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Annual Staff Report Relating to the Use of Form PF Data1

This is a report of the Staff of the U.S. Securities and Exchange Commission.

The Commission has expressed no view regarding

the analysis, findings, or conclusions contained herein.

March 3, 2026

Publication of the 2025 Annual Report Relating to the Use of Form PF was delayed due to the lapse in appropriations

from October 1, 2025, through November 12, 2025.

Executive Summary

Since July 2012, the U.S. Securities and Exchange Commission (“Commission”) has collected data about

hedge funds, private equity funds, and other private funds reported by certain registered investment advisers

to private funds on Form PF. This collection is pursuant to amendments to the Investment Advisers Act of

1940 (“Advisers Act”), which were enacted in 2010. The amendments provide that the Commission require

registered investment advisers to maintain records and file reports regarding the private funds they advise,

for use by the Commission and by the Financial Stability Oversight Council (“FSOC”). The Commission

is the primary regulator of advisers to private funds.

Private funds and their advisers play an important role in both private and public capital markets. These

funds, including hedge funds, private equity funds, and liquidity funds (which operate, in certain respects,

similarly to money market funds), currently have over $16 trillion in net assets. Private funds invest in large

and small businesses and use strategies that range from long-term investments in equity to rapid trading

and investments in complex instruments. Their investors include individuals, institutions, governmental

and private pension funds, and non-profit organizations. The economic activity of private funds is

significant both to large portions of the capital markets and to many individual American investors.

Before Form PF was adopted, the Commission and other regulators had limited visibility into this economic

activity. With the significant increase in private fund advisers registered with the Commission in 2012,

Form PF represented an improvement in available data about private funds compared with the third-party

data on which the Commission would otherwise rely. Form PF data allow the Commission to better monitor

and identify trends that may affect private funds, advisers, and investors.

In this thirteenth Annual Report Relating to the Use of Form PF Data, Part I consists of the Introduction;

Part II provides an overview of Form PF and Form PF data management at the Commission; and Part III

highlights the uses of the Form PF data by the Commission and Commission staff. These uses include:

•

Facilitating Coordination with Other Regulators. The Commission jointly adopted Form PF with

the Commodity Futures Trading Commission (“CFTC”) to obtain data that FSOC can use for the

assessment of systemic risk in the U.S. financial markets. Accordingly, the Commission makes

Form PF data available to FSOC through the Office of Financial Research (“OFR”) and to the

CFTC and Federal Reserve Board (“FRB”), subject to agreements regarding appropriate use of and

confidentiality protections for Form PF data. Staff also uses Form PF data when coordinating with

other federal regulators and international organizations in areas of mutual interest, subject to

protections designed to maintain data security.

Informing Commission Policy. Commission staff uses data from Form PF to identify trends and

develop analyses that deepen staff understanding of private funds, private fund advisers, and the

markets in which they participate, subject to a framework designed to maintain the security and

confidentiality of the data. The data set resulting from Form PF has provided a better perspective

of the trading strategies and other activities of private funds, and of how private funds and their

advisers may be affected by market and geopolitical events. This enhances the Commission’s

ability to evaluate and frame regulatory policy, inform policy discussions of private fund activity,

and test with evidence assertions about private fund activity.

Informing the Public. Staff’s quarterly public report, Private Funds Statistics, provides analyses of

aggregated Form PF data, including information about industry trends. Staff also uses Form PF

data to conduct and publish research intended to deepen public understanding of private funds and

their market activities and risks.

Prioritizing and Informing Examination and Enforcement Efforts. Staff reviews and analyzes Form

PF data to identify potential compliance risk areas and assist in prioritizing the use of exam and

enforcement resources. Reports summarizing key information—which can be rapidly and

automatically generated—expedite staff’s preparation and conduct of focused examinations by

helping to identify areas of inquiry.

Introduction

Today’s U.S. private fund industry, including hedge funds, private equity, and other private funds, with

over $16 trillion in reported net assets as of the second quarter of 20252 plays an active and important role

in the U.S. private and public capital markets. Important financial innovations, capital market trends, and

new investment strategies and structures have emerged first among private funds and private fund advisers.

As the primary U.S. regulator of advisers to private funds,3 the Commission depends on robust and reliable

information to inform its understanding of private funds and private fund advisers, including how private

funds and advisers participate in financial markets, so that it can carry out its mission of protecting investors,

maintaining fair, orderly, and efficient markets, and facilitating capital formation. Further, because of

private funds’ important role in capital markets, the Commission can better identify potential trends in the

markets that it regulates by understanding new developments and trends in private funds.

Form PF and rule 204(b)–1 under the Advisers Act,4 adopted by the Commission in 2011,5 require certain

registered investment advisers to private funds (including hedge funds, private equity funds, liquidity funds,

and other private funds) to file Form PF to report information about the private funds they manage.6 Section

204(b) of the Advisers Act requires an annual report to Congress regarding how the Commission has used

the Form PF data to monitor markets for the protection of investors and the integrity of the markets. 7 This

report is being submitted to Congress to satisfy that requirement.8

This is a report of the staff of the Commission, and the Commission has expressed no view regarding any

analysis, findings, or conclusions contained herein.

II.

Overview of Form PF and Form PF Data Management at the Commission

Overview of Form PF

Form PF provides the Commission with information that the Commission uses in carrying out its mission.9

Before Form PF was adopted, the Commission and other regulators had more limited visibility into the

Private Funds Statistics, Second Calendar Quarter 2025, p.4, Table 2.3, at the Appendix. Reported net

assets of private funds have more than tripled since this data collection began, growing from about $5

trillion as of the end of the first quarter of 2013. See Private Funds Statistics, Fourth Quarter 2014, Table

Section 202(a)(29) defines a “private fund” as “an issuer that would be an investment company, as defined

by section 3 of the Investment Company Act, but for section 3(c)(1) or 3(c)(7) of that Act.” Section

202(a)(29) was enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of

2010. Pub. L. No. 111-203, § 402(a), 124 Stat. 1376, 1570 (codified at 15 U.S.C. § 80b-2(a)(29)). Some

investment advisers registered with the Commission are also registered with and regulated by the CFTC as

commodity pool operators (“CPOs”) or commodity trading advisers (“CTAs”). See Reporting by

Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading

Advisors on Form PF, Investment Advisers Act Release No. 3308 (Oct. 31, 2011) [76 Fed. Reg. 71128,

71129 n.10 & 71132 n. 49 and accompanying text] (Nov. 16, 2011)], available at

https://www.gpo.gov/fdsys/pkg/FR-2011-11-16/pdf/2011-28549.pdf (the “Adopting Release”).

17 C.F.R. § 275.204(b)(1).

See Adopting Release, supra note 3.

Id.

Advisers Act Section 204(b)(11), 15 U.S.C. § 80b-4(b)(11).

See Division of Investment Management, U.S. Securities and Exchange Commission, Annual Staff Report

Relating to the Use of Form PF Data, https://www.sec.gov/reports.

Section 204(b) of the Advisers Act requires the Commission to implement recordkeeping and reporting

requirements for private fund advisers as necessary and appropriate in the public interest and for the

protection of investors, or for the assessment of systemic risk by FSOC. See Dodd-Frank Act, 124 Stat. at

1571-72 (codified at 15 U.S.C. § 80b-4). Section 204(b) was enacted as part of the Dodd- Frank Act.

economic activity of private funds. With the significant increase in private fund advisers registered with the

Commission in 2012, Form PF represented an improvement in available data about private funds compared

with the third party data on which the Commission would otherwise rely.10 The data set that is generated

from information reported by private fund advisers on Form PF is more reliable and complete when

contrasted with private vendor databases that cover only voluntarily-provided private fund data and are not

representative of the total population. The Commission adopted Form PF in part to obtain data that FSOC

can use for the assessment of systemic risk in the U.S. financial markets.11 As required by statute, the

Commission designed Form PF in consultation with FSOC.12

Generally, investment advisers registered (or required to be registered) with the Commission with at least

$150 million in private fund assets under management as of the last day of the most recently completed

fiscal year must file Form PF. Most private fund advisers file annually to report general information such

as the types of private funds advised (e.g., hedge funds, private equity funds, or liquidity funds), fund size,

use of borrowings and derivatives, strategy, and types of investors. Depending on their size, certain larger

advisers file more frequently, however, and report more detailed information on a more frequent basis,

including more detailed information on particular hedge funds, private equity funds, and liquidity funds

advised by these larger advisers.

How the Commission Secures and Manages Form PF Data

Advisers file Form PF using the Private Fund Reporting Depository (“PFRD”), an electronic filing system

maintained by the Financial Industry Regulatory Authority (“FINRA”).13 Commission staff receives Form

PF data via a direct feed from FINRA and maintains the data on access-controlled internal data systems.

Consistent with provisions under the Advisers Act that provide heightened confidentiality protections for

any proprietary information of private fund advisers submitted on Form PF,14 Commission staff has

implemented systems and controls designed to limit access to Form PF data and protect its confidentiality

within and outside the agency. This includes limits on access to FINRA’s PFRD system and to internal data

systems that contain Form PF data to staff experts across the Commission who have been authorized to

access the data; requirements that any Form PF data is shared only with other SEC staff who have a need

to see it for work duties; and processes under which any Form PF data released to the public is reviewed

before release so that the data is aggregated and/or masked to avoid public disclosure of proprietary

information of private fund advisers. Senior staff members from various Divisions and Offices within the

Commission are members of the Form PF Steering Committee—now led by staff from the SEC’s Office of

Chief Data Officer, tasked with overseeing these systems and controls for access, use, and security of Form

PF data. The Committee, on an ongoing basis, monitors and updates these systems and controls, and meets

regularly to address any new matters arising from time to time relating to the access, use, and security of

the Form PF data.

Efforts to Improve the Quality of Form PF Data

Adopting Release, supra note 3, at 71129 n. 11 (describing transition period for registration by private fund

advisers that previously relied on the repealed exemption under section 203(b)(3) of the Advisers Act) and

71130 n.19 (citing FSOC 2011 Annual Report, http://www.treasury.gov/initiatives/fsoc/Pages/annualreport.aspx).

See supra note 9.

See Advisers Act section 204(b)(3) (requiring the Commission to consult with FSOC). 15 U.S.C. § 80b4(b)(3).

The Commission developed PFRD to implement reporting requirements on Form PF. PFRD is operated

under a contract between the Commission and FINRA as an extension of the Investment Adviser Reporting

Depository system used by advisers to register with the Commission on Form ADV. See Adopting Release,

supra note 3, at 71156, Section II.E.

Advisers Act Section 204(b)(10), 15 U.S.C. § 80b-4(b)(10).

Commission staff works with filers to improve the quality of data filed on Form PF. For example:

•

Staff responds to specific, factual inquiries about how to complete and file Form PF on an ongoing

basis. Staff maintains a separate email address that advisers and others can use to obtain answers

to questions about how to complete and file Form PF. Staff also issued and periodically updates a

series of “Frequently Asked Questions” that address specific, factual questions received from

advisers and other members of the public related to Form PF.15

•

Staff regularly contacts individual filers when staff members identify anomalous and possibly

erroneous data as well as possibly delinquent or missing filings. Staff works with these individual

filers to determine steps for improving timeliness and accuracy of filings.

•

When delinquencies persist, the staff has taken further steps to ensure that information is

appropriately filed.16

In three separate rulemakings, the Commission also recently adopted three sets of amendments to Form PF,

including adding new questions about private markets.17

Analytical Tools Using Form PF Data

Commission staff has developed various analytical tools to use Form PF data in support of its monitoring

of private funds and private fund advisers, consistent with the systems and controls discussed above in

Section II.B. These tools enhance staff’s ability to assess large volumes of data, streamline analysis of the

data by automating certain analytical processes, and evaluate Form PF data alongside other relevant

datasets. As examples, these analytical tools have enhanced the staff’s ability to:

•

identify “outliers” among private funds and private fund advisers using factors such as

performance, investment exposures, and liquidity;

The Form PF Frequently Asked Questions (“PF FAQs”),

https://www.sec.gov/divisions/investment/pfrd/pfrdfaq.shtml, represent the views of the staff of the

Division of Investment Management. The PF FAQs are not a rule, regulation, or statement of the

Commission, and the Commission has neither approved nor disapproved the information therein. The

public Form PF inquiry email address as well as a phone number to reach staff with questions relating to

Form PF is published at https://www.sec.gov/divisions/investment/iard/iardhelp.shtml. See also Division

of Investment Management: Electronic Filing of Form PF for Investment Advisers on PFRD (PFRD Home

Page), available at https://www.sec.gov/divisions/investment/pfrd.shtml.

The Commission announced settlement orders with 13 registered investment advisers who repeatedly failed

to file Form PF providing information about the private funds that they advise. See SEC Charges 13

Private Fund Advisers for Repeated Filing Failures, Press Release June 1, 2018, available at

https://www.sec.gov/news/press-release/2018-100.

See Form PF; Event Reporting for Large Hedge Fund Advisers and Private Equity Fund Advisers;

Requirements for Large Private Equity Fund Adviser Reporting, Advisers Act Release No. 6297 (May 3,

2023), [88 FR 38146 (June 12, 2023)], available at https://www.sec.gov/files/rules/final/2023/ia-6297.pdf.;

Money Market Fund Reforms, Securities Act Release No. 33-11211, (July 12, 2023), [88 FR 51404 (Aug.

3, 2023)], available at https://www.sec.gov/files/rules/final/2023/33-11211.pdf; Form PF; Reporting

Requirements for All Filers and Large Hedge Fund Advisers, Advisers Act Release No. 6546 (Feb. 8,

2024), [89 FR 17984 (Mar. 12, 2024)] (the “2024 PF Amendments”), available at

https://www.sec.gov/files/rules/final/2024/ia-6546.pdf. The compliance date for the 2024 PF Amendments

has been extended to October 1, 2026.

•

III.

identify private funds based on one or more areas of policy interest, such as type of strategy, types

of investments, use of derivatives, and extent of leverage;

monitor changes and other trends in industry exposures, asset composition, and trading activity;

empirically test claims made in the financial press or other public sources regarding private funds

and the private fund industry; and

facilitate assessment of the operations and investment activities of private funds and private fund

advisers.

How the Commission Uses Form PF Data

The Commission staff in the various Divisions and Offices use Form PF data in mission-focused activities,

including to inform policy by identifying and monitoring private fund trends, inform the public, conduct

focused examinations, and pursue potential wrongdoing. Additionally, consistent with the Advisers Act,

the Commission makes the Form PF database available to FSOC through OFR.18 Staff also makes Form PF

data available to the CFTC and FRB and uses Form PF data when coordinating with other federal regulators

and international organizations in areas of mutual interest involving private fund advisers, subject to

appropriate protections for data security. The following provides more detail on how the Commission staff

uses Form PF data.

Informing Commission Policy

The Commission staff analyzes Form PF data to identify trends and possible emerging risks among private

funds and private fund advisers and to develop analyses that deepen the Commission’s understanding of

private funds, private fund advisers, and the markets in which they participate. As compared to third-party

sources, Form PF provides the Commission with a broader perspective and more complete view of the

financial markets in general and the private fund industry in particular. Using data collected on Form PF

promotes the ability of the Commission staff to analyze information related to private fund activity, evaluate

existing regulatory policies and programs directed to private fund advisers, evaluate the impact of policy

choices on private funds’ activities, and consider whether activities of private funds may involve any

potential wrongdoing that indicates a need for regulatory action. The Commission and its staff use this

insight in support of the Commission’s mission to protect investors, maintain fair, orderly, and efficient

markets, and facilitate capital formation.

Some examples of how the Commission and staff use Form PF data to inform policy are as follows:

Assess Private Funds Activities and Trends. Staff uses Form PF data to identify and monitor the

activities of private funds, trends in the private funds industry, and the possible effects on the broader

financial markets. Through this analysis, staff may consider persistent questions and test perceptions—and

in some cases, misconceptions—about the activities of private funds and the effects of these activities in

the markets the Commission regulates. For example, staff uses Form PF data to assess funds’ use of

borrowing and leverage based on multiple metrics, including gross notional exposure to net asset value

(economic leverage), long and short notional exposures, gross and net exposure by investment strategy,

aggregate borrowings, and posted collateral. Staff also uses Form PF data to consider liquidity trends,

including funds’ portfolio, investor, and financing liquidity, and funds’ usage of derivatives, and to consider

how private fund advisers use risk management tools in the management of private funds.19

OFR was established under the Dodd-Frank Act to support FSOC in fulfilling FSOC’s purpose and duties.

See Section 152 of the Dodd-Frank Act, at 124 Stat. at 1412 (codified at 12 U.S.C. § 5342).

Staff makes some of this analysis publicly available in Private Funds Statistics, its quarterly report,

available at https://www.sec.gov/data-research/investment-management-data/division-investmentmanagement-private-fund-statistics. See Appendix and Section III.B, infra.

Assess Effects of Market and Geopolitical Events. Staff analyzes Form PF data to determine how

private funds and private fund advisers might be affected by market and geopolitical events. Staff has

assessed the exposure of private funds to various types of assets and financial markets. This type of

assessment, aggregated with other industry information that may be available to staff, facilitates

development of a broader understanding of the potential effects of certain market or global events for private

funds and the financial markets regulated by the Commission in which private funds participate.

Assess Effects of Rulemaking. The Commission and staff are also using information from Form PF

to assess the potential impact of rulemaking proposals and analyze impacts of its rulemaking on markets

and market participants.

Informing the Public about the Private Fund Industry

The Commission seeks to provide the public with more transparency into and an understanding of the

private funds industry by publishing aggregated information and analysis from Form PF, subject to its

systems and controls designed to preserve the confidentiality of proprietary information of individual

advisers. Following are two examples.

Private Funds Statistics. Since October 2015, Commission staff has published a quarterly report,

Private Funds Statistics, which contains aggregated private fund industry statistics derived from Form PF

data.20 As supplemented with new data and analysis in May 2017, December 2020, and most recently in

July 2024, the report includes more than 140 separate tables that offer analyses of hedge fund industry

practices.21 To avoid public disclosure of proprietary information of private fund advisers, the Form PF data

provided in these reports is aggregated, rounded, and/or masked under processes that are reviewed

periodically for effectiveness. Information included in the reports is typically at least six months old when

published. The Appendix contains the most recent report.22

Private Funds Statistics is designed to enhance public understanding of the private fund industry

and facilitate Commission and staff participation in meetings and discussions with industry professionals,

investors, and other regulators. Statistics that are published quarterly in Private Funds Statistics, include,

for example, statistics describing numbers and assets of private funds; the extent of private funds’

borrowing and derivatives holdings; comparisons of investor, portfolio, and financing liquidity; use of

financial and economic leverage by certain hedge funds; and categories of investment exposures. The report

also includes information about the characteristics of private liquidity funds that may facilitate comparisons

with data published by staff relating to registered money market funds.23 The public may download the

statistics in a structured format, which provides a series of historical statistical information dating back to

2013. Staff understands that the financial industry press monitors the release of these quarterly reports and

industry participants may use the report to assist investors with investment decisions.24 In addition, the staff

See SEC Staff Publishes Private Funds Statistics Report, Press Release (Oct. 16, 2015),

https://www.sec.gov/news/pressrelease/2015-240.html.

See Private Fund Statistics, Fourth Calendar Quarter 2023, https://www.sec.gov/files/investment/privatefunds-statistics-2023-q4.pdf; SEC Staff Supplements Quarterly Private Funds Statistics, Press Release

(Dec. 10, 2020), https://www.sec.gov/news/press-release/2020-313; SEC Staff Supplements Quarterly

Private Funds Statistics, Press Release (May 3, 2017), https://www.sec.gov/news/press-release/2017-92.

Historical reports can be found at: https://www.sec.gov/divisions/investment/private-funds-statistics.shtml.

See Division of Investment Management, Money Market Fund Statistics,

https://www.sec.gov/divisions/investment/mmf-statistics.shtml.

See, e.g. Finadium,“SEC publishes expanded analysis of hedge funds from forms PF and ADV” (Dec. 10,

2020); Graham Bippart, Private Funds CFO Blog, A CFO’s 2020 Outlook (Feb. 12, 2020),

understands that other regulators and organizations may also monitor these public reports for their own risk

monitoring activities.25 In 2025, the Commission released a new Statistics and Data Visualizations website,

which includes visualizations of the statistics presented in the quarterly Private Funds Statistics.26

Staff Research Publications. Commission staff has used Form PF data to contribute to the Commission’s

and investors’ understanding of the economic forces and dynamics underlying the private funds market by

conducting and publishing research on various topics, such as characteristics of leverage used by hedge

funds and consideration of self-reporting bias in commercial hedge fund databases. Research is aggregated

and/or masked under processes that are reviewed periodically for effectiveness to avoid public disclosure

of proprietary information of private fund advisers before any publication. Published staff research and

white papers have used Form PF data to describe liquidity and other characteristics of certain hedge funds.27

Another staff white paper used Form PF data to characterize private liquidity funds and compare them to

registered money market funds.28 Recently, staff published a white paper providing market statistics for

private funds and private fund advisers with respect to their net asset values, gross returns, net returns, and

margins.29 In another recent white paper, staff used certain data from Form PF to provide statistics on the

https://www.privatefundscfo.com/a-cfos-2020-outlook-part-one-us-steadily-losing-fund-domicile-marketshare/; Andy Jones, PEI Blog, Private Equity Firms – Form PF Data (Nov. 10, 2018),

http://blog.privateequityinfo.com/index.php/2018/11/10/private-equity-firms-form-pf-data/; ICS Group,

Summary of the 2017 Q2 Private Fund Statistics (Feb. 23, 2018), https://www.i-csolutions.net/updates/2018/02/23/2017-private-fund-statistics/; Marc Gorfinkle, SS&C Technologies, SEC

releases expanded private fund statistics (Dec. 11, 2017), https://www.ssctech.com/blog/sec-releasesexpanded-private-fund-statistics; Crane Data, Prime Streak Ends; Still UP 20% YTD; SEC: Private Funds

Drop in Q’17 (Oct. 27, 2017), https://cranedata.com/archives/all-articles/6890/; Lance Pan, Capital

Advisors Group, Demystifying Private Liquidity Funds: Reaffirming Advantages of Separately

Management Accounts (Mar. 14, 2017), https://www.capitaladvisors.com/research/demystifying-privateliquidity-funds/; Judy Gross, SEC Releases Data on Private Funds: Big Picture of US Private Fund

Industry Emerges, Forbes (Oct. 26, 2015), https://www.forbes.com/sites/judygross/2015/10/26/secreleases-data-on-private-funds-big-picture-of-us-private-fund-industry-emerges/#6b77bbb393e5.

See IOSCO investment Funds Statistics Report, Jan. 2023,

https://www.iosco.org/library/pubdocs/pdf/IOSCOPD761.pdf. See also, Investment Funds Statistics

Report, 2d ed., 41-App‘x A .2 (Methodology), Jan. 2023,

https://www.iosco.org/library/pubdocs/pdf/IOSCOPD725.pdf

See SEC Statistics and Data Visualizations—Private Fund Statistics, available at https://www.sec.gov/dataresearch/statistics-data-visualizations/private-fund-statistics.

See George O. Aragon, A. Tolga Ergun, and Giulio Girardi, Hedge Fund Liquidity Management: Insights

for Fund Performance and Financial Stability (Aug. 31, 2024), https://www.sec.gov/about/divisionsoffices/division-economic-risk-analysis/staff-papers-analyses/hedge-fund-liquidity-management-insightsfund-performance-financial-stability; George O. Aragon, A. Tolga Ergun, Mila Getmansky, and Giulio

Girardi, Measuring Hedge Fund Liquidity Mismatch (July 1, 2021), https://jai.pmresearch.com/content/iijaltinv/24/1/26.full.pdf.; Aragon, George O. and Ergun, A. Tolga and Girardi,

Giulio, Hedge Fund Liquidity Management: Insights for Fund Performance (Mar. 22, 2022),

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3734596. These papers report analyses using data

reported on Form PF in quarterly filings from 2013 to 2017.

See Daniel Hiltgen, Division of Economic Risk and Analysis, Private Liquidity Funds: Characteristics and

Risk Indicators (Jan. 27, 2017), https://www.sec.gov/dera/staff-papers/whitepapers/27jan17_hiltgen_private-liquidity-funds.html. The observations of the white paper indicate that,

while most private liquidity funds and their parallel accounts did not formally commit to comply with the

rule 2a-7 risk limits that apply to registered money market funds, the vast majority held portfolios that were

consistent with those limits during the period studied.

See Ulas Alkan, Ross Askanazi, Dominique Brabant, and Joseph R. Simmons, Market Statistics: Form PF

Performance, Fees, and Allocations (Jan. 17, 2025), https://www.sec.gov/about/divisions-offices/divisioneconomic-risk-analysis/staff-papers-analyses/market-statistics_form-pf-performance-fees-allocations.

relationship between beneficial ownership concentration and fund outcomes for qualifying hedge funds and

their advisers from 2013-2023.30

Assisting the Examinations and Enforcement Programs31

Form PF data allows Commission staff to prioritize the Commission’s examinations and enforcement

activities more efficiently. Commission staff’s analyses of Form PF data include risk-based analysis and

monitoring initiatives that facilitate the identification of potential compliance risks and assist in prioritizing

the use of exam and enforcement resources. For example, Commission staff may use Form PF data to

identify private fund advisers whose activities involve areas of specific examination focus or that may

present heightened compliance risks.

Before beginning an examination of an investment adviser, staff reviews applicable regulatory filings, such

as Form ADV. For most registered advisers that manage private funds, Form PF filings may also be

reviewed as part of a routine pre-examination evaluation for risk identification and scoping. This review,

in conjunction with other data sources, provides staff with an understanding of an adviser’s current business,

operations, and investment strategy as well as an analysis of how this strategy has evolved or changed over

different reporting periods.

Commission staff has developed automated analyses and risk metrics that summarize and combine Form

PF data with Form ADV data about an adviser’s private funds and advisory business. These reports expedite

staff preparation for examinations of a private fund adviser and its private funds and are designed to make

exams more efficient by helping to focus areas of inquiry. These reports also assist staff in identifying

potential reporting errors, compliance issues, or other issues of interest for the examination team to consider

in their examination scope. Developed based on examiner insight and experiences, these reports distribute

knowledge gained from examinations and analysis to relevant staff on a need-to-know basis, which in turn

informs monitoring programs. Generated from analytical tools that use custom code developed by staff to

automate report production, these reports deliver intuitive and timely output to examiners, using the most

recently filed Form PF and Form ADV data.

Commission staff also obtains and reviews Form PF information to focus its enforcement investigations,

including investigations of private fund advisers. For example, Commission staff used Form PF data

together with other information to identify hedge fund advisers whose reported data ― such as returns,

exposures, liquidity ― appear inconsistent with the funds’ investment strategies or other benchmarks.

These reviews have, in certain cases, led to examinations and enforcement investigations.

Coordination and Consultation with Other Financial Regulators

As required by statute, and as described above, the Commission adopted Form PF to obtain information

about the operations and investment activities of private funds for FSOC to use in the assessment of

systemic risk in the U.S. financial markets. The Commission has made the Form PF data available to FSOC

through OFR, subject to agreements regarding appropriate use of and confidentiality protections for Form

See Ulas Alkan, Ross Askanazi, Dominique Brabant, Su Li, and Joseph R. Simmons, Beneficial Ownership

Concentration and Fund Outcomes for Qualifying Hedge Funds (May 28, 2025),

https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papersanalyses/beneficial-ownership-concentration-fund-outcomes-qualifying-hedge-funds.

Because examination and enforcement matters are generally non-public, this report only summarizes

generally how Form PF data has been integrated into exam and enforcement matters. See Advisers Act

Section 210(b).

PF data.32 The Commission also makes Form PF data available to the CFTC and FRB under agreements

regarding appropriate use of and confidentiality protections for the Form PF data.

The Commission staff also uses Form PF data in its collaborations with other federal regulators on areas of

mutual interest, such as on matters affecting the integrity of the financial markets and in communications

with international organizations on areas of mutual interest regarding private funds and their investment

advisers. For example, Commission staff regularly discusses information and analysis of Form PF data with

OFR. From time to time, Commission staff also may provide certain Form PF data to other federal

regulators in connection with compliance and enforcement matters. In every instance where staff shares

information with an external regulatory entity, staff seeks to limit the type and amount of data that may be

shared consistent with the purpose for sharing, and the information is either subject to assurances of

confidentiality or aggregated to prevent disclosure of any proprietary information of private fund advisers.

IV.

Conclusion

During the past year, the Commission staff has continued to use Form PF data to enhance the Commission’s

efforts to protect investors and the integrity of our markets, including through its work with other federal

regulators and international organizations.

For example, as part of the Commission’s participation in a FSOC workstream on short term investment vehicles,

the Commission contributed an analysis using Form PF data, portions of which were included in FSOC’s annual report

in 2024. See FSOC 2024 Annual Report at 46, available at

https://home.treasury.gov/system/files/261/FSOC2024AnnualReport.pdf. FSOC updated this analysis in its 2025

annual report using the public information provided on the quarterly Private Funds Statistics report. See FSOC 2025

Annual Report at 29, available at https://home.treasury.gov/system/files/261/FSOC2025AnnualReport.pdf.

Appendix

(Private Funds Statistics, Second Calendar Quarter 2025)

A-1

Division of Investment Management

Analytics Office

Private Fund Statistics

Form PF and Form ADV Data, Second 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 January 02, 2026.

Second 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 January 02, 2026, for the

reporitng periods from Second Calendar Quarter 2023 through Second 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 Second Calendar Quarter

2025 Private Fund Statistics, please contact: IM-Analytics with subject line “Second 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.

Contents

Number of Funds and Advisers

Aggregate Fund Assets

Fund Domiciles and Adviser Main Offices

Beneficial Ownership of Funds

Fund Investments in Derivatives

Additional Hedge Fund Industry Information

Information Reported by Large Hedge Fund Advisers

Qualifying Hedge Fund Specific Information

Section 3 Liquidity Fund Specific Information

Section 4 Private Equity Fund Specific Information

Appendices

Second Calendar Quarter 2025

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

2023Q2

20,996

9,867

6,868

4,277

3,002

2,474

47,554

2023Q3

21,004

9,968

6,840

4,266

2,998

2,479

47,624

2023Q4

23,111

9,685

7,146

4,255

3,252

2,702

50,224

2024Q1

23,165

9,791

7,146

4,271

3,254

2,733

50,434

2024Q2

23,137

9,863

7,176

4,270

3,254

2,738

50,514

2024Q3

23,222

9,930

7,190

4,253

3,258

2,737

50,667

2024Q4

25,008

9,737

7,658

4,647

3,581

3,097

53,802

2025Q1

24,986

9,838

7,715

4,724

3,618

3,105

54,059

2025Q2

25,012

9,917

7,738

4,738

3,611

3,117

54,206

Table 1.2: Number of Funds Reported by Large Filers

Fund Type

Section 4 Private Equity Fund

Qualifying Hedge Fund

Section 3 Liquidity Fund

2023Q2

7,500

2,095

2023Q3

7,499

2,105

2023Q4

8,574

2,111

2024Q1

8,576

2,092

2024Q2

8,548

2,006

2024Q3

8,550

2,056

2024Q4

9,990

2,058

2025Q1

10,349

2,083

2025Q2

10,364

2,113

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

2023Q2

1,766

455

1,865

770

462

287

175

594

3,816

2023Q3

1,767

454

1,866

770

462

285

174

593

3,815

2023Q4

1,864

487

1,857

787

467

317

176

598

3,934

2024Q1

1,861

489

1,858

783

468

318

176

595

3,934

2024Q2

1,862

488

1,855

787

466

318

177

598

3,936

2024Q3

1,859

489

1,861

790

464

321

175

609

3,940

2024Q4

1,936

541

1,834

807

480

337

187

615

4,004

2025Q1

1,935

541

1,832

806

484

338

186

619

4,002

2025Q2

1,935

542

1,833

807

486

338

186

620

4,002

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

2023Q2

1,739

870

778

384

3,816

2023Q3

1,735

872

778

384

3,815

2023Q4

1,753

902

821

406

3,934

2024Q1

1,758

900

816

409

3,934

2024Q2

1,759

897

820

408

3,936

2024Q3

1,765

901

816

406

3,940

2024Q4

1,751

916

843

435

4,004

2025Q1

1,744

917

848

432

4,002

2025Q2

1,744

914

849

434

4,002

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.

Second Calendar Quarter 2025

Analytics Office

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

2023Q2

9,926

6,665

1,578

1,138

923

374

333

20,936

2023Q3

10,240

6,672

1,570

1,129

924

374

362

21,270

2023Q4

10,787

7,414

1,734

1,078

1,024

400

362

22,799

2024Q1

11,149

7,435

1,737

1,081

1,031

400

340

23,174

2024Q2

11,373

7,426

1,744

1,079

1,031

400

353

23,406

2024Q3

12,270

7,419

1,755

1,071

1,027

400

381

24,322

2024Q4

12,093

7,951

1,877

1,133

1,111

465

369

24,999

2025Q1

12,788

7,941

1,863

1,128

1,112

473

384

25,689

2025Q2

13,528

7,949

1,866

1,130

1,113

473

402

26,460

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

2023Q2

8,462

5,238

331

2023Q3

8,784

5,238

360

2023Q4

9,238

5,874

359

2024Q1

9,468

5,878

334

2024Q2

9,612

5,876

351

2024Q3

10,403

5,880

377

2024Q4

10,270

6,350

367

2025Q1

10,957

6,459

381

2025Q2

11,827

6,461

401

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

2023Q2

5,989

4,928

1,346

859

341

265

321

14,049

2023Q3

5,997

4,948

1,339

850

341

264

348

14,087

2023Q4

6,744

5,010

1,543

822

375

284

353

15,131

2024Q1

6,763

5,233

1,542

826

375

290

333

15,361

2024Q2

6,755

5,235

1,553

824

374

290

343

15,375

2024Q3

6,748

5,406

1,562

819

375

290

369

15,568

2024Q4

7,289

5,336

1,645

880

427

408

358

16,344

2025Q1

7,278

5,430

1,632

881

435

406

374

16,437

2025Q2

7,285

5,654

1,635

885

435

407

389

16,689

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

2023Q2

4,741

3,952

319

2023Q3

4,741

3,979

346

2023Q4

5,386

3,981

350

2024Q1

5,389

4,118

327

2024Q2

5,388

4,119

341

2024Q3

5,392

4,282

366

2024Q4

5,902

4,226

357

2025Q1

6,006

4,340

371

2025Q2

6,006

4,559

387

Second 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

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

2.8

6.6

4.4

0.2

0.5

0.9

1.8

4.0

1.9

2024Q1

0.2

0.6

1.3

2.9

7.0

4.5

0.2

0.6

1.0

1.9

4.2

2.0

2024Q2

0.3

0.7

1.4

3.0

7.2

4.8

0.3

0.6

1.0

2.0

4.3

2.1

2024Q3

0.3

0.7

1.4

3.1

7.5

5.1

0.3

0.6

1.0

2.0

4.4

2.1

2024Q4

0.3

0.7

1.4

3.1

7.6

5.0

0.3

0.6

1.0

2.0

4.3

2.1

2025Q1

0.3

0.7

1.4

3.1

7.7

5.3

0.3

0.6

1.0

2.0

4.3

2.1

2025Q2

0.3

0.8

1.5

3.3

7.9

5.6

0.2

0.6

1.0

2.0

4.7

2.2

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

2023Q2

0.0

0.1

0.5

1.6

0.7

0.0

0.1

0.5

1.4

0.6

2023Q3

0.0

0.1

0.5

1.6

0.7

0.0

0.1

0.5

1.4

0.6

2023Q4

0.0

0.1

0.5

1.5

0.7

0.0

0.1

0.5

1.4

0.6

2024Q1

0.0

0.1

0.5

1.5

0.7

0.0

0.1

0.5

1.4

0.6

2024Q2

0.0

0.1

0.5

1.5

0.7

0.0

0.1

0.5

1.4

0.6

2024Q3

0.0

0.1

0.5

1.5

0.7

0.0

0.1

0.5

1.4

0.6

2024Q4

0.0

0.1

0.5

1.4

0.6

0.0

0.1

0.4

1.3

0.6

2025Q1

0.0

0.1

0.5

1.4

0.6

0.0

0.1

0.4

1.3

0.6

2025Q2

0.0

0.1

0.5

1.4

0.6

0.0

0.1

0.4

1.3

0.6

Second 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

2023Q2

12,825

754

236

122

3,118

523

209

2023Q3

12,884

699

245

146

3,167

468

217

112

2023Q4

13,819

749

232

174

3,116

519

194

133

2024Q1

14,033

729

252

188

3,255

494

213

146

2024Q2

14,045

759

207

213

3,253

518

168

169

2024Q3

14,149

793

244

225

3,337

554

206

171

2024Q4

14,863

778

283

218

3,275

526

244

165

2025Q1

14,881

830

273

256

3,319

556

236

204

2025Q2

15,077

846

308

258

3,482

576

270

216

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

2023Q2

37,099

2,052

493

1,576

1,732

275

2023Q3

37,111

2,006

499

1,585

1,768

244

2023Q4

39,570

2,021

561

1,609

1,758

247

2024Q1

39,708

2,031

568

1,620

1,756

238

2024Q2

39,739

2,053

579

1,627

1,663

239

2024Q3

39,704

2,095

586

1,638

1,686

261

2024Q4

42,181

2,194

601

1,712

1,669

268

2025Q1

42,337

2,216

584

1,722

1,697

265

2025Q2

42,406

2,238

591

1,718

266

Second 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

2023Q2

48.5

44.5

53.6

13.2

5.9

5.8

5.6

0.6

0.0

2023Q3

48.3

44.5

53.3

13.6

5.9

5.8

5.5

0.6

0.0

2023Q4

50.7

46.5

56.6

14.8

5.2

5.0

4.9

0.6

0.0

2024Q1

52.6

47.8

53.4

14.0

5.2

5.0

4.8

0.6

0.0

2024Q2

53.5

48.7

53.3

14.0

5.2

5.0

4.8

0.6

0.0

2024Q3

56.1

51.5

52.9

14.3

5.2

5.0

4.8

0.6

0.0

2024Q4

54.7

50.4

49.2

15.4

5.7

5.0

0.8

0.0

2025Q1

56.6

52.8

43.5

14.6

5.7

5.0

4.9

0.7

0.0

2025Q2

58.3

53.9

43.5

14.5

5.7

5.0

4.9

0.7

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

2023Q2

0.0

0.3

0.6

1.1

0.6

0.3

1.1

3.8

10.5

3.2

2023Q3

0.0

0.3

0.6

1.1

0.6

0.3

1.2

3.8

10.0

3.3

2023Q4

0.0

0.3

0.6

1.0

0.6

0.3

1.2

4.0

11.4

3.7

2024Q1

0.0

0.3

0.6

1.1

0.6

0.3

1.3

4.4

12.5

3.9

2024Q2

0.0

0.3

0.6

1.1

0.6

0.3

1.4

4.9

12.8

4.0

2024Q3

0.0

0.3

0.6

1.2

0.7

0.3

1.4

4.9

14.4

4.5

2024Q4

0.0

0.3

0.6

1.1

0.7

0.3

1.4

5.0

14.0

4.3

2025Q1

0.0

0.3

0.6

1.2

0.7

0.3

1.3

5.4

15.7

4.6

2025Q2

0.0

0.3

0.6

1.2

0.8

0.4

1.5

5.5

17.6

5.1

Second 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

(0,1)

[1,4)

[4,9)

9 or more

(0,1)

[1,4)

[4,9)

9 or more

2023Q2

6,864

6,222

694

161

107

996

2,167

552

151

2023Q3

6,828

6,270

707

173

110

950

2,214

564

163

2023Q4

7,625

6,539

664

160

143

977

2,224

519

145

117

2024Q1

7,720

6,626

682

190

143

1,005

2,282

538

178

115

2024Q2

7,747

6,580

740

155

153

1,018

2,246

587

141

125

2024Q3

7,811

6,684

701

196

176

1,057

2,350

552

182

140

2024Q4

8,530

6,709

724

215

165

1,024

2,315

560

200

128

2025Q1

8,621

6,641

767

226

182

1,013

2,378

592

214

144

2025Q2

8,739

6,685

793

279

192

1,077

2,424

628

267

162

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

(0,1)

[1,4)

[4,9)

9 or more

(0,1)

[1,4)

[4,9)

9 or more

2023Q2

31,880

7,602

1,178

161

3,059

802

993

248

2023Q3

31,934

7,651

1,147

154

3,067

803

1,014

234

2023Q4

34,299

7,917

1,147

233

3,050

815

1,010

221

2024Q1

34,574

7,858

1,147

208

3,040

811

993

226

2024Q2

34,510

7,849

1,184

214

3,130

732

986

226

2024Q3

34,683

7,841

1,193

222

3,049

760

995

228

2024Q4

36,817

8,129

1,270

248

3,378

745

1,001

230

2025Q1

37,205

8,064

1,261

222

3,295

722

1,054

232

2025Q2

37,340

8,045

1,256

232

3,294

746

1,035

244

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

2023Q2

66.4

30.8

2.9

0.7

2023Q3

65.4

31.9

2.8

0.7

2023Q4

64.1

33.0

2.7

0.4

2024Q1

67.3

30.3

2.7

0.4

2024Q2

67.2

30.5

2.7

0.4

2024Q3

64.4

33.5

2.5

0.4

2024Q4

65.6

31.8

2.4

0.3

2025Q1

65.6

32.9

2.3

0.3

2025Q2

66.5

32.0

2.3

0.3

Second 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

2023Q2

4,078

3,521

7,484

3,062

2023Q3

4,073

3,524

7,473

3,069

2023Q4

4,871

3,901

8,327

3,614

2024Q1

4,896

3,919

8,362

3,607

2024Q2

4,902

3,925

8,373

3,604

2024Q3

4,922

3,946

8,375

3,622

2024Q4

5,583

4,146

9,139

3,637

2025Q1

5,597

4,164

9,161

3,656

2025Q2

5,615

4,175

9,180

3,665

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

2023Q2

1,597

1,439

391

2,580

2023Q3

1,600

1,447

381

2,574

2023Q4

1,878

1,583

410

3,763

2024Q1

1,880

1,692

416

3,765

2024Q2

1,882

1,675

415

3,775

2024Q3

1,886

1,748

410

3,784

2024Q4

2,040

1,796

431

3,797

2025Q1

2,043

1,813

428

3,797

2025Q2

2,062

1,817

431

3,809

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

2023Q2

3,164

2,181

1,606

1,921

2023Q3

3,160

2,189

1,598

1,919

2023Q4

3,948

2,491

1,734

2,419

2024Q1

3,973

2,509

1,740

2,430

2024Q2

3,977

2,520

1,746

2,422

2024Q3

3,997

2,535

1,756

2,437

2024Q4

4,649

2,692

1,834

2,433

2025Q1

4,672

2,705

1,855

2,439

2025Q2

4,686

2,715

1,871

2,448

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

2023Q2

1,550

1,296

111

1,618

2023Q3

1,553

1,303

100

1,614

2023Q4

1,833

1,432

105

2,766

2024Q1

1,836

1,540

107

2,767

2024Q2

1,838

1,523

106

2,778

2024Q3

1,842

1,596

101

2,788

2024Q4

1,981

1,626

107

2,775

2025Q1

1,984

1,643

104

2,774

2025Q2

2,003

1,647

107

2,786

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

PF frequently asked questions here.

Second 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

2023Q2

2,806

1,961

1,328

1,629

2023Q3

2,795

1,955

1,321

1,615

2023Q4

3,519

2,232

1,414

2,100

2024Q1

3,540

2,217

1,420

2,108

2024Q2

3,544

2,219

1,427

2,104

2024Q3

3,565

2,238

1,436

2,111

2024Q4

4,199

2,423

1,471

2,098

2025Q1

4,225

2,437

1,491

2,114

2025Q2

4,243

2,451

1,508

2,126

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

2023Q2

1,434

1,249

100

1,453

2023Q3

1,428

1,249

1,446

2023Q4

1,680

1,375

2,562

2024Q1

1,685

1,448

2,560

2024Q2

1,688

1,430

2,568

2024Q3

1,692

1,492

2,573

2024Q4

1,846

1,541

2,530

2025Q1

1,848

1,556

2,542

2025Q2

1,865

1,564

2,558

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

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

2025Q2

191

159

5,447

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

2023Q2

341

2023Q3

339

2023Q4

335

2024Q1

336

2024Q2

335

2024Q3

333

2024Q4

366

2025Q1

366

2025Q2

367

Second 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

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

2025Q2

158

109

4,569

361

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

2023Q2

272

2023Q3

272

2023Q4

265

2024Q1

265

2024Q2

264

2024Q3

266

2024Q4

290

2025Q1

293

2025Q2

293

Second 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

2023Q2

559

461

427

***

1,564

2023Q3

570

448

427

***

1,562

2023Q4

560

441

488

***

1,607

2024Q1

530

438

410

***

1,493

2024Q2

545

459

390

***

1,511

2024Q3

549

463

391

***

1,520

2024Q4

538

477

428

***

1,562

2025Q1

545

474

428

***

1,567

2025Q2

544

471

432

***

1,566

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

2023Q2

169

203

***

2023Q3

169

218

***

2023Q4

204

218

***

2024Q1

204

201

***

2024Q2

204

214

2024Q3

205

223

2024Q4

242

218

2025Q1

242

224

2025Q2

246

234

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

2023Q2

693

1,536

125

***

2,749

2023Q3

706

1,495

125

***

2,751

2023Q4

754

1,708

154

***

3,058

2024Q1

725

1,707

142

***

2,997

2024Q2

736

1,721

116

***

3,002

2024Q3

788

1,735

116

***

3,088

2024Q4

739

1,749

168

***

3,117

2025Q1

748

1,750

168

***

3,108

2025Q2

784

1,765

171

***

3,161

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

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

2025Q2

173

560

415

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.

Second Calendar Quarter 2025

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

2023Q2

52.4

32.7

4.9

3.6

1.0

0.9

0.8

3.6

53.4

35.2

3.0

2.7

2.5

1.6

***

23.8

***

56.4

28.0

2.1

1.4

1.0

11.0

2023Q3

52.4

32.8

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

35.3

2.8

2.5

2.2

1.7

1.5

***

21.5

***

57.9

27.4

2.2

1.3

1.1

10.0

2024Q1

53.7

31.7

4.8

3.2

1.1

0.9

0.6

3.9

53.8

35.4

2.7

2.5

2.2

1.6

1.8

***

23.7

***

57.9

27.4

2.3

1.3

1.1

10.0

2024Q2

53.6

31.7

4.9

3.3

1.1

0.9

0.6

3.9

53.7

35.5

2.7

2.6

2.1

1.6

1.7

***

22.4

***

57.9

27.4

2.3

1.3

1.1

10.0

2024Q3

53.4

31.8

4.9

3.5

1.1

0.9

0.6

3.9

53.5

35.7

2.8

2.6

2.0

1.6

1.7

***

22.1

***

57.9

27.4

2.3

1.3

1.1

10.0

2024Q4

54.5

30.7

5.0

3.4

1.0

0.9

0.6

3.9

53.9

35.8

2.7

2.6

1.9

1.6

1.5

***

20.3

***

60.4

24.7

2.5

1.2

1.0

10.2

2025Q1

54.5

30.8

5.0

3.4

1.0

0.9

0.6

3.8

53.8

36.3

2.9

2.1

2.0

1.5

***

22.4

***

60.1

25.3

2.4

1.2

1.0

10.0

2025Q2

54.2

31.1

5.0

3.5

1.0

0.9

0.6

3.8

53.7

36.3

3.0

2.2

1.9

1.4

1.5

***

20.2

***

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

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

***

2023Q4

93.4

***

92.1

3.8

***

0.3

***

53.1

***

96.8

***

2024Q1

93.3

***

92.1

3.8

***

0.2

***

55.9

***

96.8

***

2024Q2

93.3

***

92.1

3.8

***

0.2

***

56.3

***

96.8

***

2024Q3

93.1

***

92.1

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

***

2025Q2

93.5

***

92.6

3.3

***

56.0

***

96.9

***

Second Calendar Quarter 2025

Analytics Office

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

2023Q2

2,618

2,559

1,916

1,349

1,271

1,299

1,082

763

319

249

255

179

148

2023Q3

2,639

2,581

1,920

1,352

1,263

1,286

1,090

761

317

262

243

179

148

2023Q4

2,864

2,947

1,984

1,470

1,330

1,312

1,168

796

333

266

246

192

162

2024Q1

2,916

2,971

2,018

1,502

1,361

1,324

1,195

807

332

272

239

196

163

2024Q2

2,962

2,914

2,022

1,493

1,349

1,317

1,195

796

334

274

272

226

156

2024Q3

3,001

2,946

2,013

1,511

1,377

1,322

1,222

820

343

275

270

243

157

2024Q4

3,293

3,144

2,081

1,564

1,416

1,314

1,255

865

369

296

285

216

193

2025Q1

3,314

3,175

2,085

1,585

1,403

1,322

1,259

872

361

298

280

226

197

2025Q2

3,353

3,215

2,108

1,616

1,438

1,341

1,278

881

370

307

288

237

201

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

2023Q2

18.6

18.2

13.6

9.6

9.0

9.2

7.7

5.4

2.3

1.8

1.3

1.0

0.3

2023Q3

18.7

18.3

13.6

9.6

9.0

9.1

7.7

5.4

2.3

1.9

1.7

1.3

1.0

0.3

2023Q4

18.9

19.5

13.1

9.7

8.8

8.7

7.7

5.3

2.2

1.8

1.6

1.3

1.1

0.4

2024Q1

19.0

19.3

13.1

9.8

8.9

8.6

7.8

5.3

2.2

1.8

1.6

1.3

1.1

0.4

2024Q2

19.3

19.0

13.2

9.7

8.8

8.6

7.8

5.2

2.2

1.8

1.5

1.0

0.4

2024Q3

19.3

18.9

12.9

9.7

8.8

8.5

7.8

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

20.2

19.3

12.7

9.6

8.5

8.0

7.7

5.3

2.2

1.8

1.7

1.4

1.2

0.3

2025Q2

20.1

19.3

12.6

9.7

8.6

8.0

7.7

5.3

2.2

1.8

1.7

1.4

1.2

0.3

Second Calendar Quarter 2025

4.2

Analytics Office

Qualifying Hedge Funds

Table 4.3: Beneficial Ownership for Qualifying Hedge Funds ($

Billions)

As reported on Form PF, Questions 9 and 16.

Type

Private Funds

Other

Non-Profits

U.S. Individuals

State/Muni. Govt. Pension Plans

Pension Plans

Sov. Wealth Funds And For. Official Inst.

Insurance Companies

Non-U.S. Individuals

State/Muni. Govt. Entities

Banking/Thrift Inst.

Unknown Non-U.S. Investors

SEC-Registered Investment Companies

Broker-Dealers

2023Q2

738

597

550

440

468

412

292

162

104

2023Q3

751

596

547

440

471

409

303

165

102

2023Q4

747

608

555

451

461

406

298

165

2024Q1

782

627

581

468

460

417

318

173

100

2024Q2

830

621

571

460

458

410

316

170

2024Q3

859

646

595

474

456

421

349

182

102

2024Q4

853

635

589

479

487

404

321

158

107

2025Q1

876

663

589

493

498

403

337

169

109

2025Q2

927

690

622

528

519

421

354

172

115

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

Aggregate NAV)

As reported on Form PF, Questions 9 and 16.

Type

Private Funds

Other

Non-Profits

U.S. Individuals

State/Muni. Govt. Pension Plans

Pension Plans

Sov. Wealth Funds And For. Official Inst.

Insurance Companies

Non-U.S. Individuals

State/Muni. Govt. Entities

Banking/Thrift Inst.

Unknown Non-U.S. Investors

SEC-Registered Investment Companies

Broker-Dealers

2023Q2

18.7

15.1

13.9

11.1

11.8

10.4

7.4

4.1

2.6

1.6

0.9

1.2

0.8

0.2

2023Q3

18.9

15.0

13.7

11.1

11.8

10.3

7.6

4.1

2.6

1.8

0.8

1.2

0.7

0.2

2023Q4

18.8

15.3

13.9

11.3

11.6

10.2

7.5

4.1

2.5

1.8

0.9

1.3

0.6

0.2

2024Q1

19.0

15.2

14.1

11.4

11.2

10.1

7.7

4.2

2.4

1.9

0.8

1.1

0.5

0.2

2024Q2

20.2

15.1

13.9

11.2

11.1

10.0

7.7

4.1

2.3

1.9

0.8

1.1

0.5

0.2

2024Q3

20.1

15.1

13.9

11.1

10.6

9.8

8.1

4.2

2.4

1.9

0.8

1.1

0.6

0.2

2024Q4

20.2

15.0

13.9

11.3

11.5

9.6

7.6

3.7

2.5

2.0

0.8

0.9

0.5

0.2

2025Q1

20.2

15.3

13.6

11.3

11.5

9.3

7.8

3.9

2.5

2.0

0.8

1.0

0.6

0.2

2025Q2

20.3

15.1

13.6

11.6

11.4

9.2

7.8

3.8

2.5

2.1

0.8

0.6

0.3

Second Calendar Quarter 2025

4.3

Analytics Office

Section 3 Liquidity Funds

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

Billions)

As reported on Form PF, Questions 9 and 16.

Type

Unknown Non-U.S. Investors

Other

Banking/Thrift Inst.

Private Funds

SEC-Registered Investment Companies

Broker-Dealers

Insurance Companies

Pension Plans

State/Muni. Govt. Entities

Sov. Wealth Funds And For. Official Inst.

Non-Profits

Non-U.S. Individuals

State/Muni. Govt. Pension Plans

U.S. Individuals

2023Q2

114

***

2023Q3

135

***

2023Q4

135

***

2024Q1

119

***

2024Q2

***

2024Q3

***

2024Q4

***

2025Q1

***

2025Q2

***

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

of Aggregate NAV)

As reported on Form PF, Questions 9 and 16.

Type

Unknown Non-U.S. Investors

Other

Banking/Thrift Inst.

Private Funds

SEC-Registered Investment Companies

Broker-Dealers

Insurance Companies

Pension Plans

State/Muni. Govt. Entities

Sov. Wealth Funds And For. Official Inst.

Non-Profits

Non-U.S. Individuals

State/Muni. Govt. Pension Plans

U.S. Individuals

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

***

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

***

2025Q2

24.2

20.2

***

13.6

7.7

***

3.8

3.0

***

0.9

***

Second 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

2023Q2

1,021

877

516

364

246

284

260

2023Q3

1,021

877

516

364

246

284

260

2023Q4

1,198

1,091

937

578

394

276

299

281

2024Q1

1,197

1,094

938

576

394

276

299

281

2024Q2

1,197

1,094

938

576

394

276

299

281

2024Q3

1,197

1,094

940

576

395

276

299

282

2024Q4

1,395

1,182

977

609

399

326

325

305

114

2025Q1

1,406

1,201

983

653

405

330

309

112

2025Q2

1,406

1,200

983

653

405

330

309

112

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

2023Q2

21.5

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

10.9

7.7

5.2

6.0

5.5

2.0

1.4

1.1

0.9

0.7

0.1

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

5.2

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

5.1

1.9

1.4

1.3

1.0

0.8

0.1

2025Q2

23.4

20.0

16.4

10.9

6.7

5.5

5.1

1.9

1.4

1.3

1.0

0.8

0.1

Second 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

2023Q2

57.0

58.3

56.2

51.8

49.5

41.8

46.0

49.9

43.2

43.1

52.9

2023Q3

57.4

57.9

56.6

52.0

49.4

41.9

46.0

49.9

44.6

44.5

53.0

2023Q4

59.4

56.3

56.5

52.4

50.2

47.6

46.9

47.5

42.0

41.7

53.1

2024Q1

59.5

56.2

51.8

50.2

47.5

46.9

47.5

44.5

43.6

53.1

2024Q2

59.4

56.3

56.9

52.6

50.2

47.7

46.9

47.5

41.2

41.0

53.3

2024Q3

59.6

56.4

57.1

52.9

50.1

48.0

46.9

47.5

40.8

40.4

53.3

2024Q4

60.5

58.5

57.3

52.5

51.2

49.0

47.8

46.5

38.1

37.9

54.0

2025Q1

61.1

58.6

57.0

52.7

51.2

48.8

48.4

46.7

38.9

38.6

53.9

2025Q2

61.4

58.6

57.0

53.0

51.2

48.8

48.4

46.6

36.6

36.5

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

2023Q2

32.0

52.0

86.0

74.9

30.0

44.0

68.0

68.1

2023Q3

32.0

52.0

86.0

74.9

30.0

44.0

68.0

68.3

2023Q4

32.0

51.0

86.0

74.7

30.0

44.0

68.5

68.4

2024Q1

32.0

51.0

86.0

74.7

30.0

44.0

68.0

68.1

2024Q2

32.0

51.0

86.0

74.7

30.0

43.0

67.0

67.2

2024Q3

32.0

52.0

86.0

74.8

30.0

44.0

67.0

67.6

2024Q4

31.0

52.0

87.0

75.1

30.0

45.0

67.0

67.8

2025Q1

32.0

52.0

87.0

75.1

29.0

44.0

66.0

67.3

2025Q2

32.0

52.0

87.0

75.2

29.0

44.0

67.0

67.9

Second Calendar Quarter 2025

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

2023Q2

15,265

104

159

***

15,610

2023Q3

15,540

101

159

***

15,870

2023Q4

15,384

136

***

15,684

2024Q1

16,783

109

***

17,054

2024Q2

17,680

109

***

17,951

2024Q3

19,508

110

***

19,780

2024Q4

18,238

161

131

***

18,629

2025Q1

20,658

161

131

***

21,049

2025Q2

21,778

155

131

***

22,164

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

2023Q2

13,869

2023Q3

14,016

2023Q4

14,123

111

2024Q1

14,973

111

2024Q2

15,960

111

2024Q3

17,259

111

2024Q4

16,384

110

2025Q1

18,686

110

2025Q2

20,034

110

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

2023Q2

309.7

351.0

7.8

2.7

1.5

9.0

1.4

0.1

***

111.1

2023Q3

314.1

352.3

7.6

2.7

1.5

7.6

1.4

0.1

***

112.7

2023Q4

307.0

354.8

6.4

2.0

2.1

7.8

0.3

0.1

***

103.7

2024Q1

320.7

363.6

6.3

1.6

2.1

7.7

0.3

0.1

***

111.0

2024Q2

337.7

387.5

6.3

1.6

2.1

7.8

0.3

0.1

***

116.8

2024Q3

360.8

403.1

6.2

1.6

2.1

7.8

0.3

0.1

***

127.1

2024Q4

341.8

387.7

9.8

1.8

1.9

10.7

0.9

0.2

***

114.0

2025Q1

380.5

430.5

9.9

1.8

10.7

0.9

0.2

***

128.1

2025Q2

385.2

439.4

9.5

1.8

10.7

0.9

0.2

***

132.8

Second 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

(0,1)

[1,5)

[5,10)

10 or more

(0,1)

[1,5)

[5,10)

10 or more

2023Q2

8,615

4,200

703

213

332

636

2,211

595

194

314

2023Q3

8,612

4,206

736

203

345

624

2,216

631

182

326

2023Q4

9,510

4,358

695

233

350

612

2,245

582

214

328

2024Q1

9,561

4,493

679

280

363

652

2,330

550

252

334

2024Q2

9,581

4,525

706

180

397

667

2,358

576

152

366

2024Q3

9,617

4,600

712

201

451

669

2,440

589

174

411

2024Q4

10,484

4,445

772

196

459

630

2,358

639

178

421

2025Q1

10,525

4,478

775

184

487

683

2,410

635

163

450

2025Q2

10,606

4,608

800

181

507

732

2,528

657

162

479

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

(0,1)

[1,5)

[5,10)

10 or more

(0,1)

[1,5)

[5,10)

10 or more

2023Q2

34,866

5,314

748

181

2,309

487

1,191

231

110

2023Q3

34,933

5,293

765

177

2,321

474

1,215

233

118

2023Q4

37,655

5,304

764

176

2,196

486

1,208

220

128

2024Q1

37,834

5,308

732

184

2,216

496

1,208

202

116

2024Q2

37,793

5,296

748

178

2,318

464

1,154

216

113

2024Q3

37,956

5,288

770

165

2,253

478

1,173

236

119

2024Q4

40,742

5,176

779

156

2,473

483

1,129

248

132

2025Q1

40,862

5,262

739

150

2,507

499

1,171

232

125

2025Q2

40,927

5,300

750

153

2,504

516

1,174

236

128

Second Calendar Quarter 2025

Analytics Office

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%,26%)

26% or More

2023Q2

8,876

2023Q3

8,920

2023Q4

8,836

2024Q1

8,919

2024Q2

8,984

2024Q3

8,993

2024Q4

8,878

2025Q1

8,961

2025Q2

9,019

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%,26%)

26% or More

6.2

2023Q2

4,766

2023Q3

4,762

2023Q4

4,926

2024Q1

5,098

2024Q2

5,109

100

2024Q3

5,232

111

2024Q4

5,182

110

2025Q1

5,238

138

2025Q2

5,461

143

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

2023Q2

7.8

13.2

19.3

27.3

41.5

54.7

2023Q3

8.0

13.6

19.4

27.4

41.7

54.7

2023Q4

7.7

13.0

18.9

26.9

41.1

54.1

2024Q1

8.0

13.3

19.1

27.2

41.5

54.5

2024Q2

8.0

13.4

19.2

27.4

41.8

54.8

2024Q3

8.1

13.4

19.4

27.5

41.9

54.9

2024Q4

8.1

13.3

19.1

27.2

41.5

54.7

2025Q1

8.2

13.5

19.2

27.2

41.5

54.7

2025Q2

8.2

13.6

19.5

27.4

41.7

55.1

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

2023Q2

18.9

27.9

36.1

44.5

56.5

67.3

2023Q3

19.7

29.0

37.5

45.9

57.8

68.3

2023Q4

20.8

30.4

38.9

47.1

58.7

68.9

2024Q1

19.8

29.6

38.5

46.7

58.5

68.8

2024Q2

19.0

29.6

38.6

47.0

59.0

69.2

2024Q3

19.9

30.5

39.8

48.6

60.4

70.3

2024Q4

19.8

30.3

39.2

48.1

59.9

69.9

2025Q1

19.8

31.3

40.4

49.8

61.3

71.0

2025Q2

20.2

31.8

41.1

50.4

61.9

71.5

Second 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

2023Q2

36.9

52.1

64.5

74.7

85.4

91.9

2023Q3

37.3

52.9

65.6

75.5

85.9

92.3

2023Q4

39.0

54.9

67.8

77.3

86.8

92.8

2024Q1

38.1

54.9

67.3

77.0

86.8

93.1

2024Q2

36.1

54.2

66.9

76.9

86.9

93.1

2024Q3

37.7

55.2

68.4

78.4

88.0

93.7

2024Q4

37.1

54.1

67.0

77.6

87.6

93.4

2025Q1

35.8

53.8

67.6

78.6

88.4

93.8

2025Q2

36.1

53.9

67.9

78.9

88.8

94.0

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

2023Q2

40.8

55.2

67.5

79.3

90.5

95.4

2023Q3

39.7

54.8

67.4

79.2

90.7

95.5

2023Q4

41.1

56.0

68.4

79.8

90.5

95.4

2024Q1

41.0

55.1

68.2

79.6

90.7

95.6

2024Q2

40.9

56.2

69.1

80.5

91.0

95.6

2024Q3

41.2

57.2

70.1

81.2

91.5

95.9

2024Q4

39.9

56.3

69.2

80.5

90.8

95.6

2025Q1

42.4

58.2

69.9

81.6

91.8

96.1

2025Q2

42.4

59.0

71.3

82.5

92.3

96.3

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

2023Q2

36.9

50.5

61.5

72.7

84.2

91.2

2023Q3

36.7

51.6

63.2

74.0

85.0

91.7

2023Q4

38.3

53.8

64.7

75.0

85.6

92.1

2024Q1

37.7

53.2

64.5

75.0

85.7

92.1

2024Q2

38.2

54.3

65.1

75.6

86.0

92.3

2024Q3

38.8

55.9

67.1

77.2

87.1

92.8

2024Q4

38.2

54.6

65.9

76.3

86.5

92.6

2025Q1

38.6

55.5

66.6

77.6

87.5

93.1

2025Q2

37.9

54.8

66.3

77.3

87.2

92.8

Second 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

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

Quantitative

Fundamental

Subtotal

Total

2023Q2

294

263

584

673

170

***

1,442

2023Q3

280

254

562

674

174

***

1,438

2023Q4

290

271

589

651

100

171

***

1,441

2024Q1

324

271

623

678

101

174

***

1,503

2024Q2

320

269

617

679

101

179

***

1,519

2024Q3

341

282

663

713

106

192

***

1,634

2024Q4

375

283

697

713

111

211

***

1,671

2025Q1

349

280

669

744

113

102

215

***

1,702

2025Q2

376

303

724

769

114

106

220

103

***

1,777

Second 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

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

Quantitative

Fundamental

Subtotal

Total

2023Q2

513

578

1,138

1,218

220

238

455

123

221

218

305

***

333

***

3,469

2023Q3

527

587

1,163

1,231

226

241

464

130

230

219

303

***

338

***

3,526

2023Q4

488

595

1,141

1,147

216

427

142

245

218

305

***

374

***

3,427

2024Q1

488

587

1,133

1,173

211

223

429

149

251

220

306

***

390

***

3,487

2024Q2

507

580

1,144

1,179

207

227

429

148

240

232

316

***

381

***

3,512

2024Q3

531

602

1,189

1,219

224

233

452

154

254

235

324

***

408

***

3,607

2024Q4

485

601

1,135

1,157

226

252

474

153

251

233

322

***

374

***

3,505

2025Q1

495

595

1,141

1,177

216

264

476

157

254

236

324

***

421

***

3,588

2025Q2

494

590

1,135

1,185

216

264

476

157

254

239

329

***

416

***

3,616

Second Calendar Quarter 2025

6.4

Analytics Office

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

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

Funds ($ Billions)

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

Category

Equity

Relative Value

Credit

Other

Macro

Managed Futures/CTA

Event Driven

Investment in other funds

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

F.I. Sov.

F.I. Asset Backed

Volatility Arb.

F.I. Conv. Arb.

F.I. Corp.

Subtotal

Long/Short

Asset Based Lending

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Quantitative

Fundamental

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

Total

2023Q2

670

226

***

1,012

229

352

233

101

334

762

399

***

408

***

285

132

182

2,184

2023Q3

653

217

***

982

228

355

232

102

334

762

422

***

433

***

273

131

179

2,180

2023Q4

682

233

***

1,033

258

394

235

116

351

766

531

***

539

***

214

133

178

2,216

2024Q1

723

235

***

1,079

242

374

245

123

367

792

596

***

604

***

282

138

186

2,284

2024Q2

737

242

***

1,104

254

381

244

129

372

820

577

***

585

***

279

137

181

2,299

2024Q3

738

261

***

1,141

273

410

256

135

391

833

737

***

742

***

277

143

189

2,358

2024Q4

754

256

147

1,161

219

341

259

138

396

793

666

***

671

***

207

137

184

2,305

2025Q1

727

249

***

1,138

279

397

263

141

404

809

870

***

876

***

225

130

184

2,301

2025Q2

774

281

***

1,237

449

580

283

141

424

845

392

***

398

***

208

130

188

2,390

Second Calendar Quarter 2025

Analytics Office

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

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

Category

Equity

Relative Value

Credit

Other

Macro

Managed Futures/CTA

Event Driven

Investment in other funds

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

F.I. Sov.

F.I. Asset Backed

Volatility Arb.

F.I. Conv. Arb.

F.I. Corp.

Subtotal

Long/Short

Asset Based Lending

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Quantitative

Fundamental

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

Total

2023Q2

594

347

***

1,025

147

303

286

123

406

943

164

***

213

***

126

227

317

118

3,222

2023Q3

594

344

***

1,023

145

301

285

125

407

955

165

***

217

***

126

229

318

111

3,223

2023Q4

565

348

***

992

143

288

306

138

440

964

167

***

210

***

123

224

314

3,186

2024Q1

561

352

***

991

144

285

304

141

441

958

170

***

213

***

122

221

310

3,178

2024Q2

558

352

***

984

148

294

306

144

446

964

166

***

208

***

119

224

314

3,185

2024Q3

563

353

***

997

138

296

309

146

451

950

159

***

201

***

115

226

315

3,179

2024Q4

617

351

1,055

141

269

289

160

447

906

158

***

190

***

114

222

310

105

3,192

2025Q1

627

348

***

1,063

138

265

294

159

451

914

154

***

188

***

115

221

314

117

3,213

2025Q2

627

351

***

1,067

136

261

297

153

448

912

156

***

194

***

118

220

313

109

3,220

Second Calendar Quarter 2025

Analytics Office

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

Jun

2024

1,807

1,199

433

435

598

2,127

1,068

439

359

479

Jul

2024

1,904

1,061

415

495

620

2,234

926

464

374

497

Aug

2024

1,847

1,125

470

446

608

2,172

985

505

330

505

Sep

2024

1,678

1,291

398

511

618

1,954

1,213

473

342

515

Oct

2024

2,142

1,055

386

513

620

2,366

1,041

477

320

513

Nov

2024

2,055

1,081

450

413

718

2,330

1,018

510

340

519

Dec

2024

1,927

1,213

435

482

659

2,265

1,099

478

362

513

Jan

2025

2,079

1,074

474

502

657

2,299

1,086

472

394

537

Feb

2025

2,086

1,077

466

465

693

2,300

1,085

496

365

542

Mar

2025

1,952

1,220

443

481

694

2,250

1,053

551

391

543

Apr

2025

2,287

1,072

462

504

693

2,638

958

493

367

561

May

2025

2,283

1,048

473

509

706

2,472

1,036

564

376

572

Jun

2025

2,113

1,179

437

518

771

2,357

1,094

595

400

572

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

Jun

2024

222

216

256

208

Jul

2024

247

198

276

191

Aug

2024

245

202

272

196

Sep

2024

224

218

252

219

Oct

2024

255

207

282

204

Nov

2024

245

203

102

276

195

Dec

2024

234

218

100

265

216

Jan

2025

237

210

264

205

Feb

2025

246

203

269

202

Mar

2025

235

219

261

209

Apr

2025

263

201

294

193

May

2025

258

200

282

196

Jun

2025

240

207

102

268

200

Second 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

Jun

2024

2,448

935

454

181

453

2,613

1,007

353

253

246

Jul

2024

2,499

898

354

228

517

2,725

909

326

260

275

Aug

2024

2,507

931

322

241

495

2,706

951

267

314

257

Sep

2024

2,379

967

350

332

467

2,569

1,043

308

271

304

Oct

2024

2,733

864

313

346

460

2,955

903

292

259

307

Nov

2024

2,642

940

340

282

514

2,840

917

396

252

312

Dec

2024

2,591

985

371

348

423

2,865

935

392

211

314

Jan

2025

2,631

1,065

332

279

480

2,802

1,058

357

370

200

Feb

2025

2,621

1,082

268

336

480

2,818

1,068

321

379

202

Mar

2025

2,565

1,106

262

363

493

2,847

947

390

399

205

Apr

2025

2,903

915

321

357

522

3,133

886

402

372

225

May

2025

2,874

926

314

391

514

3,077

916

384

410

234

Jun

2025

2,746

935

446

372

518

2,948

1,032

409

298

331

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

Jun

2024

304

206

339

199

Jul

2024

331

188

360

181

Aug

2024

331

189

363

183

Sep

2024

314

200

346

193

Oct

2024

342

185

372

179

Nov

2024

317

209

346

203

Dec

2024

323

206

353

199

Jan

2025

317

206

339

201

Feb

2025

317

208

342

204

Mar

2025

321

207

347

196

Apr

2025

361

165

389

161

May

2025

346

177

373

175

Jun

2025

321

197

344

198

Second 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

Jun

2024

3,178

404

323

165

403

3,549

326

133

212

253

Jul

2024

3,187

409

297

516

3,483

358

170

207

276

Aug

2024

3,162

443

295

110

486

3,576

260

183

229

248

Sep

2024

3,170

350

381

141

454

3,552

274

175

216

278

Oct

2024

3,382

353

392

494

3,746

361

116

176

318

Nov

2024

3,381

397

285

167

487

3,691

405

126

191

303

Dec

2024

3,399

402

320

174

422

3,685

403

132

177

320

Jan

2025

3,376

451

336

190

435

3,693

365

225

183

322

Feb

2025

3,370

403

396

168

450

3,686

367

201

244

289

Mar

2025

3,375

364

431

168

450

3,694

366

208

213

308

Apr

2025

3,554

396

421

190

457

3,903

410

174

229

301

May

2025

3,583

338

439

184

475

3,866

383

233

304

Jun

2025

3,570

370

373

223

481

3,779

468

213

206

352

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

Jun

2024

493

523

Jul

2024

499

526

Aug

2024

497

533

Sep

2024

502

533

Oct

2024

518

544

Nov

2024

509

534

Dec

2024

513

535

Jan

2025

507

530

Feb

2025

504

527

Mar

2025

507

531

Apr

2025

513

537

May

2025

515

537

Jun

2025

509

532

Second 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

Jun

2024

18.5

34.0

48.0

62.9

83.9

Jul

2024

15.8

31.4

45.8

61.3

83.1

Aug

2024

15.8

31.4

45.8

61.3

83.1

Sep

2024

15.8

31.4

45.8

61.3

83.1

Oct

2024

18.4

33.8

47.7

62.6

83.7

Nov

2024

18.4

33.8

47.7

62.6

83.7

Dec

2024

18.4

33.8

47.7

62.6

83.7

Jan

2025

18.6

34.2

48.2

63.1

83.7

Feb

2025

18.6

34.2

48.2

63.1

83.7

Mar

2025

18.6

34.2

48.2

63.1

83.7

Apr

2025

18.7

34.2

48.2

63.0

83.6

May

2025

18.7

34.2

48.2

63.0

83.6

Jun

2025

18.7

34.2

48.2

63.0

83.6

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

Jun

2024

44.8

67.1

78.9

87.8

95.5

Jul

2024

45.0

67.7

80.0

88.8

96.0

Aug

2024

46.5

68.3

80.8

89.1

96.0

Sep

2024

45.0

67.4

79.9

88.4

95.7

Oct

2024

45.3

66.6

80.3

88.7

96.0

Nov

2024

45.2

67.4

80.4

88.7

96.0

Dec

2024

44.4

66.2

78.8

87.6

95.5

Jan

2025

44.0

66.3

79.5

88.7

95.9

Feb

2025

44.3

66.7

80.1

88.9

96.0

Mar

2025

44.1

66.3

79.3

88.5

95.8

Apr

2025

45.6

67.2

80.1

89.2

96.2

May

2025

44.3

66.1

80.0

89.1

96.2

Jun

2025

43.7

66.1

79.2

88.5

95.8

Second 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

Jun

2024

17,133

11,045

4,859

525

121

33,683

Jul

2024

15,308

9,978

4,697

217

30,242

Aug

2024

22,272

11,320

4,645

216

38,495

Sep

2024

20,285

8,419

4,482

276

33,517

Oct

2024

18,338

9,779

5,052

260

33,481

Nov

2024

22,121

9,438

4,952

223

36,787

Dec

2024

19,135

8,151

4,760

168

32,260

Jan

2025

17,468

9,385

4,598

288

31,785

Feb

2025

23,646

11,080

4,783

279

39,847

Mar

2025

24,339

10,989

5,524

337

41,251

Apr

2025

33,241

12,928

6,255

288

52,787

May

2025

21,600

11,848

4,898

249

38,657

Jun

2025

21,431

10,777

4,762

404

37,454

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

Jun

2024

2,822

311

280

267

123

667

Jul

2024

2,779

359

214

691

Aug

2024

2,770

352

235

320

108

710

Sep

2024

2,859

237

200

371

178

648

Oct

2024

2,989

293

277

349

710

Nov

2024

2,902

406

207

330

173

697

Dec

2024

3,113

238

274

262

124

704

Jan

2025

2,991

418

239

332

735

Feb

2025

2,915

425

199

390

768

Mar

2025

2,883

431

214

333

161

765

Apr

2025

2,902

447

358

424

120

766

May

2025

3,007

503

252

456

713

Jun

2025

3,119

244

206

559

141

747

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

Jun

2024

404

Jul

2024

413

Aug

2024

408

Sep

2024

409

Oct

2024

422

Nov

2024

409

Dec

2024

425

Jan

2025

415

Feb

2025

405

Mar

2025

397

Apr

2025

393

May

2025

414

Jun

2025

420

Second 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

2023Q2

6,185

1,456

754

393

2023Q3

6,381

1,498

783

415

2023Q4

6,769

1,625

824

421

125

2024Q1

7,077

1,780

866

437

125

2024Q2

7,298

1,599

873

478

119

2024Q3

7,790

1,820

977

550

122

2024Q4

8,207

1,698

885

541

134

2025Q1

8,377

1,917

941

575

137

2025Q2

8,890

2,224

1,113

644

142

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

2023Q2

143.0

33.6

17.4

9.1

2.1

0.8

0.7

0.5

2023Q3

148.3

34.8

18.2

9.7

2.1

0.9

0.7

0.5

2023Q4

153.7

36.9

18.7

9.6

2.8

0.9

0.7

0.5

2024Q1

157.7

39.6

19.3

9.7

2.8

1.1

0.8

0.6

2024Q2

163.2

35.7

19.5

10.7

2.7

1.1

0.7

0.8

2024Q3

173.3

40.5

21.7

12.2

2.7

1.0

0.7

0.8

2024Q4

174.0

36.0

18.8

11.5

2.8

1.1

0.6

2025Q1

175.0

40.1

19.6

12.0

2.9

1.7

0.8

0.7

2025Q2

177.1

44.3

22.2

12.8

2.8

1.0

0.9

0.7

Second 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

2023Q2

5,895

354

138

2023Q3

6,003

380

128

2023Q4

6,425

435

123

2024Q1

6,717

437

132

2024Q2

6,947

430

143

2024Q3

7,402

467

166

***

2024Q4

7,554

404

144

***

2025Q1

7,964

428

187

***

2025Q2

8,456

555

154

***

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

2023Q2

136.3

8.2

3.2

1.2

0.9

0.1

2023Q3

139.5

8.8

3.0

1.1

0.9

0.2

2023Q4

145.9

9.9

2.8

1.1

0.0

2024Q1

149.6

9.7

2.9

1.2

1.0

0.0

2024Q2

155.4

9.6

3.2

1.2

1.0

0.0

2024Q3

164.6

10.4

3.7

***

1.0

***

2024Q4

160.1

8.6

3.1

***

1.0

***

2025Q1

166.4

8.9

3.9

***

1.1

***

2025Q2

168.5

11.1

3.1

***

1.0

***

Second Calendar Quarter 2025

Analytics Office

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

Jun

2024

2,077

1,069

313

335

669

2,338

996

242

376

510

Jul

2024

2,324

944

346

307

711

2,579

896

261

338

558

Aug

2024

2,258

961

385

330

698

2,530

931

274

359

538

Sep

2024

2,144

1,085

372

320

711

2,468

990

261

341

573

Oct

2024

2,168

974

398

308

727

2,435

941

297

319

583

Nov

2024

2,115

1,012

378

343

727

2,372

1,000

271

359

573

Dec

2024

2,086

1,063

358

361

707

2,376

983

275

359

582

Jan

2025

2,180

1,040

364

360

758

2,413

1,017

303

358

612

Feb

2025

2,166

1,041

393

345

757

2,438

1,022

279

347

617

Mar

2025

2,111

1,099

372

324

799

2,416

1,038

282

339

630

Apr

2025

2,395

1,040

346

343

811

2,725

929

305

324

654

May

2025

2,345

1,056

360

345

832

2,646

969

286

367

670

Jun

2025

2,280

1,070

399

335

853

2,548

1,033

324

343

688

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

Jun

2024

1,023

510

152

102

219

1,162

450

134

100

160

Jul

2024

1,099

482

144

111

219

1,240

416

130

110

159

Aug

2024

1,103

473

151

115

214

1,245

413

137

105

156

Sep

2024

1,047

518

160

118

213

1,200

454

131

110

161

Oct

2024

1,064

471

162

118

244

1,200

432

138

109

180

Nov

2024

1,060

475

152

123

248

1,194

435

129

124

176

Dec

2024

1,035

502

154

131

236

1,180

447

129

128

174

Jan

2025

1,088

501

155

118

221

1,207

461

148

109

158

Feb

2025

1,092

490

163

116

222

1,217

458

139

112

157

Mar

2025

1,046

534

166

115

225

1,193

477

147

111

158

Apr

2025

1,108

506

147

122

221

1,254

448

142

107

153

May

2025

1,101

490

163

125

234

1,237

443

147

120

166

Jun

2025

1,054

510

183

124

239

1,204

457

158

116

175

Second 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

Jun

2024

2,574

887

262

277

463

2,746

834

316

227

340

Jul

2024

2,779

843

271

233

506

2,924

812

292

239

366

Aug

2024

2,773

835

277

226

520

2,937

793

309

243

350

Sep

2024

2,710

866

304

203

549

2,883

823

280

254

392

Oct

2024

2,666

858

303

198

550

2,834

818

311

201

412

Nov

2024

2,593

920

266

242

555

2,787

861

299

215

413

Dec

2024

2,613

896

267

249

549

2,802

843

276

253

401

Jan

2025

2,674

917

293

257

562

2,829

886

312

285

391

Feb

2025

2,662

913

282

294

552

2,828

892

295

291

398

Mar

2025

2,643

930

277

300

555

2,825

896

303

277

403

Apr

2025

2,939

851

282

259

606

3,131

816

319

255

415

May

2025

2,859

897

293

274

615

3,050

859

309

301

419

Jun

2025

2,773

962

300

276

626

2,974

887

317

325

434

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

Jun

2024

1,234

443

140

1,325

413

Jul

2024

1,306

416

105

152

1,399

386

Aug

2024

1,315

407

103

155

1,407

380

Sep

2024

1,278

432

109

156

1,371

409

100

Oct

2024

1,265

413

118

176

1,363

393

114

115

Nov

2024

1,239

435

119

175

1,342

405

121

113

Dec

2024

1,241

437

120

169

1,340

410

116

111

Jan

2025

1,287

445

110

151

1,370

423

116

Feb

2025

1,278

447

112

152

1,365

432

108

Mar

2025

1,264

472

100

150

1,363

444

101

Apr

2025

1,338

411

105

100

150

1,439

390

107

100

May

2025

1,320

424

108

165

1,422

401

103

108

Jun

2025

1,266

464

110

108

162

1,366

432

114

110

Second 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

Jun

2024

3,284

324

202

196

457

3,474

322

185

134

348

Jul

2024

3,445

301

181

206

498

3,633

320

141

174

364

Aug

2024

3,420

336

240

135

501

3,665

285

169

156

358

Sep

2024

3,421

322

215

165

508

3,664

248

197

152

372

Oct

2024

3,343

325

214

171

522

3,600

249

185

115

425

Nov

2024

3,322

326

228

154

545

3,544

288

186

138

419

Dec

2024

3,324

314

248

145

543

3,542

249

246

129

408

Jan

2025

3,435

323

208

186

551

3,649

278

186

167

423

Feb

2025

3,428

323

219

199

533

3,623

266

212

209

392

Mar

2025

3,442

298

240

181

543

3,610

290

216

161

428

Apr

2025

3,604

356

210

179

587

3,809

338

170

206

412

May

2025

3,666

272

215

185

601

3,773

314

224

216

410

Jun

2025

3,654

268

238

178

598

3,757

308

222

207

443

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

Jun

2024

1,636

110

134

1,697

110

Jul

2024

1,689

106

139

1,756

105

Aug

2024

1,685

118

139

1,759

105

Sep

2024

1,683

116

141

1,754

107

Oct

2024

1,659

117

161

1,736

109

115

Nov

2024

1,649

114

164

1,725

113

109

Dec

2024

1,645

119

162

1,719

111

109

Jan

2025

1,709

104

142

1,774

Feb

2025

1,712

103

139

1,773

101

Mar

2025

1,711

105

140

1,770

108

Apr

2025

1,726

118

144

1,794

115

May

2025

1,719

122

146

1,787

116

Jun

2025

1,716

112

145

1,779

114

103

Second Calendar Quarter 2025

8.2

Analytics Office

NAV Allocation by Strategy5

Table 8.7: NAV Allocation of Qualifying Hedge Funds ($ Billions)

As reported on Form PF, Questions 9 and 20.

Category

Equity

Relative Value

Other

Macro

Credit

Event Driven

Managed Futures/CTA

Investment in other funds

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

F.I. Sov.

F.I. Asset Backed

F.I. Conv. Arb.

Volatility Arb.

F.I. Corp.

Subtotal

Global Macro

Currency

Commodity

Active Trading

Subtotal

Long/Short

Asset Based Lending

Subtotal

Distressed/Restruct.

Risk Arb./Merger Arb.

Equity

Subtotal

Quantitative

Fundamental

Subtotal

Total

2023Q2

1,065

453

***

1,902

722

129

1,091

1,515

987

***

1,059

370

168

538

210

102

397

***

287

6,876

2023Q3

1,035

434

***

1,811

761

135

1,132

1,543

1,004

***

1,069

372

170

542

208

392

***

259

109

6,858

2023Q4

1,098

448

***

1,906

943

144

103

1,349

1,525

1,188

1,253

382

191

573

213

388

***

211

104

7,309

2024Q1

1,180

466

***

2,030

879

140

109

1,275

1,586

1,266

1,343

392

199

591

219

106

404

***

249

7,573

2024Q2

1,192

481

***

2,079

904

145

115

1,297

1,632

1,254

1,314

409

196

605

219

106

405

***

276

7,694

2024Q3

1,217

515

***

2,170

1,040

154

126

1,471

1,718

1,522

1,594

420

201

620

226

111

421

***

277

8,368

2024Q4

1,281

504

***

2,233

949

163

114

1,357

1,621

1,460

1,525

436

208

644

217

106

410

***

239

8,119

2025Q1

1,231

503

***

2,208

1,200

178

125

1,631

1,699

1,524

1,599

445

223

668

208

120

412

***

255

8,559

2025Q2

1,353

567

***

2,453

1,569

184

149

2,047

1,776

1,039

1,128

471

234

704

216

135

442

***

240

8,878

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.

Second Calendar Quarter 2025

Analytics Office

Table 8.8: NAV Allocation of Qualifying Hedge Funds (Percent of NAV)

As reported on Form PF, Questions 9 and 20.

Category

Equity

Relative Value

Other

Macro

Credit

Event Driven

Managed Futures/CTA

Investment in other funds

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

F.I. Sov.

F.I. Asset Backed

F.I. Conv. Arb.

Volatility Arb.

F.I. Corp.

Subtotal

Global Macro

Currency

Commodity

Active Trading

Subtotal

Long/Short

Asset Based Lending

Subtotal

Distressed/Restruct.

Risk Arb./Merger Arb.

Equity

Subtotal

Quantitative

Fundamental

Subtotal

Total

2023Q2

27.0

11.5

***

48.1

18.3

3.3

2.4

2.2

1.5

27.6

38.3

25.0

***

1.0

***

26.8

9.4

4.3

13.6

5.3

2.2

2.6

10.0

***

7.3

2.2

174.0

2023Q3

26.0

10.9

***

45.5

19.1

3.4

2.3

2.0

1.6

28.5

38.8

25.2

***

0.8

***

26.9

9.3

4.3

13.6

5.2

2.5

2.1

9.8

***

6.5

2.7

172.4

2023Q4

27.6

11.2

***

47.9

23.7

3.6

2.6

2.4

1.6

33.9

38.3

29.8

0.9

0.7

0.0

31.5

9.6

4.8

14.4

5.3

2.2

9.7

***

5.3

2.6

183.6

2024Q1

28.7

11.3

***

49.3

21.4

3.4

2.6

2.2

1.4

31.0

38.5

30.7

0.9

0.0

32.6

9.5

4.8

14.4

5.3

2.6

1.9

9.8

***

6.0

2.3

184.0

2024Q2

28.9

11.7

***

50.5

22.0

3.5

2.8

1.8

1.4

31.5

39.6

30.4

0.8

0.7

0.0

31.9

9.9

4.8

14.7

5.3

2.6

1.9

9.8

***

6.7

2.1

186.8

2024Q3

28.4

12.0

***

50.7

24.3

3.6

2.9

1.9

1.6

34.4

40.1

35.6

0.9

0.8

0.0

37.3

9.8

4.7

14.5

5.3

2.6

2.0

9.8

***

6.5

2.2

195.6

2024Q4

30.3

11.9

***

52.8

22.5

3.9

2.7

1.7

1.4

32.1

38.4

34.5

0.8

0.7

0.0

36.1

10.3

4.9

15.2

5.1

2.5

2.0

9.7

***

5.6

2.2

192.1

2025Q1

28.4

11.6

***

50.9

27.6

4.1

2.9

1.8

1.2

37.6

39.2

35.1

1.0

0.7

0.0

36.9

10.3

5.1

15.4

4.8

2.8

1.9

9.5

***

5.9

2.0

197.3

2025Q2

29.7

12.4

***

53.8

34.4

4.0

3.3

2.0

1.2

44.9

39.0

22.8

1.2

0.7

0.0

24.7

10.3

5.1

15.4

4.7

3.0

2.0

9.7

***

5.3

1.9

194.7

Second 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

2023Q2

1,828

1,192

1,015

1,120

1,563

363

287

128

2023Q3

1,763

1,136

1,035

1,068

1,705

396

266

124

2023Q4

1,812

1,836

1,157

1,134

1,213

402

264

2024Q1

1,965

1,274

1,246

1,148

1,728

424

254

110

2024Q2

2,128

1,381

1,172

1,164

1,595

446

254

116

2024Q3

2,349

1,469

1,450

1,283

1,604

467

271

131

2024Q4

2,461

1,441

1,396

1,257

1,796

483

248

122

2025Q1

2,574

2,321

1,768

1,269

753

483

273

123

2025Q2

2,797

2,697

1,733

1,372

727

513

313

123

Table 8.10: Aggregate Qualifying Hedge Fund NAV, by Strategy

As reported on Form PF, Questions 9, 10 and 20. Funds with more than 50% of assets concentrated in

a strategy are assigned that strategy type. Otherwise, funds are classified as multi-strategy. Net

asset value is then summed for each strategy in each quarter.

Strategy

Equity

Other

Relative Value

Credit

Multi-Strategy

Event Driven

Macro

Managed Futures/CTA

Investment in other funds

2023Q2

1,102

780

192

206

399

213

183

2023Q3

1,064

738

182

229

424

207

183

2023Q4

1,072

778

267

233

309

206

198

2024Q1

1,157

795

193

237

402

204

193

2024Q2

1,232

803

190

260

309

202

180

2024Q3

1,230

846

203

270

363

215

195

2024Q4

1,261

804

199

270

397

193

190

2025Q1

1,329

813

304

272

252

189

199

2025Q2

1,477

844

309

283

237

223

207

Second 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

2023Q2

808

932

639

1,180

219

122

2023Q3

755

869

621

1,245

219

121

2023Q4

1,349

950

728

844

230

119

2024Q1

886

1,062

815

1,377

241

136

2024Q2

943

1,182

769

1,349

257

138

2024Q3

1,030

1,378

1,154

1,328

310

149

2024Q4

956

1,472

1,066

1,438

314

158

2025Q1

1,869

1,534

1,356

552

325

152

2025Q2

2,243

1,661

1,276

573

364

168

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

2023Q2

5,510

2,346

1,018

3,242

1,317

891

267

115

2023Q3

5,611

2,340

1,008

3,471

1,285

844

294

119

2023Q4

5,956

3,799

979

2,328

832

804

270

101

2024Q1

6,187

2,717

1,139

3,441

1,208

842

308

2024Q2

5,829

3,224

1,343

3,718

1,409

861

345

2024Q3

6,809

3,644

2,072

3,187

1,277

1,061

340

2024Q4

6,266

3,211

2,199

2,957

1,348

1,000

341

2025Q1

7,431

5,275

2,876

1,591

1,130

885

341

2025Q2

7,472

6,784

3,041

1,700

1,175

934

346

Second Calendar Quarter 2025

8.4

Analytics Office

Leverage by Strategy

Table 8.13: NAV-Weighted Average Ratio of GAV to NAV, by Strategy

As reported on Form PF, Questions 8, 9, 10, and 20. Funds with more than 50% of assets

concentrated in a strategy are assigned that strategy type. Otherwise, funds are classified as

multi-strategy.

Strategy

Relative Value

Macro

Multi-Strategy

Managed Futures/CTA

Equity

Credit

Other

Investment in other funds

Event Driven

2023Q2

6.2

5.5

3.9

1.5

1.7

1.8

1.4

1.3

2023Q3

6.2

5.7

4.0

1.7

1.4

1.6

1.3

2023Q4

6.9

5.8

3.9

1.5

1.7

1.5

1.6

1.3

2024Q1

6.6

6.4

4.3

1.9

1.7

1.8

1.4

1.3

1.2

2024Q2

7.3

6.5

5.2

1.9

1.7

1.5

1.3

2024Q3

7.2

7.5

4.4

2.5

1.9

1.7

1.5

1.3

2024Q4

7.2

7.3

4.5

1.9

2.0

1.8

1.6

1.4

1.3

2025Q1

7.6

8.9

3.0

2.1

1.9

1.8

1.6

1.3

1.4

2025Q2

8.7

8.4

3.1

2.2

1.9

1.8

1.6

1.4

Table 8.14: NAV-Weighted Average Ratio of GNE to NAV, by Strategy

As reported on Form PF, Questions 9, 10, 20, 26, and 30 (Third Month). Funds with more than 50% of

assets concentrated in a strategy are assigned that strategy type. Otherwise, funds are classified

as multi-strategy.

Strategy

Macro

Relative Value

Managed Futures/CTA

Multi-Strategy

Equity

Credit

Investment in other funds

Other

Event Driven

2023Q2

38.4

25.5

17.1

14.8

3.1

3.5

3.8

2.7

2.1

2023Q3

39.4

25.4

18.6

15.6

3.1

3.4

3.8

2.7

1.9

2023Q4

41.5

27.4

14.8

14.1

3.1

3.4

3.6

2.7

1.8

2024Q1

45.8

26.5

22.1

16.5

3.2

3.6

3.0

2.6

1.7

2024Q2

44.7

30.6

24.9

22.8

3.3

3.5

3.0

2.7

1.7

2024Q3

50.5

31.4

26.4

17.4

4.4

3.5

3.2

3.0

1.7

2024Q4

48.1

29.3

22.5

18.1

4.6

3.6

3.0

3.2

1.7

2025Q1

55.7

32.4

21.1

10.2

4.8

3.5

2.6

3.0

1.7

2025Q2

49.4

36.9

23.6

11.4

4.6

3.5

3.3

3.2

1.8

Table 8.15: NAV-Weighted Average Percent of Unencumbered Cash, by

Strategy

As reported on Form PF, Questions 9, 10, 20, and 33 (Third Month).Funds with more than 50% of

assets concentrated in a strategy are assigned that strategy type. Otherwise, funds are classified

as multi-strategy.

Strategy

Managed Futures/CTA

Macro

Multi-Strategy

Relative Value

Equity

Other

Credit

Investment in other funds

Event Driven

2023Q2

38.8

41.4

25.7

26.6

11.0

9.0

7.4

12.0

8.4

2023Q3

45.3

42.0

26.0

25.4

11.3

8.7

7.2

12.4

7.5

2023Q4

44.0

39.8

20.6

25.4

11.2

8.6

6.1

1.5

7.7

2024Q1

41.4

33.6

24.9

25.5

9.2

8.6

5.8

1.1

6.9

2024Q2

45.1

35.3

25.1

23.5

9.5

8.3

5.2

1.0

7.4

2024Q3

38.6

33.4

23.8

22.9

9.4

8.2

5.6

1.1

7.1

2024Q4

50.7

35.4

25.3

22.9

10.6

8.3

6.0

1.7

7.1

2025Q1

53.9

34.1

24.1

22.3

10.7

8.1

6.7

4.6

6.3

2025Q2

44.7

35.2

23.1

22.4

9.3

8.2

6.4

5.1

Second Calendar Quarter 2025

8.5

Analytics Office

Investment Exposures

Table 8.16: Aggregate Qualifying Hedge Fund Long Notional Exposure, by

Investment Type ($ Billions)

As reported on Form PF, Questions 26 and 30.

Type

Interest Rate Derivatives

Foreign Exchange Derivatives

U.S. Treasury Securities

Non-Financial Listed Equities

Non-Financial Equity Derivatives

Repurchase Agreements

Sovereign Bonds - Non-U.S. G10

Non-Financial Unlisted Equities

Credit Derivatives

Cash/Cash Equivalents - Other

Leveraged Loans

Financial Listed Equities

Other Derivatives

Sovereign Bonds - Other

MBS

Commodity Derivatives

Non-Financial Corporate Bonds

Cash/Cash Equivalents - Deposits

Other Private Funds

Other Loans (Excluding Repo)

Cash/Cash Equivalents - MMFs

Physical Real Estate

Non-Financial Convertible Bonds

Non-U.S. Currency Holdings

Other

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

Jun

2024

4,043

2,654

1,719

1,794

965

1,085

877

551

495

440

345

265

130

184

196

314

224

204

199

158

152

163

147

143

123

Jul

2024

4,395

3,161

1,929

1,765

1,072

1,119

1,077

531

514

451

316

275

131

213

211

226

225

209

197

138

147

160

124

Aug

2024

4,713

3,116

1,995

1,774

1,099

1,146

1,043

531

524

469

320

275

146

216

228

223

224

263

199

142

154

145

170

118

Sep

2024

4,850

2,798

2,041

1,843

1,065

1,150

1,122

630

542

490

343

282

180

234

236

230

231

187

208

164

171

161

149

144

130

Oct

2024

4,651

2,994

1,983

1,814

1,166

1,143

1,078

513

516

459

319

276

199

221

214

250

225

181

193

145

169

143

149

123

Nov

2024

4,768

3,428

2,007

1,944

1,276

1,138

1,057

516

501

521

323

304

169

213

209

234

227

205

198

146

180

153

124

126

Dec

2024

4,425

2,557

2,017

1,931

1,075

1,077

936

567

474

447

369

296

160

198

216

233

219

199

211

162

202

167

146

116

129

Jan

2025

4,533

2,813

2,111

1,986

1,235

1,069

1,059

547

493

444

328

310

146

227

211

281

226

198

204

149

169

155

158

134

Feb

2025

4,783

3,325

2,225

1,959

1,246

1,126

1,127

546

466

480

336

317

147

236

201

260

228

209

204

152

170

154

149

132

Mar

2025

4,826

3,053

2,259

1,858

1,191

1,131

1,152

592

518

496

388

304

179

234

209

271

233

236

215

172

186

179

150

179

132

Apr

2025

5,302

3,107

2,256

1,845

1,132

1,236

1,052

565

492

420

344

300

304

229

226

230

225

222

209

155

193

151

161

134

May

2025

5,403

2,966

2,192

2,000

1,338

1,274

1,098

581

545

405

348

320

247

238

235

239

235

225

216

156

184

158

137

133

Jun

2025

5,494

2,819

2,295

2,144

1,337

1,269

1,095

623

520

425

405

348

290

255

254

247

243

235

222

181

180

178

175

144

137

110

Second Calendar Quarter 2025

Analytics Office

Table 8.17: Aggregate Qualifying Hedge Fund Short Notional Exposure, by

Investment Type ($ Billions)

As reported on Form PF, Questions 26 and 30.

Type

Interest Rate Derivatives

Foreign Exchange Derivatives

U.S. Treasury Securities

Non-Financial Listed Equities

Non-Financial Equity Derivatives

Repurchase Agreements

Sovereign Bonds - Non-U.S. G10

Non-Financial Unlisted Equities

Credit Derivatives

Cash/Cash Equivalents - Other

Leveraged Loans

Financial Listed Equities

Other Derivatives

Sovereign Bonds - Other

MBS

Commodity Derivatives

Non-Financial Corporate Bonds

Cash/Cash Equivalents - Deposits

Other Private Funds

Other Loans (Excluding Repo)

Cash/Cash Equivalents - MMFs

Physical Real Estate

Non-Financial Convertible Bonds

Non-U.S. Currency Holdings

Other

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

Jun

2024

4,353

1,998

1,372

904

966

2,013

955

568

190

119

213

155

***

152

***

Jul

2024

4,473

2,307

1,598

906

1,041

2,233

1,125

579

161

121

216

151

***

180

Aug

2024

4,473

2,209

1,632

919

1,055

2,292

1,091

573

196

129

202

177

***

172

Sep

2024

4,566

2,003

1,670

934

1,036

2,493

1,176

600

174

127

194

110

***

161

***

Oct

2024

4,733

2,031

1,703

891

1,090

2,422

1,179

564

172

128

104

204

120

***

176

***

Nov

2024

4,818

2,485

1,608

955

1,153

2,358

1,191

583

223

146

184

144

***

171

Dec

2024

4,491

1,904

1,586

927

1,069

2,299

1,048

533

187

138

185

129

***

161

***

Jan

2025

4,768

1,990

1,586

985

1,111

2,400

1,059

561

187

144

103

200

166

***

208

Feb

2025

4,983

2,191

1,581

983

1,182

2,548

1,100

546

191

151

111

109

200

102

144

***

182

Mar

2025

4,994

2,112

1,551

970

1,129

2,634

1,084

640

193

143

139

110

218

138

***

182

Apr

2025

5,311

1,897

1,525

993

1,234

2,862

958

612

105

147

134

215

101

136

***

148

May

2025

5,360

1,874

1,504

1,062

1,323

2,744

1,046

672

121

150

120

218

101

151

***

154

Jun

2025

5,503

1,893

1,622

1,133

1,352

2,919

1,024

648

116

155

181

203

105

157

***

146

100

Second 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

Jun

2024

378

1,091

1,364

316

389

925

Jul

2024

533

1,104

1,356

284

407

948

Aug

2024

518

1,103

1,373

278

408

952

Sep

2024

362

1,171

1,399

311

435

955

Oct

2024

509

1,080

1,328

289

435

934

Nov

2024

501

1,061

1,338

296

434

946

Dec

2024

346

1,118

1,415

305

431

959

Jan

2025

541

1,080

1,356

285

451

990

Feb

2025

545

1,075

1,354

287

450

992

Mar

2025

387

1,128

1,432

304

454

999

Apr

2025

516

1,142

1,441

307

473

1,058

May

2025

514

1,150

1,437

304

471

1,063

Jun

2025

372

1,211

1,462

338

484

1,069

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

Jun

2024

233

625

652

168

154

174

Jul

2024

336

589

630

164

159

177

Aug

2024

337

587

639

155

157

181

Sep

2024

245

634

669

159

166

183

Oct

2024

346

574

621

161

173

184

Nov

2024

346

566

619

165

175

187

Dec

2024

256

607

665

168

169

193

Jan

2025

362

577

620

165

174

185

Feb

2025

357

578

620

168

173

187

Mar

2025

262

620

669

175

168

192

Apr

2025

349

583

637

169

168

198

May

2025

354

584

636

167

173

199

Jun

2025

268

632

657

180

169

204

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

Jun

2024

1,112

1,822

1,000

325

204

Jul

2024

1,443

1,701

1,030

241

217

Aug

2024

1,435

1,728

906

329

234

Sep

2024

1,175

1,812

1,129

280

236

Oct

2024

1,400

1,733

958

287

197

Nov

2024

1,324

1,743

1,030

274

203

Dec

2024

1,045

1,846

1,136

339

209

Jan

2025

1,304

1,833

1,055

315

195

Feb

2025

1,363

1,752

1,082

254

251

Mar

2025

1,150

1,830

1,225

281

219

Apr

2025

1,410

1,922

1,012

338

255

May

2025

1,440

1,857

1,045

318

278

Jun

2025

1,151

1,942

1,117

440

287

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

Jun

2024

501

850

445

151

Jul

2024

647

798

422

124

Aug

2024

644

800

410

139

Sep

2024

523

856

458

155

Oct

2024

673

781

400

145

Nov

2024

642

808

408

140

Dec

2024

520

850

476

155

Jan

2025

644

799

438

144

Feb

2025

662

789

431

139

Mar

2025

568

842

464

151

Apr

2025

671

823

392

152

May

2025

685

815

374

171

Jun

2025

561

857

441

181

Second 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

2023Q2

5.6

7.7

17.8

34.1

44.3

56.5

2023Q3

5.4

7.5

17.1

33.3

44.9

55.3

2023Q4

6.0

8.1

17.8

33.5

43.6

55.6

2024Q1

5.9

7.8

17.7

33.3

44.0

56.7

2024Q2

7.3

9.2

18.3

34.1

44.8

57.9

2024Q3

7.4

9.5

18.7

34.5

45.9

57.4

2024Q4

7.4

9.4

18.7

36.9

44.6

57.2

2025Q1

7.2

9.1

19.3

34.2

44.9

57.2

2025Q2

7.0

8.9

18.8

34.4

45.3

58.7

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

2023Q2

31.4

49.2

59.7

65.7

70.7

76.7

2023Q3

30.5

48.5

58.3

64.4

69.5

75.7

2023Q4

30.9

48.9

59.1

65.3

70.0

76.2

2024Q1

31.0

48.9

59.3

65.3

70.0

76.1

2024Q2

31.4

49.1

59.4

65.1

69.8

75.9

2024Q3

31.1

48.8

59.1

65.0

69.6

76.0

2024Q4

31.5

49.5

59.7

65.4

69.9

76.1

2025Q1

33.6

51.0

60.4

65.4

69.9

75.8

2025Q2

34.0

51.2

60.6

65.5

70.0

76.0

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

2023Q2

2,582

1,770

2023Q3

2,581

1,765

2023Q4

2,558

1,742

2024Q1

2,664

1,823

2024Q2

2,679

1,836

2024Q3

2,785

1,858

102

2024Q4

2,789

1,829

105

2025Q1

2,783

1,802

111

2025Q2

3,013

1,954

116

Second 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%,25%]

(25%,50%]

(50%,100%]

2023Q2

3,515

292

2023Q3

3,554

293

2023Q4

3,553

295

2024Q1

3,677

303

2024Q2

3,699

291

2024Q3

3,841

313

2024Q4

3,792

289

2025Q1

3,903

298

2025Q2

4,088

325

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%,25%]

(25%,50%]

(50%,100%]

2023Q2

1,961

2023Q3

1,966

104

2023Q4

1,969

105

2024Q1

1,951

104

2024Q2

1,868

105

2024Q3

1,922

105

2024Q4

1,926

2025Q1

1,945

104

2025Q2

1,976

106

Second 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

Jun

2024

2,214

2,338

550

5,102

5,136

Subtype

Reverse Repo

Prime Broker

Other Secured

Subtotal

Total

Jul

2024

2,439

2,397

488

5,324

5,347

Aug

2024

2,511

2,429

494

5,434

5,457

Sep

2024

2,737

2,513

546

5,797

5,830

Oct

2024

2,580

2,425

511

5,515

5,540

Nov

2024

2,462

2,602

524

5,588

5,613

Dec

2024

2,432

2,583

566

5,582

5,615

Jan

2025

2,539

2,804

534

5,876

5,904

Feb

2025

2,649

2,836

544

6,029

6,058

Mar

2025

2,783

2,759

619

6,161

6,201

Apr

2025

3,033

2,666

644

6,344

6,374

May

2025

2,906

2,794

652

6,351

6,383

Jun

2025

3,121

3,008

718

6,848

6,892

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

Jun

2024

38.0

56.1

70.3

82.7

95.1

Jul

2024

37.2

55.6

69.7

82.1

95.0

Aug

2024

37.7

56.6

69.7

82.1

95.1

Sep

2024

37.5

56.4

70.1

82.0

95.0

Oct

2024

38.0

56.8

70.1

81.9

94.8

Nov

2024

37.7

56.4

69.9

81.8

95.0

Dec

2024

38.1

57.4

71.3

82.7

95.2

Jan

2025

37.6

56.9

70.6

82.4

95.0

Feb

2025

38.2

57.5

71.2

82.8

95.2

Mar

2025

36.8

56.3

71.1

82.7

95.0

Apr

2025

35.5

55.7

70.5

82.3

94.8

May

2025

35.6

55.2

69.9

81.8

94.8

Jun

2025

35.4

55.2

69.9

81.8

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

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

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

Apr

2025

56.8

81.3

92.7

98.4

100.0

May

2025

56.9

81.6

92.6

98.3

100.0

Jun

2025

55.1

79.8

92.5

98.2

100.0

Second 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

Jun

2024

3,883

1,792

5,675

1,927

840

2,766

1,332

819

2,151

624

134

758

Jul

2024

4,026

1,930

5,957

2,010

877

2,887

1,467

930

2,397

549

123

672

Aug

2024

4,067

1,992

6,059

2,021

930

2,951

1,510

955

2,465

536

107

642

Sep

2024

4,373

2,092

6,464

2,080

922

3,002

1,654

1,046

2,699

639

124

763

Oct

2024

4,171

2,033

6,204

2,043

873

2,917

1,571

1,032

2,603

556

128

684

Nov

2024

4,147

2,132

6,279

2,165

930

3,096

1,432

1,076

2,508

549

126

676

Dec

2024

4,103

2,110

6,213

2,120

920

3,040

1,398

1,057

2,455

584

133

718

Jan

2025

4,277

2,246

6,523

2,284

990

3,274

1,460

1,107

2,566

533

150

683

Feb

2025

4,403

2,359

6,761

2,297

1,015

3,312

1,551

1,188

2,740

555

155

710

Mar

2025

4,531

2,360

6,891

2,213

1,011

3,224

1,659

1,168

2,827

659

180

839

Apr

2025

4,561

2,450

7,011

2,096

1,041

3,137

1,845

1,227

3,073

619

182

801

May

2025

4,581

2,461

7,042

2,211

1,085

3,296

1,742

1,199

2,941

627

177

804

Jun

2025

5,020

2,590

7,610

2,361

1,143

3,504

1,913

1,260

3,173

746

186

932

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%

Jun

2024

574

182

1,583

724

1,363

127

223

151

176

1,772

1,708

1,622

Jul

2024

520

207

1,670

407

1,944

177

172

139

1,712

1,796

1,817

Aug

2024

538

213

1,679

752

1,640

119

270

147

2,053

1,497

1,884

Sep

2024

683

421

1,409

918

1,575

245

206

162

178

1,937

1,771

2,088

Oct

2024

640

367

1,418

930

1,448

201

200

161

150

1,864

1,619

2,032

Nov

2024

584

635

1,384

535

1,691

235

232

147

145

1,765

2,019

1,804

Dec

2024

690

404

1,489

765

1,464

203

237

149

180

1,875

1,617

2,089

Jan

2025

758

430

1,616

702

1,604

232

169

129

236

1,755

1,777

2,344

Feb

2025

781

495

1,560

493

1,905

251

230

154

160

2,149

1,618

2,262

Mar

2025

825

159

1,774

475

2,034

274

165

258

196

1,963

1,813

2,385

Apr

2025

702

382

1,582

1,140

1,722

172

250

141

254

2,383

1,867

2,093

May

2025

717

427

1,650

896

1,824

186

315

151

2,226

2,089

2,037

Jun

2025

829

166

2,014

710

2,120

291

166

362

190

2,307

2,073

2,468

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%

Jun

2024

137

143

424

137

154

248

275

221

674

Jul

2024

146

130

423

100

136

230

261

222

656

Aug

2024

146

139

409

136

135

220

260

227

638

Sep

2024

144

146

416

136

158

248

285

231

668

Oct

2024

154

133

425

140

152

217

282

209

660

Nov

2024

161

133

408

102

144

153

222

274

218

652

Dec

2024

151

150

410

101

135

163

249

282

235

682

Jan

2025

159

127

442

148

132

255

264

203

717

Feb

2025

147

145

436

155

135

258

273

215

710

Mar

2025

159

142

444

103

156

160

296

224

739

Apr

2025

169

125

447

105

146

141

246

280

220

687

May

2025

153

133

436

100

151

139

244

264

224

684

Jun

2025

175

133

438

111

150

165

280

298

220

720

Second 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

2023Q2

28.1

48.6

63.8

77.4

92.8

94.6

2023Q3

25.5

50.0

64.8

78.4

92.6

94.7

2023Q4

26.4

44.7

65.3

78.8

93.5

95.4

2024Q1

31.1

48.6

64.5

78.1

93.6

95.3

2024Q2

37.0

49.5

65.3

78.4

93.7

95.5

2024Q3

39.0

51.8

67.2

78.7

93.2

94.8

2024Q4

25.0

46.0

66.1

78.2

93.3

95.0

2025Q1

39.4

50.9

66.5

78.2

92.7

94.2

2025Q2

38.8

50.2

64.9

77.9

93.0

94.5

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

2023Q2

63.5

35.8

0.7

0.0

2023Q3

62.4

36.9

0.6

0.1

2023Q4

61.1

38.3

0.5

0.0

2024Q1

65.0

34.2

0.7

0.1

2024Q2

64.8

34.4

0.7

0.1

2024Q3

62.0

37.2

0.7

0.1

2024Q4

63.9

35.5

***

2025Q1

62.7

36.5

***

2025Q2

63.9

35.4

0.7

0.1

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

[5,10)

10 or more

2023Q2

255

128

370

191

239

752

2,169

2023Q3

239

133

183

367

199

804

2,314

2023Q4

271

131

176

389

254

882

2,575

2024Q1

287

130

171

415

269

884

2,820

2024Q2

114

129

173

466

260

1,195

2,798

2024Q3

128

137

186

368

423

1,016

3,572

2024Q4

140

120

214

458

291

1,036

3,356

2025Q1

145

125

250

505

305

1,167

3,702

2025Q2

156

141

240

416

438

1,449

4,054

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

[5,10)

10 or more

2023Q2

411

290

224

128

110

2023Q3

415

316

185

142

105

2023Q4

395

319

179

148

107

2024Q1

427

295

177

155

2024Q2

413

283

169

147

112

2024Q3

413

278

174

152

111

112

2024Q4

421

274

189

137

107

118

2025Q1

438

305

194

138

107

110

2025Q2

418

314

187

151

100

134

Second 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

2023Q2

14.0

13.2

2023Q3

14.1

13.2

2023Q4

13.8

13.3

2024Q1

13.9

13.0

2024Q2

13.2

11.5

2024Q3

14.0

13.0

2024Q4

13.8

13.4

2025Q1

13.1

12.2

2025Q2

13.5

13.2

Second 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

2023Q2

648

284

171

181

1,447

2023Q3

639

285

169

173

1,466

2023Q4

630

285

159

172

1,481

2024Q1

598

262

157

163

1,494

2024Q2

629

258

167

184

1,377

2024Q3

649

266

171

187

1,407

2024Q4

658

285

176

166

1,400

2025Q1

646

282

173

160

1,437

2025Q2

649

283

180

149

1,464

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

2023Q2

4,784

2,500

577

908

1,402

3,678

2023Q3

5,114

2,699

558

922

1,563

3,669

2023Q4

5,422

3,074

535

946

1,574

3,816

2024Q1

5,491

3,074

601

996

1,540

3,977

2024Q2

5,576

3,168

580

1,243

1,340

4,036

2024Q3

6,200

3,574

646

1,093

1,716

4,204

2024Q4

6,077

3,546

639

909

1,824

4,193

2025Q1

6,719

4,041

691

1,509

1,246

4,239

2025Q2

7,304

4,295

804

1,012

1,425

4,523

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

2023Q2

1,370

607

329

352

216

2,582

2023Q3

1,369

617

319

341

232

2,609

2023Q4

1,343

614

309

338

218

2,639

2024Q1

1,371

614

323

349

231

2,747

2024Q2

1,370

618

318

379

207

2,748

2024Q3

1,422

643

323

372

239

2,860

2024Q4

1,431

671

318

334

272

2,794

2025Q1

1,475

710

314

431

183

2,866

2025Q2

1,537

738

337

344

199

3,022

Second 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

2023Q2

578

467

980

2023Q3

570

466

1,000

2023Q4

554

480

1,001

2024Q1

526

433

1,061

2024Q2

532

446

931

2024Q3

548

456

101

951

2024Q4

556

443

102

957

2025Q1

547

469

968

2025Q2

555

478

986

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

2023Q2

4,543

1,427

241

2,251

2023Q3

4,798

1,408

316

2,262

2023Q4

5,152

1,486

270

2,330

2024Q1

5,230

1,555

261

2,422

2024Q2

5,308

1,632

268

2,403

2024Q3

5,893

1,759

307

2,445

2024Q4

5,769

1,745

308

2,448

2025Q1

6,254

1,754

465

2,485

2025Q2

6,956

1,914

348

2,609

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

2023Q2

1,233

872

137

1,710

2023Q3

1,233

879

136

1,730

2023Q4

1,186

913

156

1,725

2024Q1

1,215

953

156

1,794

2024Q2

1,210

997

160

1,751

2024Q3

1,258

1,060

164

1,800

2024Q4

1,269

1,032

163

1,762

2025Q1

1,302

1,032

172

1,834

2025Q2

1,375

1,111

162

1,911

Second 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

2023Q2

858

734

772

663

526

441

294

261

2023Q3

845

719

759

653

503

426

276

248

2023Q4

854

722

754

665

512

429

286

266

2024Q1

834

705

673

644

489

409

286

258

2024Q2

849

711

682

645

489

415

276

261

2024Q3

864

722

698

661

489

420

287

263

2024Q4

877

714

705

657

515

438

291

249

2025Q1

892

725

717

670

514

451

295

263

2025Q2

914

739

717

692

531

464

306

277

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

2023Q2

5,538

5,210

4,931

4,775

4,429

4,386

1,240

1,238

2023Q3

5,765

5,441

5,163

4,979

4,591

4,637

1,178

1,134

2023Q4

6,208

5,855

5,536

5,436

5,031

5,039

1,404

1,359

2024Q1

6,379

6,000

5,632

5,523

5,213

5,132

1,547

1,356

2024Q2

6,514

6,122

5,730

5,634

5,331

5,240

1,553

1,503

2024Q3

7,175

6,768

6,369

6,334

5,892

5,806

1,843

1,728

2024Q4

7,070

6,607

6,321

6,170

5,795

5,697

1,935

1,462

2025Q1

7,557

7,064

6,765

6,635

6,092

6,022

1,897

1,123

2025Q2

8,372

7,835

7,517

7,376

6,809

6,830

2,238

1,322

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

2023Q2

1,876

1,607

1,603

1,447

1,192

1,145

438

415

2023Q3

1,866

1,600

1,608

1,438

1,160

1,139

405

378

2023Q4

1,858

1,588

1,593

1,438

1,179

1,127

421

407

2024Q1

1,948

1,642

1,623

1,494

1,215

1,167

459

407

2024Q2

1,979

1,656

1,637

1,505

1,218

1,169

463

416

2024Q3

2,066

1,725

1,727

1,595

1,249

1,214

506

445

2024Q4

2,070

1,707

1,741

1,570

1,285

1,219

529

411

2025Q1

2,099

1,715

1,752

1,575

1,279

1,229

497

381

2025Q2

2,248

1,812

1,863

1,687

1,371

1,310

543

429

Second 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

2023Q2

1,050

206

124

101

134

164

153

2023Q3

1,069

209

128

101

126

164

146

2023Q4

1,077

212

115

105

121

165

159

2024Q1

1,133

161

110

102

123

148

153

2024Q2

1,028

167

117

110

124

168

147

2024Q3

1,052

182

121

110

132

155

154

2024Q4

1,059

178

123

131

179

151

2025Q1

1,067

181

128

131

170

164

2025Q2

1,080

182

130

125

170

175

Table 8.48: Aggregate GAV of Qualifying Hedge Funds Stressing Market

Factors ($ Billions)

As reported on Form PF, Questions 8 and 42.

Factors Tested

2023Q2

2,492

385

440

331

406

627

2,458

597

724

2023Q3

2,577

397

448

327

414

663

2,708

598

651

2023Q4

2,600

423

401

331

445

660

2,927

599

852

2024Q1

2,683

425

389

363

364

791

2,952

647

855

2024Q2

2,672

456

413

339

358

825

3,060

504

986

2024Q3

2,752

494

427

370

393

845

3,377

564

1,181

2024Q4

2,756

504

422

404

304

778

3,262

899

940

2025Q1

2,949

516

410

427

502

794

3,738

834

787

2025Q2

2,957

569

428

474

409

975

4,100

975

940

Table 8.49: Aggregate NAV of Qualifying Hedge Funds Stressing Market

Factors ($ Billions)

As reported on Form PF, Questions 8 and 42.

Factors Tested

2023Q2

1,847

246

266

217

158

272

553

156

237

2023Q3

1,867

259

277

226

153

274

559

147

218

2023Q4

1,882

262

266

217

165

248

566

139

237

2024Q1

1,950

275

252

245

147

275

577

152

243

2024Q2

1,911

299

261

232

159

278

600

131

248

2024Q3

1,964

326

271

246

168

291

597

142

277

2024Q4

1,925

320

263

267

124

273

612

186

257

2025Q1

2,006

330

281

262

143

289

618

170

243

2025Q2

2,073

358

292

278

167

266

667

179

279

Second Calendar Quarter 2025

Analytics Office

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

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

2025Q2

62.0

93.3

97.3

98.1

99.0

99.6

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

2023Q2

301

274

2023Q3

331

299

2023Q4

334

303

***

2024Q1

309

282

2024Q2

322

291

***

2024Q3

345

311

2024Q4

339

307

2025Q1

347

316

2025Q2

363

327

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.

Second 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

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

Apr

2025

32.4

43.2

May

2025

31.9

43.8

Jun

2025

32.6

46.2

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

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

Apr

2025

52.7

66.9

May

2025

51.8

67.9

Jun

2025

52.9

68.6

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

Jun

2024

5.3

5.2

Jul

2024

5.6

5.2

Aug

2024

5.2

Sep

2024

5.7

5.0

Oct

2024

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

Apr

2025

4.4

4.3

May

2025

4.3

4.0

Jun

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

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

Apr

2025

53.7

47.6

May

2025

53.5

48.2

Jun

2025

53.2

47.1

Table 9.7: Ratio of Weekly Liquid Assets to Net Asset Value for Section

3 Liquidity Funds (Percent)

As reported on Form PF, Question 53(h). Ratios are capped at 100%.

Statistic

Average WLA

Asset-Weighted WLA

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

Apr

2025

59.1

61.6

May

2025

59.4

60.9

Jun

2025

59.4

60.6

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.

Second 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

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

2025Q2

60.0

40.0

Table 9.9: NAV Calculation Method (Percent of Section 3 Liquidity Fund

Aggregate NAV)

As reported on Form PF, Questions 9 and 52. For Form PF filings made prior to June 11, 2024,

calculations were based on responses indicating whether the reporting fund utilized the amortized

cost method of valuation or the penny rounding method of pricing in computing its net asset value.

On or after June 11, 2024, calculations are based on responses indicating whether the reporting fund

seeks to maintain a stable price per share.

Type

Stable

Floating

2023Q2

68.8

31.2

2023Q3

63.4

36.6

2023Q4

66.1

33.9

2024Q1

65.4

34.6

2024Q2

80.1

19.9

2024Q3

79.4

20.6

2024Q4

83.3

16.7

2025Q1

82.6

17.4

2025Q2

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.

Second Calendar Quarter 2025

9.4

Analytics Office

Aggregate Portfolio Holdings9

Table 9.10: Aggregate Product Exposures of Section 3 Liquidity Funds ($

Billions)

As reported on Form PF, Question 62.

Investment Type

Deposits

Repo - Govt. Collateral

U.S. Treasuries

Commercial Paper

Other

Asset-Backed Securities

Repo - Other Collateral

U.S. Govt. Debt

Municipal Debt

Jun

2024

74.7

68.8

82.3

51.2

23.8

19.6

***

2.1

***

Jul

2024

84.3

59.0

82.4

50.2

23.9

19.9

***

2.4

***

Aug

2024

85.9

62.3

85.6

51.7

22.6

20.5

***

2.5

***

Sep

2024

82.1

61.3

90.2

58.4

30.0

21.3

***

3.5

***

Oct

2024

83.2

61.0

87.2

50.6

31.3

20.2

***

3.0

***

Nov

2024

89.5

61.5

90.5

46.3

31.3

20.7

***

2.3

***

Dec

2024

76.2

66.2

86.1

44.0

37.0

20.0

***

2.7

***

Jan

2025

95.8

67.0

85.2

48.9

33.2

20.6

***

2.5

***

Feb

2025

101.6

66.5

81.3

51.8

31.1

20.2

***

2.0

***

Mar

2025

94.2

72.9

77.3

57.2

29.0

20.8

***

2.2

***

Apr

2025

101.5

74.7

75.2

55.7

33.9

21.8

***

2.8

***

May

2025

96.2

79.6

72.6

56.6

37.7

22.0

***

2.6

***

Jun

2025

85.6

83.9

73.3

63.0

34.4

25.5

***

2.2

***

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.

Second Calendar Quarter 2025

Analytics Office

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

0.4

0.5

0.4

0.2

0.8

0.3

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

0.4

0.8

0.6

0.4

0.2

0.8

0.2

0.6

0.4

0.9

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

0.5

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

0.4

0.7

0.3

0.9

0.7

0.5

0.3

0.7

0.8

0.4

0.2

0.6

0.2

0.5

2017Q4

6.0

2.3

1.5

1.1

1.6

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

0.5

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

0.4

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

0.5

0.4

0.3

0.4

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

0.3

0.2

0.3

0.4

0.2

2021Q4

11.7

3.4

2.5

1.7

2.2

1.6

1.3

1.5

0.6

0.4

0.6

0.2

0.4

0.3

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

0.5

0.6

0.2

0.3

0.1

0.2

2023Q4

12.8

3.9

2.3

2.2

2.5

1.2

1.0

0.7

0.6

0.5

0.6

0.4

0.5

0.4

0.3

0.4

0.5

0.2

0.3

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

0.5

0.4

0.3

0.2

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.

Second 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

2014Q4

247

199

102

112

2015Q4

315

229

130

110

123

102

2016Q4

319

257

148

136

123

111

157

127

112

114

2017Q4

408

328

153

163

154

140

159

138

114

109

2018Q4

510

423

275

204

196

147

213

177

116

146

124

122

2019Q4

606

454

360

260

262

146

238

228

204

142

177

118

100

133

2020Q4

731

493

428

336

266

193

276

229

198

143

122

173

112

2021Q4

1,101

579

610

388

352

282

297

353

283

137

166

126

216

106

151

138

2022Q4

1,277

846

766

480

436

320

383

360

349

186

174

150

268

117

115

221

157

113

2023Q4

1,430

935

807

578

467

379

439

388

369

227

221

184

147

261

134

132

190

177

140

2024Q4

1,685

1,078

886

619

454

473

442

450

386

278

246

121

146

168

287

120

133

210

215

124

Second Calendar Quarter 2025

10.2

Analytics Office

CPC Financial Leverage

Table 10.3: Ratio of CPC Current Liabilities to Total Liabilities

(Percent)

Questions 74 and 75.

Statistic

25th Percentile

Median

75th Percentile

90th Percentile

Mean

2013Q4

1.8

5.7

19.6

49.0

17.0

2014Q4

1.4

5.3

17.9

50.0

16.2

2015Q4

1.7

6.0

20.0

49.9

16.7

2016Q4

1.9

6.9

20.7

54.3

17.5

2017Q4

2.1

7.3

21.5

51.8

17.7

2018Q4

1.5

6.0

17.8

49.3

15.3

2019Q4

1.3

5.2

16.8

48.8

15.5

2020Q4

1.4

6.0

18.2

46.9

16.0

2021Q4

1.1

4.6

16.7

42.5

14.7

2022Q4

1.3

5.4

18.2

48.0

15.7

2023Q4

1.4

5.3

16.9

39.6

14.3

2024Q4

1.2

4.7

16.6

42.9

14.9

Table 10.4: CPC Payment-in-Kind Borrowings to Total Borrowings (Percent)

Question 76.

Statistic

25th Percentile

Median

75th Percentile

90th Percentile

Mean

2013Q4

4.0

9.0

18.0

33.0

14.8

2014Q4

3.0

8.0

22.0

40.0

16.8

2015Q4

4.0

9.0

22.0

48.0

18.3

2016Q4

4.0

9.0

22.0

48.6

18.6

2017Q4

3.0

8.0

17.0

42.0

16.5

2018Q4

3.0

9.0

22.2

57.0

19.5

2019Q4

4.0

11.0

27.0

61.4

21.8

2020Q4

4.0

11.0

32.0

65.0

23.1

2021Q4

4.0

9.0

31.0

88.0

24.2

2022Q4

4.0

11.0

30.0

66.0

22.8

2023Q4

4.0

11.0

26.0

61.0

21.1

2024Q4

4.0

10.0

25.0

65.8

21.1

Second Calendar Quarter 2025

10.3

Analytics Office

CPC Debt-to-Equity Ratios

Table 10.5: Number of Section 4 Private Equity Funds by Debt-to-Equity

Ratio of CPCs

As reported on Form PF Question 70, 71, and 72. See the appendix for a review of interval notation

used here.

Ratio Type

Weighted Average

High

Low

Ratio

Less than zero

[0,1)

[1,2)

[2,5)

5 or more

Less than zero

[0,1)

[1,2)

[2,5)

5 or more

Less than zero

[0,1)

[1,2)

[2,5)

5 or more

2013Q4

1,342

345

258

193

1,223

322

333

354

153

1,639

185

142

113

2014Q4

100

1,474

347

293

201

1,371

282

358

404

213

1,746

198

136

122

2015Q4

123

1,744

365

263

246

1,653

336

332

420

217

2,065

190

129

140

2016Q4

119

2,015

371

247

249

1,891

349

332

429

216

2,329

196

120

140

2017Q4

144

2,352

449

259

278

2,209

432

380

461

249

2,692

238

134

169

2018Q4

153

2,635

523

345

280

2,516

465

459

496

271

3,060

251

189

165

2019Q4

143

2,925

592

409

325

2,777

489

550

578

272

3,428

311

199

184

2020Q4

189

3,686

596

422

381

3,471

575

598

630

351

4,171

325

237

190

2021Q4

258

4,725

670

481

430

4,513

688

620

743

492

5,224

360

239

249

2022Q4

240

5,382

753

615

516

5,141

709

784

872

515

5,961

423

290

317

2023Q4

329

6,195

853

607

590

5,898

831

814

1,031

631

6,761

461

340

381

2024Q4

436

7,372

913

642

627

7,060

954

880

1,096

815

7,942

522

316

395

Table 10.6: CPC Gross Assets of Section 4 Private Equity Funds by Debtto-Equity Ratio of CPCs ($ Billions)

As reported on Form PF Question 70, 71, 72, and 73. See the appendix for a review of interval

notation used here.

Ratio Type

Weighted Average

High

Low

Ratio

Less than zero

[0,1)

[1,2)

[2,5)

5 or more

Less than zero

[0,1)

[1,2)

[2,5)

5 or more

Less than zero

[0,1)

[1,2)

[2,5)

5 or more

2013Q4

1,178

1,523

1,373

1,542

1,704

924

966

1,637

3,795

1,533

4,396

426

630

337

2014Q4

451

1,817

1,512

1,585

1,054

870

609

1,915

3,023

1,498

3,847

350

509

213

2015Q4

451

1,858

1,31

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