U.S. Securities and Exchange Commission

U.S. Securities and Exchange Commission

Annual Staff Report Relating to the Use of Form PF Data

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.

January 17, 2025

Executive Summary

Since July 2012, the 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”), enacted in 2010, that

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 approximately $15 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.

Part III of this twelfth Annual Report Relating to the Use of Form PF Data highlights the uses of the Form

PF data by the Commission and Commission staff. These include:

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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.

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

the Commodity Futures Trading Commission (“CFTC”) in part 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 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.

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I.

Introduction

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

approximately $15 trillion in reported net assets as of the first quarter of 2024 1 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, 2 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 Advisers Act rule 204(b)–1, adopted by the Commission in 2011, 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. 3 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. 4 This

report is being submitted to Congress to satisfy that requirement. 5

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 information that the Commission uses in carrying out its mission. 6

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

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

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Private Funds Statistics, First Calendar Quarter 2024, 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.” 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) at n. 10 and text

accompanying n. 49 [76 Fed. Reg. 71128, 71132 (Nov. 16, 2011)], https://www.gpo.gov/fdsys/pkg/FR2011-11-16/pdf/2011-28549.pdf (the “Adopting Release”).

See Adopting Release.

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. Section 204(b) was enacted as part

of the Dodd- Frank Wall Street Reform and Consumer Protection Act of 2010, Public Law No. 111-203, §

404, 124 Stat. 1376 (the “Dodd-Frank Act”).

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with the third party data on which the Commission would otherwise rely. 7 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. 8 As required by statute, the

Commission designed Form PF in consultation with FSOC. 9

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

$150 million in private fund assets under management 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”). 10 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, 11 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

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

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Adopting Release, supra note 2, 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 6.

See Advisers Act section 204(b)(3) (requires the Commission to consult with FSOC).

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 2, at Section II.E

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

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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. 12

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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.

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

appropriately filed. 13

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

to improve data quality and add new questions that provide important insights into private markets. 14

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;

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

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) 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, 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)], 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)], 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)], https://www.sec.gov/files/rules/final/2024/ia-6546.pdf.

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III.

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. 15 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. 16

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

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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, supra note 7.

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

Appendix and Section III.B, infra.

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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.

Identify New Developments in Broader Financial Markets. Form PF data, including data in eventbased reports filed by advisers to qualifying hedge funds and to private equity funds, 17 has the potential to

capture new developments and trends among private funds and private fund advisers. This provides the

Commission and staff with a window into potential new developments and trends in the broader public

markets regulated by the Commission. For example, it is well-known that certain “alternative” investment

strategies first offered in hedge funds have more recently been developed and modified to be offered by

mutual funds. 18 Staff has also used Form PF data to monitor trends in hedge fund exposures to leveraged

loans and collateralized loan obligations.

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. For example, the Commission relied on data derived from Form PF in recently adopted

amendments to Form PF which were designed to provide greater insight into private funds’ operations and

strategies, to assist in identifying trends—including those that could create systemic risk—to improve data

quality and comparability, and to reduce reporting errors. 19

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

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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)], https://www.sec.gov/files/rules/final/2023/ia-6297.pdf.

See, e.g., FINRA, Alternative Funds Are Not Your Typical Mutual Funds,

http://www.finra.org/investors/alerts/alternative-funds-are-not-your-typical-mutual-funds (describing

“alternative mutual funds” as funds that seek to accomplish the fund’s objectives through non-traditional

investments and trading strategies that “may bring to mind” the strategies and investments of hedge funds).

See 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)],

https://www.sec.gov/files/rules/final/2024/ia-6546.pdf

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, at the Appendix; SEC Staff Supplements

Quarterly Private Funds Statistics, Press Release (Dec. 10, 2020), https://www.sec.gov/news/pressrelease/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.

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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

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

monitoring activities. 25

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

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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),

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

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hedge funds. 26 Another staff white paper used Form PF data to characterize private liquidity funds and

compare them to registered money market funds. 27

Assisting the Examinations and Enforcement Programs 28

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 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,

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28

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.

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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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 in part 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 PF data. 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.

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Appendix

(Private Funds Statistics, First Calendar Quarter 2024)

A-1

Division of Investment Management

Analytics Ofce

Private Fund Statistics

First Calendar Quarter 2024

This is a report of the Staf of the Division of Investment Management’s Analytics Ofce of the U.S.

Securities and Exchange Commission. The Commission has expressed no view regarding the analysis,

fndings, or conclusions contained herein.

Analytics Ofce

Introduction

This report provides a summary of recent private fund industry statistics and trends, refecting

data collected from Form PF and Form ADV flings received through October 04, 2024.1 Form PF

information provided in this report is aggregated, rounded, and/or masked to avoid potential

disclosure of proprietary information of individual Form PF flers. Masked data in this report is

denoted by “***”. 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.

This report refects data from First Calendar Quarter 2022 through First Calendar Quarter

2024 as reported by Form PF flers.2

Please see the Appendix for further information on the categories of Form PF flers, including

Qualifying Hedge Funds, Section 3 Liquidity Funds, Section 4 Private Equity Funds, as well as the

defnitions of capitalized terms and other technical descriptions.

Commission Staf continues to work with data reported on Form PF and with filers

to identify and correct filing errors. Commission Staf updates reported statistics based

on amended filings and also may make certain adjustments to the statistics

presented to correct what appear to be clear filing errors. Further, Commission Staf

has employed certain assumptions in aggregating the data. Future adjustments to these

methodologies and amended filings that change the underlying data could lead to

changes in previously reported statistics.

If you have any questions or comments about First Calendar Quarter 2024 Private

Fund Statistics, please contact:

Tim Dulaney, PhD, FRM, Tim Husson, PhD, FRM, or Trevor Tatum at FormPF@sec.gov with subject

line “First Calendar Quarter 2024-Private Fund Statistics”.

1

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 fle

Form PF, but report general information about the private funds they manage on Form ADV.

2

The Commission began receiving Form PF flings from Large Hedge Fund Advisers in July 2012. A full data set was

not received until March 2013.

1

Contents

1

Number of Funds and Advisers

3

2

Aggregate Fund Assets

4

3

Fund Domiciles and Adviser Main Ofces

13

4

Benefcial 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 Specifc Information

34

9

Section 3 Liquidity Fund Specifc Information

55

10

Section 4 Private Equity Fund Specifc Information

59

11

Appendices

65

2

Analytics Ofce

1

Number of Funds and Advisers3

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

2022Q1

18,977

9,657

6,296

3,787

2,231

2,251

79

43,278

2022Q2

19,017

9,761

6,285

3,790

2,289

2,257

79

43,478

2022Q3

19,070

9,795

6,287

3,790

2,290

2,257

78

43,567

2022Q4

20,939

9,803

6,762

4,273

2,990

2,461

71

47,299

2023Q1

20,959

9,862

6,901

4,274

2,993

2,470

70

47,529

2023Q2

20,972

9,861

6,858

4,276

3,002

2,474

69

47,512

2023Q3

20,980

9,962

6,830

4,265

2,998

2,479

68

47,582

2023Q4

23,081

9,671

7,130

4,254

3,251

2,702

72

50,161

2024Q1

23,134

9,777

7,130

4,270

3,253

2,731

73

50,368

Table 1.2: Number of Funds Reported by Large Filers

Fund Type

Section 4 Private Equity Fund

Qualifying Hedge Fund

Section 3 Liquidity Fund

2022Q1

6,652

2,094

54

2022Q2

6,650

2,061

52

2022Q3

6,650

2,041

51

2022Q4

7,494

2,075

50

2023Q1

7,404

2,047

50

2023Q2

7,487

2,091

50

2023Q3

7,486

2,100

50

2023Q4

8,561

2,107

51

2024Q1

8,563

2,087

48

Table 1.3: Number of Advisers Advising Each Fund Type

The “Total” row shows the total reported, and will not equal the sum of the preceding rows,

because the rows are not mutually exclusive.

Fund Type

Private Equity Fund

Hedge Fund

Section 4 Private Equity Fund

Other Private Fund

Real Estate Fund

Venture Capital Fund

Securitized Asset Fund

Qualifying Hedge Fund

Liquidity Fund

Section 3 Liquidity Fund

Total

2022Q1

1,641

1,864

436

741

430

238

175

608

39

23

3,685

2022Q2

1,645

1,868

436

737

432

240

175

600

39

22

3,690

2022Q3

1,647

1,866

437

735

432

241

173

584

39

21

3,685

2022Q4

1,762

1,862

454

762

460

284

178

593

34

21

3,807

2023Q1

1,764

1,863

452

765

460

286

176

576

33

21

3,811

2023Q2

1,764

1,862

454

767

461

287

175

591

33

21

3,810

2023Q3

1,765

1,863

453

767

461

285

174

589

33

21

3,809

2023Q4

1,860

1,850

486

782

466

316

176

595

37

22

3,922

2024Q1

1,857

1,852

488

778

467

317

176

592

37

19

3,923

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

2022Q1

1,718

863

733

329

42

3,685

2022Q2

1,717

864

735

330

44

3,690

2022Q3

1,710

868

733

330

44

3,685

2022Q4

1,736

870

775

381

45

3,807

2023Q1

1,735

873

775

382

46

3,811

2023Q2

1,735

870

776

384

45

3,810

2023Q3

1,731

872

776

384

46

3,809

2023Q4

1,745

900

819

406

52

3,922

2024Q1

1,751

898

814

409

51

3,923

3

In this report, “Funds” means all private funds reported on Form PF and “Advisers” means all SEC-registered

investment advisers that fle a Form PF to report private funds. Please see Appendix 11.4 for defnitions of other

capitalized terms used in this report.

3

Analytics Ofce

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

2022Q1

9,782

6,389

1,766

968

869

333

318

20,426

2022Q2

9,443

6,401

1,740

970

868

334

335

20,091

2022Q3

9,279

6,407

1,716

976

869

334

335

19,915

2022Q4

9,360

6,713

1,646

1,140

923

375

321

20,479

2023Q1

9,501

6,649

1,605

1,139

925

374

320

20,512

2023Q2

9,895

6,660

1,577

1,138

923

374

332

20,899

2023Q3

10,212

6,667

1,569

1,129

924

374

361

21,235

2023Q4

10,755

7,408

1,732

1,078

1,024

400

361

22,758

2024Q1

11,112

7,423

1,735

1,081

1,031

400

339

23,122

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

2022Q1

8,263

4,953

314

2022Q2

7,917

4,953

331

2022Q3

7,698

4,953

331

2022Q4

7,827

5,279

319

2023Q1

7,998

5,223

319

2023Q2

8,432

5,235

330

2023Q3

8,753

5,235

359

2023Q4

9,208

5,870

359

2024Q1

9,434

5,874

333

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

Liquidity Fund

Securitized Asset Fund

Total

2022Q1

5,733

5,151

1,582

745

313

313

265

14,102

2022Q2

5,742

4,914

1,558

746

314

327

264

13,865

2022Q3

5,746

4,851

1,534

751

314

331

264

13,792

2022Q4

6,030

4,817

1,417

859

342

318

264

14,048

2023Q1

5,973

4,858

1,373

859

341

313

265

13,982

2023Q2

5,983

4,912

1,346

859

341

319

265

14,026

2023Q3

5,992

4,932

1,339

850

341

346

264

14,064

2023Q4

6,738

4,992

1,541

822

375

352

284

15,103

2024Q1

6,752

5,213

1,541

826

375

331

288

15,325

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

2022Q1

4,486

4,145

309

2022Q2

4,487

3,873

324

2022Q3

4,487

3,766

327

4

2022Q4

4,780

3,791

316

2023Q1

4,727

3,878

311

2023Q2

4,737

3,935

317

2023Q3

4,737

3,960

345

2023Q4

5,381

3,964

350

2024Q1

5,386

4,101

325

Analytics Ofce

2.2

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

2022Q1

0.2

0.6

1.4

3.0

6.6

3.9

0.2

0.5

1.0

2.0

4.4

2.0

2022Q2

0.2

0.6

1.3

2.8

6.3

3.8

0.2

0.5

0.9

1.8

4.0

1.9

2022Q3

0.2

0.6

1.2

2.8

6.3

3.8

0.1

0.5

0.9

1.8

3.9

1.8

2022Q4

0.2

0.6

1.2

2.6

6.1

3.8

0.1

0.5

0.9

1.8

3.9

1.8

2023Q1

0.2

0.6

1.3

2.8

6.4

3.9

0.1

0.5

0.9

1.9

4.0

1.9

2023Q2

0.2

0.6

1.3

2.8

6.5

4.0

0.2

0.5

0.9

1.9

4.0

1.9

2023Q3

0.2

0.6

1.2

2.8

6.6

4.2

0.2

0.5

0.9

1.9

4.0

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

6.9

4.5

0.2

0.6

1.0

1.9

4.2

2.0

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

2022Q1

0.0

0.0

0.1

0.5

1.6

0.7

0.0

0.0

0.1

0.5

1.4

0.7

2022Q2

0.0

0.0

0.1

0.5

1.6

0.7

0.0

0.0

0.1

0.5

1.4

0.7

2022Q3

0.0

0.0

0.1

0.5

1.6

0.7

0.0

0.0

0.1

0.5

1.4

0.7

2022Q4

0.0

0.0

0.1

0.5

1.6

0.7

0.0

0.0

0.1

0.5

1.4

0.6

5

2023Q1

0.0

0.0

0.1

0.5

1.6

0.7

0.0

0.0

0.1

0.5

1.4

0.6

2023Q2

0.0

0.0

0.1

0.5

1.6

0.7

0.0

0.0

0.1

0.5

1.4

0.6

2023Q3

0.0

0.0

0.1

0.5

1.6

0.7

0.0

0.0

0.1

0.5

1.4

0.6

2023Q4

0.0

0.0

0.1

0.5

1.5

0.7

0.0

0.0

0.1

0.5

1.4

0.6

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

Analytics Ofce

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

2022Q1

12,953

721

189

130

3,403

475

156

94

2022Q2

12,730

698

212

119

3,114

481

181

81

2022Q3

12,632

711

235

106

2,995

488

201

69

2022Q4

12,906

674

249

105

3,051

434

215

70

2023Q1

12,797

695

272

108

3,098

449

239

73

2023Q2

12,809

747

236

122

3,108

517

209

88

2023Q3

12,861

699

245

146

3,148

468

217

112

2023Q4

13,798

742

232

174

3,106

512

194

133

2024Q1

14,014

714

252

188

3,252

479

213

146

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

2022Q1

33,541

1,828

492

1,371

1,741

259

42

30

2022Q2

33,649

1,851

484

1,381

1,707

256

40

29

2022Q3

33,633

1,866

494

1,385

1,687

261

43

24

6

2022Q4

36,753

2,018

495

1,577

1,717

258

47

22

2023Q1

36,925

2,030

504

1,573

1,699

238

54

24

2023Q2

37,031

2,050

493

1,576

1,729

274

45

26

2023Q3

37,042

2,005

499

1,585

1,763

244

41

34

2023Q4

39,509

2,020

561

1,609

1,755

246

42

32

2024Q1

39,640

2,028

568

1,620

1,753

236

45

36

Analytics Ofce

2.3

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

Securitized Asset Fund

Qualifying Hedge Fund

Hedge Fund

Real Estate Fund

Other Private Fund

Section 4 Private Equity Fund

Private Equity Fund

Venture Capital Fund

Liquidity Fund

Section 3 Liquidity Fund

2022Q1

49.7

43.3

39.9

12.3

3.6

5.5

5.5

0.7

0.0

0.0

2022Q2

49.3

43.4

39.8

12.3

3.5

5.4

5.4

0.7

0.0

0.0

2022Q3

49.4

43.5

40.0

12.5

3.7

5.4

5.5

0.7

0.0

0.0

2022Q4

56.5

44.8

41.1

14.0

5.6

5.7

5.7

0.6

0.0

0.0

2023Q1

53.6

47.3

43.5

13.2

5.8

5.8

5.6

0.6

0.0

0.0

2023Q2

53.6

48.5

44.5

13.2

5.9

5.8

5.6

0.6

0.0

0.0

2023Q3

53.3

48.3

44.5

13.6

5.9

5.8

5.5

0.6

0.0

0.0

2023Q4

56.6

50.7

46.5

14.8

5.2

5.0

4.9

0.6

0.0

0.0

2024Q1

53.4

52.6

47.8

14.0

5.2

5.0

4.8

0.6

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

2022Q1

0.0

0.3

0.6

1.1

0.5

0.3

1.2

3.7

8.8

2.8

2022Q2

0.0

0.3

0.6

1.1

0.5

0.3

1.1

3.3

8.7

2.7

2022Q3

0.0

0.3

0.6

1.1

0.5

0.3

1.0

3.4

8.5

2.6

7

2022Q4

0.0

0.3

0.6

1.0

0.5

0.3

1.0

3.3

8.7

2.7

2023Q1

0.0

0.3

0.6

1.0

0.5

0.3

1.1

3.5

10.3

3.0

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

3.7

10.0

3.3

2023Q4

0.0

0.3

0.6

1.0

0.6

0.3

1.1

3.9

11.4

3.7

2024Q1

0.0

0.3

0.6

1.1

0.6

0.3

1.3

4.4

12.4

3.9

Analytics Ofce

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

2022Q1

7,051

6,159

663

149

80

1,102

2,300

550

140

52

2022Q2

6,918

6,092

670

92

93

939

2,229

555

85

65

2022Q3

6,826

6,129

642

107

87

865

2,214

532

100

56

2022Q4

6,840

6,322

660

127

99

882

2,208

511

119

72

2023Q1

6,815

6,243

652

160

112

948

2,197

497

151

86

2023Q2

6,858

6,212

688

161

107

996

2,158

546

151

85

2023Q3

6,822

6,260

700

173

110

947

2,206

557

163

88

2023Q4

7,616

6,527

657

160

143

975

2,215

512

145

117

2024Q1

7,703

6,616

673

190

143

1,003

2,276

529

178

115

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

2022Q1

28,751

7,068

1,059

147

2,682

811

989

240

29

25

2022Q2

28,842

7,086

1,083

136

2,708

772

1,000

234

26

29

2022Q3

28,908

7,129

1,078

126

2,707

747

1,013

234

17

30

2022Q4

31,432

7,695

1,175

150

3,054

774

1,008

238

21

34

2023Q1

31,716

7,623

1,153

161

3,053

772

997

221

30

27

2023Q2

31,816

7,597

1,176

161

3,059

801

991

247

27

25

2023Q3

31,870

7,646

1,145

154

3,067

801

1,012

233

27

27

2023Q4

34,249

7,908

1,144

233

3,058

814

1,008

220

24

41

2024Q1

34,507

7,850

1,143

208

3,047

808

993

224

25

37

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

2022Q1

66.4

30.6

3.1

0.9

2022Q2

66.6

30.3

3.0

0.9

2022Q3

67.7

28.8

3.3

1.0

2022Q4

66.5

29.4

3.3

0.9

8

2023Q1

66.4

30.5

3.1

0.8

2023Q2

66.3

30.9

3.0

0.7

2023Q3

65.3

31.9

2.8

0.7

2023Q4

64.0

33.0

2.7

0.4

2024Q1

67.3

30.3

2.7

0.4

Analytics Ofce

2.4

Fair Value Hierarchy4

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

2022Q1

4,640

3,828

6,837

2,879

2022Q2

4,592

3,835

6,847

2,861

2022Q3

4,564

3,798

6,809

2,870

2022Q4

4,155

3,597

7,569

3,080

2023Q1

4,089

3,563

7,476

3,059

2023Q2

4,067

3,515

7,480

3,056

2023Q3

4,062

3,518

7,469

3,064

2023Q4

4,858

3,890

8,320

3,608

2024Q1

4,885

3,909

8,350

3,601

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

2022Q1

1,693

1,350

377

2,271

2022Q2

1,686

1,369

340

2,272

2022Q3

1,692

1,328

342

2,279

2022Q4

1,584

1,494

377

2,584

2023Q1

1,590

1,473

377

2,579

2023Q2

1,591

1,439

391

2,579

2023Q3

1,594

1,446

381

2,573

2023Q4

1,870

1,578

410

3,761

2024Q1

1,872

1,687

416

3,763

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

2022Q1

3,560

2,368

1,504

1,818

2022Q2

3,524

2,379

1,507

1,799

2022Q3

3,518

2,343

1,463

1,801

2022Q4

3,212

2,250

1,603

1,955

2023Q1

3,154

2,214

1,601

1,924

2023Q2

3,153

2,177

1,606

1,916

2023Q3

3,149

2,184

1,598

1,914

2023Q4

3,935

2,481

1,734

2,413

2024Q1

3,961

2,501

1,739

2,424

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

2022Q1

1,645

1,234

127

1,390

2022Q2

1,639

1,254

91

1,389

2022Q3

1,644

1,212

93

1,395

2022Q4

1,538

1,349

97

1,621

2023Q1

1,544

1,329

97

1,617

2023Q2

1,544

1,295

111

1,617

2023Q3

1,547

1,303

100

1,613

2023Q4

1,825

1,427

105

2,764

2024Q1

1,828

1,535

107

2,764

4

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

PF frequently asked questions here.

9

Analytics Ofce

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

2022Q1

3,148

2,105

1,226

1,559

2022Q2

3,117

2,113

1,230

1,545

2022Q3

3,107

2,079

1,188

1,548

2022Q4

2,850

2,007

1,319

1,651

2023Q1

2,793

1,972

1,323

1,631

2023Q2

2,796

1,956

1,328

1,624

2023Q3

2,785

1,951

1,321

1,610

2023Q4

3,507

2,223

1,414

2,095

2024Q1

3,529

2,208

1,419

2,103

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

2022Q1

1,532

1,146

119

1,231

2022Q2

1,527

1,165

82

1,231

2022Q3

1,532

1,127

84

1,237

2022Q4

1,424

1,274

88

1,456

2023Q1

1,427

1,263

89

1,450

2023Q2

1,428

1,248

100

1,452

2023Q3

1,422

1,248

89

1,446

2023Q4

1,673

1,370

96

2,560

2024Q1

1,678

1,443

98

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

2022Q1

369

259

3,966

550

2022Q2

369

259

3,976

551

2022Q3

368

259

3,976

555

2022Q4

204

153

4,357

548

2023Q1

201

152

4,298

561

2023Q2

201

152

4,297

562

2023Q3

202

152

4,298

570

2023Q4

217

157

4,907

597

2024Q1

217

157

4,928

578

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

2022Q1

15

25

27

314

2022Q2

15

25

27

314

2022Q3

15

25

27

316

2022Q4

13

20

21

342

10

2023Q1

14

20

21

340

2023Q2

14

20

21

341

2023Q3

14

20

21

339

2023Q4

14

22

20

334

2024Q1

13

22

20

335

Analytics Ofce

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

2022Q1

321

182

3,138

359

2022Q2

320

182

3,137

359

2022Q3

320

182

3,137

359

2022Q4

171

121

3,505

358

2023Q1

170

121

3,456

356

2023Q2

170

121

3,458

357

2023Q3

170

121

3,458

357

2023Q4

184

115

4,032

383

2024Q1

184

115

4,034

383

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

2022Q1

11

6

9

245

2022Q2

11

6

8

245

2022Q3

11

6

8

245

2022Q4

7

10

8

275

11

2023Q1

7

10

8

272

2023Q2

7

10

8

272

2023Q3

7

10

8

272

2023Q4

11

8

9

265

2024Q1

11

8

9

265

Analytics Ofce

2.5

Parallel Managed Accounts5

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

2022Q1

580

504

307

89

30

***

***

1,522

2022Q2

578

503

319

89

30

***

***

1,531

2022Q3

576

499

318

89

30

***

***

1,524

2022Q4

566

478

343

67

39

***

***

1,503

2023Q1

562

481

419

68

39

***

***

1,579

2023Q2

559

458

425

68

39

***

***

1,559

2023Q3

570

445

425

68

39

***

***

1,557

2023Q4

559

441

483

80

28

***

***

1,601

2024Q1

529

438

405

78

28

***

***

1,487

Table 2.25: Number of Funds with Parallel Managed Accounts Reported by

Large Filers

As reported on Form PF, Question 11.

Type

Qualifying Hedge Fund

Section 4 Private Equity Fund

Section 3 Liquidity Fund

2022Q1

211

141

***

2022Q2

202

141

***

2022Q3

208

141

***

2022Q4

214

158

***

2023Q1

207

158

***

2023Q2

203

164

***

2023Q3

218

164

***

2023Q4

218

199

***

2024Q1

201

199

***

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

2022Q1

840

2,671

122

16

2

***

***

4,027

2022Q2

765

3,451

154

16

2

***

***

4,784

2022Q3

729

3,416

154

16

2

***

***

4,707

2022Q4

725

2,369

120

14

2

***

***

3,611

2023Q1

695

2,367

131

15

2

***

***

3,598

2023Q2

693

1,535

125

15

2

***

***

2,748

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

Table 2.27: Aggregate Value in Parallel Managed Accounts Reported by

Funds of Large Filers ($ Billions)

As reported on Form PF, Question 11.

Type

Qualifying Hedge Fund

Section 4 Private Equity Fund

Section 3 Liquidity Fund

2022Q1

538

105

***

2022Q2

483

113

***

2022Q3

438

113

***

2022Q4

435

120

***

2023Q1

385

120

***

2023Q2

405

114

***

2023Q3

426

114

***

2023Q4

472

146

***

2024Q1

444

146

***

5

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 flers.

12

Analytics Ofce

3

Fund Domiciles and Adviser Main Ofces

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

2022Q1

52.2

32.7

4.1

3.9

1.0

0.9

0.9

4.3

51.0

34.9

2.4

3.1

2.8

1.7

4.2

***

28.5

***

***

56.9

29.6

2.0

1.4

1.2

9.0

2022Q2

52.5

32.4

4.1

3.9

1.0

0.9

0.9

4.2

52.3

35.7

2.4

3.0

3.1

1.7

1.8

***

27.3

***

***

56.9

29.5

2.0

1.4

1.2

9.0

2022Q3

52.9

32.7

4.1

3.9

1.0

0.9

0.9

3.6

53.1

35.0

2.3

2.8

3.1

1.9

1.7

***

25.5

***

***

56.9

29.5

2.0

1.4

1.2

9.0

2022Q4

52.7

32.1

5.0

3.6

1.0

0.9

0.8

3.7

52.4

35.7

2.7

3.0

2.9

1.9

1.4

***

23.4

***

***

56.1

28.0

2.1

1.4

1.0

11.3

2023Q1

52.5

32.5

5.0

3.6

1.0

0.9

0.8

3.6

52.8

35.6

2.9

2.7

2.6

1.7

1.6

***

23.9

***

***

56.4

28.1

2.1

1.4

1.0

11.0

2023Q2

52.5

32.7

4.9

3.6

1.0

0.9

0.8

3.6

53.2

35.4

3.0

2.7

2.5

1.6

1.6

***

23.5

***

***

56.4

28.0

2.1

1.4

1.0

11.0

2023Q3

52.4

32.7

4.9

3.7

1.0

0.9

0.8

3.6

53.3

35.3

3.0

2.6

2.4

1.7

1.6

***

25.5

***

***

56.4

28.0

2.1

1.4

1.0

11.0

2023Q4

53.6

31.5

5.0

3.4

1.0

0.9

0.6

3.9

53.6

35.3

3.1

2.6

2.2

1.7

1.5

***

21.5

***

***

57.8

27.5

2.3

1.3

1.1

10.1

2024Q1

53.6

31.6

5.0

3.2

1.1

0.9

0.6

4.0

53.6

35.5

2.9

2.6

2.2

1.4

1.8

***

23.3

***

***

57.9

27.4

2.3

1.3

1.1

10.0

Table 3.2: Adviser Main Ofce 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

2022Q1

90.9

***

***

88.5

3.9

***

1.6

***

56.8

***

***

95.5

***

***

2022Q2

91.8

***

***

90.7

3.7

***

1.6

***

59.3

***

***

95.5

***

***

13

2022Q3

91.9

***

***

91.1

3.5

***

1.4

***

57.1

***

***

95.5

***

***

2022Q4

92.3

***

***

90.5

4.1

***

0.4

***

53.0

***

***

95.4

***

***

2023Q1

91.9

***

***

90.7

4.0

***

0.3

***

52.3

***

***

95.4

***

***

2023Q2

91.8

***

***

91.6

4.0

***

0.3

***

51.3

***

***

95.4

***

***

2023Q3

92.0

***

***

92.3

3.5

***

0.2

***

55.6

***

***

95.4

***

***

2023Q4

93.4

***

***

92.1

3.8

***

0.3

***

53.1

***

***

96.8

***

***

2024Q1

93.3

***

***

92.1

3.9

***

0.2

***

55.7

***

***

96.8

***

***

Analytics Ofce

4

Benefcial Ownership of Funds

4.1

All Private Funds

Table 4.1: Benefcial Ownership for All Private Funds ($ Billions)

As reported on Form PF, Questions 9 and 16.

Type

Other

Private Funds

State/Muni. Govt. Pension Plans

U.S. Individuals

Non-Profts

Pension Plans

Sov. Wealth Funds And For. Ofcial 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

2022Q1

2,445

2,637

1,883

1,418

1,298

1,376

1,000

705

402

226

306

194

162

45

2022Q2

2,408

2,594

1,872

1,373

1,247

1,340

1,004

703

396

222

312

193

152

44

2022Q3

2,416

2,589

1,863

1,367

1,256

1,271

1,010

704

393

224

305

196

149

42

2022Q4

2,542

2,595

1,913

1,324

1,246

1,310

1,083

745

376

241

285

193

150

38

2023Q1

2,558

2,596

1,907

1,336

1,254

1,306

1,069

755

314

248

251

190

152

40

2023Q2

2,556

2,612

1,915

1,348

1,269

1,294

1,081

762

317

249

253

178

147

38

2023Q3

2,577

2,633

1,919

1,351

1,261

1,283

1,089

760

316

260

242

179

147

40

2023Q4

2,940

2,858

1,982

1,469

1,327

1,309

1,167

795

331

266

245

192

160

58

2024Q1

2,958

2,908

2,015

1,501

1,358

1,321

1,195

806

331

272

238

196

161

56

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

Aggregate NAV)

As reported on Form PF, Questions 9 and 16.

Type

Other

Private Funds

State/Muni. Govt. Pension Plans

U.S. Individuals

Non-Profts

Pension Plans

Sov. Wealth Funds And For. Ofcial 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

2022Q1

17.3

18.7

13.4

10.1

9.2

9.8

7.1

5.0

2.8

1.6

2.2

1.4

1.2

0.3

2022Q2

17.4

18.7

13.5

9.9

9.0

9.7

7.2

5.1

2.9

1.6

2.2

1.4

1.1

0.3

2022Q3

17.5

18.8

13.5

9.9

9.1

9.2

7.3

5.1

2.8

1.6

2.2

1.4

1.1

0.3

14

2022Q4

18.1

18.5

13.6

9.4

8.9

9.3

7.7

5.3

2.7

1.7

2.0

1.4

1.1

0.3

2023Q1

18.3

18.6

13.6

9.6

9.0

9.3

7.6

5.4

2.2

1.8

1.8

1.4

1.1

0.3

2023Q2

18.2

18.6

13.7

9.6

9.0

9.2

7.7

5.4

2.3

1.8

1.8

1.3

1.0

0.3

2023Q3

18.3

18.7

13.6

9.6

9.0

9.1

7.7

5.4

2.2

1.9

1.7

1.3

1.0

0.3

2023Q4

19.5

18.9

13.1

9.7

8.8

8.7

7.7

5.3

2.2

1.8

1.6

1.3

1.1

0.4

2024Q1

19.3

19.0

13.1

9.8

8.9

8.6

7.8

5.3

2.2

1.8

1.6

1.3

1.1

0.4

Analytics Ofce

4.2

Qualifying Hedge Funds

Table 4.3: Benefcial Ownership for Qualifying Hedge Funds ($

Billions)

As reported on Form PF, Questions 9 and 16.

Type

Private Funds

Other

Non-Profts

U.S. Individuals

State/Muni. Govt. Pension Plans

Pension Plans

Sov. Wealth Funds And For. Ofcial 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

2022Q1

732

604

581

473

462

476

266

147

171

61

82

40

39

9

2022Q2

702

571

546

432

453

449

268

150

107

58

47

38

39

9

2022Q3

697

564

559

423

432

381

266

149

102

59

42

41

38

8

2022Q4

691

562

528

425

446

408

289

148

102

59

46

38

38

9

2023Q1

712

590

537

425

455

415

283

164

104

62

45

38

37

9

2023Q2

734

594

549

440

467

409

291

161

103

63

45

36

32

9

2023Q3

747

590

546

440

471

407

302

164

102

72

46

34

28

9

2023Q4

743

603

554

451

460

405

298

164

99

72

52

34

23

9

2024Q1

777

623

580

468

458

415

317

173

99

77

45

35

21

9

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

Aggregate NAV)

As reported on Form PF, Questions 9 and 16.

Type

Private Funds

Other

Non-Profts

U.S. Individuals

State/Muni. Govt. Pension Plans

Pension Plans

Sov. Wealth Funds And For. Ofcial 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

2022Q1

17.7

14.6

14.0

11.4

11.1

11.5

6.4

3.5

4.1

1.5

2.0

1.0

0.9

0.2

2022Q2

18.1

14.8

14.1

11.2

11.7

11.6

6.9

3.9

2.8

1.5

1.2

1.0

1.0

0.2

2022Q3

18.5

15.0

14.8

11.2

11.5

10.1

7.1

4.0

2.7

1.6

1.1

1.1

1.0

0.2

15

2022Q4

18.2

14.8

13.9

11.2

11.8

10.8

7.6

3.9

2.7

1.5

1.2

1.0

1.0

0.2

2023Q1

18.4

15.2

13.9

11.0

11.7

10.7

7.3

4.2

2.7

1.6

1.2

1.0

0.9

0.2

2023Q2

18.6

15.1

14.0

11.2

11.9

10.4

7.4

4.1

2.6

1.6

1.1

0.9

0.8

0.2

2023Q3

18.9

14.9

13.8

11.1

11.9

10.3

7.6

4.2

2.6

1.8

1.2

0.8

0.7

0.2

2023Q4

18.7

15.2

14.0

11.4

11.6

10.2

7.5

4.1

2.5

1.8

1.3

0.9

0.6

0.2

2024Q1

18.9

15.2

14.1

11.4

11.2

10.1

7.7

4.2

2.4

1.9

1.1

0.8

0.5

0.2

Analytics Ofce

4.3

Section 3 Liquidity Funds

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

Billions)

As reported on Form PF, Questions 9 and 16.

Type

Other

Unknown Non-U.S. Investors

Private Funds

Banking/Thrift Inst.

Broker-Dealers

Insurance Companies

SEC-Registered Investment Companies

Pension Plans

Sov. Wealth Funds And For. Ofcial Inst.

Non-U.S. Individuals

Non-Profts

State/Muni. Govt. Entities

State/Muni. Govt. Pension Plans

U.S. Individuals

2022Q1

103

51

58

***

***

8

24

5

***

***

3

***

1

***

2022Q2

100

64

65

***

***

9

16

5

***

***

3

***

***

***

2022Q3

106

68

64

***

***

8

15

***

***

***

3

***

***

***

2022Q4

108

65

56

***

***

10

14

***

***

***

2

***

1

***

2023Q1

106

63

50

***

***

12

17

***

***

***

3

***

***

***

2023Q2

114

64

49

***

***

11

16

5

***

***

3

***

***

***

2023Q3

135

52

64

***

***

10

16

***

***

***

3

***

***

***

2023Q4

135

60

53

***

***

12

14

***

***

***

3

***

***

1

2024Q1

118

56

54

***

***

12

***

***

***

***

3

***

***

***

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

of Aggregate NAV)

As reported on Form PF, Questions 9 and 16.

Type

Other

Unknown Non-U.S. Investors

Private Funds

Banking/Thrift Inst.

Broker-Dealers

Insurance Companies

SEC-Registered Investment Companies

Pension Plans

Sov. Wealth Funds And For. Ofcial Inst.

Non-U.S. Individuals

Non-Profts

State/Muni. Govt. Entities

State/Muni. Govt. Pension Plans

U.S. Individuals

2022Q1

33.4

16.6

18.6

***

***

2.6

7.8

1.7

***

***

1.0

***

0.3

***

2022Q2

30.8

19.9

19.9

***

***

2.8

4.9

1.5

***

***

0.9

***

***

***

2022Q3

32.4

20.7

19.6

***

***

2.5

4.6

***

***

***

0.8

***

***

***

16

2022Q4

34.1

20.6

17.8

***

***

3.0

4.3

***

***

***

0.8

***

0.4

***

2023Q1

34.1

20.2

15.9

***

***

3.9

5.4

***

***

***

0.9

***

***

***

2023Q2

35.8

20.1

15.5

***

***

3.6

5.0

1.5

***

***

0.8

***

***

***

2023Q3

39.1

15.0

18.5

***

***

2.9

4.6

***

***

***

0.8

***

***

***

2023Q4

38.6

17.1

15.1

***

***

3.5

4.1

***

***

***

0.9

***

***

0.2

2024Q1

36.4

17.1

16.6

***

***

3.7

***

***

***

***

1.1

***

***

***

Analytics Ofce

4.4

Section 4 Private Equity Funds

Table 4.7: Benefcial 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. Ofcial Inst.

Pension Plans

Insurance Companies

Non-Profts

U.S. Individuals

State/Muni. Govt. Entities

Non-U.S. Individuals

SEC-Registered Investment Companies

Banking/Thrift Inst.

Unknown Non-U.S. Investors

Broker-Dealers

2022Q1

975

802

850

477

326

256

238

265

82

78

51

49

34

3

2022Q2

974

802

851

477

326

256

238

265

82

78

51

49

34

3

2022Q3

974

802

851

477

326

256

238

265

82

78

51

49

34

3

2022Q4

1,032

887

887

525

363

284

259

245

94

68

50

47

33

3

2023Q1

1,019

876

875

515

363

282

259

246

94

67

49

44

33

3

2023Q2

1,021

877

876

515

364

284

259

246

95

67

49

45

33

3

2023Q3

1,021

877

876

515

364

284

259

246

95

67

49

45

33

3

2023Q4

1,197

1,090

937

577

393

299

280

275

98

73

63

56

35

5

2024Q1

1,197

1,094

938

576

394

299

280

276

98

74

63

55

35

5

Table 4.8: Benefcial 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. Ofcial Inst.

Pension Plans

Insurance Companies

Non-Profts

U.S. Individuals

State/Muni. Govt. Entities

Non-U.S. Individuals

SEC-Registered Investment Companies

Banking/Thrift Inst.

Unknown Non-U.S. Investors

Broker-Dealers

2022Q1

21.7

17.9

18.9

10.6

7.3

5.7

5.3

5.9

1.8

1.7

1.1

1.1

0.8

0.1

2022Q2

21.7

17.9

19.0

10.6

7.3

5.7

5.3

5.9

1.8

1.7

1.1

1.1

0.8

0.1

2022Q3

21.7

17.9

19.0

10.6

7.3

5.7

5.3

5.9

1.8

1.7

1.1

1.1

0.8

0.1

17

2022Q4

21.6

18.6

18.6

11.0

7.6

5.9

5.4

5.1

2.0

1.4

1.0

1.0

0.7

0.1

2023Q1

21.5

18.5

18.5

10.9

7.7

6.0

5.5

5.2

2.0

1.4

1.0

0.9

0.7

0.1

2023Q2

21.6

18.5

18.5

10.9

7.7

6.0

5.5

5.2

2.0

1.4

1.0

0.9

0.7

0.1

2023Q3

21.6

18.5

18.5

10.9

7.7

6.0

5.5

5.2

2.0

1.4

1.0

0.9

0.7

0.1

2023Q4

22.3

20.3

17.4

10.7

7.3

5.6

5.2

5.1

1.8

1.4

1.2

1.0

0.6

0.1

2024Q1

22.2

20.3

17.4

10.7

7.3

5.6

5.2

5.1

1.8

1.4

1.2

1.0

0.6

0.1

Analytics Ofce

4.5

Concentration

Table 4.9: NAV-Weighted Average Benefcial Ownership of Top 5 Owners

(Percent)

As reported on Form PF, Questions 9 and 15.

Type

Real Estate Fund

Hedge Fund

Other Private Fund

Qualifying Hedge Fund

Private Equity Fund

Venture Capital Fund

Securitized Asset Fund

Section 4 Private Equity Fund

Liquidity Fund

Section 3 Liquidity Fund

Total

2022Q1

58.9

54.6

57.5

51.0

49.1

52.5

37.5

44.7

48.1

47.7

52.4

2022Q2

59.0

55.0

57.1

51.9

49.1

52.3

37.6

44.7

46.7

46.4

52.5

2022Q3

58.7

54.8

57.5

51.6

49.1

52.4

37.8

44.7

46.5

46.1

52.4

2022Q4

56.9

55.4

59.0

52.1

49.8

49.9

41.6

46.5

45.1

44.8

52.9

2023Q1

57.0

56.3

58.4

52.0

49.4

49.9

42.3

45.9

44.3

44.1

52.9

2023Q2

57.0

56.3

58.3

51.9

49.5

49.9

41.8

46.0

43.1

42.9

52.9

2023Q3

57.4

56.7

57.9

52.1

49.4

49.9

41.9

46.0

44.5

44.4

53.0

2023Q4

59.4

56.6

56.3

52.5

50.2

47.5

47.6

46.9

41.9

41.7

53.1

2024Q1

59.5

56.3

56.1

51.9

50.3

47.5

47.1

46.9

44.4

43.5

53.1

Table 4.10: Distribution of Benefcial 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

2022Q1

32.0

51.0

85.0

74.5

29.0

43.0

68.0

67.3

2022Q2

32.0

51.0

85.0

74.5

30.0

43.0

69.5

68.3

2022Q3

32.0

51.0

86.0

74.6

30.0

44.0

70.0

68.4

18

2022Q4

32.0

51.0

86.0

74.6

30.0

44.0

69.0

68.4

2023Q1

32.0

52.0

86.0

74.8

30.0

44.0

69.0

68.3

2023Q2

32.0

52.0

86.0

74.8

30.0

44.0

68.0

68.1

2023Q3

32.0

52.0

86.0

74.9

30.0

44.0

68.5

68.3

2023Q4

32.0

51.0

86.0

74.7

30.0

44.0

69.0

68.4

2024Q1

32.0

51.0

86.0

74.7

30.0

44.0

68.0

68.1

Analytics Ofce

5

Fund Investments in Derivatives

Table 5.1: Aggregate Derivative Value ($ Billions)

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

Type

Hedge Fund

Private Equity Fund

Other Private Fund

Real Estate Fund

Securitized Asset Fund

Venture Capital Fund

Liquidity Fund

Total

2022Q1

15,866

69

110

41

5

***

***

16,092

2022Q2

14,942

69

110

41

5

***

***

15,168

2022Q3

14,261

71

112

41

5

***

***

14,489

2022Q4

14,882

158

105

72

***

0

***

15,224

2023Q1

15,251

159

103

76

***

0

***

15,596

2023Q2

15,207

159

104

78

***

0

***

15,553

2023Q3

15,484

159

101

65

***

0

***

15,814

2023Q4

15,323

136

99

64

***

0

***

15,623

2024Q1

16,767

109

97

64

***

0

***

17,038

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

2022Q1

14,268

***

***

2022Q2

13,260

54

0

2022Q3

12,698

54

0

2022Q4

13,013

73

0

2023Q1

12,985

72

0

2023Q2

13,816

72

0

2023Q3

13,965

72

0

2023Q4

14,067

111

0

2024Q1

14,904

111

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

Section 4 Private Equity Fund

Private Equity Fund

Other Private Fund

Real Estate Fund

Securitized Asset Fund

Venture Capital Fund

Liquidity Fund

Section 3 Liquidity Fund

Total

2022Q1

308.0

344.2

1.2

1.2

7.0

5.6

1.8

0.1

***

***

114.1

2022Q2

304.1

342.4

1.2

1.2

7.1

5.5

1.8

0.1

***

***

109.4

2022Q3

294.0

337.2

1.2

1.2

7.3

5.5

1.8

0.1

***

***

105.1

2022Q4

309.0

343.2

1.5

2.6

7.4

8.4

2.1

0.1

***

***

108.4

19

2023Q1

313.9

334.9

1.5

2.7

7.5

8.9

2.1

0.1

***

***

111.5

2023Q2

309.6

351.1

1.5

2.7

7.8

9.0

1.4

0.1

***

***

110.9

2023Q3

314.0

352.6

1.5

2.7

7.6

7.6

1.4

0.1

***

***

112.4

2023Q4

307.0

354.8

2.1

2.0

6.5

7.8

0.3

0.1

***

***

103.4

2024Q1

321.7

363.5

2.1

1.6

6.3

7.7

0.3

0.1

***

***

111.2

Analytics Ofce

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

2022Q1

8,510

4,300

822

182

306

659

2,314

723

166

283

2022Q2

8,477

4,132

748

205

323

572

2,166

646

188

301

2022Q3

8,490

4,060

770

161

330

557

2,096

664

140

309

2022Q4

8,650

4,207

700

204

301

572

2,163

594

182

279

2023Q1

8,583

4,176

684

236

318

634

2,171

566

213

293

2023Q2

8,608

4,192

703

205

332

636

2,203

595

187

314

2023Q3

8,605

4,197

736

195

345

624

2,205

631

174

326

2023Q4

9,502

4,348

693

225

350

612

2,237

580

207

328

2024Q1

9,543

4,491

669

272

364

652

2,330

540

244

334

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

2022Q1

31,244

5,132

739

152

2,027

468

1,192

266

58

110

2022Q2

31,336

5,132

770

157

2,047

459

1,159

264

60

117

2022Q3

31,416

5,137

789

158

2,033

445

1,160

267

52

114

20

2022Q4

34,526

5,334

769

165

2,247

475

1,177

244

68

110

2023Q1

34,693

5,324

771

167

2,284

478

1,165

235

60

108

2023Q2

34,799

5,312

748

179

2,309

486

1,189

231

73

110

2023Q3

34,867

5,290

765

175

2,321

474

1,211

233

64

118

2023Q4

37,602

5,298

762

174

2,204

486

1,206

219

67

128

2024Q1

37,762

5,305

726

182

2,226

495

1,208

199

69

116

Analytics Ofce

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

2022Q1

8,538

45

15

2022Q2

8,626

45

16

2022Q3

8,685

43

15

2022Q4

8,708

47

14

2023Q1

8,789

47

14

2023Q2

8,870

46

13

2023Q3

8,914

49

12

2023Q4

8,823

44

11

2024Q1

8,906

45

11

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

2022Q1

4,998

70

64

2022Q2

4,757

68

66

2022Q3

4,683

132

11

2022Q4

4,665

71

66

2023Q1

4,689

75

71

2023Q2

4,749

71

71

2023Q3

4,745

74

74

2023Q4

4,907

64

13

2024Q1

5,078

88

14

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

2022Q1

7.6

13.5

19.5

27.6

41.9

55.4

2022Q2

7.8

13.5

19.4

27.3

41.4

54.8

2022Q3

8.1

13.7

19.6

27.6

41.6

54.8

2022Q4

7.8

13.3

19.1

27.0

41.2

54.6

2023Q1

7.9

13.4

19.3

27.3

41.6

54.8

2023Q2

7.8

13.2

19.4

27.3

41.5

54.7

2023Q3

8.0

13.6

19.5

27.5

41.7

54.7

2023Q4

7.7

13.1

19.0

26.9

41.2

54.1

2024Q1

8.0

13.3

19.1

27.3

41.5

54.5

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

2022Q1

15.8

25.6

33.5

41.9

54.5

66.0

2022Q2

16.7

26.1

34.1

42.4

54.6

66.0

2022Q3

16.9

25.7

33.7

42.4

54.7

65.9

2022Q4

17.7

26.3

34.5

43.0

55.1

66.3

2023Q1

17.7

26.7

34.8

43.3

55.5

66.6

21

2023Q2

18.9

28.0

36.2

44.6

56.5

67.3

2023Q3

19.7

29.1

37.6

46.0

57.8

68.3

2023Q4

20.9

30.4

39.0

47.2

58.7

68.9

2024Q1

19.9

29.7

38.6

46.9

58.6

68.8

Analytics Ofce

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

2022Q1

34.1

48.5

60.9

71.4

83.3

90.7

2022Q2

34.5

50.0

61.7

72.0

83.0

90.5

2022Q3

34.1

50.1

62.0

72.3

83.4

90.5

2022Q4

36.5

51.0

63.3

73.6

84.2

91.0

2023Q1

35.8

51.2

64.1

74.5

85.0

91.5

2023Q2

37.0

52.3

64.7

74.9

85.4

92.0

2023Q3

37.4

53.0

65.8

75.7

86.0

92.3

2023Q4

39.1

55.1

68.0

77.5

86.9

92.8

2024Q1

38.2

55.0

67.5

77.1

86.8

93.1

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

2022Q1

38.3

55.3

67.9

79.2

90.3

95.4

2022Q2

39.3

55.6

67.4

78.9

90.0

95.2

2022Q3

41.3

56.2

68.3

79.4

90.1

95.2

2022Q4

38.4

55.8

69.0

80.2

90.5

95.4

2023Q1

41.4

56.9

68.7

80.2

90.7

95.6

2023Q2

41.0

55.4

67.8

79.5

90.6

95.5

2023Q3

39.9

55.0

67.7

79.4

90.8

95.6

2023Q4

41.3

56.2

68.6

80.0

90.6

95.4

2024Q1

41.0

55.2

68.3

79.7

90.8

95.6

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

2022Q1

34.7

48.7

60.1

70.9

82.9

90.8

2022Q2

34.6

49.2

60.6

70.9

82.8

90.5

2022Q3

35.0

50.0

61.0

71.6

83.1

90.6

2022Q4

34.3

50.2

61.7

72.6

83.9

91.1

2023Q1

36.9

51.6

62.3

73.2

84.2

91.3

22

2023Q2

37.0

50.7

61.7

72.9

84.2

91.2

2023Q3

36.9

51.8

63.5

74.1

85.1

91.8

2023Q4

38.9

53.8

64.6

74.9

85.5

92.0

2024Q1

38.1

53.5

64.6

75.0

85.6

92.1

Analytics Ofce

6.3

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

Event Driven

Relative Value

Investment in other funds

Macro

Managed Futures/CTA

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

Subtotal

Asset Based Lending

Long/Short

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

F.I. Asset Backed

F.I. Corp.

F.I. Conv. Arb.

Volatility Arb.

F.I. Sov.

Subtotal

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Quantitative

Fundamental

Subtotal

Total

2022Q1

312

298

26

1

637

649

73

72

144

46

19

10

76

32

11

9

2

1

55

34

10

4

***

***

15

***

***

7

1,434

2022Q2

281

273

***

***

589

648

72

72

144

47

18

10

75

32

11

9

3

2

56

33

10

4

***

***

15

***

***

6

1,386

23

2022Q3

273

252

29

2

556

657

77

73

150

48

19

9

76

32

11

8

3

1

55

32

11

4

***

***

16

***

***

6

1,369

2022Q4

272

251

28

1

551

658

86

77

163

50

26

7

83

37

11

7

3

2

59

32

9

4

***

***

14

***

***

6

1,384

2023Q1

262

259

27

1

549

667

87

93

179

49

26

5

80

38

11

7

5

2

63

39

8

4

***

***

13

***

***

6

1,419

2023Q2

294

263

27

1

584

673

94

77

170

51

27

4

82

37

12

7

7

2

64

39

9

4

1

0

14

***

***

6

1,442

2023Q3

280

254

26

1

562

674

96

79

174

50

21

5

76

37

12

7

6

2

64

39

12

5

1

0

18

***

***

6

1,438

2023Q4

289

271

27

2

589

650

100

71

171

54

21

5

80

39

12

8

7

1

68

44

11

5

***

***

16

***

***

7

1,440

2024Q1

324

271

26

2

623

678

101

73

174

54

22

6

82

41

13

10

7

2

73

47

17

5

***

***

23

***

***

7

1,502

Analytics Ofce

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

Event Driven

Relative Value

Investment in other funds

Macro

Managed Futures/CTA

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

Subtotal

Asset Based Lending

Long/Short

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

F.I. Asset Backed

F.I. Corp.

F.I. Conv. Arb.

Volatility Arb.

F.I. Sov.

Subtotal

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Quantitative

Fundamental

Subtotal

Total

2022Q1

482

618

51

8

1,154

1,072

200

198

395

179

60

21

259

93

54

22

19

14

189

263

19

17

***

***

48

***

***

24

3,182

2022Q2

477

626

***

***

1,156

1,095

197

210

404

189

60

21

270

99

59

23

20

19

198

264

19

17

***

***

48

***

***

23

3,222

24

2022Q3

476

629

50

9

1,159

1,116

207

218

422

195

61

21

276

100

58

26

20

19

201

260

19

16

***

***

45

***

***

22

3,271

2022Q4

494

584

47

13

1,132

1,166

211

220

428

212

68

19

298

107

58

26

18

18

212

305

18

15

***

***

44

***

***

23

3,343

2023Q1

497

585

47

12

1,135

1,190

211

232

440

211

68

19

297

119

59

24

18

18

219

329

18

15

***

***

44

***

***

23

3,413

2023Q2

513

578

45

12

1,138

1,217

219

238

454

218

69

19

305

123

57

24

18

18

221

332

21

15

***

***

46

***

***

24

3,468

2023Q3

527

587

46

13

1,163

1,230

225

241

463

219

66

19

303

130

66

24

19

19

230

337

21

16

***

***

48

***

***

24

3,525

2023Q4

490

595

49

18

1,143

1,151

215

216

426

218

67

20

305

142

69

23

22

16

245

374

32

16

***

***

58

***

***

28

3,428

2024Q1

490

587

49

18

1,135

1,177

210

223

428

220

66

21

306

149

67

24

22

20

251

390

37

18

***

***

65

***

***

26

3,489

Analytics Ofce

6.4

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

Macro

Other

Relative Value

Credit

Managed Futures/CTA

Event Driven

Investment in other funds

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Subtotal

F.I. Sov.

F.I. Asset Backed

Volatility Arb.

F.I. Corp.

F.I. Conv. Arb.

Subtotal

Long/Short

Asset Based Lending

Subtotal

Quantitative

Fundamental

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

Subtotal

Total

2022Q1

731

321

***

***

1,145

269

8

***

***

280

776

284

75

24

28

22

434

216

81

297

***

***

231

120

34

30

185

33

2,391

2022Q2

649

280

***

***

1,018

288

8

***

***

299

736

309

75

27

18

13

442

207

83

290

***

***

206

120

30

30

180

30

2,216

25

2022Q3

620

259

***

***

965

306

6

***

***

322

715

283

74

23

17

12

409

219

89

309

***

***

240

119

25

29

173

30

2,142

2022Q4

669

261

***

***

1,019

309

7

***

***

321

760

248

71

20

17

12

369

221

93

314

***

***

190

117

28

21

166

27

2,152

2023Q1

696

230

***

***

1,028

309

7

***

***

319

756

256

68

20

19

14

377

227

94

321

***

***

226

371

28

21

420

32

2,144

2023Q2

667

226

***

***

996

399

7

***

***

408

762

229

68

23

18

14

352

232

101

333

***

***

285

132

27

22

182

38

2,175

2023Q3

651

217

***

***

966

422

7

***

***

433

761

228

74

20

19

14

355

231

102

333

***

***

273

131

24

25

179

35

2,171

2023Q4

679

233

***

***

1,014

531

6

***

***

539

765

258

78

23

20

15

394

234

116

350

***

***

214

133

25

20

178

34

2,206

2024Q1

720

235

***

***

1,058

596

6

***

***

604

791

242

76

21

18

17

374

244

123

367

***

***

282

138

25

23

186

46

2,272

Analytics Ofce

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

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

Category

Equity

Macro

Other

Relative Value

Credit

Managed Futures/CTA

Event Driven

Investment in other funds

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Subtotal

F.I. Sov.

F.I. Asset Backed

Volatility Arb.

F.I. Corp.

F.I. Conv. Arb.

Subtotal

Long/Short

Asset Based Lending

Subtotal

Quantitative

Fundamental

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

Subtotal

Total

2022Q1

632

394

***

***

1,097

167

40

***

***

213

876

59

146

26

92

25

302

259

111

367

***

***

113

221

70

50

316

103

3,160

2022Q2

632

388

***

***

1,096

171

38

***

***

212

893

59

148

25

88

26

301

259

113

369

***

***

120

223

70

49

318

106

3,187

26

2022Q3

630

385

***

***

1,093

170

39

***

***

215

882

61

150

24

90

24

305

266

117

380

***

***

121

223

69

47

314

110

3,189

2022Q4

605

392

***

***

1,085

164

45

***

***

216

924

60

139

29

87

24

294

269

112

378

***

***

125

219

75

43

313

113

3,222

2023Q1

602

351

***

***

1,041

162

40

***

***

212

941

59

143

29

91

24

300

279

113

389

***

***

129

223

70

44

313

114

3,204

2023Q2

593

347

***

***

1,023

164

40

***

***

213

942

59

147

30

90

25

303

285

123

405

***

***

126

227

70

44

317

118

3,218

2023Q3

593

344

***

***

1,021

165

46

***

***

217

954

60

145

30

91

24

301

284

125

406

***

***

126

229

70

43

318

111

3,219

2023Q4

561

347

***

***

985

167

35

***

***

210

959

57

143

28

87

20

288

305

137

438

***

***

123

224

72

42

314

96

3,174

2024Q1

557

351

***

***

984

170

37

***

***

213

953

48

144

27

83

20

285

303

140

439

***

***

121

221

71

42

310

94

3,165

Analytics Ofce

7

Information Reported by Large Hedge

Fund Advisers

7.1

Economic Leverage

Table 7.1: Aggregate Hedge Fund Net Assets of Large Hedge Fund Advisers

Reporting by GNE to Adviser-Level Hedge Fund NAV Ratio ($

Billions)

As reported on Form PF, Questions 3 and 26. See the appendix for a review of interval notation used

here.

Exposure

Including IRDs

Excluding IRDs

Ratio

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

Mar

2023

1,798

1,074

431

431

543

2,109

963

595

210

401

Apr

2023

1,901

999

443

445

530

2,137

1,014

510

251

406

May

2023

1,913

1,010

350

491

554

2,118

1,021

507

254

419

Jun

2023

1,780

1,136

361

493

549

2,071

1,031

443

360

414

Jul

2023

1,818

1,059

367

434

615

2,096

1,008

348

402

439

Aug

2023

1,802

1,068

380

479

564

2,082

985

395

399

432

Sep

2023

1,742

1,142

351

494

563

2,012

1,071

438

334

439

Oct

2023

2,005

1,007

389

435

561

2,340

849

483

283

442

Nov

2023

2,002

967

386

474

567

2,272

898

376

401

449

Dec

2023

1,868

1,111

352

437

629

2,115

1,067

375

396

444

Jan

2024

1,962

1,102

395

460

570

2,352

927

402

336

470

Feb

2024

1,940

1,145

357

469

576

2,209

1,022

451

323

482

Mar

2024

1,812

1,228

367

509

572

2,062

1,169

426

365

465

Table 7.2: Number of Large Hedge Fund Advisers Reporting by GNE to

Adviser-Level Hedge Fund NAV Ratio

As reported on Form PF, Questions 3 and 26. See the appendix for a review of interval notation used

here.

Exposure

Including IRDs

Excluding IRDs

Ratio

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

Mar

2023

223

217

68

59

81

263

203

77

49

56

Apr

2023

241

208

72

63

80

273

207

76

51

57

May

2023

242

211

63

63

84

269

211

71

53

59

Jun

2023

222

229

68

62

82

255

220

70

60

58

Jul

2023

233

212

72

61

84

267

209

68

57

61

27

Aug

2023

238

209

71

61

83

269

205

76

55

57

Sep

2023

227

222

69

62

82

258

220

72

53

59

Oct

2023

264

206

62

54

92

294

203

64

48

69

Nov

2023

257

200

69

57

95

288

200

68

52

70

Dec

2023

241

216

73

56

92

269

219

69

54

67

Jan

2024

248

212

58

56

86

277

210

56

50

67

Feb

2024

241

206

68

55

90

268

205

71

47

69

Mar

2024

229

209

76

56

90

256

212

72

54

66

Analytics Ofce

Table 7.3: Aggregate Hedge Fund Net Assets of Large Hedge Fund Advisers

Reporting by LNE to Adviser-Level Hedge Fund NAV Ratio ($

Billions)

As reported on Form PF, Questions 3 and 26. See the appendix for a review of interval notation used

here.

Exposure

Including IRDs

Excluding IRDs

Ratio

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

Mar

2023

2,391

915

372

275

324

2,587

1,023

229

312

127

Apr

2023

2,521

793

453

219

332

2,712

914

280

287

125

May

2023

2,428

909

396

252

333

2,646

973

265

244

190

Jun

2023

2,347

878

514

161

418

2,574

1,023

284

242

196

Jul

2023

2,321

878

483

228

384

2,505

1,048

275

247

218

Aug

2023

2,368

888

451

206

380

2,582

934

323

241

212

Sep

2023

2,314

915

470

241

352

2,573

928

331

249

212

Oct

2023

2,640

757

414

149

438

2,866

808

265

248

209

Nov

2023

2,551

775

445

183

443

2,799

833

282

273

210

Dec

2023

2,438

869

349

292

448

2,591

1,010

309

273

213

Jan

2024

2,592

830

401

274

391

2,855

833

278

304

216

Feb

2024

2,535

895

446

206

405

2,878

791

278

315

226

Mar

2024

2,463

929

458

252

385

2,663

982

338

278

228

Table 7.4: Number of Large Hedge Fund Advisers Reporting by LNE to

Adviser-Level Hedge Fund NAV Ratio

As reported on Form PF, Questions 3 and 26. See the appendix for a review of interval notation used

here.

Exposure

Including IRDs

Excluding IRDs

Ratio

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

Mar

2023

318

188

51

44

47

351

184

51

35

27

Apr

2023

341

180

55

39

49

367

182

56

31

28

May

2023

334

186

50

45

48

364

184

48

40

27

Jun

2023

311

206

54

39

53

347

198

53

34

31

Jul

2023

308

205

57

34

58

337

206

54

31

34

28

Aug

2023

322

198

52

36

54

354

193

49

35

31

Sep

2023

311

204

57

39

51

350

195

51

36

30

Oct

2023

362

168

49

38

61

397

164

40

40

37

Nov

2023

343

178

54

39

64

379

177

44

40

38

Dec

2023

314

206

56

38

64

346

208

47

36

41

Jan

2024

347

170

48

38

57

378

166

42

42

32

Feb

2024

336

176

52

35

61

375

162

47

42

34

Mar

2024

313

195

56

39

57

339

198

52

36

35

Analytics Ofce

Table 7.5: Aggregate Hedge Fund Net Assets of Large Hedge Fund Advisers

Reporting by SNE to Adviser-Level Hedge Fund NAV Ratio ($

Billions)

As reported on Form PF, Questions 3 and 26. See the appendix for a review of interval notation used

here.

Exposure

Including IRDs

Excluding IRDs

Ratio

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

Mar

2023

3,070

423

301

197

286

3,470

335

89

252

131

Apr

2023

3,124

389

315

191

299

3,485

326

116

247

145

May

2023

3,121

389

278

202

328

3,449

365

106

250

148

Jun

2023

3,088

390

297

212

332

3,452

305

169

245

148

Jul

2023

3,104

376

208

263

341

3,397

303

175

261

157

Aug

2023

3,094

357

220

267

355

3,395

301

179

258

159

Sep

2023

3,057

404

200

261

371

3,371

394

107

272

149

Oct

2023

3,226

381

235

199

357

3,499

359

113

274

151

Nov

2023

3,242

286

315

122

432

3,519

277

157

229

215

Dec

2023

3,260

314

235

239

348

3,543

312

109

205

227

Jan

2024

3,332

270

338

174

373

3,557

338

131

220

241

Feb

2024

3,323

230

385

151

399

3,590

328

102

239

229

Mar

2024

3,308

226

403

163

388

3,469

433

135

236

214

Table 7.6: Number of Large Hedge Fund Advisers Reporting by SNE to

Adviser-Level Hedge Fund NAV Ratio

As reported on Form PF, Questions 3 and 26. See the appendix for a review of interval notation used

here.

Exposure

Including IRDs

Excluding IRDs

Ratio

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

Mar

2023

490

55

30

31

42

523

51

24

25

25

Apr

2023

499

55

38

26

46

532

50

29

26

27

May