# Division of Investment Management > Briefs, arguments, decisions, and more. URL: https://www.frixlaw.com/law-library/documents/agency%3Asec%3A502052b4b86782b8 ## Record - **Collection:** Agency decision - **Document type:** Agency decision ## Text 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 21,600 11,848 4,898 249 62 38,657 Jun 2025 21,431 10,777 4,762 404 79 37,454 Jul 2025 17,071 10,763 4,932 248 64 33,078 Aug 2025 21,379 10,291 4,965 209 65 36,908 Sep 2025 22,667 10,944 5,475 321 98 39,505 Oct 2025 21,793 9,438 6,006 286 92 37,614 Nov 2025 26,697 9,301 5,171 258 81 41,509 Dec 2025 27,077 9,020 5,497 201 60 41,856 Table 7.10: Aggregate Hedge Fund Net Assets of Large Hedge Fund Advisers Reporting a Ratio of Aggregate Turnover to Aggregate Hedge Fund Net Assets ($ Billions) As reported on Form PF, Questions 3 and 27. See the appendix for a review of interval notation used here. Ratio [0,0.5) [0.5,1) [1,2) [2,5) [5,10) 10 or more Dec 2024 3,113 238 274 262 124 704 Jan 2025 2,993 418 239 332 70 735 Feb 2025 2,916 425 199 390 88 768 Mar 2025 2,885 431 214 333 161 765 Apr 2025 2,902 447 358 424 120 766 May 2025 3,008 503 252 456 87 713 Jun 2025 3,120 244 206 559 141 747 Jul 2025 3,247 426 326 314 122 798 Aug 2025 3,280 364 286 445 77 781 Sep 2025 3,138 497 267 351 193 790 Oct 2025 3,185 584 282 422 119 826 Nov 2025 3,497 272 241 466 126 816 Dec 2025 3,350 472 258 355 150 830 Table 7.11: Number of Large Hedge Fund Advisers Reporting a Ratio of Aggregate Turnover to Aggregate Hedge Fund Net Assets As reported on Form PF, Questions 3 and 27. See the appendix for a review of interval notation used here. Ratio [0,0.5) [0.5,1) [1,2) [2,5) [5,10) 10 or more Dec 2024 425 60 52 42 24 74 Jan 2025 416 67 55 38 22 77 Feb 2025 406 64 56 44 18 87 Mar 2025 398 64 61 46 23 84 Apr 2025 393 59 71 43 26 80 May 2025 414 66 52 48 22 71 31 Jun 2025 420 60 55 44 20 73 Jul 2025 417 62 50 46 25 73 Aug 2025 425 53 50 54 19 72 Sep 2025 412 64 51 44 29 75 Oct 2025 429 69 53 53 18 80 Nov 2025 444 62 50 48 22 76 Dec 2025 442 73 45 41 16 82 Fourth Calendar Quarter 2025 7.4 Analytics Office Region and Country Exposure Table 7.12: Large Hedge Fund Adviser Hedge Fund Regional Exposure ($ Billions) As reported on Form PF, Questions 3(a) and 28. Region North America Europe EEA Asia Europe Other South America Supranational Middle East Africa 2023Q4 6,769 1,625 824 421 125 39 31 24 2024Q1 7,077 1,780 866 437 125 48 37 29 2024Q2 7,298 1,599 873 478 119 51 31 34 2024Q3 7,807 1,822 981 550 122 46 32 35 2024Q4 8,207 1,698 885 541 134 52 50 30 2025Q1 8,379 1,917 941 575 137 81 38 32 2025Q2 8,890 2,224 1,113 644 142 49 43 37 2025Q3 9,182 2,176 1,145 646 145 60 60 42 2025Q4 9,639 2,312 1,310 688 150 60 54 45 Table 7.13: Large Hedge Fund Adviser Hedge Fund Regional Exposure (Percent of Aggregate NAV) As reported on Form PF, Questions 3(a) and 28. Region North America Europe EEA Asia Europe Other South America Supranational Middle East Africa 2023Q4 153.7 36.9 18.7 9.6 2.8 0.9 0.7 0.5 2024Q1 157.7 39.6 19.3 9.7 2.8 1.1 0.8 0.6 2024Q2 163.2 35.7 19.5 10.7 2.7 1.1 0.7 0.8 2024Q3 172.9 40.3 21.7 12.2 2.7 1.0 0.7 0.8 32 2024Q4 174.0 36.0 18.8 11.5 2.8 1.1 1.1 0.6 2025Q1 175.0 40.0 19.6 12.0 2.9 1.7 0.8 0.7 2025Q2 177.1 44.3 22.2 12.8 2.8 1.0 0.9 0.7 2025Q3 175.4 41.6 21.9 12.3 2.8 1.1 1.1 0.8 2025Q4 177.8 42.6 24.2 12.7 2.8 1.1 1.0 0.8 Fourth Calendar Quarter 2025 Analytics Office Table 7.14: Large Hedge Fund Adviser Hedge Fund Country Exposure ($ Billions) As reported on Form PF, Questions 3(a) and 28. Country United States Japan China (Inc. Hong Kong) India Brazil Russia 2023Q4 6,425 435 123 47 49 1 2024Q1 6,717 437 132 54 43 2 2024Q2 6,947 430 143 55 43 0 2024Q3 7,419 469 167 *** 45 *** 2024Q4 7,554 404 144 *** 49 *** 2025Q1 7,965 428 187 *** 51 *** 2025Q2 8,456 555 154 *** 51 *** 2025Q3 8,717 465 205 *** 55 *** 2025Q4 9,127 484 188 *** 54 *** Table 7.15: Large Hedge Fund Adviser Hedge Fund Country Exposure (Percent of Aggregate NAV) As reported on Form PF, Questions 3(a) and 28. Country United States Japan China (Inc. Hong Kong) India Brazil Russia 2023Q4 145.9 9.9 2.8 1.1 1.1 0.0 2024Q1 149.6 9.7 2.9 1.2 1.0 0.0 2024Q2 155.4 9.6 3.2 1.2 1.0 0.0 2024Q3 164.3 10.4 3.7 *** 1.0 *** 33 2024Q4 160.1 8.6 3.1 *** 1.0 *** 2025Q1 166.3 8.9 3.9 *** 1.1 *** 2025Q2 168.4 11.1 3.1 *** 1.0 *** 2025Q3 166.5 8.9 3.9 *** 1.0 *** 2025Q4 168.4 8.9 3.5 *** 1.0 *** Fourth Calendar Quarter 2025 Analytics Office 8 Qualifying Hedge Fund Specific Information 8.1 Economic Leverage Table 8.1: Aggregate Net Assets of Qualifying Hedge Funds by GNE to NAV Ratio ($ Billions) As reported on Form PF, Questions 9, 10, 26, and 30. 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 2,086 1,063 358 363 705 2,376 983 275 361 580 Jan 2025 2,164 982 412 384 761 2,409 1,022 303 360 610 Feb 2025 2,151 982 393 415 763 2,436 1,025 279 349 615 Mar 2025 2,095 1,040 424 344 802 2,399 1,056 282 341 628 Apr 2025 2,342 1,006 387 385 816 2,672 982 305 324 654 May 2025 2,323 991 363 416 845 2,628 988 286 367 670 Jun 2025 2,261 1,003 449 369 855 2,529 1,052 324 343 688 Jul 2025 2,490 997 407 419 847 2,743 1,053 270 398 695 Aug 2025 2,450 990 448 397 873 2,724 1,041 294 386 713 Sep 2025 2,314 1,091 461 367 927 2,603 1,133 303 365 757 Oct 2025 2,430 1,069 454 395 934 2,719 1,094 340 370 760 Nov 2025 2,436 1,062 405 455 924 2,725 1,111 304 398 744 Dec 2025 2,317 1,171 487 366 937 2,666 1,128 340 370 775 Table 8.2: Number of Qualifying Hedge Funds by GNE to NAV Ratio As reported on Form PF, Questions 9, 10, 26, and 30. 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 1,035 502 154 132 235 1,180 447 129 129 173 Jan 2025 1,083 485 160 135 222 1,205 464 148 111 157 Feb 2025 1,087 471 161 141 225 1,215 461 139 114 156 Mar 2025 1,041 516 174 131 226 1,191 480 148 112 157 Apr 2025 1,095 493 154 139 223 1,242 460 142 107 153 34 May 2025 1,095 471 161 147 239 1,234 446 147 120 166 Jun 2025 1,049 491 193 137 240 1,201 460 158 116 175 Jul 2025 1,133 481 174 133 233 1,268 461 135 124 166 Aug 2025 1,123 470 185 134 234 1,260 449 153 124 160 Sep 2025 1,065 518 195 134 238 1,217 477 160 121 175 Oct 2025 1,109 504 173 132 261 1,244 465 161 119 190 Nov 2025 1,121 482 169 144 262 1,258 455 150 128 187 Dec 2025 1,073 522 189 136 253 1,230 471 160 128 184 Fourth Calendar Quarter 2025 Analytics Office Table 8.3: Aggregate Net Assets of Qualifying Hedge Funds by LNE to NAV Ratio ($ Billions) As reported on Form PF, Questions 9, 10, 26, and 30. 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 2,613 896 269 252 544 2,802 843 278 256 396 Jan 2025 2,601 967 311 266 560 2,812 904 314 286 388 Feb 2025 2,595 905 350 303 551 2,792 928 297 291 395 Mar 2025 2,574 978 296 305 552 2,792 930 305 277 401 Apr 2025 2,852 899 312 269 606 3,118 829 319 255 415 May 2025 2,775 921 323 305 615 2,985 924 309 301 419 Jun 2025 2,689 1,009 332 281 626 2,905 956 317 325 434 Jul 2025 2,952 937 350 273 646 3,170 898 343 311 437 Aug 2025 2,908 985 301 315 648 3,106 966 330 320 436 Sep 2025 2,787 1,071 354 304 644 2,988 1,046 331 354 440 Oct 2025 2,911 1,029 377 291 675 3,121 1,025 321 358 457 Nov 2025 2,879 1,021 407 305 671 3,100 1,044 321 366 452 Dec 2025 2,833 1,117 360 309 660 3,066 1,058 347 361 446 Table 8.4: Number of Qualifying Hedge Funds by LNE to NAV Ratio As reported on Form PF, Questions 9, 10, 26, and 30. 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 1,241 437 121 93 166 1,340 410 117 83 108 Jan 2025 1,266 451 124 94 150 1,362 432 117 80 94 Feb 2025 1,256 443 135 99 152 1,352 446 110 82 95 Mar 2025 1,243 481 113 102 149 1,352 457 102 79 98 Apr 2025 1,315 421 115 103 150 1,433 396 107 68 100 35 May 2025 1,296 425 123 104 165 1,404 419 103 79 108 Jun 2025 1,243 473 122 110 162 1,347 451 114 88 110 Jul 2025 1,337 440 114 102 161 1,437 424 105 81 107 Aug 2025 1,333 437 111 110 155 1,426 429 110 83 98 Sep 2025 1,275 484 132 108 151 1,373 469 116 90 102 Oct 2025 1,306 463 126 107 177 1,404 451 112 89 123 Nov 2025 1,305 453 133 108 179 1,406 444 110 93 125 Dec 2025 1,271 489 136 112 165 1,377 470 118 97 111 Fourth Calendar Quarter 2025 Analytics Office Table 8.5: Aggregate Net Assets of Qualifying Hedge Funds by SNE to NAV Ratio ($ Billions) As reported on Form PF, Questions 9, 10, 26, and 30. 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 3,324 314 252 143 540 3,542 249 251 127 405 Jan 2025 3,356 392 215 191 549 3,650 278 190 165 420 Feb 2025 3,350 379 240 205 531 3,624 266 214 210 390 Mar 2025 3,401 335 243 185 541 3,611 290 219 160 425 Apr 2025 3,514 406 246 184 587 3,810 338 170 206 412 May 2025 3,572 318 250 197 601 3,773 314 224 216 410 Jun 2025 3,580 332 249 178 598 3,757 308 222 207 443 Jul 2025 3,798 289 273 157 642 3,947 369 172 238 433 Aug 2025 3,787 296 248 192 635 3,923 313 216 264 441 Sep 2025 3,776 296 261 197 630 3,929 289 214 295 433 Oct 2025 3,809 354 275 193 651 4,009 333 221 277 442 Nov 2025 3,790 388 214 244 646 3,992 344 231 280 436 Dec 2025 3,801 374 241 212 651 3,992 339 224 284 439 Table 8.6: Number of Qualifying Hedge Funds by SNE to NAV Ratio As reported on Form PF, Questions 9, 10, 26, and 30. 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 1,645 119 79 55 160 1,719 111 69 52 107 Jan 2025 1,684 124 74 62 141 1,775 99 66 50 95 Feb 2025 1,687 114 78 68 138 1,774 102 64 52 93 Mar 2025 1,687 128 72 62 139 1,771 109 68 43 97 Apr 2025 1,698 131 79 52 144 1,794 115 53 48 94 36 May 2025 1,690 133 75 69 146 1,787 116 60 51 99 Jun 2025 1,691 133 76 65 145 1,779 114 66 48 103 Jul 2025 1,749 127 69 61 148 1,827 119 54 54 100 Aug 2025 1,740 133 65 67 141 1,815 119 66 52 94 Sep 2025 1,736 132 70 72 140 1,802 122 72 59 95 Oct 2025 1,744 136 67 80 152 1,832 120 57 66 104 Nov 2025 1,737 138 67 83 153 1,823 128 61 66 100 Dec 2025 1,736 139 75 76 147 1,818 128 68 62 97 Fourth Calendar Quarter 2025 8.2 Analytics Office NAV Allocation by Strategy5 Table 8.7: NAV Allocation of Qualifying Hedge Funds ($ Billions) As reported on Form PF, Questions 9 and 20. Category Equity Relative Value Other Macro Credit Event Driven Managed Futures/CTA Investment in other funds Total Strategy Long/Short Long Bias Market Neutral Short Bias Subtotal F.I. Sov. F.I. Asset Backed F.I. Conv. Arb. Volatility Arb. F.I. Corp. Subtotal Subtotal Global Macro Currency Commodity Active Trading Subtotal Long/Short Asset Based Lending Subtotal Distressed/Restruct. Risk Arb./Merger Arb. Equity Subtotal Quantitative Fundamental Subtotal Subtotal Total 2023Q4 1,098 448 *** *** 1,906 943 144 103 94 65 1,349 1,525 1,188 34 30 2 1,253 382 191 573 213 87 88 388 *** *** 211 104 7,309 2024Q1 1,180 466 *** *** 2,030 879 140 109 90 57 1,275 1,586 1,266 38 38 2 1,343 392 199 591 219 106 79 404 *** *** 249 94 7,573 2024Q2 1,192 481 *** *** 2,079 904 145 115 75 57 1,297 1,632 1,254 31 28 1 1,314 409 196 605 219 106 80 405 *** *** 276 86 7,694 2024Q3 1,179 515 *** *** 2,147 1,101 154 126 84 68 1,532 1,720 1,138 39 32 1 1,210 423 201 624 226 111 84 421 *** *** 289 96 8,040 2024Q4 1,204 504 *** *** 2,170 994 163 114 73 58 1,402 1,621 1,140 35 28 1 1,205 446 208 653 217 106 86 410 *** *** 239 92 7,792 2025Q1 1,215 503 *** *** 2,209 1,313 178 125 78 52 1,746 1,699 1,022 42 31 1 1,097 447 224 671 208 120 84 412 *** *** 256 87 8,177 2025Q2 1,353 567 *** *** 2,453 1,569 184 149 91 53 2,047 1,776 1,039 53 34 1 1,128 471 234 705 216 135 90 442 *** *** 240 87 8,879 2025Q3 1,423 605 *** *** 2,599 1,911 191 172 90 60 2,424 1,843 1,019 58 35 3 1,114 495 237 732 217 167 79 463 *** *** 263 94 9,531 2025Q4 1,525 613 *** *** 2,709 1,954 221 171 79 53 2,478 1,850 1,152 56 33 3 1,244 477 256 732 217 198 88 504 *** *** 265 97 9,878 5 Form PF Question 20 requires advisers to indicate which strategies best describe the reporting fund’s strategies including a good faith estimate of the reporting fund’s allocation among strategies, and provides a list of investment strategies for this purpose. Form PF does not define the investment strategies listed by Question 20. 37 Fourth Calendar Quarter 2025 Analytics Office Table 8.8: NAV Allocation of Qualifying Hedge Funds (Percent of NAV) As reported on Form PF, Questions 9 and 20. Category Equity Relative Value Other Macro Credit Event Driven Managed Futures/CTA Investment in other funds Total Strategy Long/Short Long Bias Market Neutral Short Bias Subtotal F.I. Sov. F.I. Asset Backed F.I. Conv. Arb. Volatility Arb. F.I. Corp. Subtotal Subtotal Global Macro Currency Commodity Active Trading Subtotal Long/Short Asset Based Lending Subtotal Distressed/Restruct. Risk Arb./Merger Arb. Equity Subtotal Quantitative Fundamental Subtotal Subtotal Total 2023Q4 27.6 11.2 *** *** 47.9 23.7 3.6 2.6 2.4 1.6 33.9 38.3 29.8 0.9 0.7 0.0 31.5 9.6 4.8 14.4 5.3 2.2 2.2 9.7 *** *** 5.3 2.6 183.6 2024Q1 28.7 11.3 *** *** 49.3 21.4 3.4 2.6 2.2 1.4 31.0 38.5 30.7 0.9 0.9 0.0 32.6 9.5 4.8 14.4 5.3 2.6 1.9 9.8 *** *** 6.0 2.3 184.0 38 2024Q2 28.9 11.7 *** *** 50.5 22.0 3.5 2.8 1.8 1.4 31.5 39.6 30.4 0.8 0.7 0.0 31.9 9.9 4.8 14.7 5.3 2.6 1.9 9.8 *** *** 6.7 2.1 186.8 2024Q3 27.4 12.0 *** *** 49.9 25.6 3.6 2.9 2.0 1.6 35.6 40.0 26.5 0.9 0.8 0.0 28.1 9.8 4.7 14.5 5.2 2.6 2.0 9.8 *** *** 6.7 2.2 187.0 2024Q4 28.5 11.9 *** *** 51.4 23.5 3.9 2.7 1.7 1.4 33.2 38.4 27.0 0.8 0.7 0.0 28.5 10.5 4.9 15.5 5.1 2.5 2.0 9.7 *** *** 5.7 2.2 184.4 2025Q1 28.0 11.6 *** *** 50.9 30.3 4.1 2.9 1.8 1.2 40.2 39.1 23.5 1.0 0.7 0.0 25.3 10.3 5.2 15.5 4.8 2.8 1.9 9.5 *** *** 5.9 2.0 188.4 2025Q2 29.7 12.4 *** *** 53.8 34.4 4.0 3.3 2.0 1.2 44.9 39.0 22.8 1.2 0.7 0.0 24.7 10.3 5.1 15.5 4.7 3.0 2.0 9.7 *** *** 5.3 1.9 194.7 2025Q3 30.0 12.7 *** *** 54.7 40.2 4.0 3.6 1.9 1.3 51.0 38.8 21.4 1.2 0.7 0.1 23.4 10.4 5.0 15.4 4.6 3.5 1.7 9.7 *** *** 5.5 2.0 200.6 2025Q4 31.5 12.7 *** *** 55.9 40.3 4.6 3.5 1.6 1.1 51.1 38.2 23.8 1.1 0.7 0.1 25.7 9.8 5.3 15.1 4.5 4.1 1.8 10.4 *** *** 5.5 2.0 203.9 Fourth Calendar Quarter 2025 8.3 Analytics Office Aggregates by Strategy Table 8.9: Aggregate Qualifying Hedge Fund GAV, by Strategy As reported on Form PF, Questions 8, 10 and 20. Funds with more than 50% of assets concentrated in a strategy are assigned that strategy type. Otherwise, funds are classified as multi-strategy. Gross asset value is then summed for each strategy in each quarter. Strategy Relative Value Equity Macro Other Multi-Strategy Credit Event Driven Managed Futures/CTA Investment in other funds 2023Q4 1,836 1,812 1,157 1,134 1,213 402 264 91 44 2024Q1 1,274 1,965 1,246 1,148 1,728 424 254 110 39 2024Q2 1,381 2,128 1,172 1,164 1,595 446 254 116 40 2024Q3 1,547 2,355 1,374 1,288 1,604 467 271 145 41 2024Q4 1,441 2,473 1,280 1,257 1,900 483 248 122 39 2025Q1 2,462 2,584 1,617 1,269 753 484 273 123 55 2025Q2 2,697 2,797 1,733 1,372 727 513 313 123 50 2025Q3 3,128 3,002 1,670 1,348 850 533 302 146 52 2025Q4 3,268 3,075 1,677 1,397 866 539 327 132 54 Table 8.10: Aggregate Qualifying Hedge Fund NAV, by Strategy As reported on Form PF, Questions 9, 10 and 20. Funds with more than 50% of assets concentrated in a strategy are assigned that strategy type. Otherwise, funds are classified as multi-strategy. Net asset value is then summed for each strategy in each quarter. Strategy Equity Other Relative Value Credit Multi-Strategy Event Driven Macro Managed Futures/CTA Investment in other funds 2023Q4 1,072 778 267 233 309 206 198 60 28 2024Q1 1,157 795 193 237 402 204 193 59 30 2024Q2 1,232 803 190 260 309 202 180 61 30 2024Q3 1,233 848 205 270 363 215 195 65 31 39 2024Q4 1,264 804 199 270 399 193 185 66 29 2025Q1 1,331 813 306 273 252 189 195 60 41 2025Q2 1,477 844 309 283 237 223 207 56 35 2025Q3 1,590 858 330 289 260 224 205 63 38 2025Q4 1,592 901 338 293 261 231 211 61 40 Fourth Calendar Quarter 2025 Analytics Office Table 8.11: Aggregate Qualifying Hedge Fund Borrowing, by Strategy As reported on Form PF, Questions 43 and 20. Funds with more than 50% of assets concentrated in a strategy are assigned that strategy type. Otherwise, funds are classified as multi-strategy. Borrowing is then summed for each strategy in each quarter. Strategy Relative Value Equity Macro Multi-Strategy Other Credit Managed Futures/CTA Event Driven Investment in other funds 2023Q4 1,349 950 728 844 230 119 74 38 15 2024Q1 886 1,062 815 1,377 241 136 60 47 1 2024Q2 943 1,182 769 1,349 257 138 65 49 2 2024Q3 1,129 1,405 1,040 1,328 312 149 56 50 3 2024Q4 956 1,495 959 1,538 314 158 55 42 4 2025Q1 1,956 1,553 1,208 552 325 152 62 49 5 2025Q2 2,227 1,661 1,276 573 364 168 75 62 4 2025Q3 2,531 1,792 1,310 663 333 166 91 60 4 2025Q4 2,672 1,869 1,320 676 338 160 88 77 3 Table 8.12: Aggregate Qualifying Hedge Fund Derivatives, by Strategy As reported on Form PF, Questions 44 and 20. Funds with more than 50% of assets concentrated in a strategy are assigned that strategy type. Otherwise, funds are classified as multi-strategy. Derivatives is then summed for each strategy in each quarter. Strategy Macro Relative Value Equity Multi-Strategy Managed Futures/CTA Other Credit Event Driven Investment in other funds 2023Q4 5,956 3,799 979 2,328 832 804 270 101 46 2024Q1 6,187 2,717 1,139 3,441 1,208 842 308 71 50 2024Q2 5,829 3,224 1,343 3,718 1,409 861 345 74 46 2024Q3 6,693 3,799 2,171 3,187 1,360 1,072 340 73 54 40 2024Q4 6,011 3,211 2,267 3,144 1,348 1,000 341 60 45 2025Q1 7,031 5,582 3,229 1,591 1,130 885 341 65 49 2025Q2 7,472 6,784 3,373 1,700 1,175 934 346 82 52 2025Q3 7,341 6,855 3,308 1,763 1,145 1,011 378 86 53 2025Q4 7,651 6,771 3,488 1,954 1,187 943 341 106 74 Fourth Calendar Quarter 2025 8.4 Analytics Office Leverage by Strategy Table 8.13: NAV-Weighted Average Ratio of GAV to NAV, by Strategy As reported on Form PF, Questions 8, 9, 10, and 20. Funds with more than 50% of assets concentrated in a strategy are assigned that strategy type. Otherwise, funds are classified as multi-strategy. Strategy Relative Value Macro Multi-Strategy Managed Futures/CTA Equity Credit Other Event Driven Investment in other funds 2023Q4 6.9 5.8 3.9 1.5 1.7 1.7 1.5 1.3 1.6 2024Q1 6.6 6.4 4.3 1.9 1.7 1.8 1.4 1.2 1.3 2024Q2 7.3 6.5 5.2 1.9 1.7 1.7 1.5 1.3 1.3 2024Q3 7.6 7.1 4.4 2.2 1.9 1.7 1.5 1.3 1.3 2024Q4 7.2 6.9 4.8 1.9 2.0 1.8 1.6 1.3 1.4 2025Q1 8.0 8.3 3.0 2.1 1.9 1.8 1.6 1.4 1.3 2025Q2 8.7 8.4 3.1 2.2 1.9 1.8 1.6 1.4 1.4 2025Q3 9.5 8.2 3.3 2.3 1.9 1.8 1.6 1.3 1.4 2025Q4 9.7 7.9 3.3 2.2 1.9 1.8 1.5 1.4 1.4 Table 8.14: NAV-Weighted Average Ratio of GNE to NAV, by Strategy As reported on Form PF, Questions 9, 10, 20, 26, and 30 (Third Month). Funds with more than 50% of assets concentrated in a strategy are assigned that strategy type. Otherwise, funds are classified as multi-strategy. Strategy Macro Relative Value Managed Futures/CTA Multi-Strategy Equity Credit Investment in other funds Other Event Driven 2023Q4 41.5 27.4 14.8 14.1 3.1 3.4 3.6 2.7 1.8 2024Q1 45.8 26.5 22.1 16.5 3.2 3.6 3.0 2.6 1.7 2024Q2 44.7 30.6 24.9 22.8 3.3 3.5 3.0 2.7 1.7 2024Q3 46.2 32.4 22.9 17.4 4.4 3.5 3.2 3.0 1.7 2024Q4 44.4 29.3 22.5 18.7 4.5 3.6 3.0 3.2 1.7 2025Q1 50.0 33.4 21.1 10.2 5.0 3.5 2.6 3.0 1.7 2025Q2 49.4 36.9 23.6 11.4 4.8 3.5 3.3 3.2 1.8 2025Q3 50.0 43.0 20.6 11.2 4.8 3.7 2.9 3.1 1.8 2025Q4 50.8 42.4 22.3 12.0 4.9 3.5 3.1 2.9 1.9 Table 8.15: NAV-Weighted Average Percent of Unencumbered Cash, by Strategy As reported on Form PF, Questions 9, 10, 20, and 33 (Third Month).Funds with more than 50% of assets concentrated in a strategy are assigned that strategy type. Otherwise, funds are classified as multi-strategy. Strategy Managed Futures/CTA Macro Multi-Strategy Relative Value Equity Other Credit Investment in other funds Event Driven 2023Q4 44.0 39.8 20.6 25.4 11.2 8.6 6.1 1.5 7.7 2024Q1 41.4 33.6 24.9 25.5 9.2 8.6 5.8 1.1 6.9 2024Q2 45.1 35.3 25.1 23.5 9.5 8.3 5.2 1.0 7.4 2024Q3 46.5 34.2 23.8 22.8 9.4 8.4 5.6 1.1 7.1 41 2024Q4 50.7 35.8 25.3 22.9 10.6 8.3 6.0 1.7 7.1 2025Q1 53.9 34.4 24.1 22.3 10.8 8.1 6.7 4.6 6.3 2025Q2 44.7 35.2 23.1 22.4 9.3 8.2 6.4 5.1 5.1 2025Q3 43.3 36.2 24.3 22.8 8.2 8.4 6.8 4.9 6.1 2025Q4 43.9 39.0 27.2 22.3 9.8 7.9 7.1 6.4 5.1 Fourth Calendar Quarter 2025 8.5 Analytics Office Investment Exposures Table 8.16: Aggregate Qualifying Hedge Fund Long Notional Exposure, by Investment Type ($ Billions) As reported on Form PF, Questions 26 and 30. Type Interest Rate Derivatives Foreign Exchange Derivatives U.S. Treasury Securities Non-Financial Listed Equities Non-Financial Equity Derivatives Repurchase Agreements Sovereign Bonds - Non-U.S. G10 Non-Financial Unlisted Equities Credit Derivatives Cash/Cash Equivalents - Other Leveraged Loans Financial Listed Equities MBS Commodity Derivatives Other Derivatives Sovereign Bonds - Other Other Private Funds Non-Financial Corporate Bonds Cash/Cash Equivalents - MMFs Cash/Cash Equivalents - Deposits Non-Financial Convertible Bonds Other Loans (Excluding Repo) Physical Real Estate Other Non-U.S. Currency Holdings Financial Equity Derivatives Other ABS/Structured Products U.S. Agency and GSE Securities Financial Corporate Bonds Financial Unlisted Equities CDO/CLO U.S. State and Local Bonds Registered Investment Companies Financial Convertible Bonds Physical Commodities Dec 2024 4,425 2,518 1,920 1,927 1,059 1,105 865 567 474 374 369 297 216 233 160 190 195 217 202 199 146 162 167 129 95 88 67 61 63 45 42 16 15 13 5 Jan 2025 4,533 2,903 2,041 1,982 1,230 1,089 927 547 493 357 328 310 211 281 146 211 202 223 169 198 155 149 93 134 127 91 65 61 73 45 38 15 17 13 7 Feb 2025 4,783 3,443 2,152 1,955 1,230 1,148 997 547 466 394 336 317 201 260 147 220 202 225 170 209 154 152 93 132 117 94 64 67 73 45 38 16 18 12 9 Mar 2025 4,826 3,079 2,187 1,854 1,182 1,152 1,005 592 518 402 388 305 209 271 179 218 212 230 186 236 150 173 179 132 140 93 68 73 67 46 40 18 16 13 12 Apr 2025 5,302 3,255 2,256 1,845 1,154 1,236 1,052 565 492 420 344 300 226 230 304 229 209 225 193 222 151 155 94 134 161 90 64 72 63 47 37 26 17 13 12 42 May 2025 5,403 3,203 2,192 2,000 1,362 1,274 1,098 581 545 405 348 320 235 239 247 238 216 235 184 225 158 157 94 133 137 99 64 70 66 49 38 25 17 13 11 Jun 2025 5,494 2,958 2,295 2,144 1,364 1,269 1,095 623 520 426 405 348 254 247 290 255 222 243 180 235 175 181 178 137 144 110 71 76 67 50 41 28 17 15 10 Jul 2025 5,338 3,110 2,267 2,134 1,343 1,265 1,070 584 546 407 362 350 252 257 301 239 223 231 175 227 183 156 89 135 137 111 67 76 65 44 40 24 18 16 11 Aug 2025 5,526 3,258 2,335 2,199 1,440 1,289 1,159 585 565 446 367 362 262 265 285 246 227 226 181 247 186 160 89 133 143 116 71 82 64 48 40 24 18 17 12 Sep 2025 5,551 3,144 2,374 2,314 1,500 1,325 1,116 642 614 471 416 362 287 286 246 258 241 244 191 238 208 187 182 144 146 118 75 84 72 50 42 27 19 19 14 Oct 2025 5,783 3,315 2,489 2,326 1,719 1,217 1,159 621 653 475 362 345 296 297 304 263 243 243 202 227 212 160 94 137 160 126 71 64 70 46 39 33 21 20 13 Nov 2025 6,105 3,429 2,558 2,363 1,795 1,379 1,236 656 635 418 366 350 308 278 277 276 247 247 212 214 200 163 95 136 170 125 72 68 70 46 38 33 21 20 12 Dec 2025 5,961 3,237 2,465 2,422 1,479 1,333 1,210 696 607 423 411 362 326 272 271 266 259 244 232 221 201 190 185 135 133 128 79 72 68 46 43 33 22 20 13 Fourth Calendar Quarter 2025 Analytics Office Table 8.17: Aggregate Qualifying Hedge Fund Short Notional Exposure, by Investment Type ($ Billions) As reported on Form PF, Questions 26 and 30. Type Interest Rate Derivatives Foreign Exchange Derivatives U.S. Treasury Securities Non-Financial Listed Equities Non-Financial Equity Derivatives Repurchase Agreements Sovereign Bonds - Non-U.S. G10 Non-Financial Unlisted Equities Credit Derivatives Cash/Cash Equivalents - Other Leveraged Loans Financial Listed Equities MBS Commodity Derivatives Other Derivatives Sovereign Bonds - Other Other Private Funds Non-Financial Corporate Bonds Cash/Cash Equivalents - MMFs Cash/Cash Equivalents - Deposits Non-Financial Convertible Bonds Other Loans (Excluding Repo) Physical Real Estate Other Non-U.S. Currency Holdings Financial Equity Derivatives Other ABS/Structured Products U.S. Agency and GSE Securities Financial Corporate Bonds Financial Unlisted Equities CDO/CLO U.S. State and Local Bonds Registered Investment Companies Financial Convertible Bonds Physical Commodities Dec 2024 4,491 1,869 1,447 923 1,056 2,355 976 2 533 115 12 138 67 185 73 77 0 92 0 129 2 15 *** 30 140 80 23 36 18 0 *** 0 4 0 0 Jan 2025 4,768 2,086 1,469 981 1,097 2,453 924 1 561 100 10 144 55 199 95 81 *** 99 0 166 2 16 *** 29 176 78 19 41 18 0 4 1 4 0 0 Feb 2025 4,983 2,323 1,460 979 1,160 2,601 967 1 546 106 10 151 53 199 111 88 *** 102 0 144 2 16 *** 31 150 86 20 43 19 0 5 1 4 0 0 Mar 2025 4,994 2,164 1,417 966 1,111 2,688 936 1 640 99 11 144 51 218 139 86 *** 98 0 138 2 17 *** 31 144 86 19 42 18 0 5 1 4 0 0 Apr 2025 5,311 2,134 1,525 993 1,239 2,862 958 2 612 105 11 147 61 215 134 82 1 101 *** 136 2 17 *** 32 148 86 17 37 19 0 5 1 4 0 0 43 May 2025 5,360 2,166 1,504 1,062 1,328 2,744 1,046 2 672 121 12 150 62 218 120 90 2 101 *** 151 2 17 *** 33 154 91 16 36 17 0 5 2 4 0 0 Jun 2025 5,503 2,046 1,622 1,133 1,356 2,919 1,024 2 648 116 12 155 77 203 181 99 0 105 *** 157 2 18 *** 34 146 100 18 40 18 0 5 2 4 0 0 Jul 2025 5,501 2,025 1,633 1,106 1,391 2,874 1,042 1 679 117 11 153 73 212 145 102 0 106 *** 166 2 19 *** 34 148 101 16 40 19 0 5 2 5 0 0 Aug 2025 5,824 2,122 1,625 1,142 1,471 2,884 1,140 1 690 168 12 168 80 215 131 105 0 104 *** 180 2 19 *** 35 144 108 17 44 19 0 5 3 5 0 0 Sep 2025 5,980 2,084 1,613 1,201 1,510 3,011 1,080 1 726 172 15 166 92 233 149 117 0 111 0 294 3 20 *** 35 157 107 15 45 20 0 *** 3 5 0 0 Oct 2025 5,944 2,263 1,688 1,171 1,616 3,070 1,105 42 764 179 14 163 97 230 146 104 0 119 *** 163 3 19 *** 35 161 117 17 31 21 0 6 4 5 0 1 Nov 2025 6,433 2,271 1,665 1,178 1,642 3,072 1,124 55 750 178 15 170 115 222 145 109 0 117 *** 163 2 19 *** 36 165 115 18 33 23 0 6 4 5 0 1 Dec 2025 6,357 2,087 1,645 1,203 1,499 3,225 1,164 20 720 154 16 173 112 223 153 114 0 120 *** 161 2 19 *** 35 146 117 16 33 22 1 6 4 4 0 1 Fourth Calendar Quarter 2025 8.6 Analytics Office Number of Positions Table 8.18: Aggregate Net Assets of Qualifying Hedge Funds with Open Positions ($ Billions) As reported on Form PF, Questions 9, 10, and 34. See the appendix for a review of interval notation used here. Open Positions Less than 10 [10,100) [100,500) [500,1000) [1000,2500) 2500 or more Dec 2024 346 1,118 1,415 305 431 959 Jan 2025 541 1,081 1,356 285 451 990 Feb 2025 545 1,076 1,354 287 450 992 Mar 2025 387 1,129 1,432 304 454 999 Apr 2025 516 1,143 1,441 307 473 1,058 May 2025 514 1,150 1,437 304 471 1,063 Jun 2025 372 1,211 1,462 338 484 1,069 Jul 2025 529 1,178 1,501 327 481 1,143 Aug 2025 530 1,180 1,495 322 478 1,154 Sep 2025 368 1,254 1,543 335 490 1,170 Oct 2025 528 1,219 1,505 330 478 1,222 Nov 2025 530 1,211 1,512 333 467 1,228 Dec 2025 358 1,280 1,589 331 492 1,228 Table 8.19: Number of Qualifying Hedge Funds with Open Positions As reported on Form PF, Questions 9, 10, and 34. See the appendix for a review of interval notation used here. Open Positions Less than 10 [10,100) [100,500) [500,1000) [1000,2500) 2500 or more Dec 2024 256 607 665 168 169 193 Jan 2025 362 578 621 165 174 185 Feb 2025 357 579 621 168 173 187 Mar 2025 262 622 669 175 168 192 Apr 2025 349 583 637 169 168 198 May 2025 354 584 636 167 173 199 Jun 2025 268 632 657 180 169 204 Jul 2025 366 591 645 173 174 205 Aug 2025 362 591 638 172 172 211 Sep 2025 274 642 669 169 182 214 Oct 2025 357 610 644 169 179 220 Nov 2025 366 599 648 169 175 221 Dec 2025 268 645 688 169 181 222 Table 8.20: Aggregate Net Assets of Qualifying Hedge Funds with Open Positions that Represent Five Percent or More of Net Assets ($ Billions) As reported on Form PF, Questions 9, 10, and 35. See the appendix for a review of interval notation used here. Large Open Positions None Less than 5 [5,10) [10,25) 25 or more Dec 2024 1,045 1,846 1,136 339 209 Jan 2025 1,304 1,833 1,056 315 195 Feb 2025 1,363 1,752 1,083 254 251 Mar 2025 1,150 1,830 1,226 281 219 Apr 2025 1,410 1,922 1,012 338 255 May 2025 1,440 1,857 1,045 318 278 Jun 2025 1,151 1,942 1,117 440 287 Jul 2025 1,402 2,040 1,085 370 262 Aug 2025 1,408 1,999 1,114 349 288 Sep 2025 1,114 2,211 1,161 418 257 Oct 2025 1,430 2,117 1,051 422 262 Nov 2025 1,444 2,059 1,121 402 255 Dec 2025 1,101 2,346 1,129 421 281 Table 8.21: Number of Qualifying Hedge Funds with Open Positions that Represent Five Percent or More of Net Assets As reported on Form PF, Questions 9, 10, and 35. See the appendix for a review of interval notation used here. Large Open Positions None Less than 5 [5,10) [10,25) 25 or more Dec 2024 520 850 476 155 57 Jan 2025 644 799 440 144 58 Feb 2025 662 789 433 139 62 Mar 2025 568 842 466 151 61 Apr 2025 671 823 392 152 66 May 2025 685 815 374 171 68 44 Jun 2025 561 857 441 181 70 Jul 2025 699 819 399 171 66 Aug 2025 693 811 395 179 68 Sep 2025 554 904 441 187 64 Oct 2025 686 834 420 169 70 Nov 2025 698 842 400 171 67 Dec 2025 541 930 442 189 71 Fourth Calendar Quarter 2025 8.7 Analytics Office Liquidity Table 8.22: Investor Liquidity for Qualifying Hedge Funds (Percent of Aggregate NAV) As reported on Form PF, Questions 9 and 50. Liquidation Period At most 1 day At most 7 days At most 30 days At most 90 days At most 180 days At most 365 days 2023Q4 6.0 8.1 17.8 33.5 43.6 55.6 2024Q1 5.9 7.8 17.7 33.3 44.0 56.7 2024Q2 7.3 9.2 18.3 34.1 44.8 57.9 2024Q3 7.4 9.4 19.0 34.8 46.2 57.6 2024Q4 7.4 9.4 18.7 36.9 44.6 57.2 2025Q1 7.2 9.1 19.3 34.1 44.8 57.1 2025Q2 7.0 8.9 18.8 34.4 45.3 58.7 2025Q3 6.8 9.0 19.1 35.0 46.7 58.2 2025Q4 6.5 8.6 19.2 38.4 45.9 58.6 Table 8.23: Portfolio Liquidity for Qualifying Hedge Funds (Percent of Aggregate NAV) As reported on Form PF, Questions 9, 26, 30, and 32. Liquidation Period At most 1 day At most 7 days At most 30 days At most 90 days At most 180 days At most 365 days 2023Q4 30.9 48.9 59.1 65.3 70.0 76.2 2024Q1 31.0 48.9 59.3 65.3 70.0 76.1 2024Q2 31.4 49.1 59.4 65.1 69.8 75.9 2024Q3 31.4 49.0 59.3 65.2 69.8 76.1 2024Q4 31.5 49.5 59.7 65.4 69.9 76.1 2025Q1 33.5 51.0 60.3 65.4 69.9 75.8 2025Q2 34.0 51.2 60.6 65.5 70.0 76.0 2025Q3 34.2 51.8 61.1 66.6 71.1 76.7 2025Q4 33.6 51.4 61.0 66.2 70.7 76.2 Table 8.24: Restrictions on Qualifying Hedge Fund Assets ($ Billions) As reported on Form PF, Questions 48 and 49. Type May Suspend May Have Gates Gated Side-Pocketed Suspended 2023Q4 2,558 1,742 84 89 17 2024Q1 2,664 1,823 93 95 16 2024Q2 2,679 1,836 87 89 17 2024Q3 2,804 1,858 102 90 23 45 2024Q4 2,789 1,829 105 96 25 2025Q1 2,784 1,803 111 96 24 2025Q2 3,013 1,955 116 98 23 2025Q3 3,182 2,053 121 103 25 2025Q4 3,266 2,105 128 113 21 Fourth Calendar Quarter 2025 Analytics Office Table 8.25: Aggregate Net Assets of Qualifying Hedge Funds by Percent of NAV Side-Pocketed ($ Billions) As reported on Form PF, Questions 9 and 48(a). See the appendix for a review of interval notation used here. Percent of NAV 0% (0%,25%] (25%,50%] (50%,100%] 2023Q4 3,553 295 71 61 2024Q1 3,677 303 73 65 2024Q2 3,699 291 72 57 2024Q3 3,860 313 70 58 2024Q4 3,792 289 84 61 2025Q1 3,903 299 78 61 2025Q2 4,088 325 90 57 2025Q3 4,237 369 73 72 2025Q4 4,326 367 65 86 Table 8.26: Number of Qualifying Hedge Funds by Percent of NAV SidePocketed As reported on Form PF, Questions 9 and 48(a). See the appendix for a review of interval notation used here. Percent of NAV 0% (0%,25%] (25%,50%] (50%,100%] 2023Q4 1,969 105 20 17 2024Q1 1,951 104 18 19 2024Q2 1,868 105 19 14 2024Q3 1,937 105 16 13 46 2024Q4 1,926 98 23 11 2025Q1 1,946 105 20 14 2025Q2 1,976 106 20 11 2025Q3 2,006 109 17 14 2025Q4 2,038 106 17 17 Fourth Calendar Quarter 2025 8.8 Analytics Office Borrowings Table 8.27: Borrowings of Qualifying Hedge Funds ($ Billions) As reported on Form PF, Question 43. Type Secured Unsecured Total Dec 2024 2,497 2,501 600 5,598 34 5,632 Subtype Reverse Repo Prime Broker Other Secured Subtotal Subtotal Total Jan 2025 2,605 2,684 565 5,853 28 5,881 Feb 2025 2,719 2,707 577 6,003 30 6,032 Mar 2025 2,855 2,612 652 6,119 40 6,160 Apr 2025 3,033 2,648 644 6,325 30 6,356 May 2025 2,906 2,777 651 6,334 32 6,366 Jun 2025 3,121 2,992 718 6,832 44 6,876 Jul 2025 3,067 2,992 614 6,673 40 6,713 Aug 2025 3,033 3,107 641 6,781 41 6,822 Sep 2025 3,165 3,242 701 7,107 52 7,159 Oct 2025 3,347 3,224 678 7,249 45 7,294 Nov 2025 3,287 3,314 696 7,298 50 7,348 Dec 2025 3,379 3,237 784 7,401 59 7,460 Table 8.28: Percent of Aggregate Qualifying Hedge Fund Prime Broker Borrowings Reported by Top Qualfiying Hedge Funds Sorted by Prime Broker Borrowings As reported on Form PF, Question 43. Top 10 Top 25 Top 50 Top 100 Top 250 Dec 2024 37.0 56.2 70.3 82.2 95.0 Jan 2025 36.7 56.0 69.7 81.7 94.8 Feb 2025 37.1 56.5 70.1 82.1 94.9 Mar 2025 35.3 55.1 70.0 81.9 94.7 Apr 2025 35.8 56.1 70.5 82.1 94.8 May 2025 35.8 55.6 69.9 81.7 94.8 Jun 2025 35.6 55.4 69.9 81.7 94.8 Jul 2025 34.5 55.0 69.9 82.0 94.9 Aug 2025 35.1 55.4 70.0 81.9 94.9 Sep 2025 35.0 55.0 69.7 81.8 94.8 Oct 2025 36.0 55.7 70.1 82.0 94.8 Nov 2025 36.8 56.1 70.0 82.0 94.8 Dec 2025 35.9 55.3 69.5 81.7 94.7 Table 8.29: Percent of Aggregate Qualifying Hedge Fund Reverse Repo Borrowing Reported by Top Qualfiying Hedge Funds Sorted by Reverse Repo Borrowing As reported on Form PF, Question 43. Top 10 Top 25 Top 50 Top 100 Top 250 Dec 2024 56.1 81.1 92.6 98.1 100.0 Jan 2025 56.1 80.5 92.9 98.1 100.0 Feb 2025 55.7 80.7 92.5 98.1 100.0 Mar 2025 54.7 80.8 92.7 98.2 100.0 Apr 2025 56.8 81.3 92.7 98.4 100.0 May 2025 56.9 81.6 92.6 98.3 100.0 Jun 2025 55.1 79.8 92.5 98.2 100.0 47 Jul 2025 54.7 80.1 92.2 98.2 100.0 Aug 2025 55.8 81.0 92.3 98.2 100.0 Sep 2025 54.2 79.7 92.1 98.2 100.0 Oct 2025 54.7 79.5 92.3 98.2 100.0 Nov 2025 56.5 81.0 92.4 98.2 100.0 Dec 2025 54.1 79.5 92.2 98.3 100.0 Fourth Calendar Quarter 2025 Analytics Office Table 8.30: Aggregate Collateral for Secured Borrowings of Qualifying Hedge Funds ($ Billions) As reported on Form PF, Question 43. Borrowing Type Total Secured Prime Broker Reverse Repo Other Secured Collateral Type Non-Cash Cash Subtotal Non-Cash Cash Subtotal Non-Cash Cash Subtotal Non-Cash Cash Subtotal Dec 2024 4,064 2,168 6,232 2,018 943 2,960 1,462 1,057 2,520 584 167 752 Jan 2025 4,223 2,300 6,523 2,164 1,013 3,177 1,526 1,107 2,632 533 180 714 Feb 2025 4,350 2,417 6,766 2,174 1,039 3,214 1,621 1,188 2,809 555 189 744 Mar 2025 4,460 2,417 6,876 2,069 1,035 3,105 1,732 1,168 2,900 659 213 872 Apr 2025 4,561 2,450 7,011 2,096 1,041 3,137 1,845 1,227 3,073 619 182 801 May 2025 4,581 2,461 7,042 2,211 1,085 3,296 1,742 1,199 2,941 627 177 804 Jun 2025 5,020 2,590 7,610 2,361 1,143 3,504 1,913 1,260 3,173 746 186 932 Jul 2025 4,926 2,531 7,457 2,387 1,174 3,561 1,963 1,156 3,119 577 201 777 Aug 2025 4,974 2,589 7,563 2,447 1,226 3,673 1,930 1,159 3,089 597 204 801 Sep 2025 5,200 2,743 7,943 2,557 1,288 3,844 1,987 1,233 3,219 657 222 879 Oct 2025 5,328 2,805 8,133 2,696 1,233 3,929 2,031 1,336 3,367 601 237 838 Nov 2025 5,460 2,786 8,246 2,767 1,251 4,018 2,067 1,302 3,369 626 233 859 Dec 2025 5,501 2,870 8,371 2,734 1,244 3,978 2,047 1,362 3,408 721 264 985 Table 8.31: Aggregate Borrowing of Qualifying Hedge Funds by Collateral to Borrowing Ratio ($ Billions) As reported on Form PF, Question 43. See the appendix for a review of interval notation used here. Borrowing Type Prime Broker Reverse Repo Other Secured Total Secured Ratio Less than 100% [100%,105%) More than 105% Less than 100% [100%,105%) More than 105% Less than 100% [100%,105%) More than 105% Less than 100% [100%,105%) More than 105% Dec 2024 589 404 1,509 765 1,528 203 237 183 180 1,774 1,717 2,107 Jan 2025 625 430 1,630 702 1,670 232 169 160 236 1,621 1,876 2,356 Feb 2025 635 495 1,577 493 1,974 251 230 187 160 2,003 1,723 2,277 Mar 2025 666 152 1,794 475 2,106 274 165 291 196 1,803 1,912 2,404 Apr 2025 684 382 1,582 1,140 1,722 172 249 141 254 2,365 1,867 2,093 May 2025 700 427 1,650 896 1,824 186 186 315 151 2,209 2,089 2,037 Jun 2025 813 166 2,014 710 2,120 291 166 362 190 2,291 2,073 2,468 Jul 2025 731 513 1,748 831 1,913 322 186 261 166 2,254 1,746 2,673 Aug 2025 750 533 1,824 1,290 1,562 181 294 178 169 2,628 1,785 2,369 Sep 2025 728 304 2,210 854 2,032 279 321 180 199 2,222 2,129 2,756 Oct 2025 754 549 1,922 987 2,062 298 396 106 176 2,724 1,709 2,816 Nov 2025 777 663 1,874 962 2,180 146 316 199 181 2,542 1,965 2,791 Dec 2025 815 602 1,821 925 2,142 312 364 207 213 2,540 2,304 2,557 Table 8.32: Number of Qualifying Hedge Funds by Collateral to Borrowing Ratio As reported on Form PF, Question 43. See the appendix for a review of interval notation used here. Borrowing Type Prime Broker Reverse Repo Other Secured Total Secured Ratio Less than 100% [100%,105%) More than 105% Less than 100% [100%,105%) More than 105% Less than 100% [100%,105%) More than 105% Less than 100% [100%,105%) More than 105% Dec 2024 150 150 411 61 102 135 163 87 249 281 236 682 Jan 2025 158 128 443 56 97 148 132 81 255 263 205 717 Feb 2025 146 145 437 67 89 155 135 81 258 272 216 710 Mar 2025 158 141 446 51 104 156 160 87 296 295 224 740 Apr 2025 169 125 447 53 105 146 140 82 246 280 220 687 48 May 2025 153 133 436 51 100 151 138 84 244 264 224 684 Jun 2025 175 133 438 42 111 150 164 97 280 298 220 720 Jul 2025 163 133 442 66 94 148 146 84 242 282 220 700 Aug 2025 172 127 445 56 107 143 145 79 245 288 207 701 Sep 2025 174 136 438 52 107 144 180 96 272 316 234 713 Oct 2025 171 112 469 60 99 154 159 74 236 303 187 721 Nov 2025 168 107 466 53 100 154 155 68 238 286 188 724 Dec 2025 167 119 466 55 96 154 191 89 281 315 215 754 Fourth Calendar Quarter 2025 Analytics Office Table 8.33: Financing Liquidity for Qualifying Hedge Funds (Percent of Available Financing) As reported on Form PF, Questions 46. Liquidation Period At most 1 day At most 7 days At most 30 days At most 90 days At most 180 days At most 365 days 2023Q4 26.4 44.7 65.3 78.8 93.5 95.4 2024Q1 31.1 48.6 64.5 78.1 93.6 95.3 2024Q2 37.0 49.5 65.3 78.4 93.7 95.5 2024Q3 39.0 51.8 67.2 78.7 93.2 94.8 2024Q4 25.0 46.0 66.1 78.2 93.3 95.0 2025Q1 39.4 51.2 66.4 78.6 92.8 94.3 2025Q2 38.9 50.3 64.9 77.9 93.0 94.5 2025Q3 39.4 50.5 65.3 77.2 93.2 94.9 2025Q4 28.6 47.8 66.4 78.7 94.0 95.3 Table 8.34: Aggregate Borrowing by Creditor Type (Percent) As reported on Form PF, Question 43 (Third Month). Creditor Type US Financial Non-US Financial US Non-Financial Non-US Non-Financial 2023Q4 61.1 38.3 0.5 0.0 2024Q1 65.0 34.2 0.7 0.1 2024Q2 64.8 34.4 0.7 0.1 2024Q3 63.0 36.2 0.7 0.1 2024Q4 64.8 34.5 *** *** 2025Q1 63.8 35.4 *** *** 2025Q2 63.8 35.5 0.7 0.1 2025Q3 63.7 35.5 0.7 0.1 2025Q4 63.2 36.0 0.7 0.2 Table 8.35: Aggregate Borrowing of Qualifying Hedge Funds Reporting Major Creditors, Bucketed by Number of Creditors to which the Fund Owes Five Percent or More of Net Assets ($ Billions) As reported on Form PF, Question 43 and 47. See the appendix for a review of interval notation used here. Creditors Reported None 1 2 3 4 [5,10) 10 or more 2023Q4 271 131 176 389 254 882 2,575 2024Q1 287 130 171 415 269 884 2,820 2024Q2 114 129 173 466 260 1,195 2,798 2024Q3 129 142 187 376 425 1,016 3,572 2024Q4 140 127 214 474 285 1,036 3,356 2025Q1 145 128 250 489 304 1,159 3,683 2025Q2 156 141 240 416 438 1,449 4,038 2025Q3 232 153 239 408 355 1,437 4,333 2025Q4 202 180 262 277 295 1,401 4,845 Table 8.36: Number of Qualifying Hedge Funds Reporting Major Creditors, Bucketed by Number of Creditors to which the Fund Owes Five Percent or More of Net Assets As reported on Form PF, Question 43 and 47. See the appendix for a review of interval notation used here. Creditors Reported None 1 2 3 4 [5,10) 10 or more 2023Q4 395 319 179 148 87 107 47 2024Q1 427 295 177 155 89 95 53 2024Q2 413 283 169 147 95 112 50 2024Q3 416 279 177 154 112 112 52 49 2024Q4 421 274 189 137 107 118 55 2025Q1 438 305 194 138 107 110 63 2025Q2 418 314 187 151 100 134 60 2025Q3 446 311 206 127 96 136 59 2025Q4 434 308 213 136 102 143 60 Fourth Calendar Quarter 2025 8.9 Analytics Office Central Clearing Table 8.37: Qualifying Hedge Funds Using Central Clearing As reported on Form PF, Questions 9 and 39. Measure Percent of Funds Percent of NAV 2023Q4 13.8 13.3 2024Q1 13.9 13.0 2024Q2 13.2 11.5 2024Q3 13.8 12.8 50 2024Q4 13.7 13.3 2025Q1 13.1 12.2 2025Q2 13.5 13.2 2025Q3 13.0 12.2 2025Q4 12.6 11.9 Fourth Calendar Quarter 2025 8.10 Analytics Office Value-at-Risk (“VaR”) Reporting Table 8.38: Number of Qualifying Hedge Funds Using VaR As reported on Form PF, Questions 40. VaR Method VaR (Any Method) Historical Simulation Parametric Monte Carlo Simulation Other VaR Not Used 2023Q4 630 285 159 172 52 1,481 2024Q1 598 262 157 163 54 1,494 2024Q2 629 258 167 184 56 1,377 2024Q3 664 281 171 187 61 1,407 2024Q4 658 285 176 166 70 1,400 2025Q1 647 283 173 160 64 1,438 2025Q2 649 283 180 149 67 1,464 2025Q3 662 293 189 148 66 1,484 2025Q4 684 303 194 157 66 1,494 Table 8.39: Aggregate Qualifying Hedge Fund GAV Managed Using VaR ($ Billions) As reported on Form PF, Questions 8 and 40. VaR Method VaR (Any Method) Historical Simulation Parametric Monte Carlo Simulation Other VaR Not Used 2023Q4 5,422 3,074 535 946 1,574 3,816 2024Q1 5,491 3,074 601 996 1,540 3,977 2024Q2 5,576 3,168 580 1,243 1,340 4,036 2024Q3 6,226 3,600 646 1,093 1,716 4,204 2024Q4 6,077 3,546 639 909 1,824 4,193 2025Q1 6,719 4,042 691 1,509 1,246 4,240 2025Q2 7,304 4,295 804 1,012 1,425 4,523 2025Q3 7,480 4,555 798 1,095 1,389 4,737 2025Q4 7,725 4,650 853 1,099 1,505 4,855 Table 8.40: Aggregate Qualifying Hedge Fund NAV Managed Using VaR ($ Billions) As reported on Form PF, Questions 9 and 40. VaR Method VaR (Any Method) Historical Simulation Parametric Monte Carlo Simulation Other VaR Not Used 2023Q4 1,343 614 309 338 218 2,639 2024Q1 1,371 614 323 349 231 2,747 2024Q2 1,370 618 318 379 207 2,748 2024Q3 1,441 663 323 372 239 2,860 51 2024Q4 1,431 671 318 334 272 2,794 2025Q1 1,475 710 314 431 183 2,867 2025Q2 1,537 738 337 344 199 3,023 2025Q3 1,606 764 359 363 216 3,145 2025Q4 1,641 775 371 379 219 3,203 Fourth Calendar Quarter 2025 8.11 Analytics Office Stress Testing and VaR Table 8.41: Number of Qualifying Hedge Fund Managed Using VaR or Stress Testing ($ Billions) As reported on Form PF, Questions 40 and 42. Risk Tool Used Stress and VaR Stress, No VaR No Stress, VaR Neither 2023Q4 554 480 76 1,001 2024Q1 526 433 72 1,061 2024Q2 532 446 97 931 2024Q3 563 456 101 951 2024Q4 556 443 102 957 2025Q1 548 469 99 969 2025Q2 555 478 94 986 2025Q3 577 489 85 995 2025Q4 601 472 83 1,022 Table 8.42: Aggregate Qualifying Hedge Fund GAV Managed Using VaR or Stress Testing ($ Billions) As reported on Form PF, Questions 8, 40, and 42. Risk Tool Used Stress and VaR Stress, No VaR No Stress, VaR Neither 2023Q4 5,152 1,486 270 2,330 2024Q1 5,230 1,555 261 2,422 2024Q2 5,308 1,632 268 2,403 2024Q3 5,919 1,759 307 2,445 2024Q4 5,769 1,745 308 2,448 2025Q1 6,254 1,754 465 2,486 2025Q2 6,956 1,914 348 2,610 2025Q3 7,120 2,023 359 2,714 2025Q4 7,365 2,055 360 2,800 Table 8.43: Aggregate Qualifying Hedge Fund NAV Managed Using VaR or Stress Testing ($ Billions) As reported on Form PF, Questions 9, 40, and 42. Risk Tool Used Stress and VaR Stress, No VaR No Stress, VaR Neither 2023Q4 1,186 913 156 1,725 2024Q1 1,215 953 156 1,794 2024Q2 1,210 997 160 1,751 2024Q3 1,277 1,060 164 1,800 52 2024Q4 1,269 1,032 163 1,762 2025Q1 1,303 1,032 172 1,835 2025Q2 1,375 1,111 162 1,911 2025Q3 1,443 1,156 163 1,989 2025Q4 1,476 1,175 165 2,029 Fourth Calendar Quarter 2025 8.12 Analytics Office Stress Testing Table 8.44: Number of Qualifying Hedge Funds Stressing Each Market Factor ($ Billions) As reported on Form PF, Questions 9 and 42. Market Factor Equity Prices Risk Free Rates Currency Rates Credit Spreads Implied Volatilities Commodity Prices Bond Default Rates ABS Default Rates 2023Q4 854 722 754 665 512 429 286 266 2024Q1 834 705 673 644 489 409 286 258 2024Q2 849 711 682 645 489 415 276 261 2024Q3 878 737 713 670 496 432 287 263 2024Q4 877 714 705 657 515 438 291 249 2025Q1 893 725 717 670 514 451 295 263 2025Q2 914 739 717 692 531 464 306 277 2025Q3 943 762 737 715 545 477 306 278 2025Q4 948 765 755 716 543 476 308 275 Table 8.45: Aggregate GAV of Qualifying Hedge Funds Stressing Each Market Factor ($ Billions) As reported on Form PF, Questions 8 and 42. Market Factor Equity Prices Risk Free Rates Currency Rates Credit Spreads Implied Volatilities Commodity Prices Bond Default Rates ABS Default Rates 2023Q4 6,208 5,855 5,536 5,436 5,031 5,039 1,404 1,359 2024Q1 6,379 6,000 5,632 5,523 5,213 5,132 1,547 1,356 2024Q2 6,514 6,122 5,730 5,634 5,331 5,240 1,553 1,503 2024Q3 7,200 6,794 6,395 6,352 5,904 5,827 1,843 1,728 2024Q4 7,070 6,607 6,321 6,170 5,795 5,697 1,935 1,462 2025Q1 7,557 7,064 6,765 6,635 6,092 6,022 1,897 1,123 2025Q2 8,372 7,835 7,517 7,376 6,809 6,830 2,238 1,322 2025Q3 8,600 8,030 7,652 7,540 6,891 6,986 2,216 1,379 2025Q4 8,895 8,263 7,894 7,783 7,053 7,210 2,112 1,622 Table 8.46: Aggregate NAV of Qualifying Hedge Funds Stressing Each Market Factor ($ Billions) As reported on Form PF, Questions 9 and 42. Market Factor Equity Prices Risk Free Rates Currency Rates Credit Spreads Implied Volatilities Commodity Prices Bond Default Rates ABS Default Rates 2023Q4 1,858 1,588 1,593 1,438 1,179 1,127 421 407 2024Q1 1,948 1,642 1,623 1,494 1,215 1,167 459 407 2024Q2 1,979 1,656 1,637 1,505 1,218 1,169 463 416 2024Q3 2,085 1,744 1,746 1,608 1,256 1,231 506 445 53 2024Q4 2,070 1,707 1,741 1,570 1,285 1,219 529 411 2025Q1 2,100 1,715 1,752 1,575 1,279 1,229 497 381 2025Q2 2,248 1,812 1,863 1,687 1,371 1,310 543 429 2025Q3 2,354 1,881 1,917 1,746 1,425 1,371 545 420 2025Q4 2,405 1,906 1,958 1,774 1,434 1,374 538 429 Fourth Calendar Quarter 2025 Analytics Office Table 8.47: Number of Qualifying Hedge Funds Stressing Market Factors ($ Billions) As reported on Form PF, Questions 42. Factors Tested 0 1 2 3 4 5 6 7 8 2023Q4 1,077 212 115 85 105 121 165 72 159 2024Q1 1,133 161 110 88 102 123 148 74 153 2024Q2 1,028 167 117 83 110 124 168 62 147 2024Q3 1,052 182 121 84 113 141 157 67 154 2024Q4 1,059 178 123 85 78 131 179 74 151 2025Q1 1,068 182 128 84 85 131 170 73 164 2025Q2 1,080 182 130 79 96 125 170 76 175 2025Q3 1,080 188 133 81 104 130 182 76 172 2025Q4 1,105 190 134 81 103 137 180 76 172 Table 8.48: Aggregate GAV of Qualifying Hedge Funds Stressing Market Factors ($ Billions) As reported on Form PF, Questions 8 and 42. Factors Tested 0 1 2 3 4 5 6 7 8 2023Q4 2,600 423 401 331 445 660 2,927 599 852 2024Q1 2,683 425 389 363 364 791 2,952 647 855 2024Q2 2,672 456 413 339 358 825 3,060 504 986 2024Q3 2,752 494 427 372 398 860 3,382 564 1,181 2024Q4 2,756 504 422 404 304 778 3,262 899 940 2025Q1 2,950 517 410 427 502 794 3,738 834 787 2025Q2 2,958 569 428 474 409 975 4,100 975 940 2025Q3 3,073 614 466 486 462 1,119 4,118 888 990 2025Q4 3,160 647 481 478 485 1,150 4,173 982 1,023 Table 8.49: Aggregate NAV of Qualifying Hedge Funds Stressing Market Factors ($ Billions) As reported on Form PF, Questions 8 and 42. Factors Tested 0 1 2 3 4 5 6 7 8 2023Q4 1,882 262 266 217 165 248 566 139 237 2024Q1 1,950 275 252 245 147 275 577 152 243 2024Q2 1,911 299 261 232 159 278 600 131 248 2024Q3 1,964 326 271 247 172 302 600 142 277 54 2024Q4 1,925 320 263 267 124 273 612 186 257 2025Q1 2,007 330 281 262 143 289 618 170 243 2025Q2 2,073 358 292 278 167 266 667 179 279 2025Q3 2,153 379 310 272 193 318 672 183 271 2025Q4 2,193 403 321 275 186 328 665 211 262 Fourth Calendar Quarter 2025 Analytics Office 9 Section 3 Liquidity Fund Specific Information6 9.1 Liquidity Table 9.1: Investor Liquidity for Section 3 Liquidity Funds (Percent of Aggregate Section 3 Liquidity Fund NAV) As reported on Form PF, Questions 9 and 61. Reported percentages over 100% are taken as 100%. Liquidation Period At most 1 day At most 7 days At most 30 days At most 90 days At most 180 days At most 365 days 2023Q4 68.0 93.3 97.3 97.9 98.8 99.8 2024Q1 66.7 92.4 96.9 97.6 98.7 99.7 2024Q2 65.4 92.6 96.9 97.8 99.0 99.6 2024Q3 64.6 92.8 96.9 97.6 98.9 99.7 2024Q4 62.4 92.9 97.1 98.0 98.9 99.7 2025Q1 62.9 92.8 97.0 97.7 98.9 99.7 2025Q2 62.0 93.3 97.3 98.1 99.0 99.6 2025Q3 61.1 93.2 97.2 97.8 98.9 99.7 2025Q4 59.7 93.1 97.3 98.1 99.2 99.7 Table 9.2: Suspensions and Gates of Section 3 Liquidity Funds ($ Billions) As reported on Form PF, Question 60 Type May Suspend May Have Gates Suspended Gated 2023Q4 334 303 *** *** 2024Q1 309 282 0 0 2024Q2 322 291 0 *** 2024Q3 345 311 0 0 2024Q4 339 307 0 0 2025Q1 347 316 0 0 2025Q2 363 327 0 0 2025Q3 387 349 0 0 2025Q4 402 365 0 0 6 Due to revisions effective June 11, 2024, previously published information on Rule 2a-7 compliance has been removed beginning with the 2024Q2 version of this report. For more information see previously published versions of this report and Release No. IA-6344. 55 Fourth Calendar Quarter 2025 9.2 Analytics Office Portfolio Characteristics7 Table 9.3: Weighted-Average Maturity of Section 3 Liquidity Funds (Days) As reported on Form PF, Question 53(d). Statistic Average WAM Asset-Weighted WAM Dec 2024 28.5 44.6 Jan 2025 32.3 46.7 Feb 2025 33.3 44.3 Mar 2025 33.3 43.6 Apr 2025 32.4 43.2 May 2025 31.9 43.8 Jun 2025 32.6 46.2 Jul 2025 34.2 47.2 Aug 2025 35.2 50.6 Sep 2025 36.0 48.4 Oct 2025 34.1 45.4 Nov 2025 32.4 44.6 Dec 2025 34.0 45.1 Table 9.4: Weighted-Average Life of Section 3 Liquidity Funds (Days) As reported on Form PF, Question 53(e). Statistic Average WAL Asset-Weighted WAL Dec 2024 47.2 67.8 Jan 2025 51.0 72.4 Feb 2025 52.0 68.7 Mar 2025 51.9 67.9 Apr 2025 52.7 66.9 May 2025 51.8 67.9 Jun 2025 52.9 68.6 Jul 2025 53.3 72.9 Aug 2025 54.4 73.5 Sep 2025 54.0 72.1 Oct 2025 53.4 69.5 Nov 2025 50.4 68.9 Dec 2025 51.7 67.4 Table 9.5: Seven-Day Gross Yield of Section 3 Liquidity Funds (Percent) As reported on Form PF, Question 53(f). Statistic Average Gross Yield Asset-Weighted Gross Yield Dec 2024 4.1 4.5 Jan 2025 4.6 4.4 Feb 2025 4.6 4.4 Mar 2025 4.2 4.3 Apr 2025 4.4 4.3 May 2025 4.3 4.0 Jun 2025 4.2 4.3 Jul 2025 4.2 4.0 Aug 2025 4.2 4.0 Sep 2025 3.9 3.9 Oct 2025 3.9 3.9 Nov 2025 3.8 3.8 Dec 2025 4.1 3.9 Table 9.6: Ratio of Daily Liquid Assets to Net Asset Value for Section 3 Liquidity Funds (Percent) As reported on Form PF, Question 53(g). Ratios are capped at 100%. Statistic Average DLA Asset-Weighted DLA Dec 2024 49.7 45.7 Jan 2025 53.8 48.8 Feb 2025 54.6 48.2 Mar 2025 54.4 45.8 Apr 2025 53.7 47.6 May 2025 53.5 48.2 Jun 2025 53.2 47.1 Jul 2025 54.4 50.2 Aug 2025 52.7 45.8 Sep 2025 57.2 49.0 Oct 2025 53.7 52.2 Nov 2025 55.7 50.7 Dec 2025 55.6 47.1 Table 9.7: Ratio of Weekly Liquid Assets to Net Asset Value for Section 3 Liquidity Funds (Percent) As reported on Form PF, Question 53(h). Ratios are capped at 100%. Statistic Average WLA Asset-Weighted WLA Dec 2024 60.0 60.6 Jan 2025 61.3 61.1 Feb 2025 60.6 60.2 Mar 2025 59.1 58.6 Apr 2025 59.1 61.6 May 2025 59.4 60.9 Jun 2025 59.4 60.6 Jul 2025 61.9 62.5 Aug 2025 61.5 59.3 Sep 2025 61.7 60.7 Oct 2025 62.7 64.0 Nov 2025 62.1 61.4 Dec 2025 60.6 59.6 7 With revisions effective June 11, 2024, Liquidity Fund Advisers are required to calculate WAM and WAL based on the percentage of each security’s market value in the portfolio. For more information see the Form PF Glossary of Terms and Release No. IA-6344. 56 Fourth Calendar Quarter 2025 9.3 Analytics Office Methods of Calculating NAV8 Table 9.8: NAV Calculation Method (Percent of Section 3 Liquidity Funds) As reported on Form PF, Question 52. For Form PF filings made prior to June 11, 2024, calculations were based on responses indicating whether the reporting fund utilized the amortized cost method of valuation or the penny rounding method of pricing in computing its net asset value. On or after June 11, 2024, calculations are based on responses indicating whether the reporting fund seeks to maintain a stable price per share. Type Stable Floating 2023Q4 70.6 29.4 2024Q1 71.4 28.6 2024Q2 59.6 40.4 2024Q3 53.8 46.2 2024Q4 60.8 39.2 2025Q1 64.6 35.4 2025Q2 60.0 40.0 2025Q3 58.2 41.8 2025Q4 50.0 50.0 Table 9.9: NAV Calculation Method (Percent of Section 3 Liquidity Fund Aggregate NAV) As reported on Form PF, Questions 9 and 52. For Form PF filings made prior to June 11, 2024, calculations were based on responses indicating whether the reporting fund utilized the amortized cost method of valuation or the penny rounding method of pricing in computing its net asset value. On or after June 11, 2024, calculations are based on responses indicating whether the reporting fund seeks to maintain a stable price per share. Type Stable Floating 2023Q4 66.1 33.9 2024Q1 65.4 34.6 2024Q2 80.1 19.9 2024Q3 79.4 20.6 2024Q4 83.3 16.7 8 2025Q1 82.6 17.4 2025Q2 82.6 17.4 2025Q3 81.1 18.9 2025Q4 80.8 19.2 For Form PF filings made prior to June 11, 2024, calculations were based on responses indicating whether the reporting fund utilized the amortized cost method of valuation or the penny rounding method of pricing in computing its net asset value. On or after June 11, 2024, calculations are based on responses indicating whether the reporting fund seeks to maintain a stable price per share. For more information see Appendix 11.4 and Release No. IA-6344. 57 Fourth Calendar Quarter 2025 9.4 Analytics Office Aggregate Portfolio Holdings9 Table 9.10: Aggregate Product Exposures of Section 3 Liquidity Funds ($ Billions) As reported on Form PF, Question 62. Investment Type Deposits Repo - Govt. Collateral U.S. Treasuries Commercial Paper Other Asset-Backed Securities Repo - Other Collateral U.S. Govt. Debt Municipal Debt Dec 2024 76.2 66.2 86.1 44.0 37.0 20.0 *** 2.7 *** Jan 2025 95.8 67.0 85.2 48.9 33.2 20.6 *** 2.5 *** Feb 2025 101.6 66.5 81.3 51.8 31.1 20.2 *** 2.0 *** Mar 2025 94.2 72.9 77.3 57.2 29.0 20.8 *** 2.2 *** Apr 2025 101.5 74.7 75.2 55.7 33.9 21.8 *** 2.8 *** May 2025 96.2 79.6 72.6 56.6 37.7 22.0 *** 2.6 *** Jun 2025 85.6 83.9 73.3 63.0 34.4 25.5 *** 2.2 *** Jul 2025 89.9 84.6 67.5 57.8 38.6 23.9 *** 2.7 *** Aug 2025 85.6 73.4 84.8 61.3 40.7 24.4 19.2 2.8 0.5 Sep 2025 92.0 88.6 80.7 58.1 39.7 26.2 *** 3.5 *** Oct 2025 88.3 *** 77.5 56.9 39.6 26.1 19.2 4.9 *** Nov 2025 84.3 100.6 82.6 54.9 42.4 28.2 *** 3.7 *** Dec 2025 93.4 90.6 82.0 52.4 49.9 30.8 *** 4.1 *** 9 Note that prior to 2016Q2, portfolio holdings were reported on a quarterly, rather than monthly, frequency. For more information see Appendix 11.4 and Release No. IA-3879. 58 Fourth Calendar Quarter 2025 Analytics Office 10 Section 4 Private Equity Fund Specific Information10 10.1 Portfolio Company Industry Concentration Table 10.1: Gross Assets, by Portfolio Company Industry (Percent of Total Section 4 Private Equity Fund GAV) As reported on Form PF, Questions 8 and 80. Industry Software Publishers Computing Infrastructure... Custom Computer Programming... Other Financial Vehicles Insurance Agencies and Brokerages Computer Systems Design Services Offices of Physicians Other Computer Related Services All Other Professional,... Engineering Services Offices of Other Holding Companies Other Activities Related to Real... Natural Gas Distribution Consumer Lending Home Health Care Services Full-Service Restaurants Lessors of Nonresidential Buildings Commercial Banking Hotels and Motels Real Estate Credit Offices of Dentists Lessors of Residential Buildings... Marketing Research and Public... Supermarkets and Other Grocery... 2013Q4 2.8 2.9 0.9 0.4 0.9 0.5 0.2 0.4 0.4 0.3 0.3 0.4 0.5 0.3 0.4 0.5 0.8 1.8 0.7 0.5 0.2 0.3 0.2 0.8 2014Q4 3.8 2.3 1.0 0.4 1.0 0.8 0.2 0.4 0.6 0.2 0.3 0.5 0.4 0.6 0.3 0.9 0.8 1.1 0.7 0.4 0.2 0.4 0.2 0.5 2015Q4 4.9 1.8 1.5 0.6 1.0 0.6 0.3 0.5 0.6 0.4 0.6 0.3 0.6 0.8 0.3 0.7 0.8 0.9 0.6 0.9 0.2 0.4 0.2 0.5 2016Q4 6.1 2.0 1.5 1.8 1.2 1.0 0.4 0.9 0.9 0.3 0.3 0.4 0.7 0.9 0.3 0.5 0.7 0.8 0.7 0.6 0.2 0.4 0.2 0.5 2017Q4 6.0 2.3 1.5 1.6 1.1 0.8 0.3 0.9 0.8 0.3 0.4 0.4 1.0 0.8 0.3 0.5 0.7 0.7 0.4 0.5 0.3 0.3 0.2 0.3 2018Q4 8.0 3.5 1.8 1.3 1.0 0.6 0.3 1.0 1.4 0.3 0.5 0.3 1.0 0.6 0.4 0.3 0.6 0.3 0.2 0.4 0.3 0.3 0.1 0.3 2019Q4 10.6 4.2 2.1 1.2 1.1 0.6 0.5 0.8 1.4 0.3 0.4 0.3 0.7 0.6 0.5 0.4 1.1 0.3 0.4 0.4 0.3 0.3 0.2 0.2 2020Q4 9.7 3.6 1.9 1.8 1.5 1.0 0.5 1.2 1.9 0.3 0.4 0.3 0.8 0.7 0.6 0.3 0.6 0.4 0.4 0.4 0.3 0.2 0.2 0.2 2021Q4 11.7 3.4 2.5 2.2 1.7 1.6 0.6 1.5 1.3 0.4 0.4 0.4 0.6 0.6 0.4 0.2 0.4 0.4 0.4 0.2 0.3 0.3 0.2 0.2 2022Q4 12.0 4.2 2.8 2.9 1.8 1.1 0.7 1.0 1.4 0.7 0.4 0.6 0.6 0.5 0.4 0.5 0.5 0.5 0.5 0.1 0.3 0.2 0.2 0.2 2023Q4 12.8 3.9 2.3 2.5 2.2 1.2 0.7 1.0 1.2 0.5 0.4 0.5 0.4 0.6 0.3 0.5 0.6 0.4 0.4 0.3 0.2 0.2 0.2 0.2 2024Q4 13.4 3.9 2.5 1.7 2.4 1.3 0.8 1.1 1.2 0.6 0.4 0.4 0.5 0.6 0.4 0.5 0.7 0.4 0.4 0.2 0.2 0.3 0.2 0.2 2025Q4 13.5 4.8 2.4 2.1 2.0 1.3 1.0 1.0 0.8 0.6 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.3 0.2 0.2 0.2 0.2 0.2 0.1 10 Due to revisions effective June 11, 2024, previously published information on private equity fund region and country exposure has been removed beginning with the 2024Q2 version of this report. For more information, see previously published versions of this report and Release No. IA-6279. 59 Fourth Calendar Quarter 2025 Analytics Office Table 10.2: Number of Section 4 Private Equity Funds Reporting Investments in Portfolio Companies, by Industry As reported on Form PF, Question 80. Industry Software Publishers Computing Infrastructure... Custom Computer Programming... Other Financial Vehicles Insurance Agencies and Brokerages Computer Systems Design Services Offices of Physicians Other Computer Related Services All Other Professional,... Engineering Services Offices of Other Holding Companies Other Activities Related to Real... Natural Gas Distribution Consumer Lending Home Health Care Services Full-Service Restaurants Lessors of Nonreside [Text truncated at 120,000 characters. The full text is on the page linked above.] --- Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Asec%3A502052b4b86782b8. Public record. Not legal advice.