

1.0

0.4

Analytics Office

4.2

Qualifying Hedge Funds

Table 4.3: Beneficial Ownership for Qualifying Hedge Funds ($

Billions)

As reported on Form PF, Questions 9 and 16.

Type

Private Funds

Other

Non-Profits

U.S. Individuals

State/Muni. Govt. Pension Plans

Pension Plans

Sov. Wealth Funds And For. Official Inst.

Insurance Companies

Non-U.S. Individuals

State/Muni. Govt. Entities

Unknown Non-U.S. Investors

Banking/Thrift Inst.

SEC-Registered Investment Companies

Broker-Dealers

2022Q3

697

564

559

423

432

381

266

149

102

59

42

41

38

8

2022Q4

691

562

528

425

446

408

289

148

102

59

46

38

38

9

2023Q1

712

590

537

425

455

415

283

164

104

62

45

38

37

9

2023Q2

734

594

549

440

467

409

291

161

103

63

45

36

32

9

2023Q3

747

592

546

440

471

407

302

164

102

72

46

34

28

9

2023Q4

743

603

554

451

460

405

298

164

99

72

52

34

23

9

2024Q1

777

623

580

468

458

415

317

173

99

77

45

35

21

9

2024Q2

824

615

570

459

457

408

314

169

93

78

43

32

21

9

2024Q3

853

641

593

473

454

420

348

181

101

79

45

35

25

9

Table 4.4: Beneficial Ownership for Qualifying Hedge Funds (Percent of

Aggregate NAV)

As reported on Form PF, Questions 9 and 16.

Type

Private Funds

Other

Non-Profits

U.S. Individuals

State/Muni. Govt. Pension Plans

Pension Plans

Sov. Wealth Funds And For. Official Inst.

Insurance Companies

Non-U.S. Individuals

State/Muni. Govt. Entities

Unknown Non-U.S. Investors

Banking/Thrift Inst.

SEC-Registered Investment Companies

Broker-Dealers

2022Q3

18.5

15.0

14.8

11.2

11.5

10.1

7.1

4.0

2.7

1.6

1.1

1.1

1.0

0.2

2022Q4

18.2

14.8

13.9

11.2

11.8

10.8

7.6

3.9

2.7

1.5

1.2

1.0

1.0

0.2

2023Q1

18.4

15.2

13.9

11.0

11.7

10.7

7.3

4.2

2.7

1.6

1.2

1.0

0.9

0.2

15

2023Q2

18.6

15.1

14.0

11.2

11.9

10.4

7.4

4.1

2.6

1.6

1.1

0.9

0.8

0.2

2023Q3

18.9

14.9

13.8

11.1

11.9

10.3

7.6

4.1

2.6

1.8

1.2

0.8

0.7

0.2

2023Q4

18.7

15.2

14.0

11.4

11.6

10.2

7.5

4.1

2.5

1.8

1.3

0.9

0.6

0.2

2024Q1

18.9

15.2

14.1

11.4

11.2

10.1

7.7

4.2

2.4

1.9

1.1

0.8

0.5

0.2

2024Q2

20.1

15.0

13.9

11.2

11.2

10.0

7.7

4.1

2.3

1.9

1.0

0.8

0.5

0.2

2024Q3

20.0

15.1

13.9

11.1

10.7

9.9

8.2

4.3

2.4

1.9

1.1

0.8

0.6

0.2

Analytics Office

4.3

Section 3 Liquidity Funds

Table 4.5: Beneficial Ownership for Section 3 Liquidity Funds ($

Billions)

As reported on Form PF, Questions 9 and 16.

Type

Unknown Non-U.S. Investors

Other

Banking/Thrift Inst.

Private Funds

Broker-Dealers

Insurance Companies

SEC-Registered Investment Companies

Pension Plans

Sov. Wealth Funds And For. Official Inst.

State/Muni. Govt. Entities

Non-Profits

Non-U.S. Individuals

State/Muni. Govt. Pension Plans

U.S. Individuals

2022Q3

68

106

***

64

***

8

15

***

***

***

3

***

***

***

2022Q4

65

108

***

56

***

10

14

***

***

***

2

***

1

***

2023Q1

63

106

***

50

***

12

17

***

***

***

3

***

***

***

2023Q2

64

114

***

49

***

11

16

5

***

***

3

***

***

***

2023Q3

52

135

***

64

***

10

16

***

***

***

3

***

***

***

2023Q4

60

135

***

53

***

12

14

***

***

***

3

***

***

1

2024Q1

56

118

***

54

***

12

***

***

***

***

3

***

***

***

2024Q2

91

70

***

50

***

14

***

***

***

***

3

***

***

***

2024Q3

93

73

***

52

***

16

***

***

***

***

3

***

***

***

Table 4.6: Beneficial Ownership for Section 3 Liquidity Funds (Percent

of Aggregate NAV)

As reported on Form PF, Questions 9 and 16.

Type

Unknown Non-U.S. Investors

Other

Banking/Thrift Inst.

Private Funds

Broker-Dealers

Insurance Companies

SEC-Registered Investment Companies

Pension Plans

Sov. Wealth Funds And For. Official Inst.

State/Muni. Govt. Entities

Non-Profits

Non-U.S. Individuals

State/Muni. Govt. Pension Plans

U.S. Individuals

2022Q3

20.7

32.4

***

19.6

***

2.5

4.6

***

***

***

0.8

***

***

***

2022Q4

20.6

34.1

***

17.8

***

3.0

4.3

***

***

***

0.8

***

0.4

***

2023Q1

20.2

34.1

***

15.9

***

3.9

5.4

***

***

***

0.9

***

***

***

16

2023Q2

20.1

35.8

***

15.5

***

3.6

5.0

1.5

***

***

0.8

***

***

***

2023Q3

15.0

39.1

***

18.5

***

2.9

4.6

***

***

***

0.8

***

***

***

2023Q4

17.1

38.6

***

15.1

***

3.5

4.1

***

***

***

0.9

***

***

0.2

2024Q1

17.1

36.4

***

16.6

***

3.7

***

***

***

***

1.1

***

***

***

2024Q2

26.7

20.7

***

14.7

***

4.2

***

***

***

***

0.9

***

***

***

2024Q3

25.6

20.1

***

14.2

***

4.3

***

***

***

***

0.9

***

***

***

Analytics Office

4.4

Section 4 Private Equity Funds

Table 4.7: Beneficial Ownership for Section 4 Private Equity Funds ($

Billions)

As reported on Form PF, Questions 9 and 16.

Type

Private Funds

Other

State/Muni. Govt. Pension Plans

Sov. Wealth Funds And For. Official Inst.

Pension Plans

Insurance Companies

Non-Profits

U.S. Individuals

State/Muni. Govt. Entities

Non-U.S. Individuals

SEC-Registered Investment Companies

Banking/Thrift Inst.

Unknown Non-U.S. Investors

Broker-Dealers

2022Q3

974

802

851

478

327

256

238

265

82

78

51

49

34

3

2022Q4

1,032

887

887

525

363

284

259

246

94

68

50

47

33

3

2023Q1

1,019

876

875

515

363

282

259

246

94

67

49

44

33

3

2023Q2

1,021

877

876

515

364

284

259

246

95

67

49

45

33

3

2023Q3

1,021

877

876

515

364

284

259

246

95

67

49

45

33

3

2023Q4

1,198

1,090

937

577

394

299

280

275

98

73

63

56

35

5

2024Q1

1,197

1,094

938

576

394

299

280

276

98

74

63

55

35

5

2024Q2

1,197

1,094

938

575

394

299

280

276

98

73

63

55

35

5

2024Q3

1,197

1,094

940

575

395

299

280

276

98

73

63

55

35

5

Table 4.8: Beneficial Ownership for Section 4 Private Equity Funds

(Percent of Aggregate NAV)

As reported on Form PF, Questions 9 and 16.

Type

Private Funds

Other

State/Muni. Govt. Pension Plans

Sov. Wealth Funds And For. Official Inst.

Pension Plans

Insurance Companies

Non-Profits

U.S. Individuals

State/Muni. Govt. Entities

Non-U.S. Individuals

SEC-Registered Investment Companies

Banking/Thrift Inst.

Unknown Non-U.S. Investors

Broker-Dealers

2022Q3

21.7

17.9

19.0

10.6

7.3

5.7

5.3

5.9

1.8

1.7

1.1

1.1

0.8

0.1

2022Q4

21.6

18.6

18.6

11.0

7.6

5.9

5.4

5.1

2.0

1.4

1.0

1.0

0.7

0.1

2023Q1

21.6

18.5

18.5

10.9

7.7

6.0

5.5

5.2

2.0

1.4

1.0

0.9

0.7

0.1

17

2023Q2

21.6

18.5

18.5

10.9

7.7

6.0

5.5

5.2

2.0

1.4

1.0

0.9

0.7

0.1

2023Q3

21.6

18.5

18.5

10.9

7.7

6.0

5.5

5.2

2.0

1.4

1.0

0.9

0.7

0.1

2023Q4

22.3

20.3

17.4

10.7

7.3

5.6

5.2

5.1

1.8

1.4

1.2

1.0

0.6

0.1

2024Q1

22.2

20.3

17.4

10.7

7.3

5.5

5.2

5.1

1.8

1.4

1.2

1.0

0.6

0.1

2024Q2

22.2

20.3

17.4

10.7

7.3

5.5

5.2

5.1

1.8

1.4

1.2

1.0

0.6

0.1

2024Q3

22.2

20.3

17.4

10.7

7.3

5.5

5.2

5.1

1.8

1.4

1.2

1.0

0.6

0.1

Analytics Office

4.5

Concentration

Table 4.9: NAV-Weighted Average Beneficial Ownership of Top 5 Owners

(Percent)

As reported on Form PF, Questions 9 and 15.

Type

Real Estate Fund

Hedge Fund

Other Private Fund

Qualifying Hedge Fund

Private Equity Fund

Securitized Asset Fund

Venture Capital Fund

Section 4 Private Equity Fund

Liquidity Fund

Section 3 Liquidity Fund

Total

2022Q3

58.7

54.8

57.5

51.6

49.2

37.8

52.4

44.7

46.5

46.1

52.4

2022Q4

56.9

55.4

59.0

52.1

49.8

41.6

49.9

46.5

45.1

44.8

52.9

2023Q1

57.0

56.3

58.4

52.0

49.4

42.3

49.9

45.9

44.3

44.1

52.9

2023Q2

57.0

56.3

58.3

51.9

49.5

41.8

49.9

46.0

43.1

42.9

52.9

2023Q3

57.4

56.7

57.9

52.1

49.4

41.9

49.9

46.0

44.5

44.4

53.0

2023Q4

59.4

56.6

56.3

52.5

50.2

47.6

47.5

46.9

41.9

41.7

53.1

2024Q1

59.5

56.3

56.2

51.9

50.3

47.1

47.5

46.9

44.4

43.5

53.2

2024Q2

59.5

57.0

56.3

52.6

50.2

47.3

47.5

46.9

41.1

40.8

53.3

2024Q3

59.6

57.2

56.4

53.0

50.1

47.6

47.5

46.9

40.7

40.2

53.4

Table 4.10: Distribution of Beneficial Ownership Attributable to the Top

5 Owners (Percent)

As reported on Form PF, Question 15.

Fund Type

All Private Funds

Qualifying Hedge Funds

Statistic

10th Percentile

25th Percentile

Median

Mean

10th Percentile

25th Percentile

Median

Mean

2022Q3

32.0

51.0

86.0

74.6

30.0

44.0

70.0

68.4

2022Q4

32.0

51.0

86.0

74.7

30.0

44.0

69.0

68.4

2023Q1

32.0

52.0

86.0

74.8

30.0

44.0

69.0

68.3

18

2023Q2

32.0

52.0

86.0

74.9

30.0

44.0

68.0

68.1

2023Q3

32.0

52.0

86.0

74.9

30.0

44.0

68.0

68.3

2023Q4

32.0

51.0

86.0

74.7

30.0

44.0

69.0

68.4

2024Q1

32.0

51.0

86.0

74.7

30.0

44.0

68.0

68.1

2024Q2

32.0

51.0

86.0

74.7

30.0

43.2

67.0

67.2

2024Q3

32.0

52.0

86.0

74.8

30.0

44.0

67.0

67.7

Analytics Office

5

Fund Investments in Derivatives

Table 5.1: Aggregate Derivative Value ($ Billions)

As reported on Form PF, Questions 13 and 44 (Third Month).

Type

Hedge Fund

Private Equity Fund

Other Private Fund

Real Estate Fund

Securitized Asset Fund

Venture Capital Fund

Liquidity Fund

Total

2022Q3

14,261

71

112

41

5

***

***

14,489

2022Q4

14,882

158

105

72

***

0

***

15,224

2023Q1

15,251

159

103

76

***

0

***

15,596

2023Q2

15,207

159

104

78

***

0

***

15,553

2023Q3

15,484

159

101

65

***

0

***

15,814

2023Q4

15,323

136

99

64

***

0

***

15,623

2024Q1

16,763

109

97

64

***

0

***

17,034

2024Q2

17,678

109

97

64

***

0

***

17,950

2024Q3

19,508

110

97

64

***

0

***

19,780

Table 5.2: Aggregate Derivative Value Reported by Funds of Large Filers

($ Billions)

As reported on Form PF, Questions 13 and 44 (Third Month).

Type

Qualifying Hedge Fund

Section 4 Private Equity Fund

Section 3 Liquidity Fund

2022Q3

12,698

54

0

2022Q4

13,013

73

0

2023Q1

12,985

72

0

2023Q2

13,816

72

0

2023Q3

13,965

72

0

2023Q4

14,067

111

0

2024Q1

14,901

111

0

2024Q2

15,857

111

0

2024Q3

17,198

111

0

Table 5.3: Aggregate Derivative Value (Percent of Aggregate NAV)

As reported on Form PF, Questions 9, 13, and 44 (Third Month).

Type

Hedge Fund

Qualifying Hedge Fund

Section 4 Private Equity Fund

Private Equity Fund

Other Private Fund

Real Estate Fund

Securitized Asset Fund

Venture Capital Fund

Liquidity Fund

Section 3 Liquidity Fund

Total

2022Q3

294.0

337.2

1.2

1.2

7.3

5.5

1.8

0.1

***

***

105.0

2022Q4

309.0

343.2

1.5

2.6

7.4

8.4

2.1

0.1

***

***

108.4

2023Q1

313.9

334.9

1.5

2.7

7.5

8.9

2.1

0.1

***

***

111.5

2023Q2

309.6

351.1

1.5

2.7

7.8

9.0

1.4

0.1

***

***

110.9

19

2023Q3

314.0

352.4

1.5

2.7

7.6

7.6

1.4

0.1

***

***

112.4

2023Q4

306.9

354.8

2.1

2.0

6.5

7.8

0.3

0.1

***

***

103.4

2024Q1

321.5

363.4

2.1

1.6

6.3

7.7

0.3

0.1

***

***

111.1

2024Q2

339.0

387.1

2.1

1.6

6.3

7.8

0.3

0.1

***

***

117.0

2024Q3

362.3

403.7

2.1

1.6

6.2

7.8

0.3

0.1

***

***

127.4

Analytics Office

Table 5.4: Aggregate Net Assets of Private Funds by Derivatives to NAV

Ratio ($ Billions)

As reported on Form PF, Questions 9, 10, 13, and 44 (Third Month). The ratio of derivative value to

net assets is calculated for each fund, and the net assets of the funds with a ratio in a given

range are summed. See the appendix for a review of interval notation used here.

Fund Universe

All Private Funds

Qualifying Hedge Funds

Ratio

0

(0,1)

[1,5)

[5,10)

10 or more

0

(0,1)

[1,5)

[5,10)

10 or more

2022Q3

8,493

4,060

770

161

330

557

2,096

664

140

309

2022Q4

8,651

4,207

700

204

301

572

2,163

594

182

279

2023Q1

8,584

4,176

684

236

318

634

2,171

566

213

293

2023Q2

8,609

4,192

703

205

332

636

2,203

595

187

314

2023Q3

8,606

4,197

736

195

345

624

2,207

631

174

326

2023Q4

9,503

4,349

693

225

350

612

2,237

580

207

328

2024Q1

9,545

4,492

669

272

364

652

2,330

540

244

334

2024Q2

9,566

4,516

703

172

397

666

2,347

574

144

365

2024Q3

9,602

4,599

691

202

451

669

2,439

568

174

410

Table 5.5: Number of Private Funds by Derivatives to NAV Ratio

As reported on Form PF, Questions 9, 10, 13, and 44 (Third Month). The ratio of derivative value to

net assets is calculated for each fund, and the number funds with a ratio in a given range are then

counted. See the appendix for a review of interval notation used here.

Fund Universe

All Private Funds

Qualifying Hedge Funds

Ratio

0

(0,1)

[1,5)

[5,10)

10 or more

0

(0,1)

[1,5)

[5,10)

10 or more

2022Q3

31,424

5,137

789

158

2,033

445

1,160

267

52

114

2022Q4

34,580

5,334

769

165

2,247

475

1,177

244

68

110

2023Q1

34,747

5,324

771

167

2,284

478

1,165

235

60

108

20

2023Q2

34,853

5,312

748

179

2,309

486

1,189

231

73

110

2023Q3

34,921

5,290

765

175

2,321

474

1,212

233

64

118

2023Q4

37,632

5,300

762

174

2,196

486

1,206

219

67

128

2024Q1

37,791

5,307

727

183

2,217

495

1,208

199

69

116

2024Q2

37,742

5,292

743

177

2,317

463

1,151

214

58

112

2024Q3

37,903

5,286

760

167

2,254

478

1,173

230

50

119

Analytics Office

6

Additional Hedge Fund Industry Information

6.1

High Frequency Trading

Table 6.1: Number of Hedge Funds Using High Frequency Trading (HFT)

Strategies

As reported on Form PF, Question 21. See the appendix for a review of interval notation used here.

Fraction of NAV

0%

(0%,26%)

26% or More

2022Q3

8,685

43

15

2022Q4

8,708

47

14

2023Q1

8,789

47

14

2023Q2

8,870

46

13

2023Q3

8,914

49

12

2023Q4

8,827

44

11

2024Q1

8,910

45

11

2024Q2

8,972

48

10

2024Q3

8,983

48

10

Table 6.2: Aggregate Net Assets of Hedge Fund Managed Using HFT

Strategies ($ Billions)

As reported on Form PF, Questions 9 and 21. See the appendix for a review of interval notation used

here.

Fraction of NAV

0%

(0%,26%)

26% or More

6.2

2022Q3

4,683

132

11

2022Q4

4,665

71

66

2023Q1

4,689

75

71

2023Q2

4,749

71

71

2023Q3

4,745

74

74

2023Q4

4,908

64

13

2024Q1

5,079

88

14

2024Q2

5,090

100

4

2024Q3

5,210

111

4

Industry Concentration

Table 6.3: Percent of Aggregate Hedge Fund Net Asset Value Reported by

Top Hedge Funds Sorted by Net Asset Value

As reported on Form PF, Questions 9 and 10.

Top 10

Top 25

Top 50

Top 100

Top 250

Top 500

2022Q3

8.1

13.7

19.6

27.6

41.6

54.8

2022Q4

7.8

13.3

19.1

27.0

41.2

54.6

2023Q1

7.9

13.4

19.3

27.3

41.6

54.8

2023Q2

7.8

13.2

19.4

27.3

41.5

54.7

2023Q3

8.0

13.6

19.5

27.5

41.7

54.7

2023Q4

7.7

13.1

19.0

26.9

41.2

54.1

2024Q1

8.0

13.3

19.1

27.3

41.5

54.5

2024Q2

8.0

13.4

19.3

27.5

41.8

54.8

2024Q3

8.1

13.5

19.5

27.6

41.9

54.9

Table 6.4: Percent of Aggregate Hedge Fund Gross Asset Value Reported

by Top Hedge Funds Sorted by Gross Asset Value

As reported on Form PF, Questions 8 and 10.

Top 10

Top 25

Top 50

Top 100

Top 250

Top 500

2022Q3

16.9

25.7

33.7

42.4

54.7

65.9

2022Q4

17.7

26.3

34.5

43.0

55.1

66.3

2023Q1

17.7

26.7

34.8

43.3

55.5

66.6

2023Q2

18.9

28.0

36.2

44.6

56.5

67.3

2023Q3

19.7

29.1

37.6

46.0

57.8

68.3

21

2023Q4

20.9

30.4

39.0

47.2

58.7

68.9

2024Q1

19.9

29.7

38.6

46.9

58.6

68.8

2024Q2

19.1

29.6

38.7

47.1

59.0

69.2

2024Q3

19.9

30.6

39.9

48.8

60.4

70.4

Analytics Office

Table 6.5: Percent of Aggregate Hedge Fund Borrowings Reported by Top

Hedge Funds Sorted by Borrowings

As reported on Form PF, Questions 12 and 43 (Month 3).

Top 10

Top 25

Top 50

Top 100

Top 250

Top 500

2022Q3

34.1

50.1

62.0

72.3

83.4

90.5

2022Q4

36.5

51.0

63.3

73.6

84.2

91.0

2023Q1

35.8

51.2

64.1

74.5

85.0

91.5

2023Q2

37.0

52.3

64.7

74.9

85.4

92.0

2023Q3

37.4

53.0

65.8

75.7

86.0

92.3

2023Q4

39.1

55.1

68.0

77.5

86.9

92.8

2024Q1

38.2

55.0

67.5

77.1

86.8

93.1

2024Q2

36.3

54.4

67.1

77.0

87.0

93.1

2024Q3

37.7

55.2

68.4

78.5

88.1

93.7

Table 6.6: Percent of Aggregate Hedge Fund Derivative Value Reported by

Top Hedge Funds Sorted by Derivative Value

As reported on Form PF, Questions 13 and 44 (Month 3).

Top 10

Top 25

Top 50

Top 100

Top 250

Top 500

2022Q3

41.3

56.2

68.3

79.4

90.1

95.2

2022Q4

38.4

55.8

69.0

80.2

90.5

95.4

2023Q1

41.4

56.9

68.7

80.2

90.7

95.6

2023Q2

41.0

55.4

67.8

79.5

90.6

95.5

2023Q3

39.9

55.0

67.7

79.4

90.8

95.6

2023Q4

41.3

56.2

68.6

80.0

90.6

95.4

2024Q1

41.0

55.2

68.3

79.7

90.8

95.6

2024Q2

40.9

56.2

69.1

80.7

91.1

95.6

2024Q3

41.2

57.2

70.1

81.4

91.5

95.9

Table 6.7: Percent of Aggregate Hedge Fund Gross Notional Exposure

Reported by Top Hedge Funds Sorted by Gross Notional

Exposure

As reported on Form PF, Questions 26 and 30 (Month 3).

Top 10

Top 25

Top 50

Top 100

Top 250

Top 500

2022Q3

35.0

50.0

61.0

71.6

83.1

90.6

2022Q4

34.3

50.2

61.7

72.6

83.9

91.1

2023Q1

36.9

51.6

62.3

73.2

84.2

91.3

2023Q2

37.0

50.7

61.7

72.9

84.2

91.2

2023Q3

36.9

51.8

63.5

74.1

85.1

91.8

22

2023Q4

38.9

53.8

64.6

74.9

85.5

92.0

2024Q1

38.1

53.5

64.6

75.0

85.6

92.1

2024Q2

38.4

54.5

65.4

75.8

86.1

92.3

2024Q3

39.0

56.0

67.4

77.4

87.1

92.8

Analytics Office

6.3

NAV Allocation of Single-Strategy US-Domiciled Hedge Funds

Table 6.8: NAV Allocation of Single-Strategy US-Domiciled Hedge Funds

($ Billions)

As reported on Form PF, Questions 9, 19, and 20.

Category

Equity

Other

Credit

Relative Value

Event Driven

Macro

Investment in other funds

Managed Futures/CTA

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

Subtotal

Asset Based Lending

Long/Short

Subtotal

F.I. Asset Backed

F.I. Conv. Arb.

F.I. Corp.

Volatility Arb.

F.I. Sov.

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Subtotal

Quantitative

Fundamental

Subtotal

Total

2022Q3

273

252

29

2

556

657

77

73

150

32

8

11

3

1

55

48

19

9

76

11

4

***

***

16

32

***

***

6

1,369

2022Q4

272

251

28

1

551

658

86

77

163

37

7

11

3

2

59

50

26

7

83

9

4

***

***

14

32

***

***

6

1,384

23

2023Q1

262

259

27

1

549

667

87

93

179

38

7

11

5

2

63

49

26

5

80

8

4

***

***

13

39

***

***

6

1,419

2023Q2

294

263

27

1

584

673

94

77

170

37

7

12

7

2

64

51

27

4

82

9

4

1

0

14

39

***

***

6

1,442

2023Q3

280

254

26

1

562

674

96

79

174

37

7

12

6

2

64

50

21

5

76

12

5

1

0

18

39

***

***

6

1,438

2023Q4

290

271

27

2

589

651

100

71

171

39

8

12

7

1

68

54

21

5

80

11

5

***

***

16

44

***

***

7

1,441

2024Q1

324

271

26

2

623

678

101

73

174

41

10

13

7

2

73

54

22

6

82

17

5

***

***

23

47

***

***

7

1,503

2024Q2

320

269

27

2

617

679

101

79

179

44

11

13

8

1

77

56

20

6

82

15

5

***

***

21

48

***

***

7

1,519

2024Q3

341

282

37

2

663

713

106

86

192

46

17

13

11

2

89

58

22

6

86

23

8

***

***

31

49

***

***

11

1,634

Analytics Office

Table 6.9: Number of Single-Strategy US-Domiciled Hedge Funds

As reported on Form PF, Questions 9, 19, and 20.

Category

Equity

Other

Credit

Relative Value

Event Driven

Macro

Investment in other funds

Managed Futures/CTA

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

Subtotal

Asset Based Lending

Long/Short

Subtotal

F.I. Asset Backed

F.I. Conv. Arb.

F.I. Corp.

Volatility Arb.

F.I. Sov.

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Subtotal

Quantitative

Fundamental

Subtotal

Total

2022Q3

476

629

50

9

1,159

1,116

207

218

422

100

26

58

20

19

201

195

61

21

276

19

16

***

***

45

260

***

***

22

3,271

2022Q4

494

584

47

13

1,132

1,166

211

220

428

107

26

58

18

18

212

212

68

19

298

18

15

***

***

44

305

***

***

23

3,343

24

2023Q1

497

585

47

12

1,135

1,190

211

232

440

119

24

59

18

18

219

211

68

19

297

18

15

***

***

44

329

***

***

23

3,413

2023Q2

513

578

45

12

1,138

1,217

219

238

454

123

24

57

18

18

221

218

69

19

305

21

15

***

***

46

332

***

***

24

3,468

2023Q3

527

587

46

13

1,163

1,230

225

241

463

130

24

66

19

19

230

219

66

19

303

21

16

***

***

48

337

***

***

24

3,525

2023Q4

489

595

49

18

1,142

1,147

216

216

427

142

23

69

22

16

245

218

67

20

305

32

16

***

***

58

374

***

***

28

3,425

2024Q1

489

587

49

18

1,134

1,173

211

223

429

149

24

67

22

20

251

220

66

21

306

37

18

***

***

65

390

***

***

26

3,486

2024Q2

508

580

49

17

1,145

1,179

207

227

429

148

24

57

22

13

240

232

64

20

316

35

17

***

***

62

381

***

***

26

3,511

2024Q3

532

602

54

19

1,190

1,219

224

233

452

154

28

62

26

18

254

235

70

21

324

37

19

***

***

64

408

***

***

30

3,606

Analytics Office

6.4

NAV Allocation of Single-Strategy Non-US-Domiciled Hedge Funds

Table 6.10: NAV Allocation of Single-Strategy Non-US-Domiciled Hedge

Funds ($ Billions)

As reported on Form PF, Questions 9, 19, and 20.

Category

Equity

Macro

Other

Relative Value

Credit

Managed Futures/CTA

Event Driven

Investment in other funds

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

Global Macro

Commodity

Currency

Active Trading

Subtotal

Subtotal

F.I. Sov.

F.I. Asset Backed

Volatility Arb.

F.I. Corp.

F.I. Conv. Arb.

Subtotal

Long/Short

Asset Based Lending

Subtotal

Quantitative

Fundamental

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

Subtotal

Total

2022Q3

620

259

***

***

965

306

6

***

***

322

715

283

74

23

17

12

409

219

89

309

***

***

240

119

25

29

173

30

2,142

2022Q4

669

261

***

***

1,019

309

7

***

***

321

760

248

71

20

17

12

369

221

93

314

***

***

190

117

28

21

166

27

2,152

25

2023Q1

696

230

***

***

1,028

309

7

***

***

319

756

256

68

20

19

14

377

227

94

321

***

***

226

371

28

21

420

32

2,144

2023Q2

667

226

***

***

996

399

7

***

***

408

762

229

68

23

18

14

352

232

101

333

***

***

285

132

27

22

182

38

2,175

2023Q3

651

217

***

***

966

422

7

***

***

433

761

228

74

20

19

14

355

231

102

333

***

***

273

131

24

25

179

35

2,171

2023Q4

679

233

***

***

1,015

531

6

***

***

539

765

258

78

23

20

15

394

234

116

350

***

***

214

133

25

20

178

34

2,206

2024Q1

720

235

***

***

1,059

596

6

***

***

604

790

242

76

21

18

17

374

244

123

367

***

***

282

138

25

23

186

46

2,272

2024Q2

734

242

***

***

1,085

577

6

***

***

585

818

254

76

20

18

12

381

243

129

372

***

***

279

137

24

20

181

40

2,287

2024Q3

735

261

***

***

1,120

737

4

***

***

742

831

273

83

22

18

13

409

255

135

390

***

***

276

143

25

21

189

42

2,344

Analytics Office

Table 6.11: Number of Single-Strategy Non-US-Domiciled Hedge Funds

As reported on Form PF, Questions 9, 19, and 20.

Category

Equity

Macro

Other

Relative Value

Credit

Managed Futures/CTA

Event Driven

Investment in other funds

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

Global Macro

Commodity

Currency

Active Trading

Subtotal

Subtotal

F.I. Sov.

F.I. Asset Backed

Volatility Arb.

F.I. Corp.

F.I. Conv. Arb.

Subtotal

Long/Short

Asset Based Lending

Subtotal

Quantitative

Fundamental

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

Subtotal

Total

2022Q3

630

385

***

***

1,093

170

39

***

***

215

882

61

150

24

90

24

305

266

117

380

***

***

121

223

69

47

314

110

3,189

2022Q4

605

392

***

***

1,085

164

45

***

***

216

924

60

139

29

87

24

294

269

112

378

***

***

125

219

75

43

313

113

3,222

26

2023Q1

602

351

***

***

1,041

162

40

***

***

212

941

59

143

29

91

24

300

279

113

389

***

***

129

223

70

44

313

114

3,204

2023Q2

593

347

***

***

1,023

164

40

***

***

213

942

59

147

30

90

25

303

285

123

405

***

***

126

227

70

44

317

118

3,218

2023Q3

593

344

***

***

1,021

165

46

***

***

217

954

60

145

30

91

24

301

284

125

406

***

***

126

229

70

43

318

111

3,219

2023Q4

563

348

***

***

989

167

35

***

***

210

963

57

143

28

87

20

288

305

138

439

***

***

123

224

72

42

314

96

3,181

2024Q1

559

352

***

***

988

170

37

***

***

213

957

48

144

27

83

20

285

303

141

440

***

***

121

221

71

42

310

94

3,172

2024Q2

556

352

***

***

981

166

37

***

***

208

962

54

148

26

86

20

292

305

144

445

***

***

118

224

75

43

314

99

3,176

2024Q3

562

353

***

***

994

159

36

***

***

201

948

49

138

28

88

30

296

308

146

450

***

***

114

226

74

42

315

98

3,172

Analytics Office

7

Information Reported by Large Hedge

Fund Advisers

7.1

Economic Leverage

Table 7.1: Aggregate Hedge Fund Net Assets of Large Hedge Fund Advisers

Reporting by GNE to Adviser-Level Hedge Fund NAV Ratio ($

Billions)

As reported on Form PF, Questions 3 and 26. See the appendix for a review of interval notation used

here.

Exposure

Including IRDs

Excluding IRDs

Ratio

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

Sep

2023

1,742

1,142

351

495

563

2,012

1,071

438

335

439

Oct

2023

2,005

1,007

389

435

561

2,340

849

483

283

442

Nov

2023

2,002

967

386

474

567

2,272

898

376

401

449

Dec

2023

1,868

1,111

352

437

629

2,115

1,067

375

396

444

Jan

2024

1,962

1,102

395

460

570

2,352

927

402

336

470

Feb

2024

1,940

1,145

357

469

576

2,209

1,022

451

323

482

Mar

2024

1,812

1,228

367

509

572

2,062

1,169

426

365

465

Apr

2024

1,965

1,034

433

387

646

2,246

935

439

357

489

May

2024

1,942

1,037

433

465

588

2,214

953

455

362

481

Jun

2024

1,804

1,197

433

435

598

2,124

1,066

439

359

479

Jul

2024

1,904

1,059

415

495

617

2,234

924

462

376

494

Aug

2024

1,847

1,124

470

443

608

2,172

983

502

332

502

Sep

2024

1,678

1,290

398

508

618

1,954

1,211

470

342

515

Table 7.2: Number of Large Hedge Fund Advisers Reporting by GNE to

Adviser-Level Hedge Fund NAV Ratio

As reported on Form PF, Questions 3 and 26. See the appendix for a review of interval notation used

here.

Exposure

Including IRDs

Excluding IRDs

Ratio

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

Sep

2023

227

222

69

63

82

258

220

72

54

59

Oct

2023

264

206

62

54

92

294

203

64

48

69

Nov

2023

257

200

69

57

95

288

200

68

52

70

Dec

2023

241

216

73

56

92

269

219

69

54

67

Jan

2024

248

212

58

56

86

277

210

56

50

67

27

Feb

2024

241

206

68

55

90

268

205

71

47

69

Mar

2024

229

209

76

56

90

256

212

72

54

66

Apr

2024

243

195

79

49

92

271

195

73

54

65

May

2024

235

200

78

55

90

267

192

80

52

67

Jun

2024

221

215

78

54

91

255

207

76

55

66

Jul

2024

247

197

71

57

92

276

190

77

53

68

Aug

2024

245

201

74

53

93

272

195

81

48

70

Sep

2024

224

217

76

52

97

252

218

73

50

73

Analytics Office

Table 7.3: Aggregate Hedge Fund Net Assets of Large Hedge Fund Advisers

Reporting by LNE to Adviser-Level Hedge Fund NAV Ratio ($

Billions)

As reported on Form PF, Questions 3 and 26. See the appendix for a review of interval notation used

here.

Exposure

Including IRDs

Excluding IRDs

Ratio

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

Sep

2023

2,314

915

470

242

352

2,573

928

331

250

212

Oct

2023

2,640

757

414

149

438

2,866

808

265

248

209

Nov

2023

2,551

775

445

183

443

2,799

833

282

273

210

Dec

2023

2,438

869

349

292

448

2,591

1,010

309

273

213

Jan

2024

2,592

830

401

274

391

2,855

833

278

304

216

Feb

2024

2,535

895

446

206

405

2,878

791

278

315

226

Mar

2024

2,463

929

458

252

385

2,663

982

338

278

228

Apr

2024

2,569

873

378

227

420

2,813

826

298

287

241

May

2024

2,492

876

458

249

389

2,749

869

311

292

245

Jun

2024

2,446

933

454

181

453

2,611

1,005

353

253

246

Jul

2024

2,499

896

354

227

515

2,724

911

321

260

275

Aug

2024

2,507

930

322

240

492

2,706

951

262

314

257

Sep

2024

2,379

966

350

329

467

2,569

1,042

305

271

304

Table 7.4: Number of Large Hedge Fund Advisers Reporting by LNE to

Adviser-Level Hedge Fund NAV Ratio

As reported on Form PF, Questions 3 and 26. See the appendix for a review of interval notation used

here.

Exposure

Including IRDs

Excluding IRDs

Ratio

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

Sep

2023

311

204

57

40

51

350

195

51

37

30

Oct

2023

362

168

49

38

61

397

164

40

40

37

Nov

2023

343

178

54

39

64

379

177

44

40

38

Dec

2023

314

206

56

38

64

346

208

47

36

41

Jan

2024

347

170

48

38

57

378

166

42

42

32

28

Feb

2024

336

176

52

35

61

375

162

47

42

34

Mar

2024

313

195

56

39

57

339

198

52

36

35

Apr

2024

331

183

48

39

57

365

175

42

44

32

May

2024

318

190

55

40

55

355

178

52

39

34

Jun

2024

303

205

55

41

55

338

198

51

38

34

Jul

2024

331

187

43

40

63

359

182

48

35

40

Aug

2024

331

188

42

40

65

363

183

41

37

42

Sep

2024

314

199

48

39

66

346

192

49

33

46

Analytics Office

Table 7.5: Aggregate Hedge Fund Net Assets of Large Hedge Fund Advisers

Reporting by SNE to Adviser-Level Hedge Fund NAV Ratio ($

Billions)

As reported on Form PF, Questions 3 and 26. See the appendix for a review of interval notation used

here.

Exposure

Including IRDs

Excluding IRDs

Ratio

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

Sep

2023

3,058

404

200

261

371

3,372

394

107

272

149

Oct

2023

3,226

381

235

199

357

3,499

359

113

274

151

Nov

2023

3,242

286

315

122

432

3,519

277

157

229

215

Dec

2023

3,260

314

235

239

348

3,543

312

109

205

227

Jan

2024

3,332

270

338

174

373

3,557

338

131

220

241

Feb

2024

3,323

230

385

151

399

3,590

328

102

239

229

Mar

2024

3,308

226

403

163

388

3,469

433

135

236

214

Apr

2024

3,280

344

204

219

419

3,523

347

121

241

233

May

2024

3,210

366

319

158

414

3,491

356

144

225

250

Jun

2024

3,173

404

323

165

403

3,545

326

133

212

253

Jul

2024

3,183

409

297

86

515

3,479

358

170

206

276

Aug

2024

3,157

443

295

110

486

3,572

260

183

228

248

Sep

2024

3,166

350

381

141

454

3,548

274

175

216

278

Table 7.6: Number of Large Hedge Fund Advisers Reporting by SNE to

Adviser-Level Hedge Fund NAV Ratio

As reported on Form PF, Questions 3 and 26. See the appendix for a review of interval notation used

here.

Exposure

Including IRDs

Excluding IRDs

Ratio

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

Sep

2023

501

53

26

32

51

529

56

24

27

27

Oct

2023

517

47

25

30

59

545

50

18

30

35

Nov

2023

514

46

30

27

61

543

46

23

32

34

Dec

2023

521

46

29

26

56

548

48

19

28

35

Jan

2024

501

55

26

25

53

526

51

24

28

31

29

Feb

2024

500

46

31

28

55

527

51

21

33

28

Mar

2024

491

51

36

29

53

522

54

26

32

26

Apr

2024

500

46

24

34

54

521

58

19

29

31

May

2024

487

60

27

31

53

517

56

26

27

32

Jun

2024

491

55

31

28

54

521

55

25

25

33

Jul

2024

497

57

23

28

59

524

56

23

24

37

Aug

2024

495

60

26

25

60

531

51

25

23

36

Sep

2024

500

50

31

24

61

531

47

24

24

40

Analytics Office

7.2

Industry Concentration

Table 7.7: Percent of Aggregate Hedge Fund Net Asset Value Reported by

Top Large Hedge Fund Advisers Sorted by Hedge Fund Net Asset

Value

As reported on Form PF, Question 3(a).

Top 10

Top 25

Top 50

Top 100

Top 250

Sep

2023

18.0

33.0

47.2

62.4

83.9

Oct

2023

18.2

33.4

47.5

62.8

84.1

Nov

2023

18.2

33.4

47.5

62.8

84.1

Dec

2023

18.2

33.4

47.5

62.8

84.1

Jan

2024

18.1

33.8

47.9

62.9

84.0

Feb

2024

18.1

33.8

47.9

62.9

84.0

Mar

2024

18.1

33.8

47.9

62.9

84.0

Apr

2024

18.5

34.0

48.0

62.9

84.1

May

2024

18.5

34.0

48.0

62.9

84.1

Jun

2024

18.5

34.0

48.0

62.9

84.0

Jul

2024

15.8

31.4

45.9

61.4

83.2

Aug

2024

15.8

31.4

45.9

61.4

83.2

Sep

2024

15.8

31.4

45.9

61.4

83.2

Table 7.8: Percent of Aggregate Gross Notional Exposure Reported by Top

Large Hedge Fund Advisers Sorted by Gross Notional Exposure

As reported on Form PF, Questions 26.

Top 10

Top 25

Top 50

Top 100

Top 250

Sep

2023

42.3

64.3

77.3

86.7

95.1

Oct

2023

43.6

65.2

78.6

87.9

95.8

Nov

2023

43.7

66.0

79.0

88.1

95.9

Dec

2023

43.6

65.1

77.9

87.2

95.3

Jan

2024

45.2

66.8

79.5

88.4

95.8

Feb

2024

50.1

70.7

82.0

89.7

96.3

30

Mar

2024

44.2

65.7

78.4

87.7

95.4

Apr

2024

44.9

67.1

79.8

88.5

95.9

May

2024

44.8

67.9

80.1

88.7

95.9

Jun

2024

44.8

67.1

78.9

87.8

95.5

Jul

2024

45.1

67.8

80.1

88.9

96.0

Aug

2024

46.6

68.3

80.9

89.2

96.1

Sep

2024

45.1

67.4

80.0

88.5

95.8

Analytics Office

7.3

Portfolio Turnover

Table 7.9: Aggregate Portfolio Turnover ($ Billions)

As reported on Form PF, Question 27.

Asset Class

Futures

Sov. and muni. bonds

Listed equities

Corporate bonds

Convertible bonds

Total

Sep

2023

20,516

7,606

4,668

221

75

33,086

Oct

2023

20,629

8,124

4,861

234

56

33,905

Nov

2023

28,723

9,031

4,628

257

69

42,708

Dec

2023

26,297

7,794

4,564

171

92

38,918

Jan

2024

20,839

8,789

4,831

316

110

34,884

Feb

2024

24,011

8,792

4,864

435

104

38,206

Mar

2024

28,252

8,173

4,929

459

160

41,974

Apr

2024

16,639

9,349

5,246

615

116

31,965

May

2024

19,469

10,615

5,481

662

149

36,377

Jun

2024

17,131

11,045

4,858