# U.S. Securities and Exchange Commission

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URL: https://www.frixlaw.com/law-library/documents/agency%3Asec%3A5c2c73cfc7710294

## Record

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

## Text

U.S. Securities and Exchange Commission
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

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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:
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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.
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I.

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
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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
4.
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.

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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
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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).

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

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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
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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.

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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
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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),

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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

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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.

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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

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31

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).

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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.

32

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.

9

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.
1

1

Contents
1

Number of Funds and Advisers

3

2

Aggregate Fund Assets

4

3

Fund Domiciles and Adviser Main Offices

13

4

Beneficial Ownership of Funds

14

5

Fund Investments in Derivatives

19

6

Additional Hedge Fund Industry Information

21

7

Information Reported by Large Hedge Fund Advisers

27

8

Qualifying Hedge Fund Specific Information

34

9

Section 3 Liquidity Fund Specific Information

55

10

Section 4 Private Equity Fund Specific Information

59

11

Appendices

63

2

Second Calendar Quarter 2025

1

Analytics Office

Number of Funds and Advisers2
Table 1.1: Number of Funds
Fund Type
Private Equity Fund
Hedge Fund
Other Private Fund
Real Estate Fund
Venture Capital Fund
Securitized Asset Fund
Liquidity Fund
Total

2023Q2
20,996
9,867
6,868
4,277
3,002
2,474
70
47,554

2023Q3
21,004
9,968
6,840
4,266
2,998
2,479
69
47,624

2023Q4
23,111
9,685
7,146
4,255
3,252
2,702
73
50,224

2024Q1
23,165
9,791
7,146
4,271
3,254
2,733
74
50,434

2024Q2
23,137
9,863
7,176
4,270
3,254
2,738
76
50,514

2024Q3
23,222
9,930
7,190
4,253
3,258
2,737
77
50,667

2024Q4
25,008
9,737
7,658
4,647
3,581
3,097
74
53,802

2025Q1
24,986
9,838
7,715
4,724
3,618
3,105
73
54,059

2025Q2
25,012
9,917
7,738
4,738
3,611
3,117
73
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
51

2023Q3
7,499
2,105
51

2023Q4
8,574
2,111
51

2024Q1
8,576
2,092
49

2024Q2
8,548
2,006
52

2024Q3
8,550
2,056
52

2024Q4
9,990
2,058
51

2025Q1
10,349
2,083
48

2025Q2
10,364
2,113
50

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
34
22
3,816

2023Q3
1,767
454
1,866
770
462
285
174
593
34
22
3,815

2023Q4
1,864
487
1,857
787
467
317
176
598
38
22
3,934

2024Q1
1,861
489
1,858
783
468
318
176
595
38
20
3,934

2024Q2
1,862
488
1,855
787
466
318
177
598
39
22
3,936

2024Q3
1,859
489
1,861
790
464
321
175
609
39
21
3,940

2024Q4
1,936
541
1,834
807
480
337
187
615
34
22
4,004

2025Q1
1,935
541
1,832
806
484
338
186
619
34
21
4,002

2025Q2
1,935
542
1,833
807
486
338
186
620
33
22
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
45
3,816

2023Q3
1,735
872
778
384
46
3,815

2023Q4
1,753
902
821
406
52
3,934

2024Q1
1,758
900
816
409
51
3,934

2024Q2
1,759
897
820
408
52
3,936

2024Q3
1,765
901
816
406
52
3,940

2024Q4
1,751
916
843
435
59
4,004

2025Q1
1,744
917
848
432
61
4,002

2025Q2
1,744
914
849
434
61
4,002

2
In this report, “Funds” means all private funds reported on Form PF and “Advisers” means all SEC-registered
investment advisers that file a Form PF to report private funds. Please see the Form PF Glossary of Terms and
Appendix 11.5 for definitions of other capitalized terms used in this report.

3

Second Calendar Quarter 2025

Analytics Office

2

Aggregate Fund Assets

2.1

Aggregate Assets by Fund Type over Time
Table 2.1: Aggregate Private Fund Gross Asset Value (GAV) ($ Billions)
As reported on Form PF, Question 8.
Fund Type
Hedge Fund
Private Equity Fund
Other Private Fund
Real Estate Fund
Securitized Asset Fund
Venture Capital Fund
Liquidity Fund
Total

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

4

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
0.0
0.1
0.5
1.6
0.7
0.0
0.0
0.1
0.5
1.4
0.6

2023Q3
0.0
0.0
0.1
0.5
1.6
0.7
0.0
0.0
0.1
0.5
1.4
0.6

2023Q4
0.0
0.0
0.1
0.5
1.5
0.7
0.0
0.0
0.1
0.5
1.4
0.6

2024Q1
0.0
0.0
0.1
0.5
1.5
0.7
0.0
0.0
0.1
0.5
1.4
0.6

5

2024Q2
0.0
0.0
0.1
0.5
1.5
0.7
0.0
0.0
0.1
0.5
1.4
0.6

2024Q3
0.0
0.0
0.1
0.5
1.5
0.7
0.0
0.0
0.1
0.5
1.4
0.6

2024Q4
0.0
0.0
0.1
0.5
1.4
0.6
0.0
0.0
0.1
0.4
1.3
0.6

2025Q1
0.0
0.0
0.1
0.5
1.4
0.6
0.0
0.0
0.1
0.4
1.3
0.6

2025Q2
0.0
0.0
0.1
0.5
1.4
0.6
0.0
0.0
0.1
0.4
1.3
0.6

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
88

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
45
26

2023Q3
37,111
2,006
499
1,585
1,768
244
41
34

2023Q4
39,570
2,021
561
1,609
1,758
247
42
32

6

2024Q1
39,708
2,031
568
1,620
1,756
238
45
36

2024Q2
39,739
2,053
579
1,627
1,663
239
46
39

2024Q3
39,704
2,095
586
1,638
1,686
261
47
44

2024Q4
42,181
2,194
601
1,712
1,669
268
51
42

2025Q1
42,337
2,216
584
1,722
1,697
265
49
48

2025Q2
42,406
2,238
591
1,718
1,718
266
58
51

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
0.0

2023Q3
48.3
44.5
53.3
13.6
5.9
5.8
5.5
0.6
0.0
0.0

2023Q4
50.7
46.5
56.6
14.8
5.2
5.0
4.9
0.6
0.0
0.0

2024Q1
52.6
47.8
53.4
14.0
5.2
5.0
4.8
0.6
0.0
0.0

2024Q2
53.5
48.7
53.3
14.0
5.2
5.0
4.8
0.6
0.0
0.0

2024Q3
56.1
51.5
52.9
14.3
5.2
5.0
4.8
0.6
0.0
0.0

2024Q4
54.7
50.4
49.2
15.4
5.7
5.0
5.0
0.8
0.0
0.0

2025Q1
56.6
52.8
43.5
14.6
5.7
5.0
4.9
0.7
0.0
0.0

2025Q2
58.3
53.9
43.5
14.5
5.7
5.0
4.9
0.7
0.0
0.0

Table 2.10: Distribution of Fund Borrowing ($ Billions)
As reported on Form PF, Questions 12 and 43 (Third Month). Funds with no borrowing were removed
from this analysis.
Fund Type

All Private Funds

Qualifying Hedge Funds

Statistic
Median
75th Percentile
90th Percentile
95th Percentile
Mean
Median
75th Percentile
90th Percentile
95th Percentile
Mean

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

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
(0,1)
[1,4)
[4,9)
9 or more
0
(0,1)
[1,4)
[4,9)
9 or more

2023Q2
6,864
6,222
694
161
107
996
2,167
552
151
85

2023Q3
6,828
6,270
707
173
110
950
2,214
564
163
88

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
(0,1)
[1,4)
[4,9)
9 or more
0
(0,1)
[1,4)
[4,9)
9 or more

2023Q2
31,880
7,602
1,178
161
3,059
802
993
248
27
25

2023Q3
31,934
7,651
1,147
154
3,067
803
1,014
234
27
27

2023Q4
34,299
7,917
1,147
233
3,050
815
1,010
221
24
41

2024Q1
34,574
7,858
1,147
208
3,040
811
993
226
25
37

2024Q2
34,510
7,849
1,184
214
3,130
732
986
226
27
35

2024Q3
34,683
7,841
1,193
222
3,049
760
995
228
32
41

2024Q4
36,817
8,129
1,270
248
3,378
745
1,001
230
34
48

2025Q1
37,205
8,064
1,261
222
3,295
722
1,054
232
34
41

2025Q2
37,340
8,045
1,256
232
3,294
746
1,035
244
44
44

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

8

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

3
Contributions to the “cost-based” rows include investments in other funds and cash. For related guidance, see Form
PF frequently asked questions here.

9

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
89
1,446

2023Q4
1,680
1,375
96
2,562

2024Q1
1,685
1,448
98
2,560

2024Q2
1,688
1,430
97
2,568

2024Q3
1,692
1,492
92
2,573

2024Q4
1,846
1,541
98
2,530

2025Q1
1,848
1,556
94
2,542

2025Q2
1,865
1,564
97
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
14
20
21
341

2023Q3
14
20
21
339

2023Q4
14
22
20
335

2024Q1
13
22
20
336

10

2024Q2
13
22
20
335

2024Q3
13
22
20
333

2024Q4
13
28
21
366

2025Q1
13
28
21
366

2025Q2
13
28
21
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
7
10
8
272

2023Q3
7
10
8
272

2023Q4
11
8
9
265

2024Q1
11
8
9
265

11

2024Q2
11
8
9
264

2024Q3
11
8
9
266

2024Q4
7
26
8
290

2025Q1
7
26
8
293

2025Q2
7
26
7
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
68
39
***
***
1,564

2023Q3
570
448
427
68
39
***
***
1,562

2023Q4
560
441
488
80
28
***
***
1,607

2024Q1
530
438
410
78
28
***
***
1,493

2024Q2
545
459
390
78
28
***
***
1,511

2024Q3
549
463
391
78
28
***
***
1,520

2024Q4
538
477
428
81
27
***
***
1,562

2025Q1
545
474
428
81
27
***
***
1,567

2025Q2
544
471
432
80
27
***
***
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
11

2024Q3
205
223
11

2024Q4
242
218
10

2025Q1
242
224
11

2025Q2
246
234
11

Table 2.26: Aggregate Value in Parallel Managed Accounts ($ Billions)
As reported on Form PF, Question 11.
Fund Type
Hedge Fund
Other Private Fund
Private Equity Fund
Real Estate Fund
Venture Capital Fund
Liquidity Fund
Securitized Asset Fund
Total

2023Q2
693
1,536
125
15
2
***
***
2,749

2023Q3
706
1,495
125
15
2
***
***
2,751

2023Q4
754
1,708
154
31
1
***
***
3,058

2024Q1
725
1,707
142
31
1
***
***
2,997

2024Q2
736
1,721
116
31
1
***
***
3,002

2024Q3
788
1,735
116
31
1
***
***
3,088

2024Q4
739
1,749
168
24
1
***
***
3,117

2025Q1
748
1,750
168
24
1
***
***
3,108

2025Q2
784
1,765
171
24
1
***
***
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

4
Certain data points in the tables in this section and other sections may be masked to avoid possible disclosure of
proprietary information of individual Form PF filers.

12

Second Calendar Quarter 2025

3

Analytics Office

Fund Domiciles and Adviser Main Offices
Table 3.1: Fund Domicile (Percent of NAV)
As reported on Form PF, Question 9 and Form ADV.
Fund Universe

All Private Funds

Qualifying Hedge Funds

Section 3 Liquidity Funds

Section 4 Private Equity Funds

Country
United States
Cayman Islands
Luxembourg
Ireland
Bermuda
United Kingdom
Virgin Islands, British
Other
Cayman Islands
United States
Luxembourg
Ireland
Virgin Islands, British
Bermuda
Other
Ireland
United States
Cayman Islands
Other
United States
Cayman Islands
Canada
United Kingdom
Bermuda
Other

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
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
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
***
***

13

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

4

Beneficial Ownership of Funds

4.1

All Private Funds
Table 4.1: Beneficial Ownership for All Private Funds ($ Billions)
As reported on Form PF, Questions 9 and 16.
Type
Private Funds
Other
State/Muni. Govt. Pension Plans
U.S. Individuals
Non-Profits
Pension Plans
Sov. Wealth Funds And For. Official Inst.
Insurance Companies
Non-U.S. Individuals
State/Muni. Govt. Entities
Unknown Non-U.S. Investors
Banking/Thrift Inst.
SEC-Registered Investment Companies
Broker-Dealers

2023Q2
2,618
2,559
1,916
1,349
1,271
1,299
1,082
763
319
249
255
179
148
38

2023Q3
2,639
2,581
1,920
1,352
1,263
1,286
1,090
761
317
262
243
179
148
40

2023Q4
2,864
2,947
1,984
1,470
1,330
1,312
1,168
796
333
266
246
192
162
58

2024Q1
2,916
2,971
2,018
1,502
1,361
1,324
1,195
807
332
272
239
196
163
56

2024Q2
2,962
2,914
2,022
1,493
1,349
1,317
1,195
796
334
274
272
226
156
56

2024Q3
3,001
2,946
2,013
1,511
1,377
1,322
1,222
820
343
275
270
243
157
61

2024Q4
3,293
3,144
2,081
1,564
1,416
1,314
1,255
865
369
296
285
216
193
45

2025Q1
3,314
3,175
2,085
1,585
1,403
1,322
1,259
872
361
298
280
226
197
52

2025Q2
3,353
3,215
2,108
1,616
1,438
1,341
1,278
881
370
307
288
237
201
53

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
1.8
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

14

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
1.8
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
63
37
46
33
9

2023Q3
751
596
547
440
471
409
303
165
102
73
34
47
28
9

2023Q4
747
608
555
451
461
406
298
165
99
73
34
53
23
9

2024Q1
782
627
581
468
460
417
318
173
100
77
35
45
21
9

2024Q2
830
621
571
460
458
410
316
170
94
78
32
43
22
9

2024Q3
859
646
595
474
456
421
349
182
102
80
35
46
25
9

2024Q4
853
635
589
479
487
404
321
158
107
83
34
40
23
10

2025Q1
876
663
589
493
498
403
337
169
109
88
34
43
25
10

2025Q2
927
690
622
528
519
421
354
172
115
95
38
36
29
12

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

15

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
0.8
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
64
114
***
49
16
***
11
6
***
***
3
***
***
***

2023Q3
52
135
***
64
16
***
10
4
***
***
3
***
***
***

2023Q4
60
135
***
53
14
***
12
***
***
***
3
***
***
1

2024Q1
56
119
***
54
***
***
12
***
***
***
3
***
***
***

2024Q2
91
71
***
50
***
***
14
***
***
***
3
***
***
***

2024Q3
93
74
***
52
***
***
16
***
***
***
3
***
***
***

2024Q4
99
68
***
56
29
***
11
9
***
***
3
***
***
***

2025Q1
90
74
***
55
31
***
13
10
***
***
3
***
***
***

2025Q2
94
78
***
53
30
***
15
11
***
***
4
***
***
***

Table 4.6: Beneficial Ownership for Section 3 Liquidity Funds (Percent
of Aggregate NAV)
As reported on Form PF, Questions 9 and 16.
Type
Unknown Non-U.S. Investors
Other
Banking/Thrift Inst.
Private Funds
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

16

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
877
516
364
246
284
260
95
68
50
45
34
3

2023Q3
1,021
877
877
516
364
246
284
260
95
68
50
45
34
3

2023Q4
1,198
1,091
937
578
394
276
299
281
98
73
64
56
35
5

2024Q1
1,197
1,094
938
576
394
276
299
281
97
74
64
55
35
5

2024Q2
1,197
1,094
938
576
394
276
299
281
98
74
64
55
35
5

2024Q3
1,197
1,094
940
576
395
276
299
282
98
74
64
55
35
5

2024Q4
1,395
1,182
977
609
399
326
325
305
114
81
78
61
43
5

2025Q1
1,406
1,201
983
653
405
330
330
309
112
81
81
62
48
5

2025Q2
1,406
1,200
983
653
405
330
330
309
112
81
81
62
48
5

Table 4.8: Beneficial Ownership for Section 4 Private Equity Funds
(Percent of Aggregate NAV)
As reported on Form PF, Questions 9 and 16.
Type
Private Funds
Other
State/Muni. Govt. Pension Plans
Sov. Wealth Funds And For. Official Inst.
Pension Plans
U.S. Individuals
Insurance Companies
Non-Profits
State/Muni. Govt. Entities
Non-U.S. Individuals
SEC-Registered Investment Companies
Banking/Thrift Inst.
Unknown Non-U.S. Investors
Broker-Dealers

2023Q2
21.5
18.5
18.5
10.9
7.7
5.2
6.0
5.5
2.0
1.4
1.1
0.9
0.7
0.1

2023Q3
21.5
18.5
18.5
10.9
7.7
5.2
6.0
5.5
2.0
1.4
1.1
0.9
0.7
0.1

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

17

2024Q1
22.2
20.3
17.4
10.7
7.3
5.1
5.5
5.2
1.8
1.4
1.2
1.0
0.7
0.1

2024Q2
22.2
20.3
17.4
10.7
7.3
5.1
5.5
5.2
1.8
1.4
1.2
1.0
0.7
0.1

2024Q3
22.2
20.3
17.4
10.7
7.3
5.1
5.5
5.2
1.8
1.4
1.2
1.0
0.7
0.1

2024Q4
23.6
20.0
16.6
10.3
6.8
5.5
5.5
5.2
1.9
1.4
1.3
1.0
0.7
0.1

2025Q1
23.4
20.0
16.4
10.9
6.7
5.5
5.5
5.1
1.9
1.4
1.3
1.0
0.8
0.1

2025Q2
23.4
20.0
16.4
10.9
6.7
5.5
5.5
5.1
1.9
1.4
1.3
1.0
0.8
0.1

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
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

18

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

5

Analytics Office

Fund Investments in Derivatives
Table 5.1: Aggregate Derivative Value ($ Billions)
As reported on Form PF, Questions 13 and 44 (Third Month).
Type
Hedge Fund
Other Private Fund
Private Equity Fund
Real Estate Fund
Securitized Asset Fund
Venture Capital Fund
Liquidity Fund
Total

2023Q2
15,265
104
159
78
***
0
***
15,610

2023Q3
15,540
101
159
65
***
0
***
15,870

2023Q4
15,384
99
136
64
***
0
***
15,684

2024Q1
16,783
97
109
64
***
0
***
17,054

2024Q2
17,680
97
109
64
***
0
***
17,951

2024Q3
19,508
97
110
64
***
0
***
19,780

2024Q4
18,238
161
131
94
***
1
***
18,629

2025Q1
20,658
161
131
94
***
1
***
21,049

2025Q2
21,778
155
131
94
***
1
***
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
72
0

2023Q3
14,016
72
0

2023Q4
14,123
111
0

2024Q1
14,973
111
0

2024Q2
15,960
111
0

2024Q3
17,259
111
0

2024Q4
16,384
110
0

2025Q1
18,686
110
0

2025Q2
20,034
110
0

Table 5.3: Aggregate Derivative Value (Percent of Aggregate NAV)
As reported on Form PF, Questions 9, 13, and 44 (Third Month).
Type
Hedge Fund
Qualifying Hedge Fund
Other Private Fund
Private Equity Fund
Section 4 Private Equity Fund
Real Estate Fund
Securitized Asset Fund
Venture Capital Fund
Liquidity Fund
Section 3 Liquidity Fund
Total

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

19

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
1.8
10.7
0.9
0.2
***
***
128.1

2025Q2
385.2
439.4
9.5
1.8
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
(0,1)
[1,5)
[5,10)
10 or more
0
(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
(0,1)
[1,5)
[5,10)
10 or more
0
(0,1)
[1,5)
[5,10)
10 or more

2023Q2
34,866
5,314
748
181
2,309
487
1,191
231
74
110

2023Q3
34,933
5,293
765
177
2,321
474
1,215
233
65
118

2023Q4
37,655
5,304
764
176
2,196
486
1,208
220
68
128

20

2024Q1
37,834
5,308
732
184
2,216
496
1,208
202
70
116

2024Q2
37,793
5,296
748
178
2,318
464
1,154
216
59
113

2024Q3
37,956
5,288
770
165
2,253
478
1,173
236
50
119

2024Q4
40,742
5,176
779
156
2,473
483
1,129
248
66
132

2025Q1
40,862
5,262
739
150
2,507
499
1,171
232
56
125

2025Q2
40,927
5,300
750
153
2,504
516
1,174
236
58
128

Second Calendar Quarter 2025

Analytics Office

6

Additional Hedge Fund Industry Information

6.1

High Frequency Trading
Table 6.1: Number of Hedge Funds Using High Frequency Trading (HFT)
Strategies
As reported on Form PF, Question 21. See the appendix for a review of interval notation used here.
Fraction of NAV
0%
(0%,26%)
26% or More

2023Q2
8,876
46
13

2023Q3
8,920
49
12

2023Q4
8,836
44
11

2024Q1
8,919
45
11

2024Q2
8,984
48
10

2024Q3
8,993
48
10

2024Q4
8,878
52
10

2025Q1
8,961
52
9

2025Q2
9,019
53
24

Table 6.2: Aggregate Net Assets of Hedge Fund Managed Using HFT
Strategies ($ Billions)
As reported on Form PF, Questions 9 and 21. See the appendix for a review of interval notation used
here.
Fraction of NAV
0%
(0%,26%)
26% or More

6.2

2023Q2
4,766
71
71

2023Q3
4,762
74
74

2023Q4
4,926
64
13

2024Q1
5,098
88
14

2024Q2
5,109
100
4

2024Q3
5,232
111
4

2024Q4
5,182
110
4

2025Q1
5,238
138
4

2025Q2
5,461
143
7

Industry Concentration
Table 6.3: Percent of Aggregate Hedge Fund Net Asset Value Reported by
Top Hedge Funds Sorted by Net Asset Value
As reported on Form PF, Questions 9 and 10.

Top 10
Top 25
Top 50
Top 100
Top 250
Top 500

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

21

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

22

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
Subtotal
Asset Based Lending
Long/Short
Subtotal
F.I. Asset Backed
F.I. Conv. Arb.
F.I. Corp.
Volatility Arb.
F.I. Sov.
Subtotal
Distressed/Restruct.
Equity
Risk Arb./Merger Arb.
Subtotal
Global Macro
Commodity
Active Trading
Currency
Subtotal
Subtotal
Quantitative
Fundamental
Subtotal
Total

2023Q2
294
263
27
1
584
673
94
77
170
37
7
12
7
2
64
51
27
4
82
9
4
1
0
14
39
***
***
6
1,442

2023Q3
280
254
26
1
562
674
96
79
174
37
7
12
6
2
64
50
21
5
76
12
5
1
0
18
39
***
***
6
1,438

23

2023Q4
290
271
27
2
589
651
100
71
171
39
8
12
7
1
68
54
21
5
80
11
5
***
***
16
44
***
***
7
1,441

2024Q1
324
271
26
2
623
678
101
73
174
41
10
13
7
2
73
54
22
6
82
17
5
***
***
23
47
***
***
7
1,503

2024Q2
320
269
27
2
617
679
101
79
179
44
11
13
8
1
77
56
20
6
82
15
5
***
***
21
48
***
***
7
1,519

2024Q3
341
282
37
2
663
713
106
86
192
46
17
13
11
2
89
58
22
6
86
23
8
***
***
31
49
***
***
11
1,634

2024Q4
375
283
37
1
697
713
111
99
211
48
17
14
12
1
91
58
24
6
89
23
10
***
***
33
55
***
***
11
1,671

2025Q1
349
280
39
1
669
744
113
102
215
52
17
14
12
1
97
59
25
6
90
22
11
***
***
33
57
***
***
11
1,702

2025Q2
376
303
43
1
724
769
114
106
220
55
20
15
13
1
103
59
27
7
93
17
10
***
***
28
56
***
***
11
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
Subtotal
Asset Based Lending
Long/Short
Subtotal
F.I. Asset Backed
F.I. Conv. Arb.
F.I. Corp.
Volatility Arb.
F.I. Sov.
Subtotal
Distressed/Restruct.
Equity
Risk Arb./Merger Arb.
Subtotal
Global Macro
Commodity
Active Trading
Currency
Subtotal
Subtotal
Quantitative
Fundamental
Subtotal
Total

2023Q2
513
578
45
12
1,138
1,218
220
238
455
123
24
57
18
18
221
218
69
19
305
21
15
***
***
46
333
***
***
24
3,469

2023Q3
527
587
46
13
1,163
1,231
226
241
464
130
24
66
19
19
230
219
66
19
303
21
16
***
***
48
338
***
***
24
3,526

24

2023Q4
488
595
49
18
1,141
1,147
216
216
427
142
23
69
22
16
245
218
67
20
305
32
16
***
***
58
374
***
***
31
3,427

2024Q1
488
587
49
18
1,133
1,173
211
223
429
149
24
67
22
20
251
220
66
21
306
37
18
***
***
65
390
***
***
28
3,487

2024Q2
507
580
49
17
1,144
1,179
207
227
429
148
24
57
22
13
240
232
64
20
316
35
17
***
***
62
381
***
***
28
3,512

2024Q3
531
602
54
19
1,189
1,219
224
233
452
154
28
62
26
18
254
235
70
21
324
37
19
***
***
64
408
***
***
32
3,607

2024Q4
485
601
47
18
1,135
1,157
226
252
474
153
25
64
23
17
251
233
69
21
322
36
21
***
***
64
374
***
***
31
3,505

2025Q1
495
595
49
15
1,141
1,177
216
264
476
157
25
62
24
18
254
236
68
22
324
32
20
***
***
60
421
***
***
31
3,588

2025Q2
494
590
50
15
1,135
1,185
216
264
476
157
26
60
24
18
254
239
71
21
329
32
20
***
***
59
416
***
***
30
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
Subtotal
Global Macro
Commodity
Active Trading
Currency
Subtotal
Quantitative
Fundamental
Subtotal
Distressed/Restruct.
Equity
Risk Arb./Merger Arb.
Subtotal
Subtotal
Total

2023Q2
670
226
***
***
1,012
229
68
23
14
18
352
233
101
334
762
399
7
***
***
408
***
***
285
132
27
22
182
38
2,184

2023Q3
653
217
***
***
982
228
74
20
14
19
355
232
102
334
762
422
7
***
***
433
***
***
273
131
24
25
179
35
2,180

25

2023Q4
682
233
***
***
1,033
258
78
23
15
20
394
235
116
351
766
531
6
***
***
539
***
***
214
133
25
20
178
34
2,216

2024Q1
723
235
***
***
1,079
242
76
21
17
18
374
245
123
367
792
596
6
***
***
604
***
***
282
138
25
23
186
46
2,284

2024Q2
737
242
***
***
1,104
254
76
20
12
18
381
244
129
372
820
577
6
***
***
585
***
***
279
137
24
20
181
40
2,299

2024Q3
738
261
***
***
1,141
273
83
23
13
18
410
256
135
391
833
737
4
***
***
742
***
***
277
143
25
21
189
42
2,358

2024Q4
754
256
147
5
1,161
219
77
21
13
11
341
259
138
396
793
666
4
***
***
671
***
***
207
137
27
20
184
44
2,305

2025Q1
727
249
***
***
1,138
279
76
19
13
11
397
263
141
404
809
870
4
***
***
876
***
***
225
130
28
25
184
46
2,301

2025Q2
774
281
***
***
1,237
449
78
26
17
10
580
283
141
424
845
392
5
***
***
398
***
***
208
130
31
27
188
47
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
Subtotal
Global Macro
Commodity
Active Trading
Currency
Subtotal
Quantitative
Fundamental
Subtotal
Distressed/Restruct.
Equity
Risk Arb./Merger Arb.
Subtotal
Subtotal
Total

2023Q2
594
347
***
***
1,025
59
147
30
25
90
303
286
123
406
943
164
40
***
***
213
***
***
126
227
70
44
317
118
3,222

2023Q3
594
344
***
***
1,023
60
145
30
24
91
301
285
125
407
955
165
46
***
***
217
***
***
126
229
70
43
318
111
3,223

26

2023Q4
565
348
***
***
992
57
143
28
20
87
288
306
138
440
964
167
35
***
***
210
***
***
123
224
72
42
314
96
3,186

2024Q1
561
352
***
***
991
48
144
27
20
83
285
304
141
441
958
170
37
***
***
213
***
***
122
221
71
42
310
94
3,178

2024Q2
558
352
***
***
984
54
148
28
20
86
294
306
144
446
964
166
37
***
***
208
***
***
119
224
75
43
314
99
3,185

2024Q3
563
353
***
***
997
49
138
28
30
88
296
309
146
451
950
159
36
***
***
201
***
***
115
226
74
42
315
98
3,179

2024Q4
617
351
79
11
1,055
35
141
27
17
64
269
289
160
447
906
158
27
***
***
190
***
***
114
222
69
40
310
105
3,192

2025Q1
627
348
***
***
1,063
35
138
27
17
60
265
294
159
451
914
154
25
***
***
188
***
***
115
221
68
41
314
117
3,213

2025Q2
627
351
***
***
1,067
33
136
27
17
60
261
297
153
448
912
156
29
***
***
194
***
***
118
220
69
41
313
109
3,220

Second Calendar Quarter 2025

Analytics Office

7

Information Reported by Large Hedge
Fund Advisers

7.1

Economic Leverage
Table 7.1: Aggregate Hedge Fund Net Assets of Large Hedge Fund Advisers
Reporting by GNE to Adviser-Level Hedge Fund NAV Ratio ($
Billions)
As reported on Form PF, Questions 3 and 26. See the appendix for a review of interval notation used
here.

Exposure

Including IRDs

Excluding IRDs

Ratio
(0,1.5)
[1.5,3)
[3,5)
[5,10)
10 or more
(0,1.5)
[1.5,3)
[3,5)
[5,10)
10 or more

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
78
54
91
256
208
76
55
66

Jul
2024
247
198
71
57
93
276
191
78
52
69

Aug
2024
245
202
74
54
93
272
196
82
47
71

Sep
2024
224
218
76
53
97
252
219
74
50
73

Oct
2024
255
207
70
56
99
282
204
75
50
76

27

Nov
2024
245
203
80
56
102
276
195
85
53
77

Dec
2024
234
218
78
56
100
265
216
74
56
75

Jan
2025
237
210
75
60
96
264
205
77
57
75

Feb
2025
246
203
77
53
99
269
202
80
52
75

Mar
2025
235
219
72
55
98
261
209
77
57
75

Apr
2025
263
201
68
51
93
294
193
72
48
69

May
2025
258
200
68
55
96
282
196
74
56
69

Jun
2025
240
207
75
52
102
268
200
81
54
73

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
55
41
55
339
199
51
38
34

Jul
2024
331
188
43
40
64
360
181
50
35
40

Aug
2024
331
189
42
40
66
363
183
43
37
42

Sep
2024
314
200
48
40
66
346
193
50
33
46

Oct
2024
342
185
48
41
71
372
179
51
35
50

28

Nov
2024
317
209
49
40
71
346
203
54
31
52

Dec
2024
323
206
52
39
66
353
199
54
29
51

Jan
2025
317
206
51
36
68
339
201
58
33
47

Feb
2025
317
208
47
36
70
342
204
51
34
47

Mar
2025
321
207
41
41
69
347
196
50
39
47

Apr
2025
361
165
46
37
67
389
161
53
26
47

May
2025
346
177
45
41
68
373
175
47
32
50

Jun
2025
321
197
49
41
68
344
198
49
34
51

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
86
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
97
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
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
55
31
28
54
523
55
25
25
33

Jul
2024
499
57
23
28
59
526
56
23
24
37

Aug
2024
497
60
26
25
60
533
51
25
23
36

Sep
2024
502
50
31
24
61
533
47
24
24
40

Oct
2024
518
47
29
31
62
544
52
23
24
44

29

Nov
2024
509
53
31
29
64
534
62
24
24
42

Dec
2024
513
51
36
27
59
535
62
24
23
42

Jan
2025
507
52
34
31
54
530
60
28
18
42

Feb
2025
504
53
36
29
56
527
59
28
23
41

Mar
2025
507
53
37
28
54
531
57
28
24
39

Apr
2025
513
52
31
26
54
537
56
24
22
37

May
2025
515
46
32
26
58
537
51
29
21
39

Jun
2025
509
52
33
26
56
532
56
26
22
40

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

30

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
41
30,242

Aug
2024
22,272
11,320
4,645
216
43
38,495

Sep
2024
20,285
8,419
4,482
276
55
33,517

Oct
2024
18,338
9,779
5,052
260
53
33,481

Nov
2024
22,121
9,438
4,952
223
54
36,787

Dec
2024
19,135
8,151
4,760
168
46
32,260

Jan
2025
17,468
9,385
4,598
288
46
31,785

Feb
2025
23,646
11,080
4,783
279
59
39,847

Mar
2025
24,339
10,989
5,524
337
62
41,251

Apr
2025
33,241
12,928
6,255
288
75
52,787

May
2025
21,600
11,848
4,898
249
62
38,657

Jun
2025
21,431
10,777
4,762
404
79
37,454

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
359
214
92
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
97
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
70
735

Feb
2025
2,915
425
199
390
88
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
87
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
70
40
46
18
78

Jul
2024
413
64
47
40
19
75

Aug
2024
408
65
44
45
18
79

Sep
2024
409
62
50
39
26
73

Oct
2024
422
69
48
40
20
78

Nov
2024
409
61
59
44
30
74

31

Dec
2024
425
60
52
42
24
74

Jan
2025
415
66
55
38
22
77

Feb
2025
405
64
55
44
18
87

Mar
2025
397
63
61
46
23
84

Apr
2025
393
59
71
43
26
80

May
2025
414
66
52
48
22
71

Jun
2025
420
60
55
44
20
73

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
90
36
31
23

2023Q3
6,381
1,498
783
415
89
37
29
23

2023Q4
6,769
1,625
824
421
125
39
31
24

2024Q1
7,077
1,780
866
437
125
48
37
29

2024Q2
7,298
1,599
873
478
119
51
31
34

2024Q3
7,790
1,820
977
550
122
46
32
35

2024Q4
8,207
1,698
885
541
134
52
50
30

2025Q1
8,377
1,917
941
575
137
81
38
32

2025Q2
8,890
2,224
1,113
644
142
49
43
37

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

32

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
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
50
40
3

2023Q3
6,003
380
128
47
38
7

2023Q4
6,425
435
123
47
49
1

2024Q1
6,717
437
132
54
43
2

2024Q2
6,947
430
143
55
43
0

2024Q3
7,402
467
166
***
45
***

2024Q4
7,554
404
144
***
49
***

2025Q1
7,964
428
187
***
51
***

2025Q2
8,456
555
154
***
51
***

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
1.1
0.0

2024Q1
149.6
9.7
2.9
1.2
1.0
0.0

33

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

8

Qualifying Hedge Fund Specific Information

8.1

Economic Leverage
Table 8.1: Aggregate Net Assets of Qualifying Hedge Funds by GNE to NAV
Ratio ($ Billions)
As reported on Form PF, Questions 9, 10, 26, and 30. See the appendix for a review of interval
notation used here.

Exposure

Including IRDs

Excluding IRDs

Ratio
(0,1.5)
[1.5,3)
[3,5)
[5,10)
10 or more
(0,1.5)
[1.5,3)
[3,5)
[5,10)
10 or more

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

34

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
96
93
140
1,325
413
93
87
88

Jul
2024
1,306
416
105
76
152
1,399
386
92
81
97

Aug
2024
1,315
407
103
76
155
1,407
380
97
75
97

Sep
2024
1,278
432
109
81
156
1,371
409
100
77
99

Oct
2024
1,265
413
118
87
176
1,363
393
114
74
115

35

Nov
2024
1,239
435
119
90
175
1,342
405
121
77
113

Dec
2024
1,241
437
120
91
169
1,340
410
116
81
111

Jan
2025
1,287
445
110
90
151
1,370
423
116
79
95

Feb
2025
1,278
447
112
94
152
1,365
432
108
82
96

Mar
2025
1,264
472
100
100
150
1,363
444
101
79
99

Apr
2025
1,338
411
105
100
150
1,439
390
107
68
100

May
2025
1,320
424
108
96
165
1,422
401
103
79
108

Jun
2025
1,266
464
110
108
162
1,366
432
114
88
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
52
74
134
1,697
110
53
58
88

Jul
2024
1,689
106
53
68
139
1,756
105
46
54
94

Aug
2024
1,685
118
55
59
139
1,759
105
49
50
93

Sep
2024
1,683
116
62
54
141
1,754
107
50
50
95

Oct
2024
1,659
117
57
65
161
1,736
109
49
50
115

36

Nov
2024
1,649
114
71
60
164
1,725
113
56
55
109

Dec
2024
1,645
119
77
55
162
1,719
111
67
52
109

Jan
2025
1,709
104
68
60
142
1,774
99
63
51
96

Feb
2025
1,712
103
63
66
139
1,773
101
63
52
94

Mar
2025
1,711
105
69
61
140
1,770
108
66
44
98

Apr
2025
1,726
118
66
50
144
1,794
115
53
48
94

May
2025
1,719
122
61
65
146
1,787
116
60
51
99

Jun
2025
1,716
112
72
65
145
1,779
114
66
48
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
Subtotal
Global Macro
Currency
Commodity
Active Trading
Subtotal
Long/Short
Asset Based Lending
Subtotal
Distressed/Restruct.
Risk Arb./Merger Arb.
Equity
Subtotal
Quantitative
Fundamental
Subtotal
Subtotal
Total

2023Q2
1,065
453
***
***
1,902
722
129
94
85
61
1,091
1,515
987
***
40
***
1,059
370
168
538
210
85
102
397
***
***
287
86
6,876

2023Q3
1,035
434
***
***
1,811
761
135
93
79
64
1,132
1,543
1,004
***
33
***
1,069
372
170
542
208
99
85
392
***
***
259
109
6,858

2023Q4
1,098
448
***
***
1,906
943
144
103
94
65
1,349
1,525
1,188
34
30
2
1,253
382
191
573
213
87
88
388
***
***
211
104
7,309

2024Q1
1,180
466
***
***
2,030
879
140
109
90
57
1,275
1,586
1,266
38
38
2
1,343
392
199
591
219
106
79
404
***
***
249
94
7,573

2024Q2
1,192
481
***
***
2,079
904
145
115
75
57
1,297
1,632
1,254
31
28
1
1,314
409
196
605
219
106
80
405
***
***
276
86
7,694

2024Q3
1,217
515
***
***
2,170
1,040
154
126
83
68
1,471
1,718
1,522
39
32
1
1,594
420
201
620
226
111
84
421
***
***
277
96
8,368

2024Q4
1,281
504
***
***
2,233
949
163
114
73
58
1,357
1,621
1,460
35
28
1
1,525
436
208
644
217
106
86
410
***
***
239
92
8,119

2025Q1
1,231
503
***
***
2,208
1,200
178
125
77
52
1,631
1,699
1,524
42
31
1
1,599
445
223
668
208
120
84
412
***
***
255
87
8,559

2025Q2
1,353
567
***
***
2,453
1,569
184
149
91
53
2,047
1,776
1,039
53
34
1
1,128
471
234
704
216
135
90
442
***
***
240
87
8,878

5
Form PF Question 20 requires advisers to indicate which strategies best describe the reporting fund’s strategies
including a good faith estimate of the reporting fund’s allocation among strategies, and provides a list of investment
strategies for this purpose. Form PF does not define the investment strategies listed by Question 20.

37

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
Subtotal
Global Macro
Currency
Commodity
Active Trading
Subtotal
Long/Short
Asset Based Lending
Subtotal
Distressed/Restruct.
Risk Arb./Merger Arb.
Equity
Subtotal
Quantitative
Fundamental
Subtotal
Subtotal
Total

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

38

2023Q4
27.6
11.2
***
***
47.9
23.7
3.6
2.6
2.4
1.6
33.9
38.3
29.8
0.9
0.7
0.0
31.5
9.6
4.8
14.4
5.3
2.2
2.2
9.7
***
***
5.3
2.6
183.6

2024Q1
28.7
11.3
***
***
49.3
21.4
3.4
2.6
2.2
1.4
31.0
38.5
30.7
0.9
0.9
0.0
32.6
9.5
4.8
14.4
5.3
2.6
1.9
9.8
***
***
6.0
2.3
184.0

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
59

2023Q3
1,763
1,136
1,035
1,068
1,705
396
266
124
65

2023Q4
1,812
1,836
1,157
1,134
1,213
402
264
91
44

2024Q1
1,965
1,274
1,246
1,148
1,728
424
254
110
39

2024Q2
2,128
1,381
1,172
1,164
1,595
446
254
116
40

2024Q3
2,349
1,469
1,450
1,283
1,604
467
271
131
41

2024Q4
2,461
1,441
1,396
1,257
1,796
483
248
122
39

2025Q1
2,574
2,321
1,768
1,269
753
483
273
123
55

2025Q2
2,797
2,697
1,733
1,372
727
513
313
123
50

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
83
41

2023Q3
1,064
738
182
229
424
207
183
75
42

2023Q4
1,072
778
267
233
309
206
198
60
28

2024Q1
1,157
795
193
237
402
204
193
59
30

39

2024Q2
1,232
803
190
260
309
202
180
61
30

2024Q3
1,230
846
203
270
363
215
195
53
31

2024Q4
1,261
804
199
270
397
193
190
66
29

2025Q1
1,329
813
304
272
252
189
199
60
41

2025Q2
1,477
844
309
283
237
223
207
56
35

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
47
58
16

2023Q3
755
869
621
1,245
219
121
50
43
17

2023Q4
1,349
950
728
844
230
119
74
38
15

2024Q1
886
1,062
815
1,377
241
136
60
47
1

2024Q2
943
1,182
769
1,349
257
138
65
49
2

2024Q3
1,030
1,378
1,154
1,328
310
149
55
50
3

2024Q4
956
1,472
1,066
1,438
314
158
55
42
4

2025Q1
1,869
1,534
1,356
552
325
152
62
49
5

2025Q2
2,243
1,661
1,276
573
364
168
75
62
4

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
93

2023Q3
5,611
2,340
1,008
3,471
1,285
844
294
119
86

2023Q4
5,956
3,799
979
2,328
832
804
270
101
46

2024Q1
6,187
2,717
1,139
3,441
1,208
842
308
71
50

40

2024Q2
5,829
3,224
1,343
3,718
1,409
861
345
74
46

2024Q3
6,809
3,644
2,072
3,187
1,277
1,061
340
73
54

2024Q4
6,266
3,211
2,199
2,957
1,348
1,000
341
60
45

2025Q1
7,431
5,275
2,876
1,591
1,130
885
341
65
49

2025Q2
7,472
6,784
3,041
1,700
1,175
934
346
82
52

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
1.4
1.3

2023Q3
6.2
5.7
4.0
1.7
1.7
1.7
1.4
1.6
1.3

2023Q4
6.9
5.8
3.9
1.5
1.7
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
1.7
1.5
1.3
1.3

2024Q3
7.2
7.5
4.4
2.5
1.9
1.7
1.5
1.3
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
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

41

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
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
80
53
68
62
35
41
17
14
8
4

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
72
147
160
124
77
57
70
67
37
40
17
14
10
5

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
72
145
170
118
79
69
64
66
37
40
17
15
11
5

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
82
75
66
70
39
42
17
14
11
5

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
75
143
149
123
87
60
66
69
39
40
16
14
11
5

42

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
76
153
124
126
94
58
64
68
42
40
16
15
13
5

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
89
61
67
73
45
42
16
15
13
5

Jan
2025
4,533
2,813
2,111
1,986
1,235
1,06

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Asec%3A5c2c73cfc7710294. Public record. Not legal advice.