Division of Investment Management

Division of Investment Management

Analytics Office

Private Fund Statistics

Form PF and Form ADV Data, Fourth Calendar Quarter 2025

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.

Information presented in this report reflects staff’s compilation and analysis of data reported to the

Commission on Form PF and Form ADV. The presented information does not reflect any filings or

amended filings submitted after July 03, 2026.

Fourth Calendar Quarter 2025

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 July 03, 2026, for the reporitng

periods from Fourth Calendar Quarter 2023 through Fourth Calendar Quarter 2025.1 A

downloadable Excel file published alongside this report provides the most recently updated historical

data, beginning with the 2013Q1 reporting period. As noted on Form PF, the Commission does not

intend to make public information reported on Form PF that is identifiable to any particular adviser

or private fund. Form PF information provided in this report are anonymized, and are 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 Appendices to this report

for definitions of capitalized terms, other technical descriptions, a summary of certain changes to

Form PF over time, and information on the categories of Form PF filers.

An adviser may file amendments to previously filed reports on Form PF at any time, including

amendments to correct mistakes or errors in previously filed reports — for more details, see the Form

PF General Instructions. Advisers that file or report to the Commission on Form ADV are required

to promptly file other-than-annual amendments if certain aspects of their most recent annual

updating amendment have changed — for more details, see the Form ADV General Instructions.

Commission Staff works with the reported information on Form PF and with filers to

identify and correct filing errors and employs certain methodologies and assumptions in

aggregating the data. Commission Staff updates reported statistics from time to time to

reflect corrected and amended filings and any adjustments to methodologies and assumptions, which may result in changes to previously reported statistics. Where appropriate,

the Commission Staff may remove filings that appear to be erroneous to ensure the accuracy of information presented. A downloadable Excel file published alongside this report

provides the most recently updated historical data and includes methodological notes

and assumptions, including a description of significant changes.

If you have any questions or comments about Fourth Calendar Quarter

2025 Private Fund Statistics, please contact: IM-Analytics with subject line “Fourth Calendar

Quarter 2025-Private Fund Statistics”.

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.

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.

1

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

Fourth Calendar Quarter 2025

1

Analytics Office

Number of Funds and Advisers2

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

2023Q4

23,205

9,688

7,146

4,255

3,252

2,702

73

50,321

2024Q1

23,259

9,794

7,146

4,271

3,254

2,733

74

50,531

2024Q2

23,231

9,866

7,176

4,270

3,254

2,738

76

50,611

2024Q3

23,316

9,933

7,197

4,253

3,258

2,737

77

50,771

2024Q4

25,124

9,740

7,659

4,647

3,584

3,097

74

53,925

2025Q1

25,107

9,840

7,717

4,724

3,621

3,105

73

54,187

2025Q2

25,136

9,920

7,739

4,738

3,614

3,117

73

54,337

2025Q3

25,158

9,943

7,745

4,736

3,616

3,127

74

54,399

2025Q4

27,682

9,858

8,492

4,948

4,392

3,441

78

58,891

Table 1.2: Number of Funds Reported by Large Filers

Fund Type

Section 4 Private Equity Fund

Qualifying Hedge Fund

Section 3 Liquidity Fund

2023Q4

8,574

2,111

51

2024Q1

8,576

2,092

49

2024Q2

8,548

2,006

52

2024Q3

8,550

2,071

52

2024Q4

10,002

2,058

51

2025Q1

10,361

2,085

48

2025Q2

10,376

2,113

50

2025Q3

10,376

2,146

55

2025Q4

11,983

2,178

56

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

Section 4 Private Equity Fund

Hedge Fund

Other Private Fund

Real Estate Fund

Venture Capital Fund

Securitized Asset Fund

Qualifying Hedge Fund

Liquidity Fund

Section 3 Liquidity Fund

Total

2023Q4

1,865

487

1,859

787

467

317

176

598

38

22

3,937

2024Q1

1,862

489

1,860

783

468

318

176

595

38

20

3,937

2024Q2

1,863

488

1,857

787

466

318

177

598

39

22

3,939

2024Q3

1,860

489

1,863

790

464

321

175

610

39

21

3,943

2024Q4

1,937

542

1,836

808

480

338

187

615

34

22

4,008

2025Q1

1,937

542

1,834

808

484

339

186

621

34

21

4,007

2025Q2

1,939

543

1,835

808

486

339

186

620

33

22

4,009

2025Q3

1,943

543

1,836

807

486

340

186

626

34

24

4,010

2025Q4

2,047

586

1,875

831

503

362

199

637

38

23

4,153

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

2023Q4

1,755

902

821

407

52

3,937

2024Q1

1,760

900

816

410

51

3,937

2024Q2

1,761

897

820

409

52

3,939

2024Q3

1,768

901

815

407

52

3,943

2024Q4

1,754

916

843

435

60

4,008

2025Q1

1,747

918

848

432

62

4,007

2025Q2

1,749

915

849

434

62

4,009

2025Q3

1,752

913

851

431

63

4,010

2025Q4

1,819

900

903

459

72

4,153

2

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

Fourth Calendar Quarter 2025

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

2023Q4

10,787

7,414

1,734

1,078

1,024

400

362

22,799

2024Q1

11,150

7,435

1,737

1,081

1,031

400

340

23,175

2024Q2

11,373

7,426

1,744

1,079

1,031

400

353

23,407

2024Q3

12,269

7,420

1,755

1,071

1,027

400

381

24,322

2024Q4

12,094

7,952

1,878

1,133

1,111

465

369

25,001

2025Q1

12,787

7,942

1,863

1,128

1,112

473

384

25,690

2025Q2

13,528

7,950

1,866

1,130

1,113

473

402

26,462

2025Q3

13,927

7,958

1,858

1,127

1,111

474

420

26,875

2025Q4

14,417

9,334

2,278

1,257

1,207

705

432

29,631

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

2023Q4

9,238

5,874

359

2024Q1

9,468

5,878

334

2024Q2

9,612

5,876

351

2024Q3

10,430

5,880

377

2024Q4

10,270

6,354

367

2025Q1

10,959

6,464

381

2025Q2

11,827

6,466

401

2025Q3

12,216

6,470

421

2025Q4

12,580

7,663

430

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

Securitized Asset Fund

Liquidity Fund

Total

2023Q4

6,744

5,011

1,543

822

375

284

353

15,131

2024Q1

6,763

5,233

1,542

826

375

290

333

15,361

2024Q2

6,755

5,235

1,553

824

374

290

343

15,375

2024Q3

6,748

5,407

1,562

819

375

290

369

15,569

2024Q4

7,289

5,337

1,645

880

427

408

358

16,345

2025Q1

7,279

5,430

1,632

881

435

406

374

16,439

2025Q2

7,286

5,655

1,635

885

435

407

389

16,692

2025Q3

7,294

5,861

1,625

883

436

409

414

16,921

2025Q4

8,523

5,992

1,986

972

679

434

426

19,013

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

2023Q4

5,386

3,981

350

2024Q1

5,389

4,118

327

2024Q2

5,388

4,119

341

4

2024Q3

5,392

4,301

366

2024Q4

5,906

4,226

357

2025Q1

6,010

4,342

371

2025Q2

6,011

4,559

387

2025Q3

6,012

4,751

415

2025Q4

7,064

4,845

424

Fourth Calendar Quarter 2025

2.2

Analytics Office

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

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

7.0

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

5.0

0.3

0.6

1.0

2.0

4.4

2.1

2024Q4

0.3

0.7

1.4

3.1

7.6

5.0

0.3

0.6

1.0

2.0

4.3

2.1

2025Q1

0.3

0.7

1.4

3.1

7.7

5.3

0.3

0.6

1.0

2.0

4.3

2.1

2025Q2

0.3

0.8

1.5

3.3

7.9

5.6

0.2

0.6

1.0

2.0

4.7

2.2

2025Q3

0.3

0.8

1.5

3.4

8.1

5.7

0.3

0.6

1.1

2.1

4.7

2.2

2025Q4

0.3

0.8

1.5

3.3

8.4

5.8

0.3

0.6

1.1

2.1

4.7

2.2

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

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

5

2024Q4

0.0

0.0

0.1

0.5

1.4

0.6

0.0

0.0

0.1

0.4

1.3

0.6

2025Q1

0.0

0.0

0.1

0.5

1.4

0.6

0.0

0.0

0.1

0.4

1.3

0.6

2025Q2

0.0

0.0

0.1

0.5

1.4

0.6

0.0

0.0

0.1

0.4

1.3

0.6

2025Q3

0.0

0.0

0.1

0.5

1.4

0.6

0.0

0.0

0.1

0.4

1.3

0.6

2025Q4

0.0

0.0

0.1

0.5

1.4

0.6

0.0

0.0

0.1

0.4

1.3

0.6

Fourth Calendar Quarter 2025

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

2023Q4

13,819

749

232

174

3,116

519

194

133

2024Q1

14,033

729

252

188

3,255

494

213

146

2024Q2

14,045

759

207

213

3,253

518

168

169

2024Q3

14,151

793

244

225

3,354

557

206

171

2024Q4

14,864

779

283

218

3,275

526

244

165

2025Q1

14,882

830

273

256

3,320

556

236

204

2025Q2

15,079

846

308

259

3,483

576

270

216

2025Q3

15,234

928

344

208

3,611

654

308

166

2025Q4

17,243

963

350

226

3,651

696

311

175

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

2023Q4

39,659

2,021

561

1,609

1,758

247

42

32

2024Q1

39,797

2,031

568

1,620

1,756

238

45

36

2024Q2

39,828

2,053

579

1,627

1,663

239

46

39

6

2024Q3

39,801

2,094

586

1,638

1,698

264

47

44

2024Q4

42,304

2,195

601

1,711

1,669

268

51

42

2025Q1

42,465

2,218

583

1,721

1,698

266

49

48

2025Q2

42,536

2,240

590

1,717

1,718

266

58

51

2025Q3

42,523

2,253

579

1,709

1,736

284

59

46

2025Q4

46,561

2,301

615

1,811

1,751

293

61

48

Fourth Calendar Quarter 2025

2.3

Analytics Office

Fund Borrowings

Table 2.9: Aggregate Borrowings (Percent of Aggregate GAV)

As reported on Form PF, Questions 8, 12, 43 (Third Month), and 68.

Fund Type

Qualifying Hedge Fund

Hedge Fund

Securitized Asset Fund

Real Estate Fund

Other Private Fund

Section 4 Private Equity Fund

Private Equity Fund

Venture Capital Fund

Liquidity Fund

Section 3 Liquidity Fund

2023Q4

50.7

46.5

56.6

14.8

5.2

5.0

4.9

0.6

0.0

0.0

2024Q1

52.6

47.8

53.4

14.0

5.2

5.0

4.8

0.6

0.0

0.0

2024Q2

53.5

48.7

53.3

14.0

5.2

5.0

4.8

0.6

0.0

0.0

2024Q3

56.1

51.5

52.9

14.3

5.2

5.0

4.8

0.6

0.0

0.0

2024Q4

54.9

50.5

49.2

15.4

5.7

4.7

4.7

0.8

0.0

0.0

2025Q1

56.2

52.5

43.5

14.6

5.7

4.6

4.6

0.7

0.0

0.0

2025Q2

58.2

53.8

43.5

14.5

5.7

4.6

4.6

0.7

0.0

0.0

2025Q3

58.6

54.3

43.6

14.8

5.8

4.6

4.6

0.7

0.0

0.0

2025Q4

59.4

54.7

48.7

18.9

6.3

5.7

5.7

0.6

0.0

0.0

Table 2.10: Distribution of Fund Borrowing ($ Billions)

As reported on Form PF, Questions 12, 43 (Third Month), and 68. 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

2023Q4

0.0

0.3

0.6

1.0

0.6

0.3

1.2

4.0

11.4

3.7

2024Q1

0.0

0.3

0.6

1.1

0.6

0.3

1.3

4.4

12.5

3.9

2024Q2

0.0

0.3

0.6

1.1

0.6

0.3

1.4

4.9

12.8

4.0

7

2024Q3

0.0

0.3

0.6

1.2

0.7

0.3

1.4

4.9

14.4

4.5

2024Q4

0.0

0.3

0.5

1.1

0.7

0.3

1.4

5.1

14.5

4.3

2025Q1

0.0

0.2

0.5

1.1

0.7

0.3

1.3

5.4

15.9

4.5

2025Q2

0.0

0.3

0.5

1.2

0.8

0.4

1.5

5.5

17.6

5.1

2025Q3

0.0

0.3

0.6

1.2

0.8

0.4

1.6

6.1

19.7

5.2

2025Q4

0.0

0.3

0.6

1.2

0.8

0.4

1.6

6.0

17.8

5.4

Fourth Calendar Quarter 2025

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, 43 (Third Month), and 68. 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

2023Q4

7,625

6,539

664

160

143

977

2,224

519

145

117

2024Q1

7,720

6,626

682

190

143

1,005

2,282

538

178

115

2024Q2

7,747

6,580

740

155

153

1,018

2,246

587

141

125

2024Q3

7,816

6,679

699

196

178

1,063

2,362

552

182

142

2024Q4

8,126

7,114

727

213

165

1,024

2,315

560

198

129

2025Q1

8,220

7,044

769

224

182

1,014

2,378

591

212

146

2025Q2

8,338

7,089

796

279

191

1,077

2,425

628

267

162

2025Q3

8,393

7,173

891

275

190

1,141

2,464

721

263

162

2025Q4

9,814

7,807

893

297

202

1,123

2,562

713

280

167

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

As reported on Form PF, Questions 9, 10, 12, 43 (Third Month), and 68. 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

2023Q4

34,384

7,918

1,150

233

3,056

815

1,010

221

24

41

2024Q1

34,659

7,859

1,150

208

3,046

811

993

226

25

37

2024Q2

34,593

7,852

1,187

214

3,136

732

986

226

27

35

2024Q3

34,777

7,841

1,193

222

3,057

765

1,003

228

32

43

2024Q4

36,757

8,351

1,280

243

3,339

745

1,001

229

34

49

2025Q1

37,150

8,286

1,271

217

3,257

724

1,054

231

34

42

2025Q2

37,288

8,266

1,267

227

3,255

746

1,035

244

44

44

2025Q3

37,333

8,271

1,285

226

3,252

767

1,036

255

43

45

2025Q4

40,658

8,991

1,339

234

3,607

776

1,051

255

46

50

Table 2.13: Aggregate Borrowing by Creditor Type (Percent)

As reported on Form PF, Questions 12, 43 (Third Month), and 68.

Creditor Type

US Financial

Non-US Financial

US Non-Financial

Non-US Non-Financial

2023Q4

64.1

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

65.1

32.7

2.5

0.4

8

2024Q4

65.8

31.1

2.4

0.3

2025Q1

66.0

32.1

2.4

0.3

2025Q2

65.9

32.2

2.3

0.3

2025Q3

65.7

32.3

2.3

0.3

2025Q4

64.2

32.0

2.2

0.4

Fourth Calendar Quarter 2025

2.4

Analytics Office

Fair Value Hierarchy3

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

2023Q4

4,871

3,901

8,327

3,614

2024Q1

4,897

3,920

8,363

3,607

2024Q2

4,902

3,925

8,373

3,604

2024Q3

4,922

3,946

8,375

3,622

2024Q4

5,583

4,151

9,139

3,378

2025Q1

5,597

4,169

9,162

3,398

2025Q2

5,615

4,179

9,181

3,406

2025Q3

5,643

4,208

9,188

3,443

2025Q4

6,656

5,162

10,676

4,234

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

2023Q4

1,878

1,583

410

3,763

2024Q1

1,880

1,692

416

3,765

2024Q2

1,882

1,675

415

3,775

2024Q3

1,886

1,748

410

3,784

2024Q4

2,045

1,799

431

3,784

2025Q1

2,048

1,816

428

3,784

2025Q2

2,067

1,820

431

3,796

2025Q3

2,072

1,844

426

3,827

2025Q4

2,392

2,015

501

5,166

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

2023Q4

3,948

2,491

1,734

2,419

2024Q1

3,973

2,510

1,740

2,430

2024Q2

3,977

2,520

1,746

2,422

2024Q3

3,997

2,535

1,756

2,437

2024Q4

4,649

2,696

1,834

2,174

2025Q1

4,672

2,709

1,855

2,180

2025Q2

4,687

2,719

1,871

2,189

2025Q3

4,719

2,745

1,877

2,218

2025Q4

5,712

3,451

2,068

2,801

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

2023Q4

1,833

1,432

105

2,766

2024Q1

1,836

1,540

107

2,767

2024Q2

1,838

1,523

106

2,778

2024Q3

1,842

1,596

101

2,788

2024Q4

1,986

1,630

107

2,761

2025Q1

1,989

1,646

104

2,761

2025Q2

2,007

1,650

107

2,773

2025Q3

2,013

1,674

102

2,802

2025Q4

2,334

1,854

134

3,979

3

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

PF frequently asked questions here.

9

Fourth Calendar Quarter 2025

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

2023Q4

3,519

2,232

1,414

2,100

2024Q1

3,540

2,217

1,420

2,108

2024Q2

3,544

2,219

1,427

2,104

2024Q3

3,565

2,238

1,436

2,111

2024Q4

4,204

2,426

1,471

1,837

2025Q1

4,230

2,440

1,491

1,853

2025Q2

4,248

2,454

1,508

1,865

2025Q3

4,280

2,480

1,515

1,893

2025Q4

5,232

3,176

1,703

2,248

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

2023Q4

1,680

1,375

96

2,562

2024Q1

1,685

1,448

98

2,560

2024Q2

1,688

1,430

97

2,568

2024Q3

1,692

1,492

92

2,573

2024Q4

1,851

1,544

98

2,518

2025Q1

1,852

1,559

94

2,531

2025Q2

1,870

1,567

97

2,547

2025Q3

1,874

1,588

92

2,575

2025Q4

2,190

1,756

122

3,551

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

2023Q4

217

157

4,912

597

2024Q1

217

157

4,939

579

2024Q2

218

157

4,933

578

2024Q3

214

156

4,934

580

2024Q4

192

157

5,454

558

2025Q1

191

159

5,445

569

2025Q2

191

159

5,448

569

2025Q3

191

159

5,449

575

2025Q4

208

181

6,396

660

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

2023Q4

14

22

20

335

2024Q1

13

22

20

336

2024Q2

13

22

20

335

2024Q3

13

22

20

333

10

2024Q4

13

28

21

366

2025Q1

13

28

21

367

2025Q2

13

28

21

367

2025Q3

13

29

21

368

2025Q4

30

40

31

478

Fourth Calendar Quarter 2025

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

2023Q4

184

115

4,036

383

2024Q1

183

115

4,038

383

2024Q2

183

115

4,038

383

2024Q3

183

119

4,038

384

2024Q4

159

109

4,502

347

2025Q1

158

109

4,570

361

2025Q2

158

109

4,571

361

2025Q3

159

110

4,571

361

2025Q4

172

119

5,399

465

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

2023Q4

11

8

9

265

2024Q1

11

8

9

265

2024Q2

11

8

9

264

2024Q3

11

8

9

266

11

2024Q4

7

26

8

290

2025Q1

7

26

8

293

2025Q2

7

26

7

294

2025Q3

7

26

7

293

2025Q4

22

39

10

394

Fourth Calendar Quarter 2025

2.5

Analytics Office

Parallel Managed Accounts4

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

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

2024Q4

537

477

428

81

27

***

***

1,561

2025Q1

544

474

428

81

27

***

***

1,566

2025Q2

543

471

432

80

27

***

***

1,565

2025Q3

525

473

432

79

27

***

***

1,548

2025Q4

529

437

426

83

33

***

***

1,522

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

Large Filers

As reported on Form PF, Question 11.

Type

Section 4 Private Equity Fund

Qualifying Hedge Fund

Section 3 Liquidity Fund

2023Q4

204

218

***

2024Q1

204

201

***

2024Q2

204

214

11

2024Q3

205

223

11

2024Q4

242

218

10

2025Q1

242

224

11

2025Q2

246

234

11

2025Q3

246

222

12

2025Q4

245

219

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

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

2024Q4

739

1,749

168

24

1

***

***

3,116

2025Q1

747

1,750

168

24

1

***

***

3,108

2025Q2

784

1,765

171

24

1

***

***

3,160

2025Q3

725

1,783

171

24

1

***

***

3,147

2025Q4

725

1,821

177

27

1

***

***

3,219

Table 2.27: Aggregate Value in Parallel Managed Accounts Reported by

Funds of Large Filers ($ Billions)

As reported on Form PF, Question 11.

Type

Section 4 Private Equity Fund

Qualifying Hedge Fund

Section 3 Liquidity Fund

2023Q4

146

472

***

2024Q1

146

444

***

2024Q2

134

460

396

2024Q3

142

514

418

2024Q4

158

489

435

2025Q1

158

518

417

2025Q2

173

560

415

2025Q3

175

518

452

2025Q4

154

480

467

4

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

Fourth Calendar Quarter 2025

3

Analytics Office

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

2023Q4

53.6

31.6

4.9

3.4

1.0

0.9

0.6

3.9

54.0

35.3

2.8

2.5

2.2

1.7

1.5

***

21.5

***

***

57.9

27.4

2.2

1.3

1.1

10.0

2024Q1

53.7

31.7

4.8

3.2

1.1

0.9

0.6

3.9

53.8

35.4

2.7

2.5

2.2

1.6

1.8

***

23.7

***

***

57.9

27.4

2.3

1.3

1.1

10.0

2024Q2

53.6

31.7

4.9

3.3

1.1

0.9

0.6

3.9

53.7

35.5

2.7

2.6

2.1

1.6

1.7

***

22.4

***

***

57.9

27.4

2.3

1.3

1.1

10.0

2024Q3

53.4

31.8

4.9

3.5

1.1

0.9

0.6

3.9

53.7

35.5

2.8

2.6

2.0

1.6

1.7

***

22.1

***

***

57.9

27.4

2.3

1.3

1.1

10.0

2024Q4

54.5

30.7

5.0

3.4

1.0

0.9

0.6

3.9

53.9

35.8

2.7

2.6

1.9

1.6

1.5

***

20.3

***

***

60.4

24.7

2.5

1.2

1.0

10.2

2025Q1

54.5

30.8

5.0

3.4

1.0

0.9

0.6

3.8

53.7

36.3

2.9

2.1

2.0

1.5

1.5

***

22.4

***

***

60.1

25.2

2.4

1.2

1.0

10.0

2025Q2

54.2

31.1

5.0

3.5

1.0

0.9

0.6

3.8

53.7

36.4

3.0

2.2

1.9

1.4

1.5

***

20.2

***

***

60.1

25.2

2.4

1.2

1.0

10.0

2025Q3

54.1

31.2

5.0

3.5

1.0

0.9

0.6

3.8

53.6

36.7

2.9

2.2

1.7

1.4

1.4

***

21.0

***

***

60.2

25.2

2.4

1.2

1.0

10.0

2025Q4

54.6

29.7

5.5

3.3

0.9

0.9

0.5

4.6

54.2

36.5

2.9

2.1

1.6

1.4

1.2

***

18.7

***

***

60.7

23.8

2.5

1.0

1.0

10.9

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

2023Q4

93.4

***

***

92.1

3.8

***

0.3

***

53.1

***

***

96.8

***

***

2024Q1

93.3

***

***

92.1

3.8

***

0.2

***

55.9

***

***

96.8

***

***

2024Q2

93.3

***

***

92.1

3.8

***

0.2

***

56.3

***

***

96.8

***

***

13

2024Q3

93.2

***

***

92.1

3.7

***

0.2

***

56.9

***

***

96.8

***

***

2024Q4

93.9

***

***

92.1

3.7

***

***

***

56.4

***

***

96.8

***

***

2025Q1

93.6

***

***

92.5

3.6

***

***

***

56.6

***

***

96.9

***

***

2025Q2

93.5

***

***

92.6

3.3

***

***

***

56.0

***

***

96.9

***

***

2025Q3

93.6

***

***

92.9

3.1

***

***

***

57.3

***

***

96.9

***

***

2025Q4

93.5

***

***

93.0

3.0

***

***

***

56.9

***

***

96.7

***

***

Fourth Calendar Quarter 2025

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

Unknown Non-U.S. Investors

State/Muni. Govt. Entities

Banking/Thrift Inst.

SEC-Registered Investment Companies

Broker-Dealers

2023Q4

2,864

2,947

1,984

1,470

1,330

1,312

1,168

796

333

246

266

192

162

58

2024Q1

2,916

2,971

2,019

1,502

1,361

1,324

1,195

807

332

239

272

196

163

56

2024Q2

2,962

2,914

2,022

1,493

1,349

1,317

1,195

796

334

272

274

226

156

56

2024Q3

3,001

2,946

2,014

1,511

1,377

1,322

1,222

820

343

270

275

243

157

61

2024Q4

3,293

3,144

2,081

1,564

1,416

1,314

1,255

865

369

285

296

216

193

45

2025Q1

3,314

3,176

2,085

1,586

1,403

1,322

1,259

872

361

280

298

226

197

52

2025Q2

3,353

3,216

2,107

1,617

1,439

1,341

1,279

881

370

288

307

237

201

53

2025Q3

3,406

3,254

2,123

1,652

1,474

1,354

1,297

871

379

289

316

239

201

56

2025Q4

4,032

3,618

2,274

1,780

1,615

1,476

1,422

953

545

372

356

267

238

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

Unknown Non-U.S. Investors

State/Muni. Govt. Entities

Banking/Thrift Inst.

SEC-Registered Investment Companies

Broker-Dealers

2023Q4

18.9

19.5

13.1

9.7

8.8

8.7

7.7

5.3

2.2

1.6

1.8

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

1.6

1.8

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

14

2024Q3

19.3

18.9

12.9

9.7

8.8

8.5

7.8

5.3

2.2

1.7

1.8

1.6

1.0

0.4

2024Q4

20.1

19.2

12.7

9.6

8.7

8.0

7.7

5.3

2.3

1.7

1.8

1.3

1.2

0.3

2025Q1

20.2

19.3

12.7

9.6

8.5

8.0

7.7

5.3

2.2

1.7

1.8

1.4

1.2

0.3

2025Q2

20.1

19.3

12.6

9.7

8.6

8.0

7.7

5.3

2.2

1.7

1.8

1.4

1.2

0.3

2025Q3

20.1

19.2

12.5

9.8

8.7

8.0

7.7

5.1

2.2

1.7

1.9

1.4

1.2

0.3

2025Q4

21.2

19.0

12.0

9.4

8.5

7.8

7.5

5.0

2.9

2.0

1.9

1.4

1.3

0.3

Fourth Calendar Quarter 2025

4.2

Analytics Office

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

Banking/Thrift Inst.

Unknown Non-U.S. Investors

SEC-Registered Investment Companies

Broker-Dealers

2023Q4

747

608

555

451

461

406

298

165

99

73

34

53

23

9

2024Q1

782

627

581

468

460

417

318

173

100

77

35

45

21

9

2024Q2

830

621

571

460

458

410

316

170

94

78

32

43

22

9

2024Q3

859

646

595

474

475

421

349

182

102

80

35

46

25

9

2024Q4

853

635

589

479

487

404

321

158

107

83

34

40

23

10

2025Q1

876

663

589

493

498

403

337

169

109

88

34

43

25

10

2025Q2

927

690

622

528

519

421

354

172

115

95

38

36

29

12

2025Q3

969

725

657

556

535

429

368

173

123

100

40

30

28

11

2025Q4

996

749

669

571

535

428

373

176

130

99

46

31

25

12

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

Banking/Thrift Inst.

Unknown Non-U.S. Investors

SEC-Registered Investment Companies

Broker-Dealers

2023Q4

18.8

15.3

13.9

11.3

11.6

10.2

7.5

4.1

2.5

1.8

0.9

1.3

0.6

0.2

2024Q1

19.0

15.2

14.1

11.4

11.2

10.1

7.7

4.2

2.4

1.9

0.8

1.1

0.5

0.2

2024Q2

20.2

15.1

13.9

11.2

11.1

10.0

7.7

4.1

2.3

1.9

0.8

1.1

0.5

0.2

15

2024Q3

20.0

15.0

13.8

11.0

11.0

9.8

8.1

4.2

2.4

1.8

0.8

1.1

0.6

0.2

2024Q4

20.2

15.0

13.9

11.3

11.5

9.6

7.6

3.7

2.5

2.0

0.8

0.9

0.5

0.2

2025Q1

20.2

15.3

13.6

11.4

11.5

9.3

7.8

3.9

2.5

2.0

0.8

1.0

0.6

0.2

2025Q2

20.3

15.1

13.6

11.6

11.4

9.2

7.8

3.8

2.5

2.1

0.8

0.8

0.6

0.3

2025Q3

20.4

15.3

13.8

11.7

11.3

9.0

7.8

3.6

2.6

2.1

0.9

0.6

0.6

0.2

2025Q4

20.6

15.5

13.8

11.8

11.0

8.8

7.7

3.6

2.7

2.0

0.9

0.6

0.5

0.2

Fourth Calendar Quarter 2025

4.3

Analytics Office

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

SEC-Registered Investment Companies

Insurance Companies

Pension Plans

State/Muni. Govt. Entities

Sov. Wealth Funds And For. Official Inst.

Non-U.S. Individuals

Non-Profits

State/Muni. Govt. Pension Plans

U.S. Individuals

2023Q4

60

135

***

53

***

14

12

***

***

***

***

3

***

1

2024Q1

56

119

***

54

***

***

12

***

***

***

***

3

***

***

2024Q2

91

71

***

50

***

***

14

***

***

***

***

3

***

***

2024Q3

93

74

***

52

***

***

16

***

***

***

***

3

***

***

2024Q4

99

68

***

56

***

29

11

9

***

***

***

3

***

***

2025Q1

90

74

***

55

***

31

13

10

***

***

***

3

***

***

2025Q2

94

78

***

53

***

30

15

11

***

***

***

4

***

***

2025Q3

104

79

***

58

***

30

16

12

***

***

4

4

2

***

2025Q4

118

71

***

65

***

29

14

13

***

***

4

4

***

***

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

SEC-Registered Investment Companies

Insurance Companies

Pension Plans

State/Muni. Govt. Entities

Sov. Wealth Funds And For. Official Inst.

Non-U.S. Individuals

Non-Profits

State/Muni. Govt. Pension Plans

U.S. Individuals

2023Q4

17.1

38.6

***

15.1

***

4.1

3.5

***

***

***

***

0.9

***

0.2

2024Q1

17.0

36.4

***

16.6

***

***

3.7

***

***

***

***

1.1

***

***

2024Q2

26.5

20.9

***

14.6

***

***

4.2

***

***

***

***

0.9

***

***

16

2024Q3

25.4

20.3

***

14.1

***

***

4.3

***

***

***

***

0.9

***

***

2024Q4

27.8

19.1

***

15.7

***

8.1

3.1

2.4

***

***

***

0.8

***

***

2025Q1

24.3

19.9

***

14.9

***

8.2

3.4

2.6

***

***

***

0.8

***

***

2025Q2

24.2

20.2

***

13.6

***

7.7

3.8

3.0

***

***

***

0.9

***

***

2025Q3

25.0

19.0

***

13.9

***

7.2

3.9

3.0

***

***

1.0

1.0

0.5

***

2025Q4

27.9

16.7

***

15.3

***

6.9

3.2

3.0

***

***

1.0

0.9

***

***

Fourth Calendar Quarter 2025

4.4

Analytics Office

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

U.S. Individuals

Non-Profits

State/Muni. Govt. Entities

Non-U.S. Individuals

SEC-Registered Investment Companies

Banking/Thrift Inst.

Unknown Non-U.S. Investors

Broker-Dealers

2023Q4

1,198

1,091

937

578

394

299

276

281

98

73

64

56

35

5

2024Q1

1,197

1,094

938

576

394

299

276

281

97

74

64

55

35

5

2024Q2

1,197

1,094

938

576

394

299

276

281

98

74

64

55

35

5

2024Q3

1,197

1,094

940

576

395

299

276

282

98

74

64

55

35

5

2024Q4

1,396

1,183

979

609

399

326

326

305

114

81

78

61

43

5

2025Q1

1,407

1,201

984

653

405

330

330

309

113

81

81

62

48

5

2025Q2

1,407

1,201

984

653

405

330

330

309

113

81

81

62

48

5

2025Q3

1,407

1,201

985

653

406

330

330

309

113

81

81

62

48

5

2025Q4

1,727

1,472

1,034

739

474

381

374

338

144

134

111

78

54

4

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

U.S. Individuals

Non-Profits

State/Muni. Govt. Entities

Non-U.S. Individuals

SEC-Registered Investment Companies

Banking/Thrift Inst.

Unknown Non-U.S. Investors

Broker-Dealers

2023Q4

22.2

20.2

17.4

10.7

7.3

5.6

5.1

5.2

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

5.1

5.2

1.8

1.4

1.2

1.0

0.7

0.1

2024Q2

22.2

20.3

17.4

10.7

7.3

5.5

5.1

5.2

1.8

1.4

1.2

1.0

0.7

0.1

17

2024Q3

22.2

20.3

17.4

10.7

7.3

5.5

5.1

5.2

1.8

1.4

1.2

1.0

0.7

0.1

2024Q4

23.6

20.0

16.6

10.3

6.8

5.5

5.5

5.2

1.9

1.4

1.3

1.0

0.7

0.1

2025Q1

23.4

20.0

16.4

10.9

6.7

5.5

5.5

5.1

1.9

1.3

1.3

1.0

0.8

0.1

2025Q2

23.4

20.0

16.4

10.9

6.7

5.5

5.5

5.1

1.9

1.3

1.3

1.0

0.8

0.1

2025Q3

23.4

20.0

16.4

10.9

6.8

5.5

5.5

5.1

1.9

1.3

1.3

1.0

0.8

0.1

2025Q4

24.4

20.8

14.6

10.5

6.7

5.4

5.3

4.8

2.0

1.9

1.6

1.1

0.8

0.1

Fourth Calendar Quarter 2025

4.5

Analytics Office

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

Section 4 Private Equity Fund

Securitized Asset Fund

Venture Capital Fund

Liquidity Fund

Section 3 Liquidity Fund

Total

2023Q4

59.4

56.5

56.3

52.4

50.2

46.9

47.6

47.5

42.0

41.7

53.1

2024Q1

59.5

56.2

56.2

51.8

50.2

46.9

47.5

47.5

44.5

43.6

53.1

2024Q2

59.4

56.9

56.3

52.6

50.2

46.9

47.7

47.5

41.2

41.0

53.3

2024Q3

59.6

57.1

56.4

53.1

50.1

46.9

48.0

47.5

40.8

40.4

53.3

2024Q4

60.5

57.3

58.5

52.5

51.2

47.8

49.0

46.5

38.1

37.9

54.0

2025Q1

61.1

57.0

58.6

52.7

51.2

48.4

48.8

46.7

38.9

38.6

53.9

2025Q2

61.4

57.0

58.6

53.0

51.2

48.4

48.8

46.6

36.6

36.5

53.9

2025Q3

61.4

56.6

58.6

53.0

51.3

48.4

48.8

46.6

37.3

37.3

53.8

2025Q4

62.6

57.2

56.5

53.6

53.0

50.7

48.1

46.0

35.6

35.4

54.4

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

2023Q4

32.0

51.0

86.0

74.7

30.0

44.0

68.5

68.4

2024Q1

32.0

52.0

86.0

74.8

30.0

44.0

68.0

68.1

2024Q2

32.0

52.0

86.0

74.8

30.0

43.0

67.0

67.2

18

2024Q3

32.0

52.0

86.0

74.8

30.0

44.0

68.0

67.9

2024Q4

32.0

52.0

87.0

75.1

30.0

45.0

67.0

67.8

2025Q1

32.0

52.0

87.0

75.2

29.0

44.0

66.0

67.3

2025Q2

32.0

52.0

88.0

75.2

29.0

44.0

67.0

67.9

2025Q3

32.0

52.0

87.0

75.2

30.0

44.0

68.0

68.1

2025Q4

32.0

53.0

88.0

75.4

30.0

45.0

69.0

68.6

Fourth Calendar Quarter 2025

5

Analytics Office

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

2023Q4

15,385

136

99

64

***

0

***

15,686

2024Q1

16,784

109

97

64

***

0

***

17,055

2024Q2

17,681

109

97

64

***

0

***

17,952

2024Q3

19,374

110

97

64

***

0

***

19,647

2024Q4

18,138

131

161

94

***

1

***

18,529

2025Q1

20,718

135

161

94

***

1

***

21,112

2025Q2

22,125

135

155

94

***

1

***

22,514

2025Q3

23,186

136

155

94

***

1

***

23,576

2025Q4

24,438

148

101

100

***

1

***

24,802

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

2023Q4

14,123

111

0

2024Q1

14,973

111

0

2024Q2

15,960

111

0

2024Q3

17,384

111

0

2024Q4

16,280

110

0

2025Q1

18,741

110

0

2025Q2

20,366

110

0

2025Q3

21,389

110

0

2025Q4

22,216

123

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

Private Equity Fund

Section 4 Private Equity Fund

Other Private Fund

Real Estate Fund

Securitized Asset Fund

Venture Capital Fund

Liquidity Fund

Section 3 Liquidity Fund

Total

2023Q4

307.1

354.8

2.0

2.1

6.4

7.8

0.3

0.1

***

***

103.7

2024Q1

320.7

363.6

1.6

2.1

6.3

7.7

0.3

0.1

***

***

111.0

2024Q2

337.8

387.5

1.6

2.1

6.3

7.8

0.3

0.1

***

***

116.8

2024Q3

358.3

404.2

1.6

2.1

6.2

7.8

0.3

0.1

***

***

126.2

19

2024Q4

339.8

385.3

1.8

1.9

9.8

10.7

0.9

0.2

***

***

113.4

2025Q1

381.5

431.7

1.8

1.8

9.9

10.7

0.9

0.2

***

***

128.4

2025Q2

391.3

446.7

1.8

1.8

9.5

10.7

0.9

0.2

***

***

134.9

2025Q3

395.6

450.2

1.9

1.8

9.5

10.7

0.9

0.2

***

***

139.3

2025Q4

407.8

458.6

1.7

1.7

5.1

10.3

3.0

0.2

***

***

130.4

Fourth Calendar Quarter 2025

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

2023Q4

9,510

4,358

695

233

350

612

2,245

582

214

328

2024Q1

9,561

4,493

679

280

363

652

2,330

550

252

334

2024Q2

9,581

4,525

706

180

397

667

2,358

576

152

366

2024Q3

9,617

4,602

713

204

447

669

2,442

597

181

413

2024Q4

10,484

4,446

773

196

456

630

2,359

640

178

418

2025Q1

10,525

4,399

853

187

486

682

2,330

713

166

449

2025Q2

10,606

4,513

886

192

507

732

2,432

743

174

479

2025Q3

10,663

4,573

935

243

518

748

2,502

797

213

491

2025Q4

12,447

4,851

943

244

542

741

2,545

829

219

511

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

2023Q4

37,743

5,304

764

177

2,202

486

1,208

220

68

128

2024Q1

37,922

5,308

732

185

2,222

496

1,208

202

70

116

2024Q2

37,881

5,296

748

179

2,324

464

1,154

216

59

113

20

2024Q3

38,047

5,290

771

168

2,258

478

1,175

241

54

123

2024Q4

40,865

5,180

779

157

2,471

483

1,130

248

66

131

2025Q1

40,983

5,243

767

152

2,507

499

1,144

260

57

125

2025Q2

41,052

5,277

776

159

2,504

516

1,143

262

63

128

2025Q3

41,157

5,244

766

165

2,504

525

1,151

274

64

131

2025Q4

45,046

5,422

786

173

2,767

530

1,146

293

73

136

Fourth Calendar Quarter 2025

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

2023Q4

8,838

44

11

2024Q1

8,921

45

11

2024Q2

8,986

48

10

2024Q3

9,000

48

10

2024Q4

8,880

52

10

2025Q1

8,965

52

9

2025Q2

9,024

52

24

2025Q3

9,047

51

24

2025Q4

8,918

40

34

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

2023Q4

4,926

64

13

2024Q1

5,099

88

14

2024Q2

5,110

100

4

2024Q3

5,233

111

4

2024Q4

5,183

110

4

2025Q1

5,239

138

4

2025Q2

5,463

143

7

2025Q3

5,655

149

7

2025Q4

5,799

136

7

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

2023Q4

7.7

13.0

18.9

26.9

41.1

54.1

2024Q1

8.0

13.3

19.1

27.2

41.5

54.5

2024Q2

8.0

13.4

19.2

27.4

41.8

54.8

2024Q3

8.1

13.4

19.4

27.5

41.9

54.9

2024Q4

8.1

13.3

19.1

27.2

41.5

54.7

2025Q1

8.2

13.5

19.2

27.2

41.5

54.7

2025Q2

8.2

13.6

19.5

27.4

41.7

55.0

2025Q3

8.2

13.6

19.7

27.7

41.9

55.3

2025Q4

8.2

13.8

19.8

27.7

41.9

55.3

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

2023Q4

20.8

30.4

38.9

47.1

58.7

68.9

2024Q1

19.8

29.6

38.5

46.7

58.5

68.8

2024Q2

19.0

29.6

38.6

47.0

59.0

69.2

2024Q3

19.9

30.5

39.8

48.6

60.4

70.3

2024Q4

19.8

30.3

39.2

48.1

59.9

69.9

21

2025Q1

19.8

31.3

40.4

49.8

61.3

71.0

2025Q2

20.2

31.8

41.1

50.4

61.9

71.5

2025Q3

19.6

30.9

40.1

49.9

61.7

71.4

2025Q4

19.8

31.2

40.6

50.1

61.8

71.5

Fourth Calendar Quarter 2025

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

2023Q4

39.0

54.9

67.8

77.3

86.8

92.8

2024Q1

38.1

54.9

67.3

77.0

86.8

93.1

2024Q2

36.1

54.2

66.8

76.9

86.9

93.1

2024Q3

37.6

55.0

68.2

78.4

88.1

93.7

2024Q4

36.9

53.9

66.8

77.6

87.6

93.4

2025Q1

35.6

53.6

67.2

78.5

88.3

93.7

2025Q2

36.2

53.9

67.8

78.9

88.7

94.0

2025Q3

35.8

52.8

66.7

78.3

88.4

93.9

2025Q4

36.4

53.1

67.3

78.3

88.4

93.8

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

2023Q4

41.1

56.0

68.4

79.8

90.5

95.4

2024Q1

41.0

55.1

68.2

79.6

90.7

95.5

2024Q2

40.9

56.2

69.0

80.5

91.0

95.6

2024Q3

41.4

57.6

70.2

81.2

91.4

95.8

2024Q4

40.1

56.5

69.3

80.4

90.8

95.6

2025Q1

42.3

57.4

69.0

80.6

91.2

95.9

2025Q2

41.7

58.1

70.2

81.4

91.7

96.1

2025Q3

41.5

58.1

70.2

81.2

91.4

95.9

2025Q4

40.2

57.6

69.6

80.6

91.1

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

2023Q4

38.3

53.8

64.7

75.0

85.6

92.1

2024Q1

37.7

53.2

64.5

75.0

85.7

92.1

2024Q2

38.2

54.3

65.1

75.6

86.0

92.3

2024Q3

39.3

55.4

66.9

77.0

86.8

92.6

2024Q4

38.4

54.2

65.6

76.0

86.3

92.5

22

2025Q1

38.2

54.4

65.6

76.6

87.0

92.8

2025Q2

37.6

54.4

65.8

76.8

87.0

92.8

2025Q3

37.6

53.7

65.4

76.5

86.9

92.8

2025Q4

36.9

53.5

66.0

76.7

87.1

92.8

Fourth Calendar Quarter 2025

6.3

Analytics Office

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

Investment in other funds

Macro

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

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Quantitative

Fundamental

Subtotal

Total

2023Q4

290

271

27

2

589

651

100

71

171

39

8

12

7

1

68

54

21

5

80

44

11

5

***

***

16

***

***

7

1,442

2024Q1

324

271

26

2

623

678

101

73

174

41

10

13

7

2

73

54

22

6

82

47

17

5

***

***

23

***

***

7

1,503

23

2024Q2

320

269

27

2

617

679

101

79

179

44

11

13

8

1

77

56

20

6

82

48

15

5

***

***

21

***

***

7

1,519

2024Q3

312

282

38

2

634

713

106

86

192

46

17

13

11

2

89

58

22

6

86

49

23

8

***

***

31

***

***

11

1,633

2024Q4

325

283

38

1

647

713

111

100

211

48

17

14

12

1

91

58

24

6

89

55

23

10

***

***

33

***

***

11

1,670

2025Q1

333

280

57

1

671

744

113

102

215

52

17

14

12

1

97

59

25

6

90

57

22

11

***

***

33

***

***

11

1,702

2025Q2

376

303

43

1

724

769

114

106

221

55

20

15

13

1

103

59

27

7

93

56

17

11

***

***

28

***

***

11

1,778

2025Q3

396

318

71

1

786

806

116

110

227

58

22

15

12

2

109

60

29

7

96

59

17

11

***

***

28

***

***

12

1,874

2025Q4

419

330

55

1

805

820

125

99

225

58

16

13

9

2

98

59

30

6

96

56

7

6

***

***

14

***

***

6

1,844

Fourth Calendar Quarter 2025

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

Investment in other funds

Macro

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

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Quantitative

Fundamental

Subtotal

Total

2023Q4

489

595

49

18

1,142

1,147

216

216

427

142

23

69

22

16

245

218

67

20

305

374

32

16

***

***

58

***

***

31

3,428

2024Q1

489

587

49

18

1,134

1,173

211

223

429

149

24

67

22

20

251

220

66

21

306

390

37

18

***

***

65

***

***

28

3,488

24

2024Q2

508

580

49

17

1,145

1,179

207

227

429

148

24

57

22

13

240

232

64

20

316

381

35

17

***

***

62

***

***

28

3,513

2024Q3

528

602

57

19

1,189

1,219

224

233

452

154

28

62

26

18

254

235

70

21

324

408

37

19

***

***

64

***

***

32

3,607

2024Q4

482

601

50

18

1,135

1,157

226

253

475

153

25

64

23

17

251

233

69

21

322

374

36

22

***

***

65

***

***

31

3,507

2025Q1

492

595

53

15

1,142

1,177

216

265

477

157

25

62

24

18

254

236

68

22

324

421

32

21

***

***

61

***

***

31

3,591

2025Q2

495

590

50

15

1,136

1,185

216

265

477

157

26

60

24

18

254

239

71

21

329

416

32

21

***

***

60

***

***

30

3,619

2025Q3

520

591

52

15

1,166

1,203

220

269

485

157

26

58

23

19

253

233

74

21

326

414

33

23

***

***

61

***

***

31

3,673

2025Q4

528

587

51

16

1,173

1,218

240

242

478

153

23

51

17

22

241

221

72

23

312

441

32

18

***

***

57

***

***

26

3,659

Fourth Calendar Quarter 2025

6.4

Analytics Office

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

Relative Value

Credit

Other

Macro

Managed Futures/CTA

Event Driven

Investment in other funds

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

F.I. Sov.

F.I. Asset Backed

Volatility Arb.

F.I. Conv. Arb.

F.I. Corp.

Subtotal

Long/Short

Asset Based Lending

Subtotal

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Quantitative

Fundamental

Subtotal

Distressed/Restruct.

Risk Arb./Merger Arb.

Equity

Subtotal

Subtotal

Total

2023Q4

682

233

***

***

1,033

258

78

23

15

20

394

235

116

351

766

531

6

***

***

539

***

***

214

133

20

25

178

34

2,217

2024Q1

723

235

***

***

1,079

242

76

21

17

18

374

245

123

368

792

596

6

***

***

604

***

***

282

138

23

25

186

46

2,284

25

2024Q2

737

242

***

***

1,104

254

76

20

12

18

381

244

129

373

820

577

6

***

***

585

***

***

279

137

20

24

181

40

2,299

2024Q3

714

261

***

***

1,117

273

83

23

13

18

410

256

135

391

836

361

4

***

***

366

***

***

276

143

21

25

189

42

2,355

2024Q4

717

256

147

5

1,124

219

77

21

13

11

341

259

138

397

793

324

4

***

***

329

***

***

207

137

20

27

184

44

2,301

2025Q1

702

249

***

***

1,113

279

76

19

13

11

397

264

141

405

809

367

4

***

***

372

***

***

225

130

25

28

184

46

2,296

2025Q2

774

281

***

***

1,237

449

78

26

17

10

580

283

141

424

845

392

5

***

***

398

***

***

208

130

27

31

188

47

2,390

2025Q3

810

303

***

***

1,309

488

78

25

20

11

623

294

143

437

829

396

6

***

***

404

***

***

229

132

33

34

199

49

2,455

2025Q4

856

304

***

***

1,379

521

87

21

19

10

658

277

162

439

838

374

6

***

***

382

***

***

236

129

39

35

202

49

2,522

Fourth Calendar Quarter 2025

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

Relative Value

Credit

Other

Macro

Managed Futures/CTA

Event Driven

Investment in other funds

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

F.I. Sov.

F.I. Asset Backed

Volatility Arb.

F.I. Conv. Arb.

F.I. Corp.

Subtotal

Long/Short

Asset Based Lending

Subtotal

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Quantitative

Fundamental

Subtotal

Distressed/Restruct.

Risk Arb./Merger Arb.

Equity

Subtotal

Subtotal

Total

2023Q4

565

348

***

***

992

57

143

28

20

87

288

307

138

441

964

167

35

***

***

210

***

***

123

224

42

72

314

96

3,187

2024Q1

561

352

***

***

991

48

144

27

20

83

285

305

141

442

958

170

37

***

***

213

***

***

122

221

42

71

310

94

3,179

26

2024Q2

558

352

***

***

984

54

148

28

20

86

294

307

144

447

964

166

37

***

***

208

***

***

119

224

43

75

314

99

3,186

2024Q3

558

353

***

***

992

49

138

28

30

88

296

310

146

452

955

158

36

***

***

199

***

***

116

226

42

74

315

98

3,182

2024Q4

615

351

79

11

1,053

35

141

28

17

64

270

290

160

448

906

157

26

***

***

188

***

***

114

222

40

69

310

105

3,190

2025Q1

626

348

***

***

1,062

35

138

27

17

60

265

295

159

452

914

153

24

***

***

186

***

***

115

221

41

68

314

117

3,211

2025Q2

627

351

***

***

1,067

33

136

27

17

60

261

298

153

449

912

156

28

***

***

193

***

***

118

220

41

69

313

109

3,220

2025Q3

632

350

***

***

1,071

33

136

27

17

59

259

300

150

448

890

150

35

***

***

189

***

***

121

219

40

65

307

106

3,190

2025Q4

574

369

***

***

1,041

32

138

26

18

53

255

315

177

486

877

139

30

***

***

178

***

***

115

220

39

60

301

105

3,136

Fourth Calendar Quarter 2025

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

Dec

2024

1,927

1,213

435

482

659

2,265

1,099

478

362

513

Jan

2025

2,081

987

474

590

657

2,300

1,086

472

394

537

Feb

2025

2,087

990

466

552

693

2,301

1,085

496

365

542

Mar

2025

1,954

1,132

530

481

694

2,251

1,053

551

391

543

Apr

2025

2,288

971

462

604

693

2,539

1,058

493

367

561

May

2025

2,284

947

473

610

706

2,474

1,035

564

376

572

Jun

2025

2,114

1,078

537

518

771

2,358

1,094

595

400

572

Jul

2025

2,416

950

524

643

702

2,616

1,076

524

450

568

Aug

2025

2,383

934

491

701

725

2,574

1,076

570

413

602

Sep

2025

2,170

1,124

549

488

906

2,436

1,152

596

440

614

Oct

2025

2,364

1,078

435

737

806

2,610

1,159

590

445

616

Nov

2025

2,358

1,060

453

738

810

2,577

1,164

616

449

614

Dec

2025

2,221

1,199

570

606

820

2,424

1,282

563

524

623

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

Dec

2024

234

218

78

56

100

265

216

74

56

75

Jan

2025

238

209

75

62

96

265

205

77

58

75

Feb

2025

247

202

77

55

99

270

202

80

53

75

Mar

2025

236

218

74

55

98

262

209

78

57

75

Apr

2025

264

199

68

52

93

294

193

72

48

69

27

May

2025

259

198

68

56

96

283

195

74

56

69

Jun

2025

241

205

76

52

102

269

199

81

54

73

Jul

2025

265

197

69

52

97

288

200

67

56

69

Aug

2025

263

190

80

48

100

288

191

78

52

72

Sep

2025

243

205

79

51

105

272

196

85

55

75

Oct

2025

274

199

74

55

107

301

194

80

54

80

Nov

2025

272

198

74

56

108

299

193

81

57

78

Dec

2025

254

214

73

58

106

280

207

78

63

77

Fourth Calendar Quarter 2025

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

Dec

2024

2,591

985

371

348

423

2,865

935

392

211

314

Jan

2025

2,544

1,065

419

279

480

2,803

1,058

357

371

200

Feb

2025

2,535

1,082

355

336

480

2,732

1,155

321

379

202

Mar

2025

2,478

1,194

262

363

493

2,761

1,035

390

399

205

Apr

2025

2,803

1,016

321

357

522

3,134

886

402

372

225

May

2025

2,774

926

415

391

514

2,977

1,016

384

410

234

Jun

2025

2,646

935

546

372

518

2,848

1,133

409

298

331

Jul

2025

2,956

958

452

341

529

3,234

999

370

394

238

Aug

2025

2,880

922

550

350

532

3,081

1,088

410

304

352

Sep

2025

2,786

999

436

458

558

2,951

1,168

439

342

338

Oct

2025

2,946

925

596

377

577

3,051

1,250

438

314

367

Nov

2025

2,945

934

490

490

560

3,054

1,252

409

310

395

Dec

2025

2,862

1,102

453

463

536

3,019

1,221

462

331

382

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

Dec

2024

323

206

52

39

66

353

199

54

29

51

Jan

2025

317

206

52

37

68

340

201

58

34

47

Feb

2025

317

208

49

36

70

342

205

52

34

47

Mar

2025

321

209

41

41

69

347

198

50

39

47

Apr

2025

360

166

46

37

67

389

161

53

26

47

28

May

2025

345

177

46

41

68

372

176

47

32

50

Jun

2025

320

197

50

41

68

343

199

49

34

51

Jul

2025

362

167

43

41

67

387

167

47

29

50

Aug

2025

352

175

45

39

70

376

176

46

31

52

Sep

2025

326

194

51

40

72

349

196

51

36

51

Oct

2025

361

182

49

41

76

375

194

47

36

57

Nov

2025

358

186

45

46

73

376

194

43

39

56

Dec

2025

341

199

46

50

69

366

197

48

40

54

Fourth Calendar Quarter 2025

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

Dec

2024

3,399

402

320

174

422

3,685

403

132

177

320

Jan

2025

3,290

538

336

190

435

3,694

365

225

183

322

Feb

2025

3,284

491

396

168

450

3,687

367

201

244

289

Mar

2025

3,289

452

431

168

450

3,695

366

208

213

308

Apr

2025

3,454

496

421

190

457

3,904

410

174

229

301

May

2025

3,483

338

540

184

475

3,867

383

233

233

304

Jun

2025

3,470

471

373

223

481

3,780

468

213

206

352

Jul

2025

3,608

493

457

191

485

3,970

462

225

252

324

Aug

2025

3,623

460

463

194

495

3,955

468

224

247

340

Sep

2025

3,600

520

368

245

505

3,941

459

238

281

319

Oct

2025

3,753

463

484

195

525

4,083

476

262

227

372

Nov

2025

3,740

470

496

187

527

4,076

467

294

213

370

Dec

2025

3,759

439

508

194

516

4,061

494

256

231

373

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

Dec

2024

513

51

36

27

59

535

62

24

23

42

Jan

2025

507

53

35

31

54

531

60

29

18

42

Feb

2025

504

55

36

29

56

528

60

28

23

41

Mar

2025

507

55

37

28

54

532

58

28

24

39

Apr

2025

512

53

31

26

54

537

56

24

22

37

29

May

2025

514

46

33

26

58

537

51

29

21

39

Jun

2025

508

53

33

26

56

532

56

26

22

40

Jul

2025

511

50

28

32

59

534

54

26

21

45

Aug

2025

513

47

31

30

60

532

55

31

20

43

Sep

2025

512

48

31

32

60

529

56

29

27

42

Oct

2025

536

47

31

36

59

559

51

29

26

44

Nov

2025

531

51

32

35

59

557

53

30

26

42

Dec

2025

532

47

34

36

56

552

56

28

26

43

Fourth Calendar Quarter 2025

7.2

Analytics Office

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

Dec

2024

18.4

33.8

47.7

62.6

83.7

Jan

2025

18.6

34.2

48.2

63.1

83.7

Feb

2025

18.6

34.2

48.2

63.1

83.7

Mar

2025

18.6

34.2

48.2

63.1

83.6

Apr

2025

18.7

34.2

48.2

63.0

83.6

May

2025

18.7

34.2

48.2

63.0

83.5

Jun

2025

18.7

34.2

48.2

63.0

83.6

Jul

2025

18.6

34.1

48.0

62.8

83.6

Aug

2025

18.6

34.1

48.0

62.8

83.6

Sep

2025

18.6

34.1

48.0

62.7

83.5

Oct

2025

18.6

34.3

48.2

62.7

83.6

Nov

2025

18.6

34.3

48.2

62.7

83.6

Dec

2025

18.6

34.3

48.3

62.7

83.7

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

Dec

2024

44.5

65.7

78.5

87.4

95.4

Jan

2025

43.6

65.1

79.3

88.6

95.9

Feb

2025

43.8

65.5

79.9

88.8

96.0

Mar

2025

43.7

65.2

78.9

88.3

95.7

Apr

2025

45.1

66.8

80.3

89.3

96.2

May

2025

43.7

65.8

80.2

89.2

96.2

30

Jun

2025

43.4

65.8

79.3

88.5

95.8

Jul

2025

43.8

66.0

80.0

89.1

96.1

Aug

2025

43.7

66.3

80.4

89.3

96.2

Sep

2025

43.3

65.7

79.7

88.6

95.8

Oct

2025

43.2

66.4

80.4

89.2

96.2

Nov

2025

43.1

67.0

80.7

89.4

96.3

Dec

2025

41.8

65.6

80.0

88.7

95.9

Fourth Calendar Quarter 2025

7.3

Analytics Office

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

Dec

2024

19,135

8,151

4,760

168

46

32,260

Jan

2025

17,468

9,385

4,598

288

46

31,785

Feb

2025

23,646

11,080

4,784

279

59

39,847

Mar

2025

24,339

10,989

5,524

337

62

41,251

Apr

2025

33,241

12,928

6,255

288

75

52,787

May

2025