Division of Investment Management

Division of Investment Management

Analytics Office

Private Fund Statistics

Form PF and Form ADV Data, First 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 November 13, 2025.

First 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 November 13, 2025, for the

reporitng periods from First Calendar Quarter 2023 through First 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 First Calendar Quarter 2025 Private

Fund Statistics, please contact: IM-Analytics with subject line “First 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

First 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

2023Q1

20,983

9,847

6,910

4,275

2,993

2,470

71

47,549

2023Q2

20,996

9,847

6,868

4,277

3,002

2,474

70

47,534

2023Q3

21,004

9,948

6,840

4,266

2,998

2,479

69

47,604

2023Q4

23,111

9,665

7,146

4,255

3,252

2,702

73

50,204

2024Q1

23,165

9,771

7,146

4,271

3,254

2,733

74

50,414

2024Q2

23,137

9,846

7,172

4,270

3,254

2,738

76

50,493

2024Q3

23,222

9,916

7,186

4,253

3,258

2,737

77

50,649

2024Q4

25,008

9,721

7,654

4,647

3,581

3,097

74

53,782

2025Q1

24,986

9,822

7,711

4,724

3,618

3,105

73

54,039

Table 1.2: Number of Funds Reported by Large Filers

Fund Type

Section 4 Private Equity Fund

Qualifying Hedge Fund

Section 3 Liquidity Fund

2023Q1

7,417

2,042

51

2023Q2

7,500

2,087

51

2023Q3

7,499

2,097

51

2023Q4

8,574

2,103

51

2024Q1

8,576

2,084

49

2024Q2

8,548

1,998

52

2024Q3

8,550

2,049

52

2024Q4

9,990

2,051

51

2025Q1

10,349

2,076

48

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

2023Q1

1,766

453

1,865

767

461

286

176

578

34

22

3,815

2023Q2

1,766

455

1,864

770

462

287

175

593

34

22

3,815

2023Q3

1,767

454

1,865

770

462

285

174

592

34

22

3,814

2023Q4

1,864

487

1,856

787

467

317

176

597

38

22

3,933

2024Q1

1,861

489

1,857

783

468

318

176

594

38

20

3,933

2024Q2

1,862

488

1,854

786

466

318

177

597

39

22

3,934

2024Q3

1,859

489

1,860

789

464

321

175

608

39

21

3,938

2024Q4

1,936

541

1,832

806

480

337

187

614

34

22

4,001

2025Q1

1,935

541

1,830

805

484

338

186

617

34

21

3,999

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

2023Q1

1,738

873

776

382

46

3,815

2023Q2

1,739

870

777

384

45

3,815

2023Q3

1,735

872

777

384

46

3,814

2023Q4

1,753

902

820

406

52

3,933

2024Q1

1,758

900

815

409

51

3,933

2024Q2

1,758

897

819

408

52

3,934

2024Q3

1,764

901

815

406

52

3,938

2024Q4

1,749

916

842

435

59

4,001

2025Q1

1,742

917

847

432

61

3,999

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

First 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

2023Q1

9,491

6,654

1,605

1,139

925

374

321

20,509

2023Q2

9,896

6,665

1,578

1,138

923

374

333

20,906

2023Q3

10,196

6,672

1,570

1,129

924

374

362

21,226

2023Q4

10,696

7,414

1,734

1,078

1,024

400

362

22,708

2024Q1

11,046

7,435

1,737

1,081

1,031

400

340

23,071

2024Q2

11,239

7,426

1,744

1,079

1,031

400

353

23,272

2024Q3

12,152

7,419

1,755

1,071

1,027

400

381

24,205

2024Q4

11,946

7,951

1,877

1,133

1,111

465

369

24,853

2025Q1

12,590

7,941

1,862

1,128

1,112

473

384

25,491

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

2023Q1

7,991

5,226

320

2023Q2

8,435

5,238

331

2023Q3

8,742

5,238

360

2023Q4

9,149

5,874

359

2024Q1

9,365

5,878

334

2024Q2

9,479

5,876

351

2024Q3

10,287

5,880

377

2024Q4

10,124

6,350

367

2025Q1

10,759

6,459

381

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

2023Q1

5,978

4,859

1,373

859

341

265

314

13,989

2023Q2

5,989

4,915

1,346

859

341

265

321

14,036

2023Q3

5,997

4,936

1,339

850

341

264

348

14,075

2023Q4

6,744

5,001

1,543

822

375

284

353

15,121

2024Q1

6,763

5,223

1,542

826

375

290

333

15,351

2024Q2

6,755

5,224

1,553

824

374

290

343

15,364

2024Q3

6,748

5,395

1,561

819

375

290

369

15,557

2024Q4

7,289

5,325

1,645

880

427

408

358

16,332

2025Q1

7,278

5,419

1,632

881

435

406

374

16,426

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

2023Q1

4,730

3,881

312

2023Q2

4,741

3,941

319

2023Q3

4,741

3,969

346

4

2023Q4

5,386

3,971

350

2024Q1

5,389

4,109

327

2024Q2

5,388

4,109

341

2024Q3

5,392

4,271

366

2024Q4

5,902

4,215

357

2025Q1

6,006

4,329

371

First 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

2023Q1

0.2

0.6

1.3

2.8

6.4

3.9

0.1

0.5

0.9

1.9

4.0

1.9

2023Q2

0.2

0.6

1.3

2.8

6.5

4.0

0.2

0.5

0.9

1.9

4.0

1.9

2023Q3

0.2

0.6

1.2

2.8

6.6

4.2

0.2

0.5

0.9

1.9

4.1

1.9

2023Q4

0.2

0.6

1.3

2.7

6.6

4.4

0.2

0.5

0.9

1.9

4.0

1.9

2024Q1

0.2

0.6

1.3

2.9

7.0

4.5

0.2

0.5

1.0

1.9

4.2

2.0

2024Q2

0.3

0.7

1.4

3.0

7.1

4.7

0.3

0.6

1.0

2.0

4.3

2.1

2024Q3

0.3

0.7

1.4

3.1

7.4

5.0

0.3

0.6

1.0

2.0

4.4

2.1

2024Q4

0.3

0.7

1.4

3.1

7.4

4.9

0.3

0.6

1.0

2.0

4.3

2.1

2025Q1

0.3

0.7

1.4

3.1

7.6

5.2

0.3

0.6

1.0

2.0

4.3

2.1

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

Billions)

As reported on Form PF, Questions 8 and 9.

Asset Type

GAV

NAV

Statistic

10th Percentile

25th Percentile

Median

75th Percentile

90th Percentile

Mean

10th Percentile

25th Percentile

Median

75th Percentile

90th Percentile

Mean

2023Q1

0.0

0.0

0.1

0.5

1.6

0.7

0.0

0.0

0.1

0.5

1.4

0.6

2023Q2

0.0

0.0

0.1

0.5

1.6

0.7

0.0

0.0

0.1

0.5

1.4

0.6

2023Q3

0.0

0.0

0.1

0.5

1.6

0.7

0.0

0.0

0.1

0.5

1.4

0.6

2023Q4

0.0

0.0

0.1

0.5

1.5

0.7

0.0

0.0

0.1

0.5

1.4

0.6

5

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

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

First 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

2023Q1

12,804

695

272

108

3,101

449

239

73

2023Q2

12,816

750

236

122

3,111

520

209

88

2023Q3

12,880

692

244

146

3,166

462

215

112

2023Q4

13,816

745

230

173

3,113

515

193

131

2024Q1

14,029

726

251

186

3,251

491

212

144

2024Q2

14,041

756

206

211

3,250

515

167

166

2024Q3

14,145

790

242

223

3,334

551

204

169

2024Q4

14,862

773

281

216

3,273

521

242

163

2025Q1

14,880

828

268

253

3,318

554

231

202

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

2023Q1

36,977

2,027

504

1,573

1,697

235

54

24

2023Q2

37,083

2,049

492

1,576

1,727

272

45

26

2023Q3

37,101

2,000

498

1,585

1,766

239

40

34

6

2023Q4

39,558

2,018

560

1,608

1,755

244

41

31

2024Q1

39,696

2,028

567

1,619

1,753

235

44

35

2024Q2

39,723

2,051

578

1,625

1,660

237

45

37

2024Q3

39,691

2,093

584

1,637

1,684

259

45

43

2024Q4

42,168

2,191

599

1,711

1,667

266

49

41

2025Q1

42,325

2,213

581

1,721

1,696

263

46

47

First 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, and 43 (Third Month).

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

Section 3 Liquidity Fund

Liquidity Fund

2023Q1

46.8

43.2

53.6

13.2

5.8

5.8

5.6

0.6

0.0

0.0

2023Q2

47.9

44.0

53.6

13.2

5.9

5.8

5.6

0.6

0.0

0.0

2023Q3

47.9

44.2

53.3

13.6

5.9

5.8

5.5

0.6

0.0

0.0

2023Q4

50.4

46.2

56.6

14.8

5.2

5.0

4.9

0.6

0.0

0.0

2024Q1

52.3

47.5

53.4

14.0

5.2

5.0

4.8

0.6

0.0

0.0

2024Q2

53.2

48.3

53.3

14.0

5.2

5.0

4.8

0.6

0.0

0.0

2024Q3

55.4

50.8

52.9

14.3

5.2

5.0

4.8

0.6

0.0

0.0

2024Q4

54.2

49.9

49.2

15.4

5.7

5.0

5.0

0.8

0.0

0.0

2025Q1

56.0

52.3

43.5

14.6

5.7

5.0

4.9

0.7

0.0

0.0

Table 2.10: Distribution of Fund Borrowing ($ Billions)

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

from this analysis.

Fund Type

All Private Funds

Qualifying Hedge Funds

Statistic

Median

75th Percentile

90th Percentile

95th Percentile

Mean

Median

75th Percentile

90th Percentile

95th Percentile

Mean

2023Q1

0.0

0.3

0.6

1.0

0.5

0.3

1.0

3.5

10.3

3.0

2023Q2

0.0

0.3

0.6

1.1

0.5

0.3

1.1

3.7

10.3

3.2

2023Q3

0.0

0.3

0.6

1.1

0.6

0.3

1.2

3.7

10.0

3.3

7

2023Q4

0.0

0.3

0.6

1.0

0.6

0.3

1.1

3.8

11.3

3.6

2024Q1

0.0

0.3

0.6

1.1

0.6

0.3

1.3

4.3

12.5

3.9

2024Q2

0.0

0.3

0.6

1.1

0.6

0.3

1.3

4.7

12.6

4.0

2024Q3

0.0

0.3

0.6

1.2

0.7

0.3

1.4

4.8

14.3

4.5

2024Q4

0.0

0.3

0.6

1.1

0.7

0.3

1.3

4.8

13.5

4.2

2025Q1

0.0

0.3

0.6

1.2

0.7

0.3

1.3

5.1

15.5

4.5

First 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, and 43 (Third Month). See the appendix for a review of

interval notation used here.

Fund Universe

All Private Funds

Qualifying Hedge Funds

Ratio

0

(0,1)

[1,4)

[4,9)

9 or more

0

(0,1)

[1,4)

[4,9)

9 or more

2023Q1

6,819

6,248

652

160

111

948

2,202

496

151

84

2023Q2

6,862

6,221

687

161

106

996

2,166

545

151

84

2023Q3

6,826

6,268

700

173

108

950

2,213

557

163

86

2023Q4

7,626

6,536

659

159

142

977

2,221

515

143

115

2024Q1

7,720

6,622

678

190

141

1,005

2,279

534

178

113

2024Q2

7,746

6,577

735

155

151

1,018

2,243

582

141

123

2024Q3

7,810

6,683

693

196

174

1,057

2,350

544

182

138

2024Q4

8,530

6,708

718

213

163

1,024

2,315

553

197

126

2025Q1

8,621

6,640

761

224

180

1,013

2,377

586

211

142

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

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

interval notation used here.

Fund Universe

All Private Funds

Qualifying Hedge Funds

Ratio

0

(0,1)

[1,4)

[4,9)

9 or more

0

(0,1)

[1,4)

[4,9)

9 or more

2023Q1

31,772

7,623

1,151

161

3,049

772

996

218

30

26

2023Q2

31,873

7,598

1,173

161

3,055

802

991

243

27

24

2023Q3

31,927

7,647

1,142

154

3,063

803

1,012

229

27

26

2023Q4

34,292

7,912

1,144

232

3,046

815

1,007

218

23

40

2024Q1

34,567

7,853

1,143

208

3,036

811

990

222

25

36

2024Q2

34,498

7,845

1,180

214

3,129

731

984

222

27

34

2024Q3

34,675

7,839

1,188

221

3,047

760

994

223

32

40

2024Q4

36,809

8,126

1,266

247

3,375

745

1,000

226

33

47

2025Q1

37,197

8,062

1,256

221

3,292

722

1,053

228

33

40

Table 2.13: Aggregate Borrowing by Creditor Type (Percent)

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

Creditor Type

US Financial

Non-US Financial

US Non-Financial

Non-US Non-Financial

2023Q1

66.7

30.2

3.2

0.8

2023Q2

66.7

30.4

3.0

0.7

2023Q3

65.6

31.7

2.9

0.7

2023Q4

64.5

32.5

2.7

0.4

8

2024Q1

67.8

29.7

2.8

0.4

2024Q2

67.9

29.7

2.7

0.4

2024Q3

65.1

32.7

2.5

0.4

2024Q4

66.4

31.0

2.5

0.3

2025Q1

66.6

31.8

2.4

0.3

First 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

2023Q1

4,078

3,556

7,480

2,985

2023Q2

4,056

3,508

7,484

2,982

2023Q3

4,051

3,511

7,473

2,989

2023Q4

4,846

3,831

8,327

3,317

2024Q1

4,872

3,850

8,362

3,310

2024Q2

4,877

3,855

8,373

3,306

2024Q3

4,897

3,876

8,375

3,325

2024Q4

5,551

4,080

9,139

3,316

2025Q1

5,564

4,098

9,161

3,336

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

2023Q1

1,574

1,468

377

2,525

2023Q2

1,575

1,434

391

2,526

2023Q3

1,578

1,441

381

2,520

2023Q4

1,854

1,548

410

3,451

2024Q1

1,856

1,657

416

3,453

2024Q2

1,858

1,640

415

3,463

2024Q3

1,862

1,713

410

3,472

2024Q4

2,021

1,758

431

3,711

2025Q1

2,024

1,775

428

3,711

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

2023Q1

3,142

2,206

1,601

1,849

2023Q2

3,142

2,169

1,606

1,841

2023Q3

3,138

2,176

1,598

1,839

2023Q4

3,923

2,421

1,734

2,122

2024Q1

3,949

2,440

1,739

2,133

2024Q2

3,953

2,450

1,746

2,125

2024Q3

3,973

2,465

1,756

2,140

2024Q4

4,617

2,626

1,834

2,112

2025Q1

4,640

2,639

1,855

2,118

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

2023Q1

1,528

1,324

97

1,564

2023Q2

1,529

1,290

111

1,564

2023Q3

1,531

1,298

100

1,560

2023Q4

1,809

1,397

105

2,454

2024Q1

1,812

1,505

107

2,455

2024Q2

1,814

1,488

106

2,466

2024Q3

1,818

1,561

101

2,476

2024Q4

1,961

1,589

107

2,689

2025Q1

1,965

1,605

104

2,689

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

First 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

2023Q1

2,782

1,964

1,323

1,584

2023Q2

2,784

1,948

1,328

1,578

2023Q3

2,773

1,943

1,321

1,564

2023Q4

3,494

2,162

1,414

1,825

2024Q1

3,516

2,148

1,420

1,834

2024Q2

3,519

2,149

1,427

1,830

2024Q3

3,541

2,168

1,436

1,837

2024Q4

4,172

2,357

1,471

1,790

2025Q1

4,198

2,371

1,491

1,807

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

2023Q1

1,412

1,258

89

1,406

2023Q2

1,413

1,243

100

1,409

2023Q3

1,406

1,243

89

1,402

2023Q4

1,656

1,340

96

2,263

2024Q1

1,661

1,413

98

2,262

2024Q2

1,664

1,395

97

2,269

2024Q3

1,668

1,457

92

2,274

2024Q4

1,827

1,503

98

2,448

2025Q1

1,828

1,519

94

2,460

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

2023Q1

201

152

4,302

562

2023Q2

201

152

4,301

563

2023Q3

202

152

4,302

570

2023Q4

217

157

4,912

597

2024Q1

217

157

4,939

579

2024Q2

218

157

4,932

578

2024Q3

214

156

4,934

580

2024Q4

192

157

5,454

558

2025Q1

191

159

5,444

569

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

2023Q1

14

20

21

340

2023Q2

14

20

21

341

2023Q3

14

20

21

339

2023Q4

14

22

20

335

10

2024Q1

13

22

20

336

2024Q2

13

22

20

335

2024Q3

13

22

20

333

2024Q4

13

28

21

366

2025Q1

13

28

21

366

First 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

2023Q1

170

121

3,459

356

2023Q2

170

121

3,461

357

2023Q3

170

121

3,461

357

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

4,500

346

2025Q1

158

109

4,568

360

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

2023Q1

7

10

8

272

2023Q2

7

10

8

272

2023Q3

7

10

8

272

2023Q4

11

8

9

265

11

2024Q1

11

8

9

265

2024Q2

11

8

9

264

2024Q3

11

8

9

266

2024Q4

7

26

8

290

2025Q1

7

26

8

293

First 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

2023Q1

562

484

421

68

39

***

***

1,584

2023Q2

559

461

427

68

39

***

***

1,564

2023Q3

570

448

427

68

39

***

***

1,562

2023Q4

560

441

488

80

28

***

***

1,607

2024Q1

530

438

410

78

28

***

***

1,493

2024Q2

545

459

390

78

28

***

***

1,511

2024Q3

549

463

391

78

28

***

***

1,520

2024Q4

538

477

428

81

27

***

***

1,562

2025Q1

545

474

428

81

27

***

***

1,567

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

2023Q1

163

207

***

2023Q2

169

203

***

2023Q3

169

218

***

2023Q4

204

218

***

2024Q1

204

201

***

2024Q2

204

214

11

2024Q3

205

223

11

2024Q4

242

218

10

2025Q1

242

223

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

2023Q1

695

2,367

131

15

2

***

***

3,598

2023Q2

693

1,536

125

15

2

***

***

2,749

2023Q3

706

1,495

125

15

2

***

***

2,751

2023Q4

754

1,708

154

31

1

***

***

3,058

2024Q1

725

1,707

142

31

1

***

***

2,997

2024Q2

736

1,721

116

31

1

***

***

3,002

2024Q3

788

1,735

116

31

1

***

***

3,088

2024Q4

739

1,749

168

24

1

***

***

3,117

2025Q1

748

1,750

168

24

1

***

***

3,108

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

2023Q1

120

385

***

2023Q2

114

405

***

2023Q3

114

426

***

2023Q4

146

472

***

2024Q1

146

444

***

2024Q2

134

460

396

2024Q3

142

514

418

2024Q4

158

489

435

2025Q1

158

518

417

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

First 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

2023Q1

52.5

32.5

5.0

3.6

1.0

0.9

0.8

3.6

53.0

35.5

2.9

2.7

2.6

1.7

1.6

***

24.2

***

***

56.4

28.1

2.1

1.4

1.0

11.0

2023Q2

52.4

32.7

4.9

3.6

1.0

0.9

0.8

3.6

53.3

35.2

3.0

2.7

2.5

1.6

1.6

***

23.8

***

***

56.4

28.0

2.1

1.4

1.0

11.0

2023Q3

52.4

32.7

4.9

3.7

1.0

0.9

0.8

3.6

53.5

35.2

3.0

2.6

2.4

1.7

1.6

***

25.8

***

***

56.4

28.0

2.1

1.4

1.0

11.0

2023Q4

53.6

31.6

4.9

3.4

1.0

0.9

0.6

3.9

54.0

35.4

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

1.7

***

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

35.6

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

53.5

35.7

2.8

2.7

2.0

1.6

1.6

***

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

54.0

35.8

2.7

2.6

2.0

1.6

1.4

***

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

53.8

36.3

2.9

2.1

2.0

1.5

1.5

***

22.4

***

***

60.1

25.3

2.4

1.2

1.0

10.0

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

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

Fund Universe

All Private Funds

Qualifying Hedge Funds

Section 3 Liquidity Funds

Section 4 Private Equity Funds

Country

United States

United Kingdom

Other

United States

United Kingdom

Australia

Hong Kong

Other

United States

United Kingdom

France

United States

Canada

Other

2023Q1

91.8

***

***

90.6

4.0

***

0.3

***

52.5

***

***

95.4

***

***

2023Q2

91.8

***

***

91.6

4.0

***

0.3

***

51.5

***

***

95.4

***

***

2023Q3

92.0

***

***

92.2

3.6

***

0.2

***

55.8

***

***

95.4

***

***

13

2023Q4

93.4

***

***

92.0

3.9

***

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

***

***

2024Q3

93.1

***

***

92.0

3.8

***

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

***

***

First 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

State/Muni. Govt. Entities

Unknown Non-U.S. Investors

Banking/Thrift Inst.

SEC-Registered Investment Companies

Broker-Dealers

2023Q1

2,589

2,561

1,908

1,336

1,256

1,311

1,070

755

315

248

252

190

153

40

2023Q2

2,606

2,559

1,916

1,348

1,271

1,299

1,082

763

319

249

254

179

147

38

2023Q3

2,627

2,581

1,920

1,351

1,263

1,286

1,090

761

317

262

243

179

148

40

2023Q4

2,854

2,947

1,984

1,470

1,330

1,312

1,168

796

333

266

246

192

162

58

2024Q1

2,906

2,971

2,018

1,502

1,361

1,324

1,195

807

332

272

239

196

163

56

2024Q2

2,952

2,913

2,022

1,493

1,349

1,317

1,195

796

334

274

272

226

156

56

2024Q3

2,990

2,946

2,013

1,511

1,377

1,322

1,222

820

343

275

270

243

157

61

2024Q4

3,281

3,144

2,081

1,563

1,416

1,314

1,255

865

369

296

285

216

193

45

2025Q1

3,303

3,175

2,085

1,585

1,403

1,322

1,259

872

361

298

280

226

197

52

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

Aggregate NAV)

As reported on Form PF, Questions 9 and 16.

Type

Private Funds

Other

State/Muni. Govt. Pension Plans

U.S. Individuals

Non-Profits

Pension Plans

Sov. Wealth Funds And For. Official Inst.

Insurance Companies

Non-U.S. Individuals

State/Muni. Govt. Entities

Unknown Non-U.S. Investors

Banking/Thrift Inst.

SEC-Registered Investment Companies

Broker-Dealers

2023Q1

18.5

18.3

13.6

9.5

9.0

9.4

7.6

5.4

2.3

1.8

1.8

1.4

1.1

0.3

2023Q2

18.6

18.2

13.6

9.6

9.1

9.3

7.7

5.4

2.3

1.8

1.8

1.3

1.1

0.3

2023Q3

18.7

18.3

13.6

9.6

9.0

9.1

7.7

5.4

2.3

1.9

1.7

1.3

1.1

0.3

14

2023Q4

18.9

19.5

13.1

9.7

8.8

8.7

7.7

5.3

2.2

1.8

1.6

1.3

1.1

0.4

2024Q1

18.9

19.4

13.1

9.8

8.9

8.6

7.8

5.3

2.2

1.8

1.6

1.3

1.1

0.4

2024Q2

19.2

19.0

13.2

9.7

8.8

8.6

7.8

5.2

2.2

1.8

1.8

1.5

1.0

0.4

2024Q3

19.2

18.9

12.9

9.7

8.8

8.5

7.9

5.3

2.2

1.8

1.7

1.6

1.0

0.4

2024Q4

20.1

19.2

12.7

9.6

8.7

8.0

7.7

5.3

2.3

1.8

1.7

1.3

1.2

0.3

2025Q1

20.1

19.3

12.7

9.7

8.5

8.0

7.7

5.3

2.2

1.8

1.7

1.4

1.2

0.3

First 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

State/Muni. Govt. Pension Plans

U.S. Individuals

Pension Plans

Sov. Wealth Funds And For. Official Inst.

Insurance Companies

Non-U.S. Individuals

State/Muni. Govt. Entities

Unknown Non-U.S. Investors

Banking/Thrift Inst.

SEC-Registered Investment Companies

Broker-Dealers

2023Q1

705

592

538

455

425

419

283

165

105

63

46

39

37

9

2023Q2

729

597

550

468

440

412

292

162

104

63

46

37

33

9

2023Q3

742

596

547

471

440

409

303

165

102

73

47

34

28

9

2023Q4

737

608

555

461

451

406

298

165

99

73

53

34

23

9

2024Q1

773

627

581

460

468

417

318

173

100

77

45

35

21

9

2024Q2

821

621

571

458

460

410

316

170

94

78

43

32

22

9

2024Q3

849

646

595

456

473

421

349

182

102

80

46

35

25

9

2024Q4

843

634

589

487

479

404

321

158

107

83

40

34

23

10

2025Q1

865

662

589

498

492

403

337

169

109

88

43

34

25

10

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

State/Muni. Govt. Pension Plans

U.S. Individuals

Pension Plans

Sov. Wealth Funds And For. Official Inst.

Insurance Companies

Non-U.S. Individuals

State/Muni. Govt. Entities

Unknown Non-U.S. Investors

Banking/Thrift Inst.

SEC-Registered Investment Companies

Broker-Dealers

2023Q1

18.2

15.3

13.9

11.7

10.9

10.8

7.3

4.2

2.7

1.6

1.2

1.0

1.0

0.2

2023Q2

18.5

15.1

14.0

11.9

11.2

10.5

7.4

4.1

2.6

1.6

1.2

0.9

0.8

0.2

2023Q3

18.7

15.0

13.8

11.9

11.1

10.3

7.6

4.2

2.6

1.8

1.2

0.9

0.7

0.2

15

2023Q4

18.6

15.3

14.0

11.6

11.3

10.2

7.5

4.2

2.5

1.8

1.3

0.9

0.6

0.2

2024Q1

18.8

15.3

14.2

11.2

11.4

10.1

7.7

4.2

2.4

1.9

1.1

0.8

0.5

0.2

2024Q2

20.0

15.1

13.9

11.2

11.2

10.0

7.7

4.1

2.3

1.9

1.1

0.8

0.5

0.2

2024Q3

19.9

15.1

13.9

10.7

11.1

9.9

8.2

4.3

2.4

1.9

1.1

0.8

0.6

0.2

2024Q4

20.0

15.1

14.0

11.6

11.4

9.6

7.6

3.7

2.5

2.0

0.9

0.8

0.5

0.2

2025Q1

20.0

15.3

13.6

11.5

11.4

9.3

7.8

3.9

2.5

2.0

1.0

0.8

0.6

0.2

First 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

Private Funds

Banking/Thrift Inst.

SEC-Registered Investment Companies

Broker-Dealers

Insurance Companies

Pension Plans

Sov. Wealth Funds And For. Official Inst.

State/Muni. Govt. Entities

Non-Profits

Non-U.S. Individuals

State/Muni. Govt. Pension Plans

U.S. Individuals

2023Q1

63

106

50

***

17

***

12

5

***

***

3

***

***

***

2023Q2

64

114

49

***

16

***

11

6

***

***

3

***

***

***

2023Q3

52

135

64

***

16

***

10

4

***

***

3

***

***

***

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

***

***

***

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

Private Funds

Banking/Thrift Inst.

SEC-Registered Investment Companies

Broker-Dealers

Insurance Companies

Pension Plans

Sov. Wealth Funds And For. Official Inst.

State/Muni. Govt. Entities

Non-Profits

Non-U.S. Individuals

State/Muni. Govt. Pension Plans

U.S. Individuals

2023Q1

20.1

34.0

15.9

***

5.4

***

3.9

1.5

***

***

0.9

***

***

***

2023Q2

20.0

35.7

15.4

***

4.9

***

3.6

1.8

***

***

0.8

***

***

***

2023Q3

14.9

39.1

18.5

***

4.6

***

2.9

1.3

***

***

0.8

***

***

***

16

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

***

***

***

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

***

***

***

First 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

U.S. Individuals

Insurance Companies

Non-Profits

State/Muni. Govt. Entities

Non-U.S. Individuals

SEC-Registered Investment Companies

Banking/Thrift Inst.

Unknown Non-U.S. Investors

Broker-Dealers

2023Q1

1,019

876

875

516

363

246

282

260

94

67

50

45

33

3

2023Q2

1,021

877

877

516

364

246

284

260

95

68

50

45

34

3

2023Q3

1,021

877

877

516

364

246

284

260

95

68

50

45

34

3

2023Q4

1,198

1,091

937

578

394

276

299

281

98

73

64

56

35

5

2024Q1

1,197

1,094

938

576

394

276

299

281

97

74

64

55

35

5

2024Q2

1,197

1,094

938

576

394

276

299

281

98

74

64

55

35

5

2024Q3

1,197

1,094

940

576

395

276

299

282

98

74

64

55

35

5

2024Q4

1,395

1,182

977

609

399

326

325

305

114

81

78

61

43

5

2025Q1

1,406

1,201

983

653

405

330

330

309

112

81

81

62

48

5

Table 4.8: Beneficial Ownership for Section 4 Private Equity Funds

(Percent of Aggregate NAV)

As reported on Form PF, Questions 9 and 16.

Type

Private Funds

Other

State/Muni. Govt. Pension Plans

Sov. Wealth Funds And For. Official Inst.

Pension Plans

U.S. Individuals

Insurance Companies

Non-Profits

State/Muni. Govt. Entities

Non-U.S. Individuals

SEC-Registered Investment Companies

Banking/Thrift Inst.

Unknown Non-U.S. Investors

Broker-Dealers

2023Q1

21.5

18.5

18.5

10.9

7.7

5.2

6.0

5.5

2.0

1.4

1.1

0.9

0.7

0.1

2023Q2

21.5

18.5

18.5

10.9

7.7

5.2

6.0

5.5

2.0

1.4

1.1

0.9

0.7

0.1

2023Q3

21.5

18.5

18.5

10.9

7.7

5.2

6.0

5.5

2.0

1.4

1.1

0.9

0.7

0.1

17

2023Q4

22.2

20.2

17.4

10.7

7.3

5.1

5.6

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

5.1

5.5

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

5.1

5.5

5.2

1.8

1.4

1.2

1.0

0.7

0.1

2024Q3

22.2

20.3

17.4

10.7

7.3

5.1

5.5

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

1.4

1.3

1.0

0.8

0.1

First 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

Other Private Fund

Hedge Fund

Qualifying Hedge Fund

Private Equity Fund

Securitized Asset Fund

Section 4 Private Equity Fund

Venture Capital Fund

Liquidity Fund

Section 3 Liquidity Fund

Total

2023Q1

57.0

58.4

56.2

51.8

49.4

42.3

45.9

49.9

44.4

44.2

52.9

2023Q2

57.0

58.3

56.1

51.7

49.5

41.8

46.0

49.9

43.2

43.1

52.8

2023Q3

57.4

57.9

56.5

51.9

49.4

41.9

46.0

49.9

44.6

44.5

53.0

2023Q4

59.4

56.3

56.4

52.3

50.2

47.6

46.9

47.5

42.0

41.7

53.1

2024Q1

59.5

56.2

56.1

51.7

50.2

47.5

46.9

47.5

44.5

43.6

53.1

2024Q2

59.4

56.3

56.8

52.5

50.2

47.7

46.9

47.5

41.2

41.0

53.2

2024Q3

59.6

56.4

57.0

52.8

50.1

48.0

46.9

47.5

40.8

40.4

53.3

2024Q4

60.5

58.4

57.2

52.4

51.2

49.0

47.8

46.5

38.1

37.9

53.9

2025Q1

61.1

58.6

57.0

52.6

51.2

48.8

48.4

46.7

38.9

38.6

53.9

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

2023Q1

32.0

52.0

86.0

74.8

30.0

44.0

68.0

68.1

2023Q2

32.0

52.0

86.0

74.8

30.0

44.0

68.0

68.0

2023Q3

32.0

52.0

86.0

74.9

30.0

44.0

68.0

68.2

18

2023Q4

32.0

51.0

86.0

74.7

30.0

44.0

68.0

68.3

2024Q1

32.0

51.0

86.0

74.7

30.0

44.0

68.0

68.0

2024Q2

32.0

51.0

86.0

74.7

29.9

43.0

66.5

67.1

2024Q3

32.0

52.0

86.0

74.8

30.0

44.0

67.0

67.5

2024Q4

31.0

52.0

87.0

75.1

30.0

44.0

67.0

67.7

2025Q1

32.0

52.0

87.0

75.1

29.0

44.0

66.0

67.2

First 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

Other Private Fund

Private Equity Fund

Real Estate Fund

Securitized Asset Fund

Venture Capital Fund

Liquidity Fund

Total

2023Q1

14,726

103

159

76

***

0

***

15,071

2023Q2

14,944

104

159

78

***

0

***

15,289

2023Q3

15,232

101

159

65

***

0

***

15,562

2023Q4

15,154

99

136

64

***

0

***

15,455

2024Q1

16,680

97

109

64

***

0

***

16,952

2024Q2

17,472

97

109

64

***

0

***

17,743

2024Q3

19,261

97

110

64

***

0

***

19,533

2024Q4

17,967

161

131

94

***

1

***

18,358

2025Q1

20,240

161

131

94

***

1

***

20,631

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

2023Q1

12,471

72

0

2023Q2

13,566

72

0

2023Q3

13,715

72

0

2023Q4

13,901

111

0

2024Q1

14,878

111

0

2024Q2

15,760

111

0

2024Q3

17,021

111

0

2024Q4

16,120

110

0

2025Q1

18,279

110

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

Other Private Fund

Private Equity Fund

Section 4 Private Equity Fund

Real Estate Fund

Securitized Asset Fund

Venture Capital Fund

Liquidity Fund

Section 3 Liquidity Fund

Total

2023Q1

303.1

321.4

7.5

2.7

1.5

8.9

2.1

0.1

***

***

107.7

2023Q2

304.0

344.2

7.8

2.7

1.5

9.0

1.4

0.1

***

***

108.9

2023Q3

308.6

345.6

7.6

2.7

1.5

7.6

1.4

0.1

***

***

110.6

2023Q4

303.0

350.1

6.4

2.0

2.1

7.8

0.3

0.1

***

***

102.2

19

2024Q1

319.4

362.1

6.3

1.6

2.1

7.7

0.3

0.1

***

***

110.4

2024Q2

334.4

383.6

6.3

1.6

2.1

7.8

0.3

0.1

***

***

115.5

2024Q3

357.0

398.5

6.2

1.6

2.1

7.8

0.3

0.1

***

***

125.6

2024Q4

337.4

382.5

9.8

1.8

1.9

10.7

0.9

0.2

***

***

112.4

2025Q1

373.5

422.2

9.9

1.8

1.8

10.7

0.9

0.2

***

***

125.6

First 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

2023Q1

8,588

4,179

678

242

316

634

2,175

561

220

292

2023Q2

8,613

4,196

698

213

330

636

2,208

591

194

312

2023Q3

8,610

4,203

731

202

343

624

2,213

627

182

323

2023Q4

9,511

4,356

693

228

347

612

2,244

580

209

326

2024Q1

9,561

4,492

677

276

360

652

2,329

548

248

332

2024Q2

9,581

4,524

704

179

390

666

2,357

574

152

359

2024Q3

9,617

4,599

710

201

444

669

2,439

587

174

403

2024Q4

10,484

4,444

770

195

451

630

2,357

637

178

413

2025Q1

10,525

4,478

771

183

480

683

2,408

632

163

444

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

2023Q1

34,754

5,323

768

167

2,277

478

1,165

233

60

105

2023Q2

34,861

5,312

745

177

2,303

487

1,189

229

72

108

2023Q3

34,928

5,291

762

172

2,316

474

1,213

231

63

116

20

2023Q4

37,650

5,303

760

172

2,190

486

1,207

218

65

126

2024Q1

37,828

5,307

729

181

2,209

496

1,207

200

68

113

2024Q2

37,782

5,295

745

177

2,313

463

1,153

214

59

109

2024Q3

37,951

5,286

767

164

2,246

478

1,172

234

50

115

2024Q4

40,736

5,174

776

155

2,466

483

1,128

246

66

128

2025Q1

40,856

5,261

735

149

2,500

499

1,170

229

56

122

First 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

2023Q1

8,776

47

14

2023Q2

8,858

46

13

2023Q3

8,902

49

12

2023Q4

8,818

44

11

2024Q1

8,901

45

11

2024Q2

8,969

48

10

2024Q3

8,981

48

10

2024Q4

8,866

52

10

2025Q1

8,949

52

9

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

2023Q1

4,692

75

71

2023Q2

4,755

71

71

2023Q3

4,752

74

74

2023Q4

4,915

64

13

2024Q1

5,088

88

14

2024Q2

5,099

100

4

2024Q3

5,221

111

4

2024Q4

5,170

110

4

2025Q1

5,227

138

4

Industry Concentration

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

Top Hedge Funds Sorted by Net Asset Value

As reported on Form PF, Questions 9 and 10.

Top 10

Top 25

Top 50

Top 100

Top 250

Top 500

2023Q1

7.9

13.4

19.4

27.4

41.7

54.9

2023Q2

7.8

13.3

19.4

27.4

41.6

54.8

2023Q3

8.1

13.6

19.5

27.5

41.9

54.8

2023Q4

7.7

13.1

19.0

27.0

41.3

54.3

2024Q1

8.0

13.4

19.2

27.3

41.6

54.6

2024Q2

8.1

13.4

19.3

27.5

41.9

54.9

2024Q3

8.1

13.5

19.5

27.6

41.9

55.0

2024Q4

8.2

13.4

19.2

27.3

41.6

54.8

2025Q1

8.2

13.5

19.3

27.3

41.6

54.8

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

2023Q1

17.8

26.8

34.9

43.4

55.6

66.7

2023Q2

19.0

28.1

36.3

44.7

56.7

67.4

2023Q3

19.8

29.2

37.7

46.2

58.0

68.4

2023Q4

21.0

30.6

39.0

47.2

58.7

68.9

2024Q1

20.0

29.9

38.6

46.8

58.5

68.8

21

2024Q2

19.3

29.7

38.6

46.9

58.9

69.1

2024Q3

20.1

30.7

39.9

48.6

60.4

70.3

2024Q4

20.1

30.4

39.2

48.0

59.8

69.8

2025Q1

20.1

31.2

40.3

49.6

61.1

70.8

First 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

2023Q1

36.1

51.6

64.3

74.7

85.0

91.5

2023Q2

37.4

52.6

64.8

74.9

85.4

91.9

2023Q3

37.8

53.5

66.0

75.8

86.0

92.3

2023Q4

39.6

55.5

68.0

77.5

86.9

92.8

2024Q1

38.7

55.4

67.5

77.2

86.8

93.1

2024Q2

36.8

54.5

66.9

77.0

86.9

93.1

2024Q3

38.5

55.5

68.5

78.5

88.0

93.7

2024Q4

37.7

54.4

67.1

77.7

87.6

93.3

2025Q1

36.3

53.9

67.6

78.7

88.3

93.7

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

Top Hedge Funds Sorted by Derivative Value

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

Top 10

Top 25

Top 50

Top 100

Top 250

Top 500

2023Q1

41.3

56.1

68.0

79.9

90.6

95.5

2023Q2

41.6

55.3

67.6

79.5

90.6

95.5

2023Q3

40.4

54.9

67.5

79.3

90.8

95.5

2023Q4

41.7

56.4

68.7

80.1

90.7

95.4

2024Q1

41.2

55.5

68.6

80.1

90.9

95.6

2024Q2

41.4

56.8

69.6

80.8

91.1

95.6

2024Q3

41.7

57.9

70.7

81.6

91.6

95.9

2024Q4

40.5

57.0

69.8

80.7

90.9

95.6

2025Q1

43.3

58.7

70.4

81.7

91.8

96.1

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

2023Q1

37.0

51.2

61.9

73.0

84.0

91.2

2023Q2

37.6

50.7

61.6

72.9

84.2

91.2

2023Q3

37.4

51.9

63.5

74.1

85.1

91.7

2023Q4

39.0

54.0

64.8

75.1

85.6

92.0

2024Q1

38.5

53.6

64.8

75.2

85.7

92.1

22

2024Q2

39.1

54.6

65.5

75.7

86.0

92.2

2024Q3

39.7

55.9

67.2

77.2

86.9

92.7

2024Q4

38.9

54.7

65.9

76.2

86.3

92.5

2025Q1

39.0

55.2

66.3

77.3

87.2

92.9

First 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

Macro

Investment in other funds

Managed Futures/CTA

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

Subtotal

Asset Based Lending

Long/Short

Subtotal

F.I. Asset Backed

F.I. Conv. Arb.

F.I. Corp.

Volatility Arb.

F.I. Sov.

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Subtotal

Quantitative

Fundamental

Subtotal

Total

2023Q1

234

259

27

1

521

667

87

93

179

38

7

11

5

2

63

49

26

5

80

8

4

***

***

13

39

***

***

6

1,413

2023Q2

262

263

27

1

552

673

94

77

170

37

7

12

7

2

64

51

27

4

82

9

4

1

0

14

39

***

***

6

1,438

23

2023Q3

256

254

26

1

537

674

96

79

174

37

7

12

6

2

64

50

21

5

76

12

5

1

0

18

39

***

***

6

1,434

2023Q4

273

271

27

2

572

651

100

71

171

39

8

12

7

1

68

54

21

5

80

11

5

***

***

16

44

***

***

7

1,439

2024Q1

295

271

26

2

593

678

101

73

174

41

10

13

7

2

73

54

22

6

82

17

5

***

***

23

47

***

***

7

1,501

2024Q2

291

269

27

2

589

679

101

79

179

44

11

13

8

1

77

56

20

6

82

15

5

***

***

21

48

***

***

7

1,516

2024Q3

307

282

37

2

628

713

106

86

192

46

17

13

11

2

89

58

22

6

86

23

8

***

***

31

49

***

***

11

1,631

2024Q4

322

283

37

1

644

714

111

99

211

48

17

14

12

1

91

58

24

6

89

23

10

***

***

33

55

***

***

11

1,668

2025Q1

327

280

39

1

647

745

113

102

215

52

17

14

12

1

97

59

25

6

90

22

11

***

***

33

57

***

***

11

1,699

First 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

Macro

Investment in other funds

Managed Futures/CTA

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

Subtotal

Asset Based Lending

Long/Short

Subtotal

F.I. Asset Backed

F.I. Conv. Arb.

F.I. Corp.

Volatility Arb.

F.I. Sov.

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Subtotal

Quantitative

Fundamental

Subtotal

Total

2023Q1

490

585

47

12

1,128

1,191

212

232

441

119

24

59

18

18

219

211

68

19

297

18

15

***

***

44

330

***

***

23

3,407

2023Q2

506

578

45

12

1,131

1,218

220

238

455

123

24

57

18

18

221

218

69

19

305

21

15

***

***

46

333

***

***

24

3,462

24

2023Q3

520

587

46

13

1,156

1,231

226

241

464

130

24

66

19

19

230

219

66

19

303

21

16

***

***

48

338

***

***

24

3,519

2023Q4

481

595

49

18

1,134

1,147

216

216

427

142

23

69

22

16

245

218

67

20

305

32

16

***

***

58

374

***

***

31

3,420

2024Q1

481

587

49

18

1,126

1,173

211

223

429

149

24

67

22

20

251

220

66

21

306

37

18

***

***

65

390

***

***

28

3,480

2024Q2

500

580

49

17

1,137

1,179

207

227

429

148

24

57

22

13

240

232

64

20

316

35

17

***

***

62

381

***

***

28

3,505

2024Q3

525

602

54

19

1,183

1,219

224

233

452

154

28

62

26

18

254

235

70

21

324

37

19

***

***

64

408

***

***

32

3,601

2024Q4

481

601

47

18

1,131

1,160

228

252

476

153

25

64

23

17

251

233

69

21

322

36

21

***

***

64

374

***

***

31

3,504

2025Q1

492

595

49

15

1,138

1,181

218

264

478

157

25

62

24

18

254

236

68

22

324

32

20

***

***

60

421

***

***

31

3,589

First 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

Other

Credit

Relative Value

Macro

Managed Futures/CTA

Event Driven

Investment in other funds

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

Subtotal

Long/Short

Asset Based Lending

Subtotal

F.I. Sov.

F.I. Asset Backed

Volatility Arb.

F.I. Conv. Arb.

F.I. Corp.

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Quantitative

Fundamental

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

Subtotal

Total

2023Q1

616

230

***

***

960

756

227

94

321

256

68

20

14

19

377

316

7

***

***

326

***

***

226

371

28

21

420

32

2,152

2023Q2

643

226

***

***

985

762

233

101

334

229

68

23

14

18

352

328

7

***

***

337

***

***

285

132

27

22

182

38

2,177

25

2023Q3

626

217

***

***

955

762

232

102

334

228

74

20

14

19

355

360

7

***

***

371

***

***

273

131

24

25

179

35

2,173

2023Q4

653

233

***

***

1,005

766

235

116

351

258

78

23

15

20

394

358

6

***

***

367

***

***

214

133

25

20

178

34

2,210

2024Q1

696

235

***

***

1,052

792

245

123

367

242

76

21

17

18

374

378

6

***

***

387

***

***

282

138

25

23

186

46

2,279

2024Q2

707

242

***

***

1,074

820

244

129

372

254

76

20

12

18

381

378

6

***

***

386

***

***

279

137

24

20

181

40

2,294

2024Q3

710

261

***

***

1,114

833

256

135

391

273

83

23

13

18

410

360

4

***

***

365

***

***

277

143

25

21

189

42

2,352

2024Q4

711

256

147

5

1,118

792

259

138

396

219

77

21

13

11

341

324

4

***

***

329

***

***

207

137

27

20

184

44

2,299

2025Q1

697

249

***

***

1,107

809

263

141

404

279

76

19

13

11

397

367

4

***

***

372

***

***

225

130

28

25

184

46

2,294

First 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

Other

Credit

Relative Value

Macro

Managed Futures/CTA

Event Driven

Investment in other funds

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

Subtotal

Long/Short

Asset Based Lending

Subtotal

F.I. Sov.

F.I. Asset Backed

Volatility Arb.

F.I. Conv. Arb.

F.I. Corp.

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Quantitative

Fundamental

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

Subtotal

Total

2023Q1

598

351

***

***

1,038

941

280

113

390

59

143

29

24

91

300

163

40

***

***

213

***

***

129

223

70

44

313

114

3,203

2023Q2

590

347

***

***

1,021

943

286

123

406

59

147

30

25

90

303

163

40

***

***

212

***

***

126

227

70

44

317

118

3,217

26

2023Q3

590

344

***

***

1,019

955

285

125

407

60

145

30

24

91

301

164

46

***

***

216

***

***

126

229

70

43

318

111

3,218

2023Q4

561

348

***

***

988

964

306

138

440

57

143

28

20

87

288

166

35

***

***

209

***

***

123

224

72

42

314

96

3,181

2024Q1

557

352

***

***

987

958

304

141

441

48

144

27

20

83

285

169

37

***

***

212

***

***

122

221

71

42

310

94

3,173

2024Q2

554

352

***

***

980

964

306

144

446

54

148

28

20

86

294

165

37

***

***

207

***

***

119

224

75

43

314

99

3,180

2024Q3

559

353

***

***

993

950

309

146

451

49

138

28

30

88

296

158

36

***

***

200

***

***

115

226

74

42

315

98

3,174

2024Q4

612

351

79

11

1,050

903

289

158

445

35

141

27

17

64

269

157

27

***

***

189

***

***

114

222

69

40

310

105

3,183

2025Q1

621

348

***

***

1,057

910

294

157

449

35

138

27

17

60

265

153

25

***

***

187

***

***

115

221

68

41

314

117

3,202

First 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

Mar

2024

1,812

1,229

367

509

562

2,062

1,171

426

365

455

Apr

2024

1,968

1,035

433

387

638

2,249

937

439

358

478

May

2024

1,945

1,039

433

465

580

2,216

955

455

364

471

Jun

2024

1,807

1,199

433

435

588

2,127

1,068

439

359

469

Jul

2024

1,904

1,061

415

495

609

2,234

926

464

374

486

Aug

2024

1,847

1,125

470

446

597

2,172

985

505

330

493

Sep

2024

1,678

1,291

398

511

607

1,954

1,213

473

342

504

Oct

2024

2,142

1,055

386

513

609

2,366

1,041

477

320

501

Nov

2024

2,055

1,081

450

413

706

2,330

1,018

510

340

508

Dec

2024

1,927

1,213

435

482

648

2,265

1,099

478

362

502

Jan

2025

2,079

1,074

473

502

646

2,299

1,084

472

394

526

Feb

2025

2,086

1,077

465

465

682

2,300

1,083

496

365

531

Mar

2025

1,952

1,220

441

481

683

2,250

1,053

549

391

532

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

Mar

2024

229

210

76

56

89

256

213

72

54

65

Apr

2024

244

196

79

48

93

272

196

73

55

64

May

2024

236

201

78

55

90

268

193

80

53

66

Jun

2024

222

216

78

54

90

256

208

76

55

65

Jul

2024

247

198

71

57

92

276

191

78

52

68

27

Aug

2024

245

202

74

54

92

272

196

82

47

70

Sep

2024

224

218

76

53

96

252

219

74

50

72

Oct

2024

255

207

70

56

98

282

204

75

50

75

Nov

2024

245

203

80

56

101

276

195

85

53

76

Dec

2024

234

218

78

56

99

265

216

74

56

74

Jan

2025

237

210

74

60

95

264

204

77

57

74

Feb

2025

246

203

76

53

98

269

201

80

52

74

Mar

2025

235

219

71

55

97

261

209

76

57

74

First 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

Mar

2024

2,463

931

458

252

375

2,663

984

338

278

218

Apr

2024

2,571

874

377

230

409

2,817

827

298

287

231

May

2024

2,495

878

458

251

379

2,753

870

311

292

235

Jun

2024

2,448

935

454

181

443

2,613

1,007

353

253

236

Jul

2024

2,499

898

354

228

506

2,725

909

326

260

264

Aug

2024

2,507

931

322

241

483

2,706

951

267

314

246

Sep

2024

2,379

967

350

332

456

2,569

1,043

308

271

293

Oct

2024

2,733

864

313

346

449

2,955

903

292

259

296

Nov

2024

2,642

940

340

282

502

2,840

917

396

252

301

Dec

2024

2,591

985

371

348

412

2,865

935

392

211

303

Jan

2025

2,631

1,064

332

279

470

2,802

1,056

357

370

189

Feb

2025

2,621

1,081

268

336

469

2,818

1,066

321

379

191

Mar

2025

2,565

1,105

262

363

482

2,847

946

390

399

195

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

Mar

2024

313

196

56

39

56

339

199

52

36

34

Apr

2024

332

184

47

41

56

367

175

43

44

31

May

2024

319

191

55

41

54

357

179

52

39

33

Jun

2024

304

206

55

41

54

339

199

51

38

33

Jul

2024

331

188

43

40

63

360

181

50

35

39

28

Aug

2024

331

189

42

40

65

363

183

43

37

41

Sep

2024

314

200

48

40

65

346

193

50

33

45

Oct

2024

342

185

48

41

70

372

179

51

35

49

Nov

2024

317

209

49

40

70

346

203

54

31

51

Dec

2024

323

206

52

39

65

353

199

54

29

50

Jan

2025

317

205

51

36

67

339

200

58

33

46

Feb

2025

317

207

47

36

69

342

203

51

34

46

Mar

2025

321

206

41

41

68

347

195

50

39

46

First 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

Mar

2024

3,309

226

403

163

378

3,471

433

135

236

204

Apr

2024

3,284

344

204

219

411

3,527

347

121

243

223

May

2024

3,214

366

319

158

405

3,496

356

144

226

239

Jun

2024

3,178

404

323

165

393

3,549

326

133

212

242

Jul

2024

3,187

409

297

86

505

3,483

358

170

207

265

Aug

2024

3,162

443

295

110

475

3,576

260

183

229

237

Sep

2024

3,170

350

381

141

443

3,552

274

175

216

267

Oct

2024

3,382

353

392

97

483

3,746

361

116

176

306

Nov

2024

3,381

397

285

167

475

3,691

405

126

191

292

Dec

2024

3,399

402

320

174

411

3,685

403

132

177

309

Jan

2025

3,375

451

336

190

424

3,691

365

225

183

311

Feb

2025

3,369

403

396

168

439

3,684

367

201

244

279

Mar

2025

3,374

364

431

168

439

3,693

366

208

213

297

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

Mar

2024

492

51

36

29

52

523

54

26

32

25

Apr

2024

502

46

24

34

54

523

58

19

30

30

May

2024

489

60

27

31

53

519

56

26

28

31

Jun

2024

493

55

31

28

53

523

55

25

25

32

Jul

2024

499

57

23

28

58

526

56

23

24

36

29

Aug

2024

497

60

26

25

59

533

51

25

23

35

Sep

2024

502

50

31

24

60

533

47

24

24

39

Oct

2024

518

47

29

31

61

544

52

23

24

43

Nov

2024

509

53

31

29

63

534

62

24

24

41

Dec

2024

513

51

36

27

58

535

62

24

23

41

Jan

2025

506

52

34

31

53

529

60

28

18

41

Feb

2025

503

53

36

29

55

526

59

28

23

40

Mar

2025

506

53

37

28

53

530

57

28

24

38

First 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

Mar

2024

18.2

33.9

48.0

63.0

84.0

Apr

2024

18.5

34.1

48.1

63.0

84.0

May

2024

18.5

34.1

48.1

63.0

84.0

Jun

2024

18.5

34.1

48.1

63.0

84.0

Jul

2024

15.8

31.5

46.0

61.5

83.2

Aug

2024

15.8

31.5

45.9

61.5

83.2

Sep

2024

15.8

31.5

45.9

61.5

83.2

Oct

2024

18.4

33.9

47.8

62.8

83.7

Nov

2024

18.4

33.9

47.8

62.8

83.7

Dec

2024

18.4

33.9

47.8

62.8

83.7

Jan

2025

18.6

34.3

48.4

63.2

83.8

Feb

2025

18.6

34.3

48.4

63.2

83.8

Mar

2025

18.6

34.3

48.4

63.2

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

Mar

2024

45.1

65.9

78.3

87.5

95.3

Apr

2024

45.8

67.2

79.7

88.3

95.8

May

2024

45.7

68.1

79.9

88.5

95.8

Jun

2024

45.7

67.3

78.8

87.6

95.4

Jul

2024

46.0

67.6

79.8

88.6

95.9

Aug

2024

47.4

68.2

80.5

88.9

96.0

30

Sep

2024

46.0

67.3

79.6

88.2

95.6

Oct

2024

46.2

66.5

80.0

88.5

95.9

Nov

2024

45.9

67.4

80.1

88.5

95.9

Dec

2024

45.0

66.2

78.5

87.4

95.4

Jan

2025

44.5

66.2

79.2

88.5

95.9

Feb

2025

44.8

66.6

79.7

88.7

95.9

Mar

2025

44.5

66.1

78.8

88.2

95.7

First 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

Mar

2024

27,976

6,678

3,935

215

53

38,856

Apr

2024

16,316

7,608

4,218

241

35

28,417

May

2024

19,073

8,579

4,323

273

55

32,304

Jun

2024

16,767

9,240

3,827

201

45

30,080

Jul

2024

14,837

9,733

4,442

213

41

29,267

Aug

2024