# Division of Investment Management

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URL: https://www.frixlaw.com/law-library/documents/agency%3Asec%3A549a52618c64473d

## Record

- **Collection:** Agency decision
- **Document type:** Agency decision

## Text

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
21,681
10,900
4,407
211
42
37,240

Sep
2024
19,552
8,111
4,232
271
55
32,222

Oct
2024
17,868
9,534
4,797
255
53
32,506

Nov
2024
21,530
9,017
4,714
218
54
35,532

Dec
2024
18,403
7,844
4,511
162
46
30,965

Jan
2025
16,800
9,082
4,356
283
45
30,566

Feb
2025
22,931
10,685
4,535
273
59
38,482

Mar
2025
23,442
10,603
5,179
333
62
39,619

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

Mar
2024
2,904
226
331
277
81
659

Apr
2024
2,790
444
248
226
89
663

May
2024
2,717
333
355
302
90
662

Jun
2024
2,822
311
280
267
123
656

Jul
2024
2,779
359
359
214
92
680

Aug
2024
2,770
352
235
320
108
699

Sep
2024
2,859
237
200
371
178
637

Oct
2024
2,989
293
277
349
97
699

Nov
2024
2,902
406
207
330
173
686

Dec
2024
3,113
238
274
262
124
693

Jan
2025
2,990
418
239
332
70
725

Feb
2025
2,914
425
199
390
88
757

Mar
2025
2,882
431
214
333
161
755

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

Mar
2024
405
58
58
34
24
76

Apr
2024
413
60
45
39
20
78

May
2024
395
59
56
49
18
78

Jun
2024
404
70
40
46
18
77

Jul
2024
413
64
47
40
19
74

Aug
2024
408
65
44
45
18
78

31

Sep
2024
409
62
50
39
26
72

Oct
2024
422
69
48
40
20
77

Nov
2024
409
61
59
44
30
73

Dec
2024
425
60
52
42
24
73

Jan
2025
414
66
55
38
22
76

Feb
2025
404
64
55
44
18
86

Mar
2025
396
63
61
46
23
83

First 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

2023Q1
5,781
1,521
724
372
83
34
26
21

2023Q2
6,098
1,446
748
393
90
36
31
23

2023Q3
6,312
1,486
775
415
89
37
29
23

2023Q4
6,687
1,613
812
421
125
39
31
24

2024Q1
6,857
1,741
835
437
124
48
37
28

2024Q2
7,077
1,570
834
477
119
51
31
34

2024Q3
7,485
1,718
921
549
121
46
31
35

2024Q4
7,869
1,611
843
541
134
52
49
30

2025Q1
8,253
1,854
908
573
136
81
38
32

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

2023Q1
135.4
35.6
17.0
8.7
1.9
0.8
0.6
0.5

2023Q2
141.4
33.5
17.3
9.1
2.1
0.8
0.7
0.5

2023Q3
147.1
34.7
18.1
9.7
2.1
0.9
0.7
0.5

2023Q4
152.1
36.7
18.5
9.6
2.8
0.9
0.7
0.5

32

2024Q1
153.1
38.9
18.7
9.7
2.8
1.1
0.8
0.6

2024Q2
158.6
35.2
18.7
10.7
2.7
1.1
0.7
0.8

2024Q3
166.9
38.3
20.5
12.2
2.7
1.0
0.7
0.8

2024Q4
167.2
34.2
17.9
11.5
2.8
1.1
1.0
0.6

2025Q1
172.8
38.8
19.0
12.0
2.8
1.7
0.8
0.7

First 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

2023Q1
5,487
328
170
44
31
3

2023Q2
5,810
351
137
50
40
3

2023Q3
5,938
377
127
47
38
7

2023Q4
6,346
432
121
47
49
1

2024Q1
6,524
427
125
53
43
2

2024Q2
6,749
414
133
54
42
0

2024Q3
7,131
444
158
***
44
***

2024Q4
7,235
389
139
***
49
***

2025Q1
7,846
417
184
***
50
***

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

2023Q1
128.5
7.7
4.0
1.0
0.7
0.1

2023Q2
134.7
8.1
3.2
1.2
0.9
0.1

2023Q3
138.4
8.8
3.0
1.1
0.9
0.2

2023Q4
144.4
9.8
2.8
1.1
1.1
0.0

33

2024Q1
145.7
9.5
2.8
1.2
1.0
0.0

2024Q2
151.3
9.3
3.0
1.2
1.0
0.0

2024Q3
159.0
9.9
3.5
***
1.0
***

2024Q4
153.8
8.3
2.9
***
1.0
***

2025Q1
164.3
8.7
3.8
***
1.0
***

First 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

Mar
2024
2,003
1,034
327
337
694
2,279
972
259
339
546

Apr
2024
2,200
959
302
331
657
2,448
892
253
378
479

May
2024
2,186
931
329
352
651
2,430
905
239
395
480

Jun
2024
2,077
1,069
313
335
656
2,338
996
242
376
496

Jul
2024
2,324
944
346
307
699
2,579
896
261
338
546

Aug
2024
2,258
961
385
328
688
2,530
931
274
357
528

Sep
2024
2,144
1,085
372
320
699
2,468
990
261
341
560

Oct
2024
2,168
974
398
308
714
2,435
941
297
319
570

Nov
2024
2,115
1,012
378
343
714
2,372
1,000
271
359
559

Dec
2024
2,086
1,063
358
361
693
2,376
983
275
359
568

Jan
2025
2,180
1,040
363
360
746
2,413
1,016
303
358
600

Feb
2025
2,166
1,041
392
345
745
2,438
1,020
279
347
605

Mar
2025
2,111
1,099
371
324
787
2,416
1,038
281
339
618

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

Mar
2024
1,118
495
156
101
214
1,251
444
129
104
156

Apr
2024
1,079
459
150
101
209
1,205
406
137
108
142

May
2024
1,067
464
147
108
212
1,198
411
123
121
145

Jun
2024
1,023
510
152
102
211
1,162
450
134
100
152

Jul
2024
1,099
482
144
111
212
1,240
416
130
110
152

34

Aug
2024
1,103
473
151
114
208
1,245
413
137
104
150

Sep
2024
1,047
518
160
118
206
1,200
454
131
110
154

Oct
2024
1,064
471
162
118
237
1,200
432
138
109
173

Nov
2024
1,060
475
152
123
241
1,194
435
129
124
169

Dec
2024
1,035
502
154
131
229
1,180
447
129
128
167

Jan
2025
1,088
501
154
118
215
1,207
460
148
109
152

Feb
2025
1,092
490
162
116
216
1,217
457
139
112
151

Mar
2025
1,046
534
165
115
219
1,193
477
146
111
152

First 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

Mar
2024
2,517
858
286
274
460
2,689
831
284
273
319

Apr
2024
2,651
816
313
226
444
2,818
781
287
237
326

May
2024
2,634
816
309
248
442
2,791
790
330
203
336

Jun
2024
2,574
887
262
272
454
2,746
834
316
218
336

Jul
2024
2,779
843
271
230
497
2,924
812
292
235
356

Aug
2024
2,773
835
277
223
511
2,937
793
309
240
341

Sep
2024
2,710
866
304
200
539
2,883
823
280
251
383

Oct
2024
2,666
858
303
195
540
2,834
818
311
195
404

Nov
2024
2,593
920
266
239
545
2,787
861
299
212
403

Dec
2024
2,613
896
267
246
539
2,802
843
276
250
391

Jan
2025
2,674
915
293
251
556
2,829
885
312
279
384

Feb
2025
2,662
912
282
289
545
2,828
891
295
285
391

Mar
2025
2,643
929
277
294
548
2,825
894
303
271
397

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

Mar
2024
1,336
425
102
81
140
1,420
399
95
82
88

Apr
2024
1,276
406
106
78
132
1,365
375
98
76
84

May
2024
1,277
402
101
83
135
1,362
372
101
80
83

Jun
2024
1,234
443
96
90
135
1,325
413
93
83
84

Jul
2024
1,306
416
105
73
148
1,399
386
92
78
93

35

Aug
2024
1,315
407
103
73
151
1,407
380
97
72
93

Sep
2024
1,278
432
109
79
151
1,371
409
100
75
94

Oct
2024
1,265
413
118
85
171
1,363
393
114
71
111

Nov
2024
1,239
435
119
88
170
1,342
405
121
75
108

Dec
2024
1,241
437
120
89
164
1,340
410
116
79
106

Jan
2025
1,287
444
110
87
148
1,370
422
116
76
92

Feb
2025
1,278
446
112
91
149
1,365
431
108
79
93

Mar
2025
1,264
471
100
97
147
1,363
443
101
76
96

First 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

Mar
2024
3,226
281
232
204
451
3,412
280
180
208
315

Apr
2024
3,314
297
182
204
452
3,508
254
212
154
322

May
2024
3,303
294
173
225
454
3,489
302
200
118
340

Jun
2024
3,284
324
202
191
448
3,474
322
185
125
344

Jul
2024
3,445
301
181
203
489
3,633
320
141
170
355

Aug
2024
3,420
336
238
132
494
3,665
285
167
153
350

Sep
2024
3,421
322
215
160
501
3,664
248
197
147
365

Oct
2024
3,343
325
214
166
515
3,600
249
183
112
417

Nov
2024
3,322
326
228
149
537
3,544
288
186
133
412

Dec
2024
3,324
314
248
140
536
3,542
249
246
123
400

Jan
2025
3,434
323
208
180
545
3,648
278
186
161
416

Feb
2025
3,427
323
219
194
527
3,621
266
212
204
386

Mar
2025
3,441
298
240
175
537
3,609
290
216
155
421

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

Mar
2024
1,720
109
51
71
133
1,782
113
44
64
81

Apr
2024
1,646
105
45
68
134
1,705
102
55
57
79

May
2024
1,638
107
46
70
137
1,697
108
55
56
82

Jun
2024
1,636
110
52
71
129
1,697
110
53
54
84

Jul
2024
1,689
106
53
65
135
1,756
105
46
51
90

36

Aug
2024
1,685
118
54
56
136
1,759
105
48
47
90

Sep
2024
1,683
116
62
50
138
1,754
107
50
46
92

Oct
2024
1,659
117
57
61
158
1,736
109
48
47
112

Nov
2024
1,649
114
71
57
160
1,725
113
56
52
105

Dec
2024
1,645
119
77
52
158
1,719
111
67
49
105

Jan
2025
1,708
104
68
57
139
1,773
99
63
48
93

Feb
2025
1,711
103
63
63
136
1,772
101
63
49
91

Mar
2025
1,710
105
69
58
137
1,769
108
66
41
95

First 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

Other

Relative Value

Macro

Credit

Event Driven

Managed Futures/CTA
Investment in other funds
Total

Strategy
Long/Short
Long Bias
Market Neutral
Short Bias
Subtotal
Subtotal
F.I. Sov.
F.I. Asset Backed
F.I. Conv. Arb.
Volatility Arb.
F.I. Corp.
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

2023Q1
949
448
***
***
1,759
1,489
706
103
88
76
61
1,035
820
***
44
***
897
390
154
543
201
75
106
382
***
***
195
84
6,385

2023Q2
1,012
453
***
***
1,849
1,515
722
129
94
85
61
1,091
924
***
40
***
995
370
168
538
210
85
102
397
***
***
287
86
6,759

2023Q3
988
434
***
***
1,764
1,543
761
135
93
79
64
1,132
947
***
33
***
1,013
372
170
542
208
99
85
392
***
***
259
109
6,755

2023Q4
1,052
448
***
***
1,860
1,525
943
144
103
94
65
1,349
1,005
34
30
2
1,070
382
191
573
213
87
88
388
***
***
211
104
7,080

2024Q1
1,124
466
***
***
1,974
1,586
879
140
109
90
57
1,275
1,024
38
38
2
1,101
392
199
591
219
106
79
404
***
***
249
94
7,275

2024Q2
1,134
481
***
***
2,021
1,632
904
145
115
75
57
1,297
1,024
31
28
1
1,084
409
196
605
219
106
80
405
***
***
276
86
7,406

2024Q3
1,156
515
***
***
2,110
1,718
1,040
154
126
83
68
1,471
1,118
39
32
1
1,191
420
201
620
226
111
84
421
***
***
277
96
7,904

2024Q4
1,178
504
***
***
2,130
1,621
949
163
114
73
58
1,357
1,090
35
28
1
1,155
436
208
644
217
106
86
410
***
***
239
92
7,647

2025Q1
1,179
503
***
***
2,156
1,699
1,200
178
125
77
52
1,631
996
42
31
1
1,071
443
223
666
208
120
84
412
***
***
255
87
7,978

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

First 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

Other

Relative Value

Macro

Credit

Event Driven

Managed Futures/CTA
Investment in other funds
Total

Strategy
Long/Short
Long Bias
Market Neutral
Short Bias
Subtotal
Subtotal
F.I. Sov.
F.I. Asset Backed
F.I. Conv. Arb.
Volatility Arb.
F.I. Corp.
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

2023Q1
24.5
11.6
***
***
45.3
38.4
18.2
2.7
2.3
2.0
1.6
26.7
21.1
***
1.1
***
23.1
10.0
4.0
14.0
5.2
1.9
2.7
9.8
***
***
5.0
2.2
164.5

2023Q2
25.7
11.5
***
***
46.9
38.4
18.3
3.3
2.4
2.2
1.6
27.7
23.4
***
1.0
***
25.3
9.4
4.3
13.7
5.3
2.2
2.6
10.1
***
***
7.3
2.2
171.5

38

2023Q3
24.9
10.9
***
***
44.4
38.9
19.2
3.4
2.3
2.0
1.6
28.5
23.9
***
0.8
***
25.5
9.4
4.3
13.7
5.2
2.5
2.1
9.9
***
***
6.5
2.7
170.2

2023Q4
26.5
11.3
***
***
46.8
38.4
23.8
3.6
2.6
2.4
1.6
34.0
25.3
0.9
0.7
0.0
26.9
9.6
4.8
14.4
5.4
2.2
2.2
9.8
***
***
5.3
2.6
178.3

2024Q1
27.4
11.4
***
***
48.1
38.6
21.4
3.4
2.6
2.2
1.4
31.0
24.9
0.9
0.9
0.0
26.8
9.5
4.9
14.4
5.3
2.6
1.9
9.8
***
***
6.1
2.3
177.1

2024Q2
27.6
11.7
***
***
49.2
39.7
22.0
3.5
2.8
1.8
1.4
31.6
24.9
0.8
0.7
0.0
26.4
9.9
4.8
14.7
5.3
2.6
2.0
9.9
***
***
6.7
2.1
180.2

2024Q3
27.1
12.1
***
***
49.4
40.2
24.4
3.6
2.9
1.9
1.6
34.5
26.2
0.9
0.8
0.0
27.9
9.8
4.7
14.5
5.3
2.6
2.0
9.9
***
***
6.5
2.3
185.2

2024Q4
28.0
12.0
***
***
50.5
38.5
22.5
3.9
2.7
1.7
1.4
32.2
25.9
0.8
0.7
0.0
27.4
10.3
4.9
15.3
5.1
2.5
2.1
9.7
***
***
5.7
2.2
181.4

2025Q1
27.2
11.6
***
***
49.8
39.3
27.7
4.1
2.9
1.8
1.2
37.7
23.0
1.0
0.7
0.0
24.7
10.2
5.2
15.4
4.8
2.8
2.0
9.5
***
***
5.9
2.0
184.4

First 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
Equity
Relative Value
Macro
Other
Multi-Strategy
Credit
Event Driven
Managed Futures/CTA
Investment in other funds

2023Q1
1,639
1,029
925
1,143
1,490
359
295
133
59

2023Q2
1,805
1,192
1,009
1,120
1,563
363
287
128
59

2023Q3
1,726
1,136
1,027
1,068
1,705
396
266
124
65

2023Q4
1,781
1,836
1,096
1,134
1,213
402
264
91
44

2024Q1
1,932
1,274
1,173
1,148
1,728
424
254
110
39

2024Q2
2,102
1,381
1,071
1,164
1,595
446
254
116
40

2024Q3
2,314
1,469
1,366
1,283
1,604
467
271
131
41

2024Q4
2,429
1,441
1,280
1,257
1,796
483
248
122
39

2025Q1
2,527
2,321
1,617
1,269
753
481
273
123
55

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
Macro
Event Driven
Managed Futures/CTA
Investment in other funds

2023Q1
1,013
776
178
209
411
185
226
84
44

2023Q2
1,091
780
192
206
399
181
213
83
41

2023Q3
1,054
738
182
229
424
180
207
75
42

2023Q4
1,064
778
267
233
309
193
206
60
28

39

2024Q1
1,150
795
193
237
402
188
204
59
30

2024Q2
1,228
803
190
260
309
173
202
61
30

2024Q3
1,222
846
203
270
363
190
215
53
31

2024Q4
1,253
804
199
270
397
185
193
66
29

2025Q1
1,321
813
304
270
252
195
189
60
41

First 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

2023Q1
705
837
560
1,067
260
124
41
55
9

2023Q2
808
912
593
1,180
219
122
47
58
16

2023Q3
755
851
586
1,245
219
121
50
43
17

2023Q4
1,349
930
673
844
230
119
74
38
15

2024Q1
886
1,042
753
1,377
241
136
60
47
1

2024Q2
943
1,168
686
1,349
257
138
65
49
2

2024Q3
1,030
1,360
1,039
1,328
310
149
55
50
3

2024Q4
956
1,447
959
1,438
314
158
55
42
4

2025Q1
1,869
1,506
1,208
552
325
151
62
49
5

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

2023Q1
4,989
2,018
857
3,307
930
868
265
95
103

2023Q2
5,227
2,346
979
3,242
1,317
891
267
115
93

2023Q3
5,330
2,340
974
3,471
1,285
844
294
119
86

2023Q4
5,733
3,799
943
2,328
832
804
270
101
46

40

2024Q1
6,131
2,717
1,100
3,441
1,208
842
308
71
50

2024Q2
5,672
3,224
1,331
3,718
1,409
861
345
74
46

2024Q3
6,556
3,644
2,023
3,187
1,277
1,061
340
73
54

2024Q4
6,011
3,211
2,155
2,957
1,348
1,000
341
60
45

2025Q1
7,031
5,275
2,832
1,591
1,130
885
340
65
49

First 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
Macro
Relative Value
Multi-Strategy
Managed Futures/CTA
Equity
Credit
Other
Event Driven
Investment in other funds

2023Q1
5.0
5.8
3.6
1.6
1.6
1.7
1.5
1.3
1.4

2023Q2
5.6
6.2
3.9
1.5
1.7
1.8
1.4
1.3
1.4

2023Q3
5.7
6.2
4.0
1.7
1.6
1.7
1.4
1.3
1.6

2023Q4
5.7
6.9
3.9
1.5
1.7
1.7
1.5
1.3
1.6

2024Q1
6.2
6.6
4.3
1.9
1.7
1.8
1.4
1.2
1.3

2024Q2
6.2
7.3
5.2
1.9
1.7
1.7
1.5
1.3
1.3

2024Q3
7.2
7.2
4.4
2.5
1.9
1.7
1.5
1.3
1.3

2024Q4
6.9
7.2
4.5
1.9
1.9
1.8
1.6
1.3
1.4

2025Q1
8.3
7.6
3.0
2.1
1.9
1.8
1.6
1.4
1.3

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
Other
Investment in other funds
Event Driven

2023Q1
34.3
23.1
12.1
14.1
2.9
3.4
2.7
3.7
2.1

2023Q2
36.8
25.5
17.1
14.8
3.0
3.5
2.7
3.8
2.1

2023Q3
37.8
25.4
18.6
15.6
3.0
3.4
2.7
3.8
1.9

2023Q4
39.7
27.4
14.8
14.1
3.0
3.4
2.7
3.6
1.8

2024Q1
44.3
26.5
22.1
16.5
3.1
3.6
2.6
3.0
1.7

2024Q2
43.0
30.6
24.9
22.8
3.3
3.5
2.7
3.0
1.7

2024Q3
46.7
31.4
26.4
17.4
4.3
3.5
3.0
3.2
1.7

2024Q4
44.4
29.3
22.5
18.1
4.4
3.6
3.2
3.0
1.7

2025Q1
50.0
32.4
21.1
10.2
4.8
3.5
3.0
2.6
1.7

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
Event Driven
Investment in other funds

2023Q1
39.9
43.1
27.3
25.9
11.9
9.5
8.5
8.1
7.9

2023Q2
38.8
41.3
25.7
26.6
10.6
9.0
7.4
8.4
12.0

2023Q3
45.3
41.9
26.0
25.4
10.9
8.7
7.2
7.5
12.4

2023Q4
44.0
40.6
20.6
25.4
10.8
8.6
6.1
7.7
1.5

41

2024Q1
41.4
34.2
24.9
25.5
9.1
8.6
5.8
6.9
1.1

2024Q2
45.1
36.4
25.1
23.5
9.5
8.3
5.2
7.4
1.0

2024Q3
38.6
34.0
23.8
22.9
9.4
8.2
5.6
7.1
1.1

2024Q4
50.7
35.8
25.3
22.9
10.5
8.3
6.0
7.1
1.7

2025Q1
53.9
34.4
24.1
22.3
10.7
8.1
6.6
6.3
4.6

First 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
Leveraged Loans
Cash/Cash Equivalents - Other
Financial Listed Equities
Commodity Derivatives
Cash/Cash Equivalents - Deposits
Non-Financial Corporate Bonds
Other Private Funds
Sovereign Bonds - Other
MBS
Cash/Cash Equivalents - MMFs
Physical Real Estate
Other Derivatives
Other Loans (Excluding Repo)
Non-Financial Convertible Bonds
Other
Non-U.S. Currency Holdings
Financial Equity Derivatives
U.S. Agency and GSE Securities
Other ABS/Structured Products
Financial Corporate Bonds
Financial Unlisted Equities
CDO/CLO
U.S. State and Local Bonds
Registered Investment Companies
Financial Convertible Bonds
Physical Commodities

Mar
2024
4,013
2,340
1,550
1,753
946
1,128
845
540
469
346
354
261
234
178
223
196
170
192
147
167
128
153
144
132
118
64
50
64
63
36
41
16
11
9
4

Apr
2024
3,989
2,593
1,488
1,695
942
1,150
843
506
480
296
351
254
322
191
217
179
161
185
147
69
333
137
138
118
111
73
48
60
61
35
38
15
13
8
4

May
2024
4,079
2,861
1,559
1,736
1,006
1,173
882
509
495
302
350
262
388
202
222
180
176
188
148
69
134
136
147
121
120
72
49
59
64
34
40
16
14
8
4

Jun
2024
4,025
2,606
1,669
1,770
942
1,085
835
551
494
345
343
262
313
204
221
195
179
196
152
163
130
158
147
123
111
66
53
68
62
35
41
17
14
8
4

Jul
2024
4,367
3,104
1,841
1,740
1,035
1,109
945
531
514
316
368
272
225
209
223
194
192
211
146
72
131
138
147
124
124
75
56
70
66
37
40
17
14
10
5

42

Aug
2024
4,682
3,059
1,873
1,748
1,058
1,138
957
531
523
320
358
272
222
263
222
197
200
228
154
72
146
141
145
118
141
78
67
64
66
37
40
17
15
10
5

Sep
2024
4,823
2,745
1,929
1,815
1,025
1,142
1,001
630
541
343
392
279
229
187
228
206
215
236
171
161
180
164
149
130
110
80
74
66
69
39
42
17
14
11
5

Oct
2024
4,625
2,939
1,878
1,787
1,118
1,134
938
513
515
319
373
273
249
181
222
183
196
214
169
75
199
145
143
123
115
83
59
66
68
39
40
16
14
11
5

Nov
2024
4,735
3,374
1,886
1,913
1,217
1,129
975
516
500
323
407
301
233
205
224
187
194
209
180
76
169
146
153
126
95
92
58
64
67
42
40
16
15
13
5

Dec
2024
4,388
2,511
1,881
1,900
1,035
1,070
847
567
473
369
352
293
232
199
216
195
185
216
202
167
160
162
146
129
90
87
61
67
62
45
42
16
15
13
5

Jan
2025
4,496
2,741
2,000
1,955
1,192
1,057
908
547
492
328
337
307
280
198
222
202
205
211
168
93
146
149
155
134
121
90
61
65
72
45
38
15
17
13
7

Feb
2025
4,739
3,226
2,112
1,927
1,190
1,113
976
546
465
335
372
313
259
209
224
202
213
201
169
93
147
151
153
132
108
93
67
64
72
45
38
16
18
12
9

Mar
2025
4,782
2,953
2,138
1,828
1,141
1,118
985
592
517
388
380
301
270
236
228
212
210
209
185
179
179
172
150
132
129
92
73
68
66
46
40
18
16
12
12

First 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
Leveraged Loans
Cash/Cash Equivalents - Other
Financial Listed Equities
Commodity Derivatives
Cash/Cash Equivalents - Deposits
Non-Financial Corporate Bonds
Other Private Funds
Sovereign Bonds - Other
MBS
Cash/Cash Equivalents - MMFs
Physical Real Estate
Other Derivatives
Other Loans (Excluding Repo)
Non-Financial Convertible Bonds
Other
Non-U.S. Currency Holdings
Financial Equity Derivatives
U.S. Agency and GSE Securities
Other ABS/Structured Products
Financial Corporate Bonds
Financial Unlisted Equities
CDO/CLO
U.S. State and Local Bonds
Registered Investment Companies
Financial Convertible Bonds
Physical Commodities

Mar
2024
4,266
1,776
1,258
871
908
1,836
968
1
491
9
99
119
182
116
72
0
83
42
0
***
107
15
2
25
125
53
31
20
16
0
4
***
0
0
0

Apr
2024
4,304
1,863
1,209
859
926
1,904
976
1
487
8
78
116
216
138
74
***
86
37
0
***
116
15
2
25
120
60
25
19
17
0
4
0
4
0
0

May
2024
4,542
1,986
1,267
886
988
2,004
989
1
508
9
83
118
224
137
76
***
83
38
0
***
114
15
2
26
121
66
21
15
16
0
4
0
4
0
0

Jun
2024
4,333
1,953
1,299
881
950
2,013
916
1
567
9
97
117
213
155
74
0
71
43
0
***
98
15
2
27
118
57
22
19
17
0
4
***
4
0
0

Jul
2024
4,442
2,256
1,496
883
1,004
2,222
996
1
578
10
83
119
215
151
77
***
70
47
0
***
64
14
2
28
141
65
21
21
18
0
4
0
5
0
0

43

Aug
2024
4,442
2,158
1,487
893
1,017
2,282
1,005
2
573
10
90
126
202
177
77
***
72
52
0
***
68
15
2
28
144
68
30
20
19
0
4
0
6
0
0

Sep
2024
4,540
1,956
1,535
910
997
2,483
1,055
4
600
11
84
124
193
110
78
0
74
56
0
***
75
15
2
28
128
72
31
22
19
0
4
***
6
0
0

Oct
2024
4,693
1,979
1,572
868
1,048
2,410
1,037
1
563
11
96
126
203
120
87
0
79
54
0
***
78
15
2
28
145
72
28
23
20
0
4
***
5
0
0

Nov
2024
4,769
2,433
1,462
931
1,100
2,346
1,106
1
583
11
113
143
183
144
89
***
78
55
0
***
87
15
2
28
144
81
35
22
20
0
5
0
5
0
0

Dec
2024
4,440
1,861
1,433
903
1,028
2,291
959
2
533
12
97
135
184
129
92
0
73
67
0
***
73
15
2
30
135
79
36
23
18
0
***
0
4
0
0

Jan
2025
4,716
1,920
1,458
960
1,073
2,386
907
1
561
10
84
141
199
166
98
***
78
55
0
***
95
16
2
29
170
77
41
19
18
0
4
1
4
0
0

Feb
2025
4,924
2,094
1,448
957
1,133
2,530
947
1
546
10
91
148
198
144
101
***
85
53
0
***
111
16
2
31
145
85
43
20
19
0
5
1
4
0
0

Mar
2025
4,928
2,016
1,405
945
1,084
2,615
915
1
639
11
81
140
217
138
98
***
83
51
0
***
139
17
2
31
137
86
42
19
18
0
5
1
4
0
0

First 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

Mar
2024
301
1,098
1,372
305
383
937

Apr
2024
524
1,063
1,273
293
392
904

May
2024
525
1,058
1,274
299
388
906

Jun
2024
378
1,091
1,364
316
389
911

Jul
2024
533
1,104
1,356
284
407
935

Aug
2024
518
1,103
1,373
278
408
939

Sep
2024
362
1,171
1,399
311
435
943

Oct
2024
509
1,080
1,328
289
435
921

Nov
2024
501
1,061
1,338
296
434
933

Dec
2024
346
1,118
1,415
305
431
946

Jan
2025
541
1,079
1,356
285
451
978

Feb
2025
545
1,075
1,352
287
450
980

Mar
2025
387
1,128
1,431
304
454
987

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

Mar
2024
242
662
686
169
155
170

Apr
2024
319
573
624
160
159
163

May
2024
320
575
620
161
158
164

Jun
2024
232
625
652
168
154
167

Jul
2024
336
589
630
164
159
170

Aug
2024
337
587
639
155
157
174

Sep
2024
245
634
669
159
166
176

Oct
2024
346
574
621
161
173
177

Nov
2024
346
566
619
165
175
180

Dec
2024
256
607
665
168
169
186

Jan
2025
362
576
620
165
174
179

Feb
2025
357
578
619
168
173
181

Mar
2025
262
620
668
175
168
186

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

Mar
2024
1,120
1,811
921
337
205

Apr
2024
1,385
1,726
850
285
204

May
2024
1,390
1,728
839
280
213

Jun
2024
1,111
1,813
996
325
204

Jul
2024
1,441
1,693
1,028
241
217

Aug
2024
1,435
1,723
901
327
234

Sep
2024
1,174
1,807
1,124
278
236

Oct
2024
1,397
1,727
953
287
197

Nov
2024
1,324
1,741
1,022
272
203

Dec
2024
1,044
1,840
1,129
339
209

Jan
2025
1,304
1,827
1,048
315
195

Feb
2025
1,363
1,746
1,075
254
251

Mar
2025
1,150
1,824
1,220
278
219

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

Mar
2024
525
884
477
135
63

Apr
2024
622
770
415
130
61

May
2024
624
765
417
130
62

Jun
2024
498
847
443
151
59

Jul
2024
645
794
421
124
64

Aug
2024
643
797
408
138
63

44

Sep
2024
522
853
456
154
64

Oct
2024
671
778
398
145
60

Nov
2024
641
807
404
139
60

Dec
2024
519
847
473
155
57

Jan
2025
644
796
434
144
58

Feb
2025
662
786
427
139
62

Mar
2025
568
839
461
150
61

First 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

2023Q1
5.4
7.5
18.6
34.6
45.5
56.6

2023Q2
5.6
7.7
17.9
34.2
44.4
56.4

2023Q3
5.4
7.5
17.2
33.4
45.0
55.2

2023Q4
5.8
7.9
17.6
33.4
43.5
55.5

2024Q1
5.7
7.6
17.6
33.2
43.9
56.6

2024Q2
7.1
9.0
18.1
34.0
44.7
57.8

2024Q3
7.2
9.3
18.5
34.3
45.8
57.3

2024Q4
7.2
9.2
18.5
36.7
44.5
57.1

2025Q1
7.0
8.9
19.1
34.0
44.7
57.0

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

2023Q1
31.4
48.9
59.1
65.1
70.7
76.5

2023Q2
31.2
49.1
59.6
65.6
70.6
76.6

2023Q3
30.3
48.3
58.2
64.3
69.4
75.7

2023Q4
30.7
48.7
59.0
65.2
69.9
76.1

2024Q1
30.8
48.8
59.2
65.2
69.9
76.1

2024Q2
31.2
49.0
59.3
65.0
69.7
75.9

2024Q3
31.0
48.7
59.0
65.0
69.6
75.9

2024Q4
31.3
49.4
59.6
65.3
69.9
76.1

2025Q1
33.5
50.9
60.3
65.4
69.8
75.7

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

2023Q1
2,570
1,764
80
87
22

2023Q2
2,582
1,770
82
90
23

2023Q3
2,580
1,764
76
86
20

2023Q4
2,558
1,742
84
89
17

45

2024Q1
2,664
1,823
93
95
16

2024Q2
2,669
1,826
87
89
17

2024Q3
2,775
1,848
102
90
23

2024Q4
2,778
1,818
105
96
25

2025Q1
2,772
1,791
111
95
24

First 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%]

2023Q1
3,446
307
72
55

2023Q2
3,505
292
89
55

2023Q3
3,545
293
76
55

2023Q4
3,543
295
71
61

2024Q1
3,668
303
73
65

2024Q2
3,689
291
72
57

2024Q3
3,831
313
70
58

2024Q4
3,781
289
84
61

2025Q1
3,891
298
78
61

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%]

2023Q1
1,905
105
19
13

2023Q2
1,953
98
23
13

2023Q3
1,958
104
22
13

2023Q4
1,961
105
20
17

46

2024Q1
1,943
104
18
19

2024Q2
1,860
105
19
14

2024Q3
1,915
105
16
13

2024Q4
1,919
98
23
11

2025Q1
1,938
104
20
14

First 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

Mar
2024
2,070
2,230
550
4,850
43
4,893

Subtype
Reverse Repo
Prime Broker
Other Secured
Subtotal
Subtotal
Total

Apr
2024
2,109
2,173
509
4,791
23
4,814

May
2024
2,220
2,251
516
4,987
23
5,009

Jun
2024
2,214
2,236
550
5,000
33
5,033

Jul
2024
2,439
2,284
488
5,211
23
5,234

Aug
2024
2,511
2,300
494
5,304
23
5,328

Sep
2024
2,737
2,379
546
5,663
33
5,696

Oct
2024
2,580
2,287
511
5,378
25
5,403

Nov
2024
2,462
2,470
524
5,456
26
5,482

Dec
2024
2,432
2,451
566
5,450
34
5,483

Jan
2025
2,539
2,653
534
5,725
28
5,753

Feb
2025
2,649
2,674
544
5,867
30
5,896

Mar
2025
2,783
2,582
619
5,984
40
6,024

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

Mar
2024
40.0
58.3
71.8
83.2
95.3

Apr
2024
37.9
56.4
70.6
82.7
95.1

May
2024
37.7
55.8
70.0
82.5
95.1

Jun
2024
38.0
55.9
70.3
82.7
95.1

Jul
2024
36.9
55.2
69.4
82.1
95.0

Aug
2024
37.5
56.3
69.6
82.1
95.1

Sep
2024
37.2
56.1
69.9
82.0
95.0

Oct
2024
37.1
56.0
69.6
81.7
94.8

Nov
2024
37.1
56.0
69.6
81.7
95.0

Dec
2024
37.7
57.3
71.1
82.7
95.2

Jan
2025
37.2
56.7
70.5
82.3
95.0

Feb
2025
37.5
57.2
71.0
82.7
95.1

Mar
2025
35.7
55.6
70.8
82.5
94.9

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

Mar
2024
58.8
83.3
93.3
98.2
100.0

Apr
2024
60.2
84.3
94.0
98.4
100.0

May
2024
60.6
84.9
94.2
98.6
100.0

Jun
2024
59.7
84.0
93.9
98.5
100.0

Jul
2024
58.2
82.9
93.9
98.4
100.0

Aug
2024
59.7
84.4
94.1
98.6
100.0

Sep
2024
58.3
82.7
93.8
98.5
100.0

47

Oct
2024
57.5
82.0
93.0
98.2
100.0

Nov
2024
61.6
84.7
93.6
98.2
100.0

Dec
2024
57.4
81.5
92.6
98.1
100.0

Jan
2025
57.5
80.9
93.0
98.1
100.0

Feb
2025
57.0
81.1
92.6
98.1
100.0

Mar
2025
56.2
81.2
92.7
98.2
100.0

First 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

Mar
2024
3,573
1,774
5,347
1,810
833
2,643
1,188
805
1,993
575
136
712

Apr
2024
3,485
1,762
5,247
1,743
801
2,544
1,236
818
2,053
507
144
650

May
2024
3,684
1,833
5,517
1,828
843
2,671
1,319
849
2,168
537
140
677

Jun
2024
3,775
1,785
5,560
1,819
833
2,651
1,332
819
2,151
624
134
758

Jul
2024
3,906
1,923
5,829
1,890
870
2,760
1,467
930
2,397
549
123
672

Aug
2024
3,940
1,985
5,925
1,894
923
2,817
1,510
955
2,465
536
107
642

Sep
2024
4,242
2,085
6,326
1,949
915
2,864
1,654
1,046
2,699
639
124
763

Oct
2024
4,039
2,027
6,066
1,912
867
2,779
1,571
1,032
2,603
556
128
684

Nov
2024
4,018
2,124
6,142
2,036
923
2,959
1,432
1,076
2,508
549
126
676

Dec
2024
3,968
2,103
6,071
1,986
913
2,898
1,398
1,057
2,455
584
133
718

Jan
2025
4,123
2,238
6,361
2,130
982
3,112
1,460
1,107
2,566
533
150
683

Feb
2025
4,244
2,351
6,595
2,138
1,007
3,146
1,551
1,188
2,740
555
155
710

Mar
2025
4,354
2,352
6,707
2,037
1,004
3,040
1,659
1,168
2,827
659
180
839

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%

Mar
2024
514
83
1,633
877
1,070
122
236
142
172
2,017
1,157
1,676

Apr
2024
560
148
1,465
1,028
892
189
200
166
143
1,673
1,589
1,528

May
2024
552
117
1,582
601
1,497
121
202
170
144
1,762
1,474
1,751

Jun
2024
574
100
1,562
724
1,363
127
223
151
176
1,772
1,627
1,600

Jul
2024
520
113
1,651
407
1,944
88
177
172
139
1,712
1,703
1,797

Aug
2024
529
113
1,659
752
1,640
119
270
76
147
2,043
1,397
1,865

Sep
2024
567
421
1,391
918
1,575
245
206
162
178
1,822
1,771
2,070

Oct
2024
523
367
1,398
930
1,448
201
200
161
150
1,747
1,619
2,012

Nov
2024
575
528
1,368
535
1,691
235
232
147
145
1,756
1,912
1,788

Dec
2024
589
404
1,459
765
1,464
203
237
149
180
1,774
1,617
2,059

Jan
2025
643
430
1,580
702
1,604
232
169
129
236
1,640
1,777
2,308

Feb
2025
656
495
1,523
493
1,905
251
230
154
160
2,023
1,618
2,225

Mar
2025
684
152
1,745
475
2,034
274
165
258
196
1,822
1,806
2,356

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%

Mar
2024
138
146
401
50
101
142
149
72
249
274
215
659

Apr
2024
138
149
410
62
91
137
136
72
221
256
215
646

May
2024
134
145
406
53
99
137
134
75
222
250
221
639

Jun
2024
137
142
418
56
88
137
154
74
248
275
220
668

Jul
2024
146
129
417
52
100
136
136
82
230
261
221
650

48

Aug
2024
145
138
404
55
95
136
135
78
220
259
226
633

Sep
2024
142
146
411
58
98
136
158
80
248
283
231
663

Oct
2024
153
133
419
72
83
140
152
73
217
281
209
654

Nov
2024
160
132
403
52
102
144
153
73
222
273
217
647

Dec
2024
150
150
404
61
101
135
163
86
249
281
235
676

Jan
2025
158
127
436
56
96
148
132
80
255
263
203
711

Feb
2025
146
145
430
67
88
155
135
80
258
272
215
704

Mar
2025
158
141
439
51
103
156
160
86
296
295
223
734

First 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

2023Q1
27.7
46.5
62.6
75.7
92.6
94.5

2023Q2
26.4
47.3
62.9
76.8
92.6
94.4

2023Q3
24.7
48.9
63.8
77.8
92.4
94.6

2023Q4
25.7
43.7
64.6
78.4
93.4
95.3

2024Q1
30.6
48.1
64.1
77.9
93.6
95.3

2024Q2
36.8
49.3
65.1
78.3
93.7
95.5

2024Q3
38.9
51.5
67.0
78.6
93.2
94.8

2024Q4
24.8
45.7
65.9
78.0
93.3
95.0

2025Q1
39.4
50.9
66.5
78.2
92.7
94.2

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

2023Q1
63.5
35.6
0.9
0.0

2023Q2
64.0
35.3
0.7
0.0

2023Q3
62.7
36.6
0.6
0.1

2023Q4
61.6
37.8
0.5
0.0

2024Q1
65.6
33.6
0.7
0.1

2024Q2
65.7
33.5
0.7
0.1

2024Q3
63.0
36.2
0.7
0.1

2024Q4
64.8
34.5
***
***

2025Q1
63.9
35.3
***
***

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

2023Q1
247
122
276
216
164
723
1,993

2023Q2
255
125
326
171
239
752
2,169

2023Q3
239
130
183
317
199
804
2,314

2023Q4
271
125
176
320
254
882
2,575

2024Q1
287
129
169
336
269
884
2,820

2024Q2
114
129
170
367
260
1,195
2,798

2024Q3
128
133
186
238
423
1,016
3,572

2024Q4
140
118
214
350
268
1,036
3,356

2025Q1
145
121
250
357
302
1,146
3,702

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

2023Q1
404
306
202
125
86
112
40

2023Q2
411
287
223
124
91
110
44

2023Q3
415
313
185
137
94
105
48

2023Q4
395
315
179
144
87
107
47

49

2024Q1
427
293
176
150
89
95
53

2024Q2
413
282
168
142
95
112
50

2024Q3
413
276
174
147
111
112
52

2024Q4
421
272
189
135
104
118
55

2025Q1
438
303
194
136
106
108
63

First 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

2023Q1
12.8
12.3

2023Q2
13.9
13.1

2023Q3
14.1
13.1

2023Q4
13.7
13.2

50

2024Q1
13.9
13.0

2024Q2
13.1
11.5

2024Q3
13.9
12.9

2024Q4
13.7
13.3

2025Q1
13.0
12.1

First 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

2023Q1
626
271
167
181
48
1,416

2023Q2
647
284
171
180
52
1,440

2023Q3
638
285
169
172
52
1,459

2023Q4
629
285
159
171
52
1,474

2024Q1
597
262
157
162
54
1,487

2024Q2
628
258
167
183
56
1,370

2024Q3
648
266
171
186
61
1,401

2024Q4
658
285
176
166
70
1,393

2025Q1
643
279
173
160
64
1,433

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

2023Q1
4,448
2,263
560
938
1,246
3,542

2023Q2
4,781
2,500
577
905
1,402
3,655

2023Q3
5,109
2,699
558
916
1,563
3,634

2023Q4
5,419
3,074
535
943
1,574
3,730

2024Q1
5,486
3,074
601
991
1,540
3,880

2024Q2
5,572
3,168
580
1,238
1,340
3,907

2024Q3
6,195
3,574
646
1,088
1,716
4,092

2024Q4
6,077
3,546
639
909
1,824
4,047

2025Q1
6,570
3,892
691
1,509
1,246
4,189

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

2023Q1
1,358
595
325
367
205
2,522

2023Q2
1,368
607
329
351
216
2,573

2023Q3
1,368
617
319
340
232
2,601

2023Q4
1,342
614
309
338
218
2,629

51

2024Q1
1,371
614
323
349
231
2,738

2024Q2
1,369
618
318
378
207
2,740

2024Q3
1,421
643
323
371
239
2,851

2024Q4
1,431
671
318
334
272
2,783

2025Q1
1,470
706
314
431
183
2,859

First 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

2023Q1
557
469
69
947

2023Q2
577
467
70
973

2023Q3
569
466
69
993

2023Q4
553
480
76
994

2024Q1
525
433
72
1,054

2024Q2
531
446
97
924

2024Q3
547
456
101
945

2024Q4
556
443
102
950

2025Q1
544
469
99
964

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

2023Q1
4,228
1,386
221
2,156

2023Q2
4,539
1,427
241
2,227

2023Q3
4,793
1,408
316
2,226

2023Q4
5,149
1,486
270
2,244

2024Q1
5,225
1,555
261
2,324

2024Q2
5,304
1,632
268
2,275

2024Q3
5,888
1,759
307
2,333

2024Q4
5,769
1,745
308
2,302

2025Q1
6,105
1,754
465
2,435

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

2023Q1
1,222
860
136
1,663

2023Q2
1,232
872
137
1,702

2023Q3
1,232
879
136
1,722

2023Q4
1,186
913
156
1,716

52

2024Q1
1,215
953
156
1,786

2024Q2
1,209
997
160
1,743

2024Q3
1,257
1,060
164
1,791

2024Q4
1,269
1,032
163
1,751

2025Q1
1,298
1,032
172
1,827

First 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

2023Q1
840
718
752
655
512
429
296
258

2023Q2
857
733
772
663
525
440
294
261

2023Q3
844
718
759
653
502
425
276
248

2023Q4
853
721
754
664
511
428
286
266

2024Q1
833
704
673
643
488
408
286
258

2024Q2
848
710
682
644
488
414
276
261

2024Q3
863
721
698
660
488
419
287
263

2024Q4
877
714
705
657
515
438
291
249

2025Q1
889
723
715
669
514
451
295
263

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

2023Q1
5,191
4,883
4,622
4,479
3,873
4,078
1,132
1,093

2023Q2
5,534
5,207
4,931
4,775
4,425
4,383
1,240
1,238

2023Q3
5,760
5,435
5,163
4,979
4,585
4,632
1,178
1,134

2023Q4
6,205
5,852
5,536
5,433
5,028
5,036
1,404
1,359

2024Q1
6,374
5,995
5,632
5,518
5,208
5,127
1,547
1,356

2024Q2
6,510
6,118
5,730
5,630
5,327
5,236
1,553
1,503

2024Q3
7,171
6,763
6,369
6,329
5,888
5,801
1,843
1,728

2024Q4
7,070
6,607
6,321
6,170
5,795
5,697
1,935
1,462

2025Q1
7,408
6,921
6,622
6,493
6,092
6,022
1,897
1,123

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

2023Q1
1,852
1,593
1,607
1,436
1,124
1,123
443
401

2023Q2
1,875
1,606
1,603
1,447
1,191
1,144
438
415

2023Q3
1,865
1,599
1,608
1,438
1,159
1,138
405
378

2023Q4
1,857
1,587
1,593
1,437
1,178
1,126
421
407

53

2024Q1
1,947
1,641
1,623
1,493
1,214
1,166
459
407

2024Q2
1,978
1,655
1,637
1,504
1,217
1,168
463
416

2024Q3
2,066
1,724
1,727
1,594
1,248
1,213
506
445

2024Q4
2,070
1,707
1,741
1,570
1,285
1,219
529
411

2025Q1
2,095
1,712
1,749
1,573
1,279
1,229
497
381

First 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

2023Q1
1,016
207
124
81
94
126
159
78
157

2023Q2
1,043
206
124
82
100
134
164
81
153

2023Q3
1,062
209
128
89
100
126
164
73
146

2023Q4
1,070
212
115
85
105
120
165
72
159

2024Q1
1,126
161
110
88
102
122
148
74
153

2024Q2
1,021
167
117
83
110
123
168
62
147

2024Q3
1,046
182
121
83
110
131
155
67
154

2024Q4
1,052
178
123
85
78
131
179
74
151

2025Q1
1,063
180
128
83
84
131
170
73
164

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

2023Q1
2,377
377
425
308
404
809
2,133
527
632

2023Q2
2,469
385
440
331
403
627
2,458
597
724

2023Q3
2,542
397
448
327
408
663
2,708
598
651

2023Q4
2,514
423
401
331
445
657
2,927
599
852

2024Q1
2,585
425
389
363
364
786
2,952
647
855

2024Q2
2,543
456
413
339
358
820
3,060
504
986

2024Q3
2,640
494
427
370
393
841
3,377
564
1,181

2024Q4
2,611
504
422
404
304
778
3,262
899
940

2025Q1
2,900
510
410
425
361
794
3,738
834
787

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

2023Q1
1,799
246
264
212
168
281
524
149
238

2023Q2
1,838
246
266
217
156
272
553
156
237

2023Q3
1,858
259
277
226
152
274
559
147
218

2023Q4
1,872
262
266
217
165
248
566
139
237

54

2024Q1
1,942
275
252
245
147
274
577
152
243

2024Q2
1,903
299
261
232
159
277
600
131
248

2024Q3
1,954
326
271
246
168
290
597
142
277

2024Q4
1,914
320
263
267
124
273
612
186
257

2025Q1
1,999
329
281
260
141
289
618
170
243

First 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

2023Q1
71.2
92.9
97.3
98.3
99.3
99.7

2023Q2
71.1
92.6
97.0
97.9
99.1
99.8

2023Q3
68.8
93.0
97.0
98.0
99.0
99.8

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

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

2023Q1
294
266
0
0

2023Q2
301
274
0
0

2023Q3
331
299
0
0

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

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

First 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

Mar
2024
38.4
50.3

Apr
2024
38.9
44.7

May
2024
39.0
45.3

Jun
2024
38.5
44.6

Jul
2024
39.4
49.6

Aug
2024
35.2
44.8

Sep
2024
34.9
43.5

Oct
2024
39.4
49.1

Nov
2024
36.9
47.0

Dec
2024
28.5
44.6

Jan
2025
32.3
46.7

Feb
2025
33.3
44.3

Mar
2025
33.3
43.6

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

Mar
2024
54.7
71.9

Apr
2024
54.1
70.6

May
2024
53.8
70.0

Jun
2024
53.3
66.7

Jul
2024
54.1
71.0

Aug
2024
50.2
65.2

Sep
2024
54.3
65.2

Oct
2024
59.5
73.5

Nov
2024
55.9
70.6

Dec
2024
47.2
67.8

Jan
2025
51.0
72.4

Feb
2025
52.0
68.7

Mar
2025
51.9
67.9

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

Mar
2024
5.2
5.2

Apr
2024
5.7
5.2

May
2024
5.7
5.2

Jun
2024
5.3
5.2

Jul
2024
5.6
5.2

Aug
2024
5.2
5.2

Sep
2024
5.7
5.0

Oct
2024
4.8
4.8

Nov
2024
4.6
4.5

Dec
2024
4.1
4.5

Jan
2025
4.6
4.4

Feb
2025
4.6
4.4

Mar
2025
4.2
4.3

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

Mar
2024
53.7
46.8

Apr
2024
57.3
50.0

May
2024
58.3
50.3

Jun
2024
56.4
49.2

Jul
2024
57.4
48.7

Aug
2024
55.8
49.0

Sep
2024
52.0
45.9

Oct
2024
55.3
46.2

Nov
2024
55.4
48.7

Dec
2024
49.7
45.7

Jan
2025
53.8
48.8

Feb
2025
54.6
48.2

Mar
2025
54.4
45.8

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

Mar
2024
61.6
61.0

Apr
2024
65.9
63.0

May
2024
66.0
62.4

Jun
2024
64.1
63.7

Jul
2024
62.0
60.1

Aug
2024
61.2
61.4

Sep
2024
58.8
58.5

Oct
2024
64.3
59.1

Nov
2024
65.4
60.3

Dec
2024
60.0
60.6

Jan
2025
61.3
61.1

Feb
2025
60.6
60.2

Mar
2025
59.1
58.6

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

First 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

2023Q1
70.6
29.4

2023Q2
70.6
29.4

2023Q3
70.6
29.4

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

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

2023Q1
68.5
31.5

2023Q2
68.8
31.2

2023Q3
63.4
36.6

2023Q4
66.1
33.9

2024Q1
65.4
34.6

8

2024Q2
80.1
19.9

2024Q3
79.4
20.6

2024Q4
83.3
16.7

2025Q1
82.6
17.4

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

First 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
U.S. Treasuries
Repo - Govt. Collateral
Commercial Paper
Other
Asset-Backed Securities
Repo - Other Collateral
U.S. Govt. Debt
Municipal Debt

Mar
2024
76.6
89.6
56.2
45.2
22.8
16.5
***
3.1
***

Apr
2024
77.7
81.1
58.9
47.1
24.6
17.7
15.8
2.0
0.6

May
2024
83.2
81.8
63.4
49.7
23.9
18.3
14.9
2.1
0.6

Jun
2024
74.7
82.3
68.8
51.2
23.8
19.6
***
2.1
***

Jul
2024
84.3
82.4
59.0
50.2
23.9
19.9
***
2.4
***

Aug
2024
85.9
85.6
62.3
51.7
22.6
20.5
***
2.5
***

Sep
2024
82.1
90.2
61.3
58.4
30.0
21.3
***
3.5
***

Oct
2024
83.2
87.2
61.0
50.6
31.3
20.2
***
3.0
***

Nov
2024
89.5
90.5
61.5
46.3
31.3
20.7
***
2.3
***

Dec
2024
76.2
86.1
66.2
44.0
37.0
20.0
***
2.7
***

Jan
2025
95.8
85.2
67.0
48.9
33.2
20.6
***
2.5
***

Feb
2025
101.6
81.3
66.5
51.8
31.1
20.2
***
2.0
***

Mar
2025
94.2
77.3
72.9
57.2
29.0
20.8
***
2.2
***

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

First 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...
Insurance Agencies and Brokerages
Other Financial Vehicles
Computer Systems Design Services
All Other Professional,...
Other Computer Related Services
Offices of Physicians
Lessors of Nonresidential Buildings
Engineering Services
Consumer Lending
Natural Gas Distribution
Full-Service Restaurants
Offices of Other Holding Companies
Home Health Care Services
Hotels and Motels
Commercial Banking
Other Activities Related to Real...
Lessors of Residential Buildings...
Offices of Dentists
Real Estate Credit
Marketing Research and Public...
Supermarkets and Other Grocery...

2013Q4
2.8
2.9
0.9
0.9
0.4
0.5
0.4
0.4
0.2
0.8
0.3
0.3
0.5
0.5
0.3
0.4
0.7
1.8
0.4
0.3
0.2
0.5
0.2
0.8

2014Q4
3.8
2.3
1.0
1.0
0.4
0.8
0.6
0.4
0.2
0.8
0.2
0.6
0.4
0.9
0.3
0.3
0.7
1.1
0.5
0.4
0.2
0.4
0.2
0.5

2015Q4
4.9
1.8
1.5
1.0
0.6
0.6
0.6
0.5
0.3
0.8
0.4
0.8
0.6
0.7
0.6
0.3
0.6
0.9
0.3
0.4
0.2
0.9
0.2
0.5

2016Q4
6.1
2.0
1.5
1.2
1.8
1.0
0.9
0.9
0.4
0.7
0.3
0.9
0.7
0.5
0.3
0.3
0.7
0.8
0.4
0.4
0.2
0.6
0.2
0.5

2017Q4
6.0
2.3
1.5
1.1
1.6
0.8
0.8
0.9
0.3
0.7
0.3
0.8
1.0
0.5
0.4
0.3
0.4
0.7
0.4
0.3
0.3
0.5
0.2
0.3

2018Q4
8.0
3.5
1.8
1.0
1.3
0.6
1.4
1.0
0.3
0.6
0.3
0.6
1.0
0.3
0.5
0.4
0.2
0.3
0.3
0.3
0.3
0.4
0.1
0.3

2019Q4
10.6
4.2
2.1
1.1
1.2
0.6
1.4
0.8
0.5
1.1
0.3
0.6
0.7
0.4
0.4
0.5
0.4
0.3
0.3
0.3
0.3
0.4
0.2
0.2

2020Q4
9.7
3.6
1.9
1.5
1.8
1.0
1.9
1.2
0.5
0.6
0.3
0.7
0.8
0.3
0.4
0.6
0.4
0.4
0.3
0.2
0.3
0.4
0.2
0.2

2021Q4
11.7
3.4
2.5
1.7
2.2
1.6
1.3
1.5
0.6
0.4
0.4
0.6
0.6
0.2
0.4
0.4
0.4
0.4
0.4
0.3
0.3
0.2
0.2
0.2

2022Q4
12.0
4.2
2.8
1.8
2.9
1.1
1.4
1.0
0.7
0.5
0.7
0.5
0.6
0.5
0.4
0.4
0.5
0.5
0.6
0.2
0.3
0.1
0.2
0.2

2023Q4
12.8
3.9
2.3
2.2
2.5
1.2
1.2
1.0
0.7
0.6
0.5
0.6
0.4
0.5
0.4
0.3
0.4
0.4
0.5
0.2
0.2
0.3
0.2
0.2

2024Q4
13.4
3.9
2.5
2.4
1.7
1.3
1.2
1.1
0.8
0.7
0.6
0.6
0.5
0.5
0.4
0.4
0.4
0.4
0.4
0.3
0.2
0.2
0.2
0.2

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

First 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...
Insurance Agencies and Brokerages
Other Financial Vehicles
Computer Systems Design Services
All Other Professional,...
Other Computer Related Services
Offices of Physicians
Lessors of Nonresidential Buildings
Engineering Services
Consumer Lending
Natural Gas Distribution
Full-Service Restaurants
Offices of Other Holding Companies
Home Health Care Services
Hotels and Motels
Commercial Banking
Other Activities Related to Real...
Lessors of Residential Buildings...
Offices of Dentists
Real Estate Credit
Marketing Research and Public...
Supermarkets and Other Grocery...

2013Q4
209
173
82
93
56
62
73
63
42
37
46
53
31
68
29
58
30
87
29
16
22
33
19
20

2014Q4
247
199
98
102
52
63
112
68
54
38
42
60
29
78
22
52
46
83
36
20
29
32
22
42

2015Q4
315
229
130
110
67
90
123
93
64
44
55
92
33
102
28
58
55
75
33
25
34
31
21
32

2016Q4
319
257
148
136
123
111
157
127
78
38
52
112
33
114
59
55
79
78
43
28
38
38
28
41

2017Q4
408
328
153
163
154
140
159
138
114
34
75
109
46
98
61
78
64
87
53
22
60
29
29
47

60

2018

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Asec%3A549a52618c64473d. Public record. Not legal advice.