# U.S. Securities and Exchange Commission

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URL: https://www.frixlaw.com/law-library/documents/agency%3Asec%3A6cf87dc69cb3e0ed

## Record

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

## Text

U.S. Securities and Exchange Commission
Annual Staff Report Relating to the Use of Form PF 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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5
6

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

•

Staff regularly contacts individual filers when staff members identify anomalous and possibly
erroneous data as well as possibly delinquent or missing filings. Staff works with these individual
filers to determine steps for improving timeliness and accuracy of filings.

•

When delinquencies persist, the staff has taken further steps to ensure that information is
appropriately filed. 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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16

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

23
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25

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,
26

27

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
2023
497
57
32
27
50
527
56
26
26
28

Jun
2023
499
52
34
28
50
531
47
33
24
28

Jul
2023
501
48
33
31
49
530
48
29
28
27

29

Aug
2023
501
47
34
30
50
531
47
31
24
29

Sep
2023
500
53
26
32
51
528
56
24
27
27

Oct
2023
517
47
25
30
59
545
50
18
30
35

Nov
2023
514
46
30
27
61
543
46
23
32
34

Dec
2023
521
46
29
26
56
548
48
19
28
35

Jan
2024
501
55
26
25
53
526
51
24
28
31

Feb
2024
500
46
31
28
55
527
51
21
33
28

Mar
2024
491
51
36
29
53
522
54
26
32
26

Analytics Ofce

7.2

Industry Concentration
Table 7.7: Percent of Aggregate Hedge Fund Net Asset Value Reported by
Top Large Hedge Fund Advisers Sorted by Hedge Fund Net Asset
Value
As reported on Form PF, Question 3(a).

Top 10
Top 25
Top 50
Top 100
Top 250

Mar
2023
17.5
32.8
47.1
62.5
84.2

Apr
2023
17.7
33.0
47.0
62.3
84.0

May
2023
17.7
33.0
47.0
62.3
84.0

Jun
2023
17.7
33.0
47.0
62.3
84.0

Jul
2023
18.0
33.0
47.2
62.4
84.0

Aug
2023
18.0
33.0
47.2
62.4
84.0

Sep
2023
18.0
33.0
47.2
62.4
84.0

Oct
2023
18.2
33.4
47.5
62.8
84.1

Nov
2023
18.2
33.4
47.5
62.8
84.1

Dec
2023
18.2
33.4
47.5
62.8
84.1

Jan
2024
18.1
33.8
47.9
62.9
84.0

Feb
2024
18.1
33.8
47.9
62.9
84.0

Mar
2024
18.1
33.8
47.9
62.9
84.0

Table 7.8: Percent of Aggregate Gross Notional Exposure Reported by Top
Large Hedge Fund Advisers Sorted by Gross Notional Exposure
As reported on Form PF, Questions 26.

Top 10
Top 25
Top 50
Top 100
Top 250

Mar
2023
41.9
63.2
75.9
86.0
94.8

Apr
2023
42.9
64.0
76.4
86.5
95.1

May
2023
43.0
64.3
76.8
86.9
95.3

Jun
2023
42.2
63.5
76.0
86.1
94.8

Jul
2023
42.3
65.0
77.8
87.4
95.4

Aug
2023
43.1
65.8
78.5
87.7
95.6

30

Sep
2023
42.3
64.3
77.3
86.8
95.1

Oct
2023
43.6
65.2
78.6
87.9
95.8

Nov
2023
43.7
66.0
79.0
88.1
95.9

Dec
2023
43.6
65.1
77.9
87.2
95.3

Jan
2024
45.2
66.7
79.5
88.4
95.8

Feb
2024
50.0
70.7
82.0
89.7
96.3

Mar
2024
44.2
65.6
78.4
87.7
95.4

Analytics Ofce

7.3

Portfolio Turnover
Table 7.9: Aggregate Portfolio Turnover ($ Billions)
As reported on Form PF, Question 27.

Asset Class
Futures
Sov. and muni. bonds
Listed equities
Corporate bonds
Convertible bonds
Total

Mar
2023
32,291
7,334
4,935
252
39
44,851

Apr
2023
16,689
5,691
3,844
164
30
26,418

May
2023
21,107
7,484
4,704
244
43
33,582

Jun
2023
17,995
7,088
4,719
215
41
30,058

Jul
2023
19,497
7,105
4,471
198
60
31,332

Aug
2023
24,576
8,724
5,416
195
85
38,997

Sep
2023
20,516
7,606
4,668
221
75
33,086

Oct
2023
20,629
8,124
4,861
234
56
33,905

Nov
2023
28,723
9,031
4,628
257
69
42,708

Dec
2023
26,297
7,794
4,564
171
92
38,918

Jan
2024
20,839
8,789
4,831
316
110
34,884

Feb
2024
24,011
8,792
4,864
435
104
38,206

Mar
2024
28,252
8,173
4,929
459
160
41,973

Table 7.10: Aggregate Hedge Fund Net Assets of Large Hedge Fund Advisers
Reporting a Ratio of Aggregate Turnover to Aggregate Hedge
Fund Net Assets ($ Billions)
As reported on Form PF, Questions 3 and 27. See the appendix for a review of interval notation used
here.

Ratio
[0,0.5)
[0.5,1)
[1,2)
[2,5)
[5,10)
10 or more

Mar
2023
2,567
330
227
368
130
653

Apr
2023
2,844
312
256
252
126
528

May
2023
2,746
301
219
327
109
615

Jun
2023
2,694
295
243
324
158
603

Jul
2023
2,815
221
314
248
113
580

Aug
2023
2,653
390
196
312
84
656

Sep
2023
2,772
288
198
340
54
639

Oct
2023
2,920
254
288
193
170
569

Nov
2023
2,867
315
142
325
87
658

Dec
2023
2,829
386
155
297
94
634

Jan
2024
3,013
311
227
193
161
581

Feb
2024
2,915
348
178
293
143
608

Mar
2024
2,903
224
331
277
81
669

Table 7.11: Number of Large Hedge Fund Advisers Reporting a Ratio of
Aggregate Turnover to Aggregate Hedge Fund Net Assets
As reported on Form PF, Questions 3 and 27. See the appendix for a review of interval notation used
here.

Ratio
[0,0.5)
[0.5,1)
[1,2)
[2,5)
[5,10)
10 or more

Mar
2023
366
60
55
55
24
83

Apr
2023
417
61
56
38
26
61

May
2023
399
63
53
46
21
77

Jun
2023
396
69
51
42
30
71

Jul
2023
422
55
51
33
19
78

Aug
2023
401
67
50
42
22
76

31

Sep
2023
405
63
53
43
17
77

Oct
2023
417
54
62
38
23
73

Nov
2023
405
69
43
47
24
79

Dec
2023
418
68
42
43
20
76

Jan
2024
424
54
50
35
22
70

Feb
2024
418
55
42
41
25
74

Mar
2024
405
57
58
34
24
77

Analytics Ofce

7.4

Region and Country Exposure
Table 7.12: Large Hedge Fund Adviser Hedge Fund Regional Exposure ($
Billions)
As reported on Form PF, Questions 3(a) and 28.
Region
North America
Europe EEA
Asia
Europe Other
South America
Supranational
Middle East
Africa

2022Q1
5,854
1,633
716
416
92
42
27
28

2022Q2
5,583
1,480
713
324
81
38
26
22

2022Q3
5,423
1,433
737
336
81
32
46
21

2022Q4
5,544
1,657
750
356
86
27
26
24

2023Q1
5,852
1,529
731
372
83
34
26
21

2023Q2
6,177
1,455
753
393
90
36
31
23

2023Q3
6,371
1,497
782
415
89
37
29
23

2023Q4
6,759
1,625
823
421
125
39
31
24

2024Q1
7,080
1,784
875
439
126
48
37
29

Table 7.13: Large Hedge Fund Adviser Hedge Fund Regional Exposure
(Percent of Aggregate NAV)
As reported on Form PF, Questions 3(a) and 28.
Region
North America
Europe EEA
Asia
Europe Other
South America
Supranational
Middle East
Africa

2022Q1
132.1
36.9
16.2
9.4
2.1
0.9
0.6
0.6

2022Q2
132.0
35.0
16.9
7.7
1.9
0.9
0.6
0.5

2022Q3
131.4
34.7
17.9
8.1
2.0
0.8
1.1
0.5

2022Q4
133.9
40.0
18.1
8.6
2.1
0.7
0.6
0.6

32

2023Q1
136.8
35.7
17.1
8.7
1.9
0.8
0.6
0.5

2023Q2
143.0
33.7
17.4
9.1
2.1
0.8
0.7
0.5

2023Q3
148.4
34.9
18.2
9.7
2.1
0.9
0.7
0.5

2023Q4
153.7
37.0
18.7
9.6
2.8
0.9
0.7
0.5

2024Q1
157.8
39.7
19.5
9.8
2.8
1.1
0.8
0.6

Analytics Ofce

Table 7.14: Large Hedge Fund Adviser Hedge Fund Country Exposure ($
Billions)
As reported on Form PF, Questions 3(a) and 28.
Country
United States
Japan
China (Inc. Hong Kong)
India
Brazil
Russia

2022Q1
5,543
213
204
48
39
5

2022Q2
5,288
240
198
47
34
5

2022Q3
5,147
266
174
49
34
5

2022Q4
5,275
337
171
44
34
3

2023Q1
5,555
332
171
44
31
3

2023Q2
5,887
354
138
50
40
3

2023Q3
5,992
380
128
47
38
8

2023Q4
6,414
435
123
47
49
2

2024Q1
6,718
444
133
54
44
2

Table 7.15: Large Hedge Fund Adviser Hedge Fund Country Exposure
(Percent of Aggregate NAV)
As reported on Form PF, Questions 3(a) and 28.
Country
United States
Japan
China (Inc. Hong Kong)
India
Brazil
Russia

2022Q1
125.1
4.8
4.6
1.1
0.9
0.1

2022Q2
125.0
5.7
4.7
1.1
0.8
0.1

2022Q3
124.8
6.4
4.2
1.2
0.8
0.1

2022Q4
127.4
8.1
4.1
1.1
0.8
0.1

33

2023Q1
129.9
7.8
4.0
1.0
0.7
0.1

2023Q2
136.3
8.2
3.2
1.2
0.9
0.1

2023Q3
139.6
8.9
3.0
1.1
0.9
0.2

2023Q4
145.9
9.9
2.8
1.1
1.1
0.1

2024Q1
149.7
9.9
3.0
1.2
1.0
0.0

Analytics Ofce

8

Qualifying Hedge Fund Specifc Information

8.1

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

Exposure

Including IRDs

Excluding IRDs

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

Mar
2023
1,890
983
366
355
570
2,189
969
261
279
466

Apr
2023
2,032
906
330
362
578
2,278
893
316
248
472

May
2023
2,018
912
329
349
600
2,282
896
268
279
482

Jun
2023
1,916
995
343
352
602
2,176
986
256
308
482

Jul
2023
1,955
979
329
380
606
2,218
948
253
329
501

Aug
2023
1,961
961
332
385
610
2,237
932
300
270
510

Sep
2023
1,932
998
326
382
611
2,192
968
273
309
507

Oct
2023
2,089
891
307
336
621
2,342
856
285
255
506

Nov
2023
2,043
937
261
362
640
2,303
866
243
297
534

Dec
2023
1,936
1,036
285
293
694
2,201
960
211
330
542

Jan
2024
2,173
930
294
336
657
2,424
874
250
303
538

Feb
2024
2,131
941
295
359
665
2,407
850
257
342
533

Mar
2024
2,001
1,034
319
337
699
2,278
971
250
331
559

Table 8.2: Number of Qualifying Hedge Funds by GNE to NAV Ratio
As reported on Form PF, Questions 9, 10, 26, and 30. See the appendix for a review of interval
notation used here.

Exposure

Including IRDs

Excluding IRDs

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

Mar
2023
1,051
521
163
128
184
1,195
480
134
100
138

Apr
2023
1,133
473
156
136
195
1,259
434
152
111
137

May
2023
1,140
473
151
127
200
1,277
424
135
116
139

Jun
2023
1,076
527
162
127
199
1,220
469
142
121
139

Jul
2023
1,130
495
148
124
203
1,269
438
129
118
146

34

Aug
2023
1,137
496
138
128
201
1,278
429
140
108
145

Sep
2023
1,106
520
150
123
201
1,247
453
144
112
144

Oct
2023
1,177
456
138
111
225
1,304
396
144
100
163

Nov
2023
1,149
476
130
119
233
1,286
408
139
106
168

Dec
2023
1,100
522
144
109
232
1,243
449
137
112
166

Jan
2024
1,174
476
123
101
213
1,317
395
119
96
160

Feb
2024
1,158
476
135
104
214
1,298
405
120
108
156

Mar
2024
1,116
494
155
101
221
1,249
443
128
104
163

Analytics Ofce

Table 8.3: Aggregate Net Assets of Qualifying Hedge Funds by LNE to NAV
Ratio ($ Billions)
As reported on Form PF, Questions 9, 10, 26, and 30. See the appendix for a review of interval
notation used here.

Exposure

Including IRDs

Excluding IRDs

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

Mar
2023
2,385
837
344
217
381
2,642
808
236
210
268

Apr
2023
2,474
832
300
207
395
2,709
790
226
220
263

May
2023
2,449
842
318
189
409
2,709
778
219
228
275

Jun
2023
2,385
870
333
169
450
2,655
768
281
220
283

Jul
2023
2,379
924
311
202
433
2,661
782
297
208
301

Aug
2023
2,402
906
299
208
434
2,736
712
266
232
302

Sep
2023
2,398
914
299
210
429
2,754
735
227
237
295

Oct
2023
2,536
755
313
175
465
2,789
676
233
228
317

Nov
2023
2,451
794
309
210
480
2,723
691
272
236
321

Dec
2023
2,375
855
345
197
471
2,649
743
284
249
318

Jan
2024
2,622
781
294
244
449
2,876
684
259
249
323

Feb
2024
2,582
792
296
259
460
2,821
721
272
248
328

Mar
2024
2,516
849
286
278
461
2,687
822
276
281
323

Table 8.4: Number of Qualifying Hedge Funds by LNE to NAV Ratio
As reported on Form PF, Questions 9, 10, 26, and 30. See the appendix for a review of interval
notation used here.

Exposure

Including IRDs

Excluding IRDs

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

Mar
2023
1,268
458
122
82
117
1,379
424
96
76
72

Apr
2023
1,342
412
126
94
119
1,433
399
111
84
66

May
2023
1,341
416
124
86
124
1,440
391
108
81
71

Jun
2023
1,289
467
121
92
122
1,392
432
108
85
74

Jul
2023
1,318
449
116
83
134
1,423
408
117
70
82

35

Aug
2023
1,336
437
113
83
131
1,442
402
97
83
76

Sep
2023
1,322
454
111
84
129
1,435
410
97
86
72

Oct
2023
1,386
379
107
83
152
1,483
356
92
70
106

Nov
2023
1,346
402
110
92
157
1,450
380
97
77
103

Dec
2023
1,307
435
127
90
148
1,409
404
111
84
99

Jan
2024
1,392
373
97
88
137
1,486
336
97
79
89

Feb
2024
1,369
396
96
86
140
1,458
363
99
76
91

Mar
2024
1,334
423
102
85
143
1,418
397
94
87
91

Analytics Ofce

Table 8.5: Aggregate Net Assets of Qualifying Hedge Funds by SNE to NAV
Ratio ($ Billions)
As reported on Form PF, Questions 9, 10, 26, and 30. See the appendix for a review of interval
notation used here.

Exposure

Including IRDs

Excluding IRDs

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

Mar
2023
3,047
410
113
225
368
3,296
310
126
230
201

Apr
2023
3,081
416
141
177
393
3,317
328
120
226
216

May
2023
3,083
410
135
183
397
3,301
340
97
184
286

Jun
2023
3,103
353
172
182
399
3,287
339
114
183
283

Jul
2023
3,099
389
160
184
418
3,276
376
123
172
302

Aug
2023
3,097
410
143
181
417
3,285
369
96
191
308

Sep
2023
3,100
389
157
175
428
3,279
380
97
196
296

Oct
2023
3,135
319
158
209
423
3,311
321
115
183
313

Nov
2023
3,135
273
191
176
468
3,316
298
128
190
311

Dec
2023
3,134
282
163
250
414
3,298
318
120
183
325

Jan
2024
3,231
347
178
194
440
3,408
359
109
178
335

Feb
2024
3,238
290
185
224
453
3,416
315
149
176
333

Mar
2024
3,224
273
232
209
452
3,409
264
180
217
319

Table 8.6: Number of Qualifying Hedge Funds by SNE to NAV Ratio
As reported on Form PF, Questions 9, 10, 26, and 30. See the appendix for a review of interval
notation used here.

Exposure

Including IRDs

Excluding IRDs

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

Mar
2023
1,679
141
59
68
100
1,761
112
55
58
61

Apr
2023
1,709
143
57
77
107
1,791
121
61
61
59

May
2023
1,713
133
58
76
111
1,789
119
58
61
64

Jun
2023
1,715
127
63
74
112
1,783
119
62
62
65

Jul
2023
1,722
124
60
69
125
1,786
127
52
60
75

36

Aug
2023
1,725
132
53
65
125
1,791
124
48
64
73

Sep
2023
1,727
130
55
66
122
1,790
127
50
67
66

Oct
2023
1,732
104
57
69
145
1,792
112
46
63
94

Nov
2023
1,726
107
61
68
145
1,799
101
52
63
92

Dec
2023
1,730
108
60
78
131
1,792
113
49
66
87

Jan
2024
1,726
108
51
75
127
1,785
114
40
63
85

Feb
2024
1,726
106
52
70
133
1,782
114
48
60
83

Mar
2024
1,716
108
52
75
136
1,778
112
44
69
84

Analytics Ofce

8.2

NAV Allocation by Strategy6
Table 8.7: NAV Allocation of Qualifying Hedge Funds ($ Billions)
As reported on Form PF, Questions 9 and 20.
Category

Equity

Other

Macro

Relative Value

Credit

Event Driven

Managed Futures/CTA
Investment in other funds
Total

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

2022Q1
1,102
577
***
***
2,033
1,483
740
73
***
***
850
676
110
112
74
70
1,043
359
127
485
202
91
136
429
***
***
238
75
6,635

2022Q2
972
467
***
***
1,776
1,441
737
88
39
2
867
684
113
89
79
62
1,028
350
132
482
201
90
112
403
***
***
215
69
6,280

2022Q3
941
414
***
***
1,687
1,427
740
92
44
2
879
638
115
84
72
60
969
367
140
507
201
93
101
394
***
***
258
68
6,189

2022Q4
1,020
438
***
***
1,797
1,464
895
58
37
2
992
627
121
82
54
66
950
378
149
527
203
72
96
371
***
***
196
71
6,369

2023Q1
1,053
448
***
***
1,851
1,489
813
44
***
***
890
706
103
88
76
61
1,035
390
154
543
201
75
106
382
***
***
195
84
6,470

2023Q2
1,063
453
***
***
1,886
1,514
980
40
***
***
1,052
722
129
94
85
61
1,091
370
168
538
210
85
102
397
***
***
287
86
6,851

2023Q3
1,033
434
***
***
1,796
1,542
996
33
***
***
1,062
761
135
93
79
64
1,132
372
170
542
208
99
85
392
***
***
259
107
6,832

2023Q4
1,096
448
***
***
1,889
1,524
1,181
30
34
2
1,246
943
144
103
94
65
1,349
382
191
573
213
87
88
388
***
***
211
104
7,283

2024Q1
1,177
466
***
***
2,010
1,586
1,258
38
38
2
1,336
879
140
109
90
57
1,275
391
199
591
219
106
79
404
***
***
249
94
7,545

6
Form PF Question 20 requires advisers to indicate which strategies best describe the reporting fund’s strategies
including a good faith estimate of the reporting fund’s allocation among strategies, and provides a list of investment
strategies for this purpose. Form PF does not defne the investment strategies listed by Question 20.

37

Analytics Ofce

Table 8.8: NAV Allocation of Qualifying Hedge Funds (Percent of NAV)
As reported on Form PF, Questions 9 and 20.
Category

Equity

Other

Macro

Relative Value

Credit

Event Driven

Managed Futures/CTA
Investment in other funds
Total

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

2022Q1
26.6
13.9
***
***
49.0
35.8
17.8
1.8
***
***
20.5
16.3
2.7
2.7
1.8
1.7
25.2
8.7
3.1
11.7
4.9
2.2
3.3
10.3
***
***
5.7
1.8
160.1

2022Q2
25.1
12.1
***
***
45.9
37.2
19.0
2.3
1.0
0.1
22.4
17.7
2.9
2.3
2.0
1.6
26.6
9.0
3.4
12.4
5.2
2.3
2.9
10.4
***
***
5.5
1.8
162.1

38

2022Q3
25.0
11.0
***
***
44.8
37.9
19.7
2.4
1.2
0.1
23.3
16.9
3.1
2.2
1.9
1.6
25.7
9.8
3.7
13.5
5.3
2.5
2.7
10.5
***
***
6.8
1.8
164.3

2022Q4
26.9
11.6
***
***
47.4
38.6
23.6
1.5
1.0
0.1
26.2
16.6
3.2
2.2
1.4
1.7
25.1
10.0
3.9
13.9
5.4
1.9
2.5
9.8
***
***
5.2
1.9
168.1

2023Q1
27.1
11.6
***
***
47.7
38.4
21.0
1.1
***
***
22.9
18.2
2.7
2.3
2.0
1.6
26.7
10.0
4.0
14.0
5.2
1.9
2.7
9.9
***
***
5.0
2.2
166.8

2023Q2
27.0
11.5
***
***
47.9
38.5
24.9
1.0
***
***
26.7
18.3
3.3
2.4
2.2
1.6
27.7
9.4
4.3
13.7
5.3
2.2
2.6
10.1
***
***
7.3
2.2
174.1

2023Q3
26.1
11.0
***
***
45.3
38.9
25.2
0.8
***
***
26.8
19.2
3.4
2.3
2.0
1.6
28.6
9.4
4.3
13.7
5.3
2.5
2.1
9.9
***
***
6.5
2.7
172.5

2023Q4
27.6
11.3
***
***
47.6
38.4
29.8
0.7
0.9
0.0
31.4
23.8
3.6
2.6
2.4
1.6
34.0
9.6
4.8
14.5
5.4
2.2
2.2
9.8
***
***
5.3
2.6
183.7

2024Q1
28.7
11.4
***
***
49.1
38.7
30.7
0.9
0.9
0.0
32.6
21.4
3.4
2.7
2.2
1.4
31.1
9.6
4.9
14.4
5.3
2.6
1.9
9.9
***
***
6.1
2.3
184.1

Analytics Ofce

8.3

Aggregates by Strategy
Table 8.9: Aggregate Qualifying Hedge Fund GAV, by Strategy
As reported on Form PF, Questions 8, 10 and 20. Funds with more than 50% of assets concentrated in
a strategy are assigned that strategy type. Otherwise, funds are classifed as multi-strategy. Gross
asset value is then summed for each strategy in each quarter.
Strategy
Equity
Multi-Strategy
Relative Value
Macro
Other
Credit
Event Driven
Managed Futures/CTA
Investment in other funds

2022Q1
1,995
1,107
1,270
921
1,166
331
353
106
48

2022Q2
1,648
1,183
1,315
880
1,130
328
321
139
59

2022Q3
1,581
1,276
1,213
917
1,070
331
299
131
51

2022Q4
1,664
1,363
1,082
936
1,104
348
292
109
57

2023Q1
1,655
1,490
1,029
916
1,143
359
295
133
59

2023Q2
1,813
1,563
1,192
1,001
1,120
363
287
128
59

2023Q3
1,747
1,705
1,136
1,023
1,068
396
266
124
65

2023Q4
1,795
1,213
1,836
1,145
1,134
402
264
91
44

2024Q1
1,946
1,728
1,274
1,231
1,149
424
254
110
39

Table 8.10: Aggregate Qualifying Hedge Fund NAV, by Strategy
As reported on Form PF, Questions 9, 10 and 20. Funds with more than 50% of assets concentrated in
a strategy are assigned that strategy type. Otherwise, funds are classifed as multi-strategy. Net
asset value is then summed for each strategy in each quarter.
Strategy
Equity
Other
Multi-Strategy
Credit
Event Driven
Relative Value
Macro
Managed Futures/CTA
Investment in other funds

2022Q1
1,271
808
354
205
252
210
201
71
39

2022Q2
1,040
780
391
201
229
201
198
73
39

2022Q3
988
728
435
199
223
196
197
80
37

2022Q4
1,021
748
392
205
218
183
191
74
44

39

2023Q1
1,019
776
411
209
226
178
178
84
44

2023Q2
1,094
780
399
206
213
192
176
83
41

2023Q3
1,055
738
424
229
207
182
175
75
42

2023Q4
1,063
778
309
233
206
267
191
60
28

2024Q1
1,148
796
402
237
204
193
186
59
30

Analytics Ofce

Table 8.11: Aggregate Qualifying Hedge Fund Borrowing, by Strategy
As reported on Form PF, Questions 43 and 20. Funds with more than 50% of assets concentrated in a
strategy are assigned that strategy type. Otherwise, funds are classifed as multi-strategy.
Borrowing is then summed for each strategy in each quarter.
Strategy
Multi-Strategy
Equity
Relative Value
Macro
Other
Credit
Managed Futures/CTA
Event Driven
Investment in other funds

2022Q1
793
893
828
501
239
89
25
78
7

2022Q2
800
747
823
493
250
92
27
76
9

2022Q3
855
752
762
476
239
95
29
57
6

2022Q4
939
799
703
516
254
105
33
54
6

2023Q1
1,067
873
705
560
260
124
41
55
9

2023Q2
1,180
921
808
635
219
122
47
58
16

2023Q3
1,245
859
755
618
219
121
50
43
17

2023Q4
844
938
1,349
725
230
119
74
38
15

2024Q1
1,377
1,046
886
811
242
136
60
47
1

Table 8.12: Aggregate Qualifying Hedge Fund Derivatives, by Strategy
As reported on Form PF, Questions 44 and 20. Funds with more than 50% of assets concentrated in a
strategy are assigned that strategy type. Otherwise, funds are classifed as multi-strategy.
Derivatives is then summed for each strategy in each quarter.
Strategy
Macro
Multi-Strategy
Relative Value
Managed Futures/CTA
Equity
Other
Credit
Event Driven
Investment in other funds

2022Q1
5,409
3,202
2,942
1,042
1,173
1,077
251
126
67

2022Q2
4,826
3,301
2,439
1,216
970
997
254
114
93

2022Q3
4,691
2,774
2,334
1,109
1,327
885
277
95
98

2022Q4
5,654
3,241
1,814
988
1,363
842
251
98
74

40

2023Q1
4,933
3,307
2,018
930
1,418
868
265
95
103

2023Q2
5,465
3,242
2,346
1,317
1,011
891
267
115
93

2023Q3
5,566
3,471
2,340
1,285
1,001
844
294
119
86

2023Q4
5,907
2,328
3,799
832
971
804
270
101
46

2024Q1
6,130
3,441
2,717
1,208
1,129
844
303
71
50

Analytics Ofce

8.4

Leverage by Strategy
Table 8.13: NAV-Weighted Average Ratio of GAV to NAV, by Strategy
As reported on Form PF, Questions 8, 9, 10, and 20. Funds with more than 50% of assets
concentrated in a strategy are assigned that strategy type. Otherwise, funds are classifed as
multi-strategy.
Strategy
Macro
Relative Value
Multi-Strategy
Managed Futures/CTA
Credit
Equity
Other
Investment in other funds
Event Driven

2022Q1
4.6
6.0
3.1
1.5
1.6
1.6
1.4
1.2
1.4

2022Q2
4.5
6.5
3.0
1.9
1.6
1.6
1.4
1.5
1.4

2022Q3
4.6
6.2
2.9
1.6
1.7
1.6
1.5
1.4
1.3

2022Q4
4.9
5.9
3.5
1.5
1.7
1.6
1.5
1.3
1.3

2023Q1
5.1
5.8
3.6
1.6
1.7
1.6
1.5
1.4
1.3

2023Q2
5.7
6.2
3.9
1.5
1.8
1.7
1.4
1.4
1.3

2023Q3
5.8
6.2
4.0
1.7
1.7
1.7
1.4
1.6
1.3

2023Q4
6.0
6.9
3.9
1.5
1.7
1.7
1.5
1.6
1.3

2024Q1
6.6
6.6
4.3
1.9
1.8
1.7
1.4
1.3
1.2

Table 8.14: NAV-Weighted Average Ratio of GNE to NAV, by Strategy
As reported on Form PF, Questions 9, 10, 20, 26, and 30 (Third Month). Funds with more than 50% of
assets concentrated in a strategy are assigned that strategy type. Otherwise, funds are classifed
as multi-strategy.
Strategy
Macro
Relative Value
Managed Futures/CTA
Multi-Strategy
Credit
Equity
Investment in other funds
Other
Event Driven

2022Q1
33.8
25.4
15.0
14.9
3.2
2.9
2.8
3.1
1.9

2022Q2
30.1
24.8
16.5
13.2
3.1
2.9
4.1
2.9
2.0

2022Q3
29.3
23.8
14.0
11.0
3.2
3.4
4.0
2.9
1.8

2022Q4
34.4
21.3
14.3
14.0
3.2
3.5
3.0
2.9
1.8

2023Q1
35.2
23.1
12.1
14.1
3.4
3.6
3.7
2.7
2.1

2023Q2
39.5
25.5
17.1
14.8
3.5
3.1
3.8
2.7
2.1

2023Q3
40.6
25.4
18.6
15.6
3.4
3.1
3.8
2.7
1.9

2023Q4
40.8
27.4
14.8
14.1
3.4
3.1
3.6
2.7
1.8

2024Q1
46.0
26.5
22.1
16.5
3.6
3.2
3.0
2.6
1.7

Table 8.15: NAV-Weighted Average Percent of Unencumbered Cash, by
Strategy
As reported on Form PF, Questions 9, 10, 20, and 33 (Third Month).Funds with more than 50% of
assets concentrated in a strategy are assigned that strategy type. Otherwise, funds are classifed
as multi-strategy.
Strategy
Managed Futures/CTA
Macro
Relative Value
Multi-Strategy
Equity
Other
Event Driven
Credit
Investment in other funds

2022Q1
51.0
45.4
23.3
23.9
10.4
11.3
10.7
6.8
4.9

2022Q2
56.0
45.8
23.8
27.7
12.7
11.5
9.6
8.3
6.8

2022Q3
54.2
43.6
25.0
27.9
13.7
12.3
10.0
7.3
5.5

2022Q4
49.3
45.7
23.5
30.5
13.9
11.5
9.8
8.9
6.1

41

2023Q1
39.9
43.3
25.9
27.3
12.4
9.5
8.1
8.5
7.9

2023Q2
38.8
41.4
26.6
25.7
11.1
9.0
8.4
7.4
12.0

2023Q3
45.3
42.2
25.4
26.0
11.4
8.7
7.5
7.2
12.4

2023Q4
44.0
40.3
25.4
20.6
11.2
8.6
7.7
6.1
1.5

2024Q1
41.4
33.4
25.5
24.9
9.2
8.6
6.9
5.8
1.1

Analytics Ofce

8.5

Investment Exposures
Table 8.16: Aggregate Qualifying Hedge Fund Long Notional Exposure, by
Investment Type ($ Billions)
As reported on Form PF, Questions 26 and 30.

Type
Interest Rate Derivatives
Foreign Exchange Derivatives
Non-Financial Listed Equities
U.S. Treasury Securities
Repurchase Agreements
Non-Financial Equity Derivatives
Sovereign Bonds - Non-U.S. G10
Non-Financial Unlisted Equities
Credit Derivatives
Cash/Cash Equivalents - Other
Leveraged Loans
Financial Listed Equities
Commodity Derivatives
Non-Financial Corporate Bonds
Other Private Funds
MBS
Cash/Cash Equivalents - Deposits
Physical Real Estate
Sovereign Bonds - Other
Other Loans (Excluding Repo)
Cash/Cash Equivalents - MMFs
Non-Financial Convertible Bonds
Non-U.S. Currency Holdings
Other
Other Derivatives
Financial Equity Derivatives
Other ABS/Structured Products
Financial Corporate Bonds
U.S. Agency and GSE Securities
CDO/CLO
Financial Unlisted Equities
U.S. State and Local Bonds
Registered Investment Companies
Financial Convertible Bonds
Physical Commodities

Mar
2023
3,442
1,832
1,470
1,138
1,014
786
685
499
337
385
300
210
224
203
175
151
196
191
140
138
186
121
136
97
115
54
48
62
29
36
39
16
15
8
4

Apr
2023
3,289
1,977
1,459
1,163
984
834
682
471
362
370
283
219
218
206
170
159
163
78
143
127
183
121
152
95
107
66
51
61
30
36
34
19
16
7
4

May
2023
3,441
2,149
1,476
1,203
1,010
889
678
472
392
385
283
212
204
211
170
168
181
78
138
126
187
121
161
94
102
57
54
62
34
35
33
18
16
7
4

Jun
2023
3,347
2,081
1,550
1,265
1,005
887
661
510
401
400
313
225
210
214
177
174
173
203
148
145
174
126
159
100
113
63
147
65
41
36
35
19
16
7
4

Jul
2023
3,512
2,168
1,596
1,400
1,072
960
733
492
398
386
285
226
227
215
173
174
144
78
153
129
150
126
160
115
111
63
54
61
53
37
35
17
11
7
4

42

Aug
2023
3,645
2,428
1,558
1,453
1,199
950
754
492
418
390
285
221
219
214
175
183
140
78
143
128
148
124
146
122
106
61
52
59
57
37
35
17
11
7
4

Sep
2023
3,646
2,239
1,518
1,437
1,060
890
696
527
432
374
320
217
218
217
182
183
151
204
130
145
164
122
136
136
112
59
55
60
53
37
35
17
11
7
4

Oct
2023
3,765
2,380
1,436
1,485
1,069
831
732
483
403
358
297
212
194
216
193
201
157
72
137
128
162
123
130
128
100
58
60
60
48
37
30
16
10
7
3

Nov
2023
4,017
2,605
1,535
1,497
1,147
928
849
489
393
414
299
227
201
221
189
197
165
73
155
129
156
131
137
127
123
65
67
62
57
38
33
17
11
8
4

Dec
2023
3,854
2,134
1,620
1,610
1,036
886
868
521
379
436
332
243
191
223
194
198
162
171
167
148
174
139
123
129
121
65
67
63
53
40
33
17
12
8
4

Jan
2024
3,907
2,336
1,611
1,645
1,126
870
906
500
423
393
303
242
203
220
183
202
171
74
170
134
162
134
148
115
139
71
61
63
59
40
35
16
12
8
4

Feb
2024
3,918
2,462
1,695
1,592
1,160
965
917
498
426
415
303
250
194
221
184
192
188
74
162
133
149
138
155
124
132
79
57
63
52
41
35
15
12
8
4

Mar
2024
3,907
2,378
1,763
1,629
1,128
960
853
540
465
405
347
263
235
225
199
192
179
167
160
153
146
144
141
132
129
83
64
64
51
42
36
16
11
9
4

Analytics Ofce

Table 8.17: Aggregate Qualifying Hedge Fund Short Notional Exposure, by
Investment Type ($ Billions)
As reported on Form PF, Questions 26 and 30.

Type
Interest Rate Derivatives
Foreign Exchange Derivatives
Non-Financial Listed Equities
U.S. Treasury Securities
Repurchase Agreements
Non-Financial Equity Derivatives
Sovereign Bonds - Non-U.S. G10
Non-Financial Unlisted Equities
Credit Derivatives
Cash/Cash Equivalents - Other
Leveraged Loans
Financial Listed Equities
Commodity Derivatives
Non-Financial Corporate Bonds
Other Private Funds
MBS
Cash/Cash Equivalents - Deposits
Physical Real Estate
Sovereign Bonds - Other
Other Loans (Excluding Repo)
Cash/Cash Equivalents - MMFs
Non-Financial Convertible Bonds
Non-U.S. Currency Holdings
Other
Other Derivatives
Financial Equity Derivatives
Other ABS/Structured Products
Financial Corporate Bonds
U.S. Agency and GSE Securities
CDO/CLO
Financial Unlisted Equities
U.S. State and Local Bonds
Registered Investment Companies
Financial Convertible Bonds
Physical Commodities

Mar
2023
3,506
1,572
730
732
1,334
780
716
1
400
85
7
101
167
63
***
28
106
***
64
15
***
2
95
16
88
40
8
15
12
5
0
0
0
0
0

Apr
2023
3,549
1,603
728
800
1,330
813
737
1
433
96
6
106
169
69
0
31
77
***
69
15
***
2
98
19
97
45
8
14
20
5
0
0
0
0
0

May
2023
3,844
1,707
733
878
1,470
864
760
1
449
86
6
106
177
68
0
34
79
***
72
15
0
2
114
20
99
45
13
15
26
5
0
***
0
0
0

Jun
2023
3,808
1,667
773
989
1,483
848
757
1
444
96
8
113
166
68
0
33
75
***
69
16
***
2
104
20
106
45
14
16
28
5
0
***
0
0
0

Jul
2023
3,879
1,629
780
1,220
1,573
905
871
1
438
100
8
113
151
68
0
31
91
***
73
15
***
2
108
19
97
46
17
18
30
5
0
0
0
0
0

43

Aug
2023
3,989
1,739
754
1,160
1,653
947
899
1
442
173
7
108
163
69
0
35
90
***
73
15
***
2
139
20
100
46
15
19
32
5
0
0
0
0
0

Sep
2023
4,018
1,695
741
1,207
1,633
915
843
1
463
113
9
105
175
67
0
39
107
***
75
15
***
2
111
21
106
51
14
18
29
5
0
0
0
0
0

Oct
2023
3,991
1,724
723
1,205
1,575
902
864
1
462
105
9
104
165
65
0
44
115
***
81
14
***
2
113
22
101
52
15
18
28
4
0
***
0
0
0

Nov
2023
4,092
1,785
778
1,188
1,812
912
912
1
466
107
9
116
165
68
0
40
109
***
86
14
***
2
134
21
106
53
21
17
24
4
0
***
0
0
0

Dec
2023
3,903
1,558
808
1,259
1,802
853
926
4
446
150
5
119
160
71
0
45
97
***
92
15
***
2
107
24
98
54
20
17
27
4
0
***
0
0
0

Jan
2024
4,046
1,766
802
1,373
1,959
845
962
1
451
140
9
113
182
72
0
49
107
***
89
15
0
2
125
23
110
65
19
18
35
4
0
***
0
0
0

Feb
2024
4,138
1,837
843
1,346
1,934
924
995
1
452
138
9
118
177
72
0
43
116
***
92
14
0
2
150
24
121
70
17
18
32
4
0
***
0
0
0

Mar
2024
4,199
1,819
882
1,348
1,836
916
976
1
491
150
9
122
184
74
0
42
116
***
85
15
0
2
145
25
107
84
20
19
31
4
0
***
0
0
0

Analytics Ofce

8.6

Number of Positions
Table 8.18: Aggregate Net Assets of Qualifying Hedge Funds with Open
Positions ($ Billions)
As reported on Form PF, Questions 9, 10, and 34. See the appendix for a review of interval notation
used here.

Open Positions
Less t

[Text truncated at 120,000 characters. The full text is on the page linked above.]

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Asec%3A6cf87dc69cb3e0ed. Public record. Not legal advice.