Division of Investment Management

Division of Investment Management

Analytics Office

Private Fund Statistics

Form PF and Form ADV Data, Third Calendar Quarter 2025

This is a report of the Staff of the Division of Investment Management’s Analytics Office of the U.S.

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

findings, or conclusions contained herein.

Information presented in this report reflects staff’s compilation and analysis of data reported to the

Commission on Form PF and Form ADV. The presented information does not reflect any filings or

amended filings submitted after March 13, 2026.

Third Calendar Quarter 2025

Analytics Office

Introduction

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

data collected from Form PF and Form ADV filings received through March 13, 2026, for the

reporitng periods from Third Calendar Quarter 2023 through Third Calendar Quarter 2025.1 A

downloadable Excel file published alongside this report provides the most recently updated historical

data, beginning with the 2013Q1 reporting period. As noted on Form PF, the Commission does not

intend to make public information reported on Form PF that is identifiable to any particular adviser

or private fund. Form PF information provided in this report are anonymized, and are aggregated,

rounded, and/or masked to avoid potential disclosure of proprietary information of individual Form

PF filers. Masked data in this report is denoted by “***”. Please see the Appendices to this report

for definitions of capitalized terms, other technical descriptions, a summary of certain changes to

Form PF over time, and information on the categories of Form PF filers.

An adviser may file amendments to previously filed reports on Form PF at any time, including

amendments to correct mistakes or errors in previously filed reports — for more details, see the Form

PF General Instructions. Advisers that file or report to the Commission on Form ADV are required

to promptly file other-than-annual amendments if certain aspects of their most recent annual

updating amendment have changed — for more details, see the Form ADV General Instructions.

Commission Staff works with the reported information on Form PF and with filers to

identify and correct filing errors and employs certain methodologies and assumptions in

aggregating the data. Commission Staff updates reported statistics from time to time to

reflect corrected and amended filings and any adjustments to methodologies and assumptions, which may result in changes to previously reported statistics. Where appropriate,

the Commission Staff may remove filings that appear to be erroneous to ensure the accuracy of information presented. A downloadable Excel file published alongside this report

provides the most recently updated historical data and includes methodological notes

and assumptions, including a description of significant changes.

If you have any questions or comments about Third Calendar Quarter 2025 Private

Fund Statistics, please contact: IM-Analytics with subject line “Third Calendar Quarter

2025-Private Fund Statistics”.

Please see the Division of Investment Management’s “Investment Adviser Statistics” report on

SEC.gov for information and statistics relating to advisers not presented in this report. For

complementary aggregate information based upon Form PF data, see the Federal Reserve’s Financial

Accounts of the United States.

Only SEC-registered advisers with at least $150 million in private fund assets under management must report to the

Commission on Form PF. SEC-registered investment advisers (RIAs) with less than $150 million in private fund assets

under management, SEC exempt reporting advisers, and state-registered investment advisers are not required to file

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

1

1

Contents

1

Number of Funds and Advisers

3

2

Aggregate Fund Assets

4

3

Fund Domiciles and Adviser Main Offices

13

4

Beneficial Ownership of Funds

14

5

Fund Investments in Derivatives

19

6

Additional Hedge Fund Industry Information

21

7

Information Reported by Large Hedge Fund Advisers

27

8

Qualifying Hedge Fund Specific Information

34

9

Section 3 Liquidity Fund Specific Information

55

10

Section 4 Private Equity Fund Specific Information

59

11

Appendices

63

2

Third Calendar Quarter 2025

1

Analytics Office

Number of Funds and Advisers2

Table 1.1: Number of Funds

Fund Type

Private Equity Fund

Hedge Fund

Other Private Fund

Real Estate Fund

Venture Capital Fund

Securitized Asset Fund

Liquidity Fund

Total

2023Q3

21,004

9,968

6,840

4,266

2,998

2,479

69

47,624

2023Q4

23,205

9,685

7,146

4,255

3,252

2,702

73

50,318

2024Q1

23,259

9,791

7,146

4,271

3,254

2,733

74

50,528

2024Q2

23,231

9,863

7,176

4,270

3,254

2,738

76

50,608

2024Q3

23,316

9,930

7,197

4,253

3,258

2,737

77

50,768

2024Q4

25,124

9,737

7,658

4,647

3,584

3,097

74

53,921

2025Q1

25,107

9,837

7,716

4,724

3,621

3,105

73

54,183

2025Q2

25,133

9,917

7,738

4,738

3,614

3,117

73

54,330

2025Q3

25,155

9,940

7,744

4,736

3,616

3,127

74

54,392

Table 1.2: Number of Funds Reported by Large Filers

Fund Type

Section 4 Private Equity Fund

Qualifying Hedge Fund

Section 3 Liquidity Fund

2023Q3

7,499

2,105

51

2023Q4

8,574

2,111

51

2024Q1

8,576

2,092

49

2024Q2

8,548

2,006

52

2024Q3

8,550

2,071

52

2024Q4

9,990

2,058

51

2025Q1

10,349

2,084

48

2025Q2

10,364

2,113

50

2025Q3

10,364

2,145

55

Table 1.3: Number of Advisers Advising Each Fund Type

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

because the rows are not mutually exclusive.

Fund Type

Private Equity Fund

Section 4 Private Equity Fund

Hedge Fund

Other Private Fund

Real Estate Fund

Venture Capital Fund

Securitized Asset Fund

Qualifying Hedge Fund

Liquidity Fund

Section 3 Liquidity Fund

Total

2023Q3

1,767

454

1,866

770

462

285

174

593

34

22

3,815

2023Q4

1,865

487

1,857

787

467

317

176

598

38

22

3,935

2024Q1

1,862

489

1,858

783

468

318

176

595

38

20

3,935

2024Q2

1,863

488

1,855

787

466

318

177

598

39

22

3,937

2024Q3

1,860

489

1,861

790

464

321

175

610

39

21

3,941

2024Q4

1,937

541

1,834

807

480

338

187

615

34

22

4,006

2025Q1

1,937

541

1,832

807

484

339

186

620

34

21

4,005

2025Q2

1,937

542

1,833

807

486

339

186

620

33

22

4,005

2025Q3

1,941

542

1,834

806

486

340

186

625

34

24

4,006

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

2023Q3

1,735

872

778

384

46

3,815

2023Q4

1,753

902

821

407

52

3,935

2024Q1

1,758

900

816

410

51

3,935

2024Q2

1,759

897

820

409

52

3,937

2024Q3

1,766

901

815

407

52

3,941

2024Q4

1,752

916

843

435

60

4,006

2025Q1

1,745

918

848

432

62

4,005

2025Q2

1,745

915

849

434

62

4,005

2025Q3

1,748

913

851

431

63

4,006

2

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

investment advisers that file a Form PF to report private funds. Please see the Form PF Glossary of Terms and

Appendix 11.5 for definitions of other capitalized terms used in this report.

3

Third Calendar Quarter 2025

Analytics Office

2

Aggregate Fund Assets

2.1

Aggregate Assets by Fund Type over Time

Table 2.1: Aggregate Private Fund Gross Asset Value (GAV) ($ Billions)

As reported on Form PF, Question 8.

Fund Type

Hedge Fund

Private Equity Fund

Other Private Fund

Real Estate Fund

Securitized Asset Fund

Venture Capital Fund

Liquidity Fund

Total

2023Q3

10,240

6,672

1,570

1,129

924

374

362

21,270

2023Q4

10,787

7,414

1,734

1,078

1,024

400

362

22,799

2024Q1

11,149

7,435

1,737

1,081

1,031

400

340

23,174

2024Q2

11,373

7,426

1,744

1,079

1,031

400

353

23,406

2024Q3

12,269

7,420

1,755

1,071

1,027

400

381

24,322

2024Q4

12,093

7,952

1,877

1,133

1,111

465

369

25,000

2025Q1

12,786

7,942

1,863

1,128

1,112

473

384

25,688

2025Q2

13,526

7,950

1,866

1,130

1,113

473

402

26,460

2025Q3

13,923

7,958

1,858

1,127

1,111

474

420

26,870

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

2023Q3

8,784

5,238

360

2023Q4

9,238

5,874

359

2024Q1

9,468

5,878

334

2024Q2

9,612

5,876

351

2024Q3

10,430

5,880

377

2024Q4

10,270

6,350

367

2025Q1

10,958

6,459

381

2025Q2

11,827

6,461

401

2025Q3

12,214

6,465

421

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

2023Q3

5,997

4,948

1,339

850

341

348

264

14,087

2023Q4

6,744

5,010

1,543

822

375

353

284

15,131

2024Q1

6,763

5,233

1,542

826

375

333

290

15,361

2024Q2

6,755

5,235

1,553

824

374

343

290

15,375

2024Q3

6,748

5,407

1,562

819

375

369

290

15,569

2024Q4

7,289

5,336

1,645

880

427

358

408

16,344

2025Q1

7,279

5,429

1,632

881

435

374

406

16,438

2025Q2

7,286

5,654

1,635

885

435

389

407

16,691

2025Q3

7,293

5,860

1,624

883

436

414

409

16,920

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

2023Q3

4,741

3,979

346

2023Q4

5,386

3,981

350

2024Q1

5,389

4,118

327

4

2024Q2

5,388

4,119

341

2024Q3

5,392

4,301

366

2024Q4

5,902

4,226

357

2025Q1

6,006

4,341

371

2025Q2

6,006

4,559

387

2025Q3

6,008

4,750

415

Third Calendar Quarter 2025

2.2

Analytics Office

Distribution of Assets by Fund Type over Time

Table 2.5: Qualifying Hedge Fund GAV and NAV Distribution ($ Billions)

As reported on Form PF, Questions 8 and 9.

Asset Type

GAV

NAV

Statistic

10th Percentile

25th Percentile

Median

75th Percentile

90th Percentile

Mean

10th Percentile

25th Percentile

Median

75th Percentile

90th Percentile

Mean

2023Q3

0.2

0.6

1.2

2.8

6.6

4.2

0.2

0.5

0.9

1.9

4.1

1.9

2023Q4

0.2

0.6

1.3

2.8

6.6

4.4

0.2

0.5

0.9

1.8

4.0

1.9

2024Q1

0.2

0.6

1.3

2.9

7.0

4.5

0.2

0.6

1.0

1.9

4.2

2.0

2024Q2

0.3

0.7

1.4

3.0

7.2

4.8

0.3

0.6

1.0

2.0

4.3

2.1

2024Q3

0.3

0.7

1.4

3.1

7.5

5.0

0.3

0.6

1.0

2.0

4.4

2.1

2024Q4

0.3

0.7

1.4

3.1

7.6

5.0

0.3

0.6

1.0

2.0

4.3

2.1

2025Q1

0.3

0.7

1.4

3.1

7.7

5.3

0.3

0.6

1.0

2.0

4.3

2.1

2025Q2

0.3

0.8

1.5

3.3

7.9

5.6

0.2

0.6

1.0

2.0

4.7

2.2

2025Q3

0.3

0.8

1.5

3.4

8.1

5.7

0.3

0.6

1.1

2.1

4.7

2.2

Table 2.6: Section 4 Private Equity Fund GAV and NAV Distribution ($

Billions)

As reported on Form PF, Questions 8 and 9.

Asset Type

GAV

NAV

Statistic

10th Percentile

25th Percentile

Median

75th Percentile

90th Percentile

Mean

10th Percentile

25th Percentile

Median

75th Percentile

90th Percentile

Mean

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

2024Q2

0.0

0.0

0.1

0.5

1.5

0.7

0.0

0.0

0.1

0.5

1.4

0.6

5

2024Q3

0.0

0.0

0.1

0.5

1.5

0.7

0.0

0.0

0.1

0.5

1.4

0.6

2024Q4

0.0

0.0

0.1

0.5

1.4

0.6

0.0

0.0

0.1

0.4

1.3

0.6

2025Q1

0.0

0.0

0.1

0.5

1.4

0.6

0.0

0.0

0.1

0.4

1.3

0.6

2025Q2

0.0

0.0

0.1

0.5

1.4

0.6

0.0

0.0

0.1

0.4

1.3

0.6

2025Q3

0.0

0.0

0.1

0.5

1.4

0.6

0.0

0.0

0.1

0.4

1.3

0.6

Third Calendar Quarter 2025

Analytics Office

Table 2.7: Aggregate Net Assets of Private Funds by GAV to NAV Ratio

($ Billions)

As reported on Form PF, Questions 8, 9, and 10. See the appendix for a review of interval notation

used here.

Fund Universe

All Private Funds

Qualifying Hedge Funds

Ratio

[1,2)

[2,5)

[5,10)

10 or more

[1,2)

[2,5)

[5,10)

10 or more

2023Q3

12,884

699

245

146

3,167

468

217

112

2023Q4

13,819

749

232

174

3,116

519

194

133

2024Q1

14,033

729

252

188

3,255

494

213

146

2024Q2

14,045

759

207

213

3,253

518

168

169

2024Q3

14,150

793

244

225

3,354

557

206

171

2024Q4

14,864

778

283

218

3,275

526

244

165

2025Q1

14,882

830

273

256

3,319

556

236

204

2025Q2

15,078

846

308

258

3,482

576

270

216

2025Q3

15,234

927

344

208

3,611

653

308

166

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

2023Q3

37,111

2,006

499

1,585

1,768

244

41

34

2023Q4

39,658

2,021

561

1,609

1,758

247

42

32

2024Q1

39,796

2,031

568

1,620

1,756

238

45

36

6

2024Q2

39,827

2,053

579

1,627

1,663

239

46

39

2024Q3

39,800

2,094

586

1,638

1,698

264

47

44

2024Q4

42,301

2,194

601

1,712

1,669

268

51

42

2025Q1

42,462

2,217

583

1,722

1,697

266

49

48

2025Q2

42,531

2,239

590

1,718

1,718

266

58

51

2025Q3

42,518

2,252

579

1,710

1,736

283

59

46

Third Calendar Quarter 2025

2.3

Analytics Office

Fund Borrowings

Table 2.9: Aggregate Borrowings (Percent of Aggregate GAV)

As reported on Form PF, Questions 8, 12, 43 (Third Month), and 68.

Fund Type

Qualifying Hedge Fund

Hedge Fund

Securitized Asset Fund

Real Estate Fund

Section 4 Private Equity Fund

Private Equity Fund

Other Private Fund

Venture Capital Fund

Liquidity Fund

Section 3 Liquidity Fund

2023Q3

48.3

44.5

53.3

13.6

5.8

5.5

5.9

0.6

0.0

0.0

2023Q4

50.7

46.5

56.6

14.8

5.0

4.9

5.2

0.6

0.0

0.0

2024Q1

52.6

47.8

53.4

14.0

5.0

4.8

5.2

0.6

0.0

0.0

2024Q2

53.5

48.7

53.3

14.0

5.0

4.8

5.2

0.6

0.0

0.0

2024Q3

56.0

51.4

52.9

14.3

5.0

4.8

5.2

0.6

0.0

0.0

2024Q4

54.7

50.4

49.2

15.4

6.3

6.0

5.7

0.8

0.0

0.0

2025Q1

56.4

52.7

43.5

14.6

6.2

5.9

5.7

0.7

0.0

0.0

2025Q2

58.3

53.9

43.5

14.5

6.2

5.9

5.7

0.7

0.0

0.0

2025Q3

58.7

54.4

43.6

14.8

6.2

5.9

5.8

0.7

0.0

0.0

Table 2.10: Distribution of Fund Borrowing ($ Billions)

As reported on Form PF, Questions 12, 43 (Third Month), and 68. 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

2023Q3

0.0

0.3

0.6

1.1

0.6

0.3

1.2

3.8

10.0

3.3

2023Q4

0.0

0.3

0.6

1.0

0.6

0.3

1.2

4.0

11.4

3.7

2024Q1

0.0

0.3

0.6

1.1

0.6

0.3

1.3

4.4

12.5

3.9

7

2024Q2

0.0

0.3

0.6

1.1

0.6

0.3

1.4

4.9

12.8

4.0

2024Q3

0.0

0.3

0.6

1.2

0.7

0.3

1.4

4.8

14.3

4.5

2024Q4

0.0

0.3

0.6

1.1

0.7

0.3

1.4

5.0

14.0

4.3

2025Q1

0.0

0.3

0.6

1.2

0.7

0.3

1.3

5.4

15.9

4.6

2025Q2

0.0

0.3

0.6

1.2

0.8

0.4

1.5

5.5

17.6

5.1

2025Q3

0.0

0.3

0.6

1.2

0.8

0.4

1.6

6.1

19.7

5.2

Third Calendar Quarter 2025

Analytics Office

Table 2.11: Aggregate Net Assets of Private Funds by Borrowing to NAV

Ratio ($ Billions)

As reported on Form PF, Questions 9, 10, 12, 43 (Third Month), and 68. 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

2023Q3

6,828

6,270

707

173

110

950

2,214

564

163

88

2023Q4

7,625

6,539

664

160

143

977

2,224

519

145

117

2024Q1

7,720

6,626

682

190

143

1,005

2,282

538

178

115

2024Q2

7,747

6,580

740

155

153

1,018

2,246

587

141

125

2024Q3

7,816

6,679

701

196

176

1,063

2,362

554

182

140

2024Q4

8,087

7,121

756

215

166

1,024

2,315

560

200

128

2025Q1

8,180

7,052

798

225

184

1,013

2,378

591

212

146

2025Q2

8,298

7,096

825

279

193

1,077

2,424

628

267

162

2025Q3

8,353

7,182

917

275

191

1,141

2,467

717

263

162

Table 2.12: Number of Private Funds by Borrowing to NAV Ratio

As reported on Form PF, Questions 9, 10, 12, 43 (Third Month), and 68. 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

2023Q3

31,934

7,651

1,147

154

3,067

803

1,014

234

27

27

2023Q4

34,384

7,918

1,149

233

3,056

815

1,010

221

24

41

2024Q1

34,659

7,859

1,149

208

3,046

811

993

226

25

37

2024Q2

34,593

7,852

1,186

214

3,136

732

986

226

27

35

2024Q3

34,777

7,841

1,194

222

3,055

765

1,003

230

32

41

2024Q4

36,667

8,366

1,300

248

3,387

745

1,001

230

34

48

2025Q1

37,059

8,302

1,290

222

3,306

723

1,054

231

34

42

2025Q2

37,196

8,281

1,286

232

3,304

746

1,035

244

44

44

2025Q3

37,241

8,287

1,303

231

3,301

767

1,037

253

43

45

Table 2.13: Aggregate Borrowing by Creditor Type (Percent)

As reported on Form PF, Questions 12, 43 (Third Month), and 68.

Creditor Type

US Financial

Non-US Financial

US Non-Financial

Non-US Non-Financial

2023Q3

65.4

31.9

2.8

0.7

2023Q4

64.1

33.0

2.7

0.4

2024Q1

67.3

30.3

2.7

0.4

2024Q2

67.2

30.5

2.7

0.4

8

2024Q3

64.4

33.5

2.5

0.4

2024Q4

64.9

31.4

2.4

0.3

2025Q1

65.9

31.6

2.3

0.3

2025Q2

65.9

31.7

2.2

0.3

2025Q3

65.7

31.8

2.2

0.3

Third Calendar Quarter 2025

2.4

Analytics Office

Fair Value Hierarchy3

Table 2.14: Private Fund Assets According to Fair Value Hierarchy ($

Billions)

As reported on Form PF, Question 14. Funds that do not categorize assets and liabilities using a

fair value hierarchy similar to that established under U.S. GAAP are not required to respond to this

question.

Fair Value Level

Level 1

Level 2

Level 3

Cost-Based

2023Q3

4,073

3,524

7,473

3,069

2023Q4

4,871

3,901

8,327

3,614

2024Q1

4,897

3,919

8,363

3,607

2024Q2

4,902

3,925

8,373

3,604

2024Q3

4,922

3,946

8,375

3,622

2024Q4

5,583

4,146

9,139

3,637

2025Q1

5,597

4,165

9,162

3,656

2025Q2

5,615

4,175

9,180

3,664

2025Q3

5,641

4,204

9,188

3,701

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

2023Q3

1,600

1,447

381

2,574

2023Q4

1,878

1,583

410

3,763

2024Q1

1,880

1,692

416

3,765

2024Q2

1,882

1,675

415

3,775

2024Q3

1,886

1,748

410

3,784

2024Q4

2,040

1,796

431

3,797

2025Q1

2,043

1,813

428

3,797

2025Q2

2,062

1,817

431

3,809

2025Q3

2,066

1,840

426

3,840

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

2023Q3

3,160

2,189

1,598

1,919

2023Q4

3,948

2,491

1,734

2,419

2024Q1

3,973

2,509

1,740

2,430

2024Q2

3,977

2,520

1,746

2,422

2024Q3

3,997

2,535

1,756

2,437

2024Q4

4,649

2,692

1,834

2,433

2025Q1

4,672

2,705

1,855

2,439

2025Q2

4,686

2,715

1,871

2,448

2025Q3

4,718

2,741

1,877

2,477

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

2023Q3

1,553

1,303

100

1,614

2023Q4

1,833

1,432

105

2,766

2024Q1

1,836

1,540

107

2,767

2024Q2

1,838

1,523

106

2,778

2024Q3

1,842

1,596

101

2,788

2024Q4

1,981

1,626

107

2,775

2025Q1

1,984

1,643

104

2,774

2025Q2

2,003

1,647

107

2,786

2025Q3

2,007

1,670

102

2,816

3

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

PF frequently asked questions here.

9

Third Calendar Quarter 2025

Analytics Office

Table 2.18: Qualifying Hedge Fund Assets According to Fair Value

Hierarchy ($ Billions)

As reported on Form PF, Question 14. Funds that do not categorize assets and liabilities using a

fair value hierarchy similar to that established under U.S. GAAP are not required to respond to this

question.

Fair Value Level

Level 1

Level 2

Level 3

Cost-Based

2023Q3

2,795

1,955

1,321

1,615

2023Q4

3,519

2,232

1,414

2,100

2024Q1

3,540

2,217

1,420

2,108

2024Q2

3,544

2,219

1,427

2,104

2024Q3

3,565

2,238

1,436

2,111

2024Q4

4,199

2,423

1,471

2,098

2025Q1

4,225

2,437

1,491

2,114

2025Q2

4,243

2,451

1,508

2,126

2025Q3

4,275

2,477

1,515

2,154

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

2023Q3

1,428

1,249

89

1,446

2023Q4

1,680

1,375

96

2,562

2024Q1

1,685

1,448

98

2,560

2024Q2

1,688

1,430

97

2,568

2024Q3

1,692

1,492

92

2,573

2024Q4

1,846

1,541

98

2,530

2025Q1

1,848

1,556

94

2,542

2025Q2

1,865

1,564

97

2,558

2025Q3

1,870

1,584

92

2,586

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

2023Q3

202

152

4,302

570

2023Q4

217

157

4,912

597

2024Q1

217

157

4,939

579

2024Q2

218

157

4,933

578

2024Q3

214

156

4,934

580

2024Q4

192

157

5,454

558

2025Q1

191

159

5,445

569

2025Q2

191

159

5,447

569

2025Q3

191

159

5,448

575

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

2023Q3

14

20

21

339

2023Q4

14

22

20

335

2024Q1

13

22

20

336

2024Q2

13

22

20

335

10

2024Q3

13

22

20

333

2024Q4

13

28

21

366

2025Q1

13

28

21

367

2025Q2

13

28

21

367

2025Q3

13

29

21

368

Third Calendar Quarter 2025

Analytics Office

Table 2.22: Section 4 Private Equity Fund Assets According to Fair Value

Hierarchy ($ Billions)

As reported on Form PF, Question 14. Funds that do not categorize assets and liabilities using a

fair value hierarchy similar to that established under U.S. GAAP are not required to respond to this

question.

Fair Value Level

Level 1

Level 2

Level 3

Cost-Based

2023Q3

170

121

3,461

357

2023Q4

184

115

4,036

383

2024Q1

183

115

4,038

383

2024Q2

183

115

4,038

383

2024Q3

183

119

4,038

384

2024Q4

159

109

4,500

346

2025Q1

158

109

4,568

360

2025Q2

158

109

4,569

361

2025Q3

159

110

4,569

361

Table 2.23: Section 4 Private Equity Fund Liabilities According to Fair

Value Hierarchy ($ Billions)

As reported on Form PF, Question 14. Funds that do not categorize assets and liabilities using a

fair value hierarchy similar to that established under U.S. GAAP are not required to respond to this

question.

Fair Value Level

Level 1

Level 2

Level 3

Cost-Based

2023Q3

7

10

8

272

2023Q4

11

8

9

265

2024Q1

11

8

9

265

2024Q2

11

8

9

264

11

2024Q3

11

8

9

266

2024Q4

7

26

8

290

2025Q1

7

26

8

293

2025Q2

7

26

7

293

2025Q3

7

26

7

292

Third Calendar Quarter 2025

2.5

Analytics Office

Parallel Managed Accounts4

Table 2.24: Number of Funds with Parallel Managed Accounts

As reported on Form PF, Question 11.

Fund Type

Hedge Fund

Other Private Fund

Private Equity Fund

Real Estate Fund

Venture Capital Fund

Liquidity Fund

Securitized Asset Fund

Total

2023Q3

570

448

427

68

39

***

***

1,562

2023Q4

560

441

488

80

28

***

***

1,607

2024Q1

530

438

410

78

28

***

***

1,493

2024Q2

545

459

390

78

28

***

***

1,511

2024Q3

549

463

391

78

28

***

***

1,520

2024Q4

538

477

428

81

27

***

***

1,562

2025Q1

545

474

428

81

27

***

***

1,567

2025Q2

544

471

432

80

27

***

***

1,566

2025Q3

526

473

432

79

27

***

***

1,549

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

Large Filers

As reported on Form PF, Question 11.

Type

Section 4 Private Equity Fund

Qualifying Hedge Fund

Section 3 Liquidity Fund

2023Q3

169

218

***

2023Q4

204

218

***

2024Q1

204

201

***

2024Q2

204

214

11

2024Q3

205

223

11

2024Q4

242

218

10

2025Q1

242

224

11

2025Q2

246

234

11

2025Q3

246

222

12

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

2023Q3

706

1,495

125

15

2

***

***

2,751

2023Q4

754

1,708

154

31

1

***

***

3,058

2024Q1

725

1,707

142

31

1

***

***

2,997

2024Q2

736

1,721

116

31

1

***

***

3,002

2024Q3

788

1,735

116

31

1

***

***

3,088

2024Q4

739

1,749

168

24

1

***

***

3,117

2025Q1

748

1,750

168

24

1

***

***

3,108

2025Q2

784

1,765

171

24

1

***

***

3,161

2025Q3

726

1,783

171

24

1

***

***

3,147

Table 2.27: Aggregate Value in Parallel Managed Accounts Reported by

Funds of Large Filers ($ Billions)

As reported on Form PF, Question 11.

Type

Section 4 Private Equity Fund

Qualifying Hedge Fund

Section 3 Liquidity Fund

2023Q3

114

426

***

2023Q4

146

472

***

2024Q1

146

444

***

2024Q2

134

460

396

2024Q3

142

514

418

2024Q4

158

489

435

2025Q1

158

518

417

2025Q2

173

560

415

2025Q3

175

518

452

4

Certain data points in the tables in this section and other sections may be masked to avoid possible disclosure of

proprietary information of individual Form PF filers.

12

Third Calendar Quarter 2025

3

Analytics Office

Fund Domiciles and Adviser Main Offices

Table 3.1: Fund Domicile (Percent of NAV)

As reported on Form PF, Question 9 and Form ADV.

Fund Universe

All Private Funds

Qualifying Hedge Funds

Section 3 Liquidity Funds

Section 4 Private Equity Funds

Country

United States

Cayman Islands

Luxembourg

Ireland

Bermuda

United Kingdom

Virgin Islands, British

Other

Cayman Islands

United States

Luxembourg

Ireland

Virgin Islands, British

Bermuda

Other

Ireland

United States

Cayman Islands

Other

United States

Cayman Islands

Canada

United Kingdom

Bermuda

Other

2023Q3

52.4

32.8

4.9

3.7

1.0

0.9

0.8

3.6

53.5

35.2

3.0

2.6

2.4

1.7

1.6

***

25.8

***

***

56.4

28.0

2.1

1.4

1.0

11.0

2023Q4

53.6

31.6

4.9

3.4

1.0

0.9

0.6

3.9

54.0

35.3

2.8

2.5

2.2

1.7

1.5

***

21.5

***

***

57.9

27.4

2.2

1.3

1.1

10.0

2024Q1

53.7

31.7

4.8

3.2

1.1

0.9

0.6

3.9

53.8

35.4

2.7

2.5

2.2

1.6

1.8

***

23.7

***

***

57.9

27.4

2.3

1.3

1.1

10.0

2024Q2

53.6

31.7

4.9

3.3

1.1

0.9

0.6

3.9

53.7

35.5

2.7

2.6

2.1

1.6

1.7

***

22.4

***

***

57.9

27.4

2.3

1.3

1.1

10.0

2024Q3

53.4

31.8

4.9

3.5

1.1

0.9

0.6

3.9

53.7

35.5

2.8

2.6

2.0

1.6

1.7

***

22.1

***

***

57.9

27.4

2.3

1.3

1.1

10.0

2024Q4

54.5

30.7

5.0

3.4

1.0

0.9

0.6

3.9

53.9

35.8

2.7

2.6

1.9

1.6

1.5

***

20.3

***

***

60.4

24.7

2.5

1.2

1.0

10.2

2025Q1

54.5

30.8

5.0

3.4

1.0

0.9

0.6

3.8

53.8

36.3

2.9

2.1

2.0

1.5

1.5

***

22.4

***

***

60.1

25.3

2.4

1.2

1.0

10.0

2025Q2

54.2

31.1

5.0

3.5

1.0

0.9

0.6

3.8

53.7

36.3

3.0

2.2

1.9

1.4

1.5

***

20.2

***

***

60.1

25.3

2.4

1.2

1.0

10.0

2025Q3

54.1

31.2

5.0

3.5

1.0

0.9

0.6

3.8

53.6

36.7

2.9

2.2

1.7

1.4

1.4

***

21.0

***

***

60.1

25.3

2.4

1.2

1.0

10.0

Table 3.2: Adviser Main Office Location (Percent of NAV)

As reported on Form PF, Question 9 and Form ADV.

Fund Universe

All Private Funds

Qualifying Hedge Funds

Section 3 Liquidity Funds

Section 4 Private Equity Funds

Country

United States

United Kingdom

Other

United States

United Kingdom

Australia

Hong Kong

Other

United States

United Kingdom

France

United States

Canada

Other

2023Q3

92.0

***

***

92.2

3.6

***

0.2

***

55.8

***

***

95.4

***

***

2023Q4

93.4

***

***

92.1

3.8

***

0.3

***

53.1

***

***

96.8

***

***

2024Q1

93.3

***

***

92.1

3.8

***

0.2

***

55.9

***

***

96.8

***

***

13

2024Q2

93.3

***

***

92.1

3.8

***

0.2

***

56.3

***

***

96.8

***

***

2024Q3

93.2

***

***

92.1

3.7

***

0.2

***

56.9

***

***

96.8

***

***

2024Q4

93.9

***

***

92.1

3.7

***

***

***

56.4

***

***

96.8

***

***

2025Q1

93.6

***

***

92.5

3.6

***

***

***

56.6

***

***

96.9

***

***

2025Q2

93.5

***

***

92.6

3.3

***

***

***

56.0

***

***

96.9

***

***

2025Q3

93.6

***

***

92.9

3.1

***

***

***

57.3

***

***

96.9

***

***

Third Calendar Quarter 2025

Analytics Office

4

Beneficial Ownership of Funds

4.1

All Private Funds

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

As reported on Form PF, Questions 9 and 16.

Type

Private Funds

Other

State/Muni. Govt. Pension Plans

U.S. Individuals

Non-Profits

Pension Plans

Sov. Wealth Funds And For. Official Inst.

Insurance Companies

Non-U.S. Individuals

State/Muni. Govt. Entities

Unknown Non-U.S. Investors

Banking/Thrift Inst.

SEC-Registered Investment Companies

Broker-Dealers

2023Q3

2,639

2,581

1,920

1,352

1,263

1,286

1,090

761

317

262

243

179

148

40

2023Q4

2,864

2,947

1,984

1,470

1,330

1,312

1,168

796

333

266

246

192

162

58

2024Q1

2,916

2,971

2,018

1,502

1,361

1,324

1,195

807

332

272

239

196

163

56

2024Q2

2,962

2,914

2,022

1,493

1,349

1,317

1,195

796

334

274

272

226

156

56

2024Q3

3,001

2,946

2,014

1,511

1,377

1,322

1,222

820

343

275

270

243

157

61

2024Q4

3,293

3,144

2,081

1,564

1,416

1,314

1,255

865

369

296

285

216

193

45

2025Q1

3,314

3,175

2,085

1,585

1,403

1,322

1,259

872

361

298

280

226

197

52

2025Q2

3,353

3,215

2,108

1,616

1,438

1,341

1,278

881

370

307

288

237

201

53

2025Q3

3,406

3,254

2,123

1,652

1,474

1,354

1,297

871

379

316

289

239

201

56

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

Aggregate NAV)

As reported on Form PF, Questions 9 and 16.

Type

Private Funds

Other

State/Muni. Govt. Pension Plans

U.S. Individuals

Non-Profits

Pension Plans

Sov. Wealth Funds And For. Official Inst.

Insurance Companies

Non-U.S. Individuals

State/Muni. Govt. Entities

Unknown Non-U.S. Investors

Banking/Thrift Inst.

SEC-Registered Investment Companies

Broker-Dealers

2023Q3

18.7

18.3

13.6

9.6

9.0

9.1

7.7

5.4

2.3

1.9

1.7

1.3

1.0

0.3

2023Q4

18.9

19.5

13.1

9.7

8.8

8.7

7.7

5.3

2.2

1.8

1.6

1.3

1.1

0.4

2024Q1

19.0

19.3

13.1

9.8

8.9

8.6

7.8

5.3

2.2

1.8

1.6

1.3

1.1

0.4

14

2024Q2

19.3

19.0

13.2

9.7

8.8

8.6

7.8

5.2

2.2

1.8

1.8

1.5

1.0

0.4

2024Q3

19.3

18.9

12.9

9.7

8.8

8.5

7.8

5.3

2.2

1.8

1.7

1.6

1.0

0.4

2024Q4

20.1

19.2

12.7

9.6

8.7

8.0

7.7

5.3

2.3

1.8

1.7

1.3

1.2

0.3

2025Q1

20.2

19.3

12.7

9.6

8.5

8.0

7.7

5.3

2.2

1.8

1.7

1.4

1.2

0.3

2025Q2

20.1

19.3

12.6

9.7

8.6

8.0

7.7

5.3

2.2

1.8

1.7

1.4

1.2

0.3

2025Q3

20.1

19.2

12.5

9.8

8.7

8.0

7.7

5.1

2.2

1.9

1.7

1.4

1.2

0.3

Third Calendar Quarter 2025

4.2

Analytics Office

Qualifying Hedge Funds

Table 4.3: Beneficial Ownership for Qualifying Hedge Funds ($

Billions)

As reported on Form PF, Questions 9 and 16.

Type

Private Funds

Other

Non-Profits

U.S. Individuals

State/Muni. Govt. Pension Plans

Pension Plans

Sov. Wealth Funds And For. Official Inst.

Insurance Companies

Non-U.S. Individuals

State/Muni. Govt. Entities

Banking/Thrift Inst.

Unknown Non-U.S. Investors

SEC-Registered Investment Companies

Broker-Dealers

2023Q3

751

596

547

440

471

409

303

165

102

73

34

47

28

9

2023Q4

747

608

555

451

461

406

298

165

99

73

34

53

23

9

2024Q1

782

627

581

468

460

417

318

173

100

77

35

45

21

9

2024Q2

830

621

571

460

458

410

316

170

94

78

32

43

22

9

2024Q3

859

646

595

474

475

421

349

182

102

80

35

46

25

9

2024Q4

853

635

589

479

487

404

321

158

107

83

34

40

23

10

2025Q1

876

663

589

493

498

403

337

169

109

88

34

43

25

10

2025Q2

927

690

622

528

519

421

354

172

115

95

38

36

29

12

2025Q3

968

725

657

556

535

429

368

173

123

100

40

30

28

11

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

Aggregate NAV)

As reported on Form PF, Questions 9 and 16.

Type

Private Funds

Other

Non-Profits

U.S. Individuals

State/Muni. Govt. Pension Plans

Pension Plans

Sov. Wealth Funds And For. Official Inst.

Insurance Companies

Non-U.S. Individuals

State/Muni. Govt. Entities

Banking/Thrift Inst.

Unknown Non-U.S. Investors

SEC-Registered Investment Companies

Broker-Dealers

2023Q3

18.9

15.0

13.7

11.1

11.8

10.3

7.6

4.1

2.6

1.8

0.8

1.2

0.7

0.2

2023Q4

18.8

15.3

13.9

11.3

11.6

10.2

7.5

4.1

2.5

1.8

0.9

1.3

0.6

0.2

2024Q1

19.0

15.2

14.1

11.4

11.2

10.1

7.7

4.2

2.4

1.9

0.8

1.1

0.5

0.2

15

2024Q2

20.2

15.1

13.9

11.2

11.1

10.0

7.7

4.1

2.3

1.9

0.8

1.1

0.5

0.2

2024Q3

20.0

15.0

13.8

11.0

11.0

9.8

8.1

4.2

2.4

1.8

0.8

1.1

0.6

0.2

2024Q4

20.2

15.0

13.9

11.3

11.5

9.6

7.6

3.7

2.5

2.0

0.8

0.9

0.5

0.2

2025Q1

20.2

15.3

13.6

11.3

11.5

9.3

7.8

3.9

2.5

2.0

0.8

1.0

0.6

0.2

2025Q2

20.3

15.1

13.6

11.6

11.4

9.2

7.8

3.8

2.5

2.1

0.8

0.8

0.6

0.3

2025Q3

20.4

15.3

13.8

11.7

11.3

9.0

7.8

3.6

2.6

2.1

0.9

0.6

0.6

0.2

Third Calendar Quarter 2025

4.3

Analytics Office

Section 3 Liquidity Funds

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

Billions)

As reported on Form PF, Questions 9 and 16.

Type

Unknown Non-U.S. Investors

Other

Banking/Thrift Inst.

Private Funds

Broker-Dealers

SEC-Registered Investment Companies

Insurance Companies

Pension Plans

State/Muni. Govt. Entities

Sov. Wealth Funds And For. Official Inst.

Non-U.S. Individuals

Non-Profits

State/Muni. Govt. Pension Plans

U.S. Individuals

2023Q3

52

135

***

64

***

16

10

4

***

***

***

3

***

***

2023Q4

60

135

***

53

***

14

12

***

***

***

***

3

***

1

2024Q1

56

119

***

54

***

***

12

***

***

***

***

3

***

***

2024Q2

91

71

***

50

***

***

14

***

***

***

***

3

***

***

2024Q3

93

74

***

52

***

***

16

***

***

***

***

3

***

***

2024Q4

99

68

***

56

***

29

11

9

***

***

***

3

***

***

2025Q1

90

74

***

55

***

31

13

10

***

***

***

3

***

***

2025Q2

94

78

***

53

***

30

15

11

***

***

***

4

***

***

2025Q3

104

79

***

58

***

30

16

12

***

***

4

4

2

***

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

of Aggregate NAV)

As reported on Form PF, Questions 9 and 16.

Type

Unknown Non-U.S. Investors

Other

Banking/Thrift Inst.

Private Funds

Broker-Dealers

SEC-Registered Investment Companies

Insurance Companies

Pension Plans

State/Muni. Govt. Entities

Sov. Wealth Funds And For. Official Inst.

Non-U.S. Individuals

Non-Profits

State/Muni. Govt. Pension Plans

U.S. Individuals

2023Q3

14.9

39.1

***

18.5

***

4.6

2.9

1.3

***

***

***

0.8

***

***

2023Q4

17.1

38.6

***

15.1

***

4.1

3.5

***

***

***

***

0.9

***

0.2

2024Q1

17.0

36.4

***

16.6

***

***

3.7

***

***

***

***

1.1

***

***

16

2024Q2

26.5

20.9

***

14.6

***

***

4.2

***

***

***

***

0.9

***

***

2024Q3

25.4

20.3

***

14.1

***

***

4.3

***

***

***

***

0.9

***

***

2024Q4

27.8

19.1

***

15.7

***

8.1

3.1

2.4

***

***

***

0.8

***

***

2025Q1

24.3

19.9

***

14.9

***

8.2

3.4

2.6

***

***

***

0.8

***

***

2025Q2

24.2

20.2

***

13.6

***

7.7

3.8

3.0

***

***

***

0.9

***

***

2025Q3

25.0

19.0

***

13.9

***

7.2

3.9

3.0

***

***

1.0

1.0

0.5

***

Third Calendar Quarter 2025

4.4

Analytics Office

Section 4 Private Equity Funds

Table 4.7: Beneficial Ownership for Section 4 Private Equity Funds ($

Billions)

As reported on Form PF, Questions 9 and 16.

Type

Private Funds

Other

State/Muni. Govt. Pension Plans

Sov. Wealth Funds And For. Official Inst.

Pension Plans

U.S. Individuals

Insurance Companies

Non-Profits

State/Muni. Govt. Entities

Non-U.S. Individuals

SEC-Registered Investment Companies

Banking/Thrift Inst.

Unknown Non-U.S. Investors

Broker-Dealers

2023Q3

1,021

877

877

516

364

246

284

260

95

68

50

45

34

3

2023Q4

1,198

1,091

937

578

394

276

299

281

98

73

64

56

35

5

2024Q1

1,197

1,094

938

576

394

276

299

281

97

74

64

55

35

5

2024Q2

1,197

1,094

938

576

394

276

299

281

98

74

64

55

35

5

2024Q3

1,197

1,094

940

576

395

276

299

282

98

74

64

55

35

5

2024Q4

1,395

1,182

977

609

399

326

325

305

114

81

78

61

43

5

2025Q1

1,406

1,201

983

653

405

330

330

309

112

81

81

62

48

5

2025Q2

1,406

1,200

983

653

405

330

330

309

112

81

81

62

48

5

2025Q3

1,406

1,200

983

653

405

330

330

309

112

81

81

62

48

5

Table 4.8: Beneficial Ownership for Section 4 Private Equity Funds

(Percent of Aggregate NAV)

As reported on Form PF, Questions 9 and 16.

Type

Private Funds

Other

State/Muni. Govt. Pension Plans

Sov. Wealth Funds And For. Official Inst.

Pension Plans

U.S. Individuals

Insurance Companies

Non-Profits

State/Muni. Govt. Entities

Non-U.S. Individuals

SEC-Registered Investment Companies

Banking/Thrift Inst.

Unknown Non-U.S. Investors

Broker-Dealers

2023Q3

21.5

18.5

18.5

10.9

7.7

5.2

6.0

5.5

2.0

1.4

1.1

0.9

0.7

0.1

2023Q4

22.2

20.2

17.4

10.7

7.3

5.1

5.6

5.2

1.8

1.4

1.2

1.0

0.6

0.1

2024Q1

22.2

20.3

17.4

10.7

7.3

5.1

5.5

5.2

1.8

1.4

1.2

1.0

0.7

0.1

17

2024Q2

22.2

20.3

17.4

10.7

7.3

5.1

5.5

5.2

1.8

1.4

1.2

1.0

0.7

0.1

2024Q3

22.2

20.3

17.4

10.7

7.3

5.1

5.5

5.2

1.8

1.4

1.2

1.0

0.7

0.1

2024Q4

23.6

20.0

16.6

10.3

6.8

5.5

5.5

5.2

1.9

1.4

1.3

1.0

0.7

0.1

2025Q1

23.4

20.0

16.4

10.9

6.7

5.5

5.5

5.1

1.9

1.4

1.3

1.0

0.8

0.1

2025Q2

23.4

20.0

16.4

10.9

6.7

5.5

5.5

5.1

1.9

1.4

1.3

1.0

0.8

0.1

2025Q3

23.4

20.0

16.4

10.9

6.7

5.5

5.5

5.1

1.9

1.4

1.3

1.0

0.8

0.1

Third Calendar Quarter 2025

4.5

Analytics Office

Concentration

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

(Percent)

As reported on Form PF, Questions 9 and 15.

Type

Real Estate Fund

Other Private Fund

Hedge Fund

Qualifying Hedge Fund

Private Equity Fund

Securitized Asset Fund

Section 4 Private Equity Fund

Venture Capital Fund

Section 3 Liquidity Fund

Liquidity Fund

Total

2023Q3

57.4

57.9

56.6

52.0

49.4

41.9

46.0

49.9

44.5

44.6

53.0

2023Q4

59.4

56.3

56.5

52.4

50.2

47.6

46.9

47.5

41.7

42.0

53.1

2024Q1

59.5

56.2

56.2

51.8

50.2

47.5

46.9

47.5

43.6

44.5

53.1

2024Q2

59.4

56.3

56.9

52.6

50.2

47.7

46.9

47.5

41.0

41.2

53.3

2024Q3

59.6

56.4

57.1

53.1

50.1

48.0

46.9

47.5

40.4

40.8

53.3

2024Q4

60.5

58.5

57.3

52.5

51.2

49.0

47.8

46.5

37.9

38.1

54.0

2025Q1

61.1

58.6

57.0

52.7

51.2

48.8

48.4

46.7

38.6

38.9

53.9

2025Q2

61.4

58.6

57.0

53.0

51.2

48.8

48.4

46.6

36.5

36.6

53.9

2025Q3

61.4

58.6

56.6

53.0

51.3

48.8

48.4

46.6

37.3

37.3

53.8

Table 4.10: Distribution of Beneficial Ownership Attributable to the Top

5 Owners (Percent)

As reported on Form PF, Question 15.

Fund Type

All Private Funds

Qualifying Hedge Funds

Statistic

10th Percentile

25th Percentile

Median

Mean

10th Percentile

25th Percentile

Median

Mean

2023Q3

32.0

52.0

86.0

74.9

30.0

44.0

68.0

68.3

2023Q4

32.0

51.0

86.0

74.7

30.0

44.0

68.5

68.4

2024Q1

32.0

52.0

86.0

74.8

30.0

44.0

68.0

68.1

18

2024Q2

32.0

52.0

86.0

74.8

30.0

43.0

67.0

67.2

2024Q3

32.0

52.0

86.0

74.8

30.0

44.0

68.0

67.9

2024Q4

32.0

52.0

87.0

75.1

30.0

45.0

67.0

67.8

2025Q1

32.0

52.0

87.0

75.2

29.0

44.0

66.0

67.3

2025Q2

32.0

52.0

87.5

75.2

29.0

44.0

67.0

67.9

2025Q3

32.0

52.0

87.0

75.2

30.0

44.0

68.0

68.1

Third Calendar Quarter 2025

5

Analytics Office

Fund Investments in Derivatives

Table 5.1: Aggregate Derivative Value ($ Billions)

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

Type

Hedge Fund

Other Private Fund

Private Equity Fund

Real Estate Fund

Securitized Asset Fund

Venture Capital Fund

Liquidity Fund

Total

2023Q3

15,540

101

159

65

***

0

***

15,870

2023Q4

15,384

99

136

64

***

0

***

15,684

2024Q1

16,783

97

109

64

***

0

***

17,054

2024Q2

17,680

97

109

64

***

0

***

17,951

2024Q3

19,480

97

110

64

***

0

***

19,752

2024Q4

18,239

161

131

94

***

1

***

18,630

2025Q1

20,455

161

135

94

***

1

***

20,850

2025Q2

21,779

155

135

94

***

1

***

22,168

2025Q3

22,835

155

136

94

***

1

***

23,224

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

2023Q3

14,016

72

0

2023Q4

14,123

111

0

2024Q1

14,973

111

0

2024Q2

15,960

111

0

2024Q3

17,490

111

0

2024Q4

16,384

110

0

2025Q1

18,481

110

0

2025Q2

20,034

110

0

2025Q3

21,058

110

0

Table 5.3: Aggregate Derivative Value (Percent of Aggregate NAV)

As reported on Form PF, Questions 9, 13, and 44 (Third Month).

Type

Hedge Fund

Qualifying Hedge Fund

Other Private Fund

Private Equity Fund

Section 4 Private Equity Fund

Real Estate Fund

Securitized Asset Fund

Venture Capital Fund

Liquidity Fund

Section 3 Liquidity Fund

Total

2023Q3

314.1

352.3

7.6

2.7

1.5

7.6

1.4

0.1

***

***

112.7

2023Q4

307.0

354.8

6.4

2.0

2.1

7.8

0.3

0.1

***

***

103.7

2024Q1

320.7

363.6

6.3

1.6

2.1

7.7

0.3

0.1

***

***

111.0

2024Q2

337.7

387.5

6.3

1.6

2.1

7.8

0.3

0.1

***

***

116.8

19

2024Q3

360.3

406.6

6.2

1.6

2.1

7.8

0.3

0.1

***

***

126.9

2024Q4

341.8

387.7

9.8

1.8

1.9

10.7

0.9

0.2

***

***

114.0

2025Q1

376.7

425.8

9.9

1.8

1.8

10.7

0.9

0.2

***

***

126.8

2025Q2

385.2

439.4

9.5

1.8

1.8

10.7

0.9

0.2

***

***

132.8

2025Q3

389.7

443.3

9.5

1.9

1.8

10.7

0.9

0.2

***

***

137.3

Third Calendar Quarter 2025

Analytics Office

Table 5.4: Aggregate Net Assets of Private Funds by Derivatives to NAV

Ratio ($ Billions)

As reported on Form PF, Questions 9, 10, 13, and 44 (Third Month). The ratio of derivative value to

net assets is calculated for each fund, and the net assets of the funds with a ratio in a given

range are summed. See the appendix for a review of interval notation used here.

Fund Universe

All Private Funds

Qualifying Hedge Funds

Ratio

0

(0,1)

[1,5)

[5,10)

10 or more

0

(0,1)

[1,5)

[5,10)

10 or more

2023Q3

8,612

4,206

736

203

345

624

2,216

631

182

326

2023Q4

9,510

4,358

695

233

350

612

2,245

582

214

328

2024Q1

9,561

4,493

679

280

363

652

2,330

550

252

334

2024Q2

9,581

4,525

706

180

397

667

2,358

576

152

366

2024Q3

9,617

4,601

711

204

450

669

2,441

595

181

415

2024Q4

10,484

4,445

772

196

459

630

2,358

639

178

421

2025Q1

10,526

4,479

776

184

485

683

2,411

637

163

447

2025Q2

10,606

4,608

800

181

507

732

2,528

657

162

479

2025Q3

10,663

4,684

848

218

518

748

2,613

709

189

491

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

2023Q3

34,933

5,293

765

177

2,321

474

1,215

233

65

118

2023Q4

37,743

5,304

764

176

2,202

486

1,208

220

68

128

2024Q1

37,922

5,308

732

184

2,222

496

1,208

202

70

116

20

2024Q2

37,881

5,296

748

178

2,324

464

1,154

216

59

113

2024Q3

38,047

5,289

771

167

2,259

478

1,174

241

54

124

2024Q4

40,865

5,176

779

156

2,474

483

1,129

248

66

132

2025Q1

40,985

5,268

739

150

2,508

499

1,173

232

56

124

2025Q2

41,050

5,305

750

153

2,506

516

1,174

236

58

128

2025Q3

41,155

5,274

737

160

2,506

525

1,183

245

60

131

Third Calendar Quarter 2025

Analytics Office

6

Additional Hedge Fund Industry Information

6.1

High Frequency Trading

Table 6.1: Number of Hedge Funds Using High Frequency Trading (HFT)

Strategies

As reported on Form PF, Question 21. See the appendix for a review of interval notation used here.

Fraction of NAV

0%

(0%,26%)

26% or More

2023Q3

8,920

49

12

2023Q4

8,836

44

11

2024Q1

8,919

45

11

2024Q2

8,984

48

10

2024Q3

8,998

48

10

2024Q4

8,878

52

10

2025Q1

8,963

52

9

2025Q2

9,021

53

24

2025Q3

9,044

52

24

Table 6.2: Aggregate Net Assets of Hedge Fund Managed Using HFT

Strategies ($ Billions)

As reported on Form PF, Questions 9 and 21. See the appendix for a review of interval notation used

here.

Fraction of NAV

0%

(0%,26%)

26% or More

6.2

2023Q3

4,762

74

74

2023Q4

4,926

64

13

2024Q1

5,098

88

14

2024Q2

5,109

100

4

2024Q3

5,233

111

4

2024Q4

5,182

110

4

2025Q1

5,238

138

4

2025Q2

5,461

143

7

2025Q3

5,654

149

7

Industry Concentration

Table 6.3: Percent of Aggregate Hedge Fund Net Asset Value Reported by

Top Hedge Funds Sorted by Net Asset Value

As reported on Form PF, Questions 9 and 10.

Top 10

Top 25

Top 50

Top 100

Top 250

Top 500

2023Q3

8.0

13.6

19.4

27.4

41.7

54.7

2023Q4

7.7

13.0

18.9

26.9

41.1

54.1

2024Q1

8.0

13.3

19.1

27.2

41.5

54.5

2024Q2

8.0

13.4

19.2

27.4

41.8

54.8

2024Q3

8.1

13.4

19.4

27.5

41.9

54.9

2024Q4

8.1

13.3

19.1

27.2

41.5

54.7

2025Q1

8.2

13.5

19.2

27.2

41.5

54.7

2025Q2

8.2

13.6

19.5

27.4

41.7

55.1

2025Q3

8.2

13.6

19.7

27.7

41.9

55.3

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

2023Q3

19.7

29.0

37.5

45.9

57.8

68.3

2023Q4

20.8

30.4

38.9

47.1

58.7

68.9

2024Q1

19.8

29.6

38.5

46.7

58.5

68.8

2024Q2

19.0

29.6

38.6

47.0

59.0

69.2

2024Q3

19.9

30.5

39.8

48.6

60.4

70.4

21

2024Q4

19.8

30.3

39.2

48.1

59.9

69.9

2025Q1

19.8

31.3

40.4

49.8

61.3

71.0

2025Q2

20.2

31.8

41.1

50.4

61.9

71.5

2025Q3

19.6

30.9

40.1

49.9

61.7

71.4

Third Calendar Quarter 2025

Analytics Office

Table 6.5: Percent of Aggregate Hedge Fund Borrowings Reported by Top

Hedge Funds Sorted by Borrowings

As reported on Form PF, Questions 12 and 43 (Month 3).

Top 10

Top 25

Top 50

Top 100

Top 250

Top 500

2023Q3

37.3

52.9

65.6

75.5

85.9

92.3

2023Q4

39.0

54.9

67.8

77.3

86.8

92.8

2024Q1

38.1

54.9

67.3

77.0

86.8

93.1

2024Q2

36.1

54.2

66.9

76.9

86.9

93.1

2024Q3

37.7

55.2

68.4

78.4

88.1

93.7

2024Q4

37.1

54.1

67.0

77.6

87.6

93.4

2025Q1

35.5

53.5

67.3

78.5

88.3

93.7

2025Q2

36.1

53.9

67.9

78.9

88.8

94.1

2025Q3

35.8

52.8

66.9

78.4

88.5

93.9

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

2023Q3

39.7

54.8

67.4

79.2

90.7

95.5

2023Q4

41.1

56.0

68.4

79.8

90.5

95.4

2024Q1

41.0

55.1

68.2

79.6

90.7

95.6

2024Q2

40.9

56.2

69.1

80.5

91.0

95.6

2024Q3

41.2

57.3

70.1

81.2

91.4

95.8

2024Q4

39.9

56.3

69.2

80.5

90.8

95.6

2025Q1

42.9

58.1

69.9

81.5

91.7

96.1

2025Q2

42.4

59.0

71.3

82.5

92.3

96.3

2025Q3

42.1

59.0

71.2

82.2

91.9

96.1

Table 6.7: Percent of Aggregate Hedge Fund Gross Notional Exposure

Reported by Top Hedge Funds Sorted by Gross Notional

Exposure

As reported on Form PF, Questions 26 and 30 (Month 3).

Top 10

Top 25

Top 50

Top 100

Top 250

Top 500

2023Q3

36.7

51.6

63.2

74.0

85.0

91.7

2023Q4

38.3

53.8

64.7

75.0

85.6

92.1

2024Q1

37.7

53.2

64.5

75.0

85.7

92.1

2024Q2

38.2

54.3

65.1

75.6

86.0

92.3

2024Q3

38.9

55.9

67.2

77.3

87.0

92.8

22

2024Q4

38.2

54.6

65.9

76.3

86.5

92.6

2025Q1

38.5

54.8

66.1

77.1

87.2

92.9

2025Q2

37.9

54.9

66.3

77.3

87.2

92.8

2025Q3

37.9

54.1

65.9

76.9

87.1

92.8

Third Calendar Quarter 2025

6.3

Analytics Office

NAV Allocation of Single-Strategy US-Domiciled Hedge Funds

Table 6.8: NAV Allocation of Single-Strategy US-Domiciled Hedge Funds

($ Billions)

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

Category

Equity

Other

Credit

Relative Value

Event Driven

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

F.I. Asset Backed

F.I. Conv. Arb.

F.I. Corp.

Volatility Arb.

F.I. Sov.

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Quantitative

Fundamental

Subtotal

Total

2023Q3

280

254

26

1

562

674

96

79

174

37

7

12

6

2

64

50

21

5

76

39

12

5

1

0

18

***

***

6

1,438

2023Q4

290

271

27

2

589

651

100

71

171

39

8

12

7

1

68

54

21

5

80

44

11

5

***

***

16

***

***

7

1,441

23

2024Q1

324

271

26

2

623

678

101

73

174

41

10

13

7

2

73

54

22

6

82

47

17

5

***

***

23

***

***

7

1,503

2024Q2

320

269

27

2

617

679

101

79

179

44

11

13

8

1

77

56

20

6

82

48

15

5

***

***

21

***

***

7

1,519

2024Q3

341

282

37

2

663

713

106

86

192

46

17

13

11

2

89

58

22

6

86

49

23

8

***

***

31

***

***

11

1,634

2024Q4

375

283

37

1

697

713

111

99

211

48

17

14

12

1

91

58

24

6

89

55

23

10

***

***

33

***

***

11

1,671

2025Q1

333

280

57

1

671

744

113

102

215

52

17

14

12

1

97

59

25

6

90

57

22

11

***

***

33

***

***

11

1,702

2025Q2

376

303

43

1

723

769

114

106

220

55

20

15

13

1

103

59

27

7

93

56

17

11

***

***

28

***

***

11

1,777

2025Q3

396

318

71

1

786

806

116

110

226

58

22

15

12

2

109

60

29

7

96

59

17

11

***

***

28

***

***

12

1,873

Third Calendar Quarter 2025

Analytics Office

Table 6.9: Number of Single-Strategy US-Domiciled Hedge Funds

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

Category

Equity

Other

Credit

Relative Value

Event Driven

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

F.I. Asset Backed

F.I. Conv. Arb.

F.I. Corp.

Volatility Arb.

F.I. Sov.

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Quantitative

Fundamental

Subtotal

Total

2023Q3

527

587

46

13

1,163

1,231

226

241

464

130

24

66

19

19

230

219

66

19

303

338

21

16

***

***

48

***

***

24

3,526

2023Q4

488

595

49

18

1,141

1,147

216

216

427

142

23

69

22

16

245

218

67

20

305

374

32

16

***

***

58

***

***

31

3,427

24

2024Q1

488

587

49

18

1,133

1,173

211

223

429

149

24

67

22

20

251

220

66

21

306

390

37

18

***

***

65

***

***

28

3,487

2024Q2

507

580

49

17

1,144

1,179

207

227

429

148

24

57

22

13

240

232

64

20

316

381

35

17

***

***

62

***

***

28

3,512

2024Q3

531

602

54

19

1,189

1,219

224

233

452

154

28

62

26

18

254

235

70

21

324

408

37

19

***

***

64

***

***

32

3,607

2024Q4

485

601

47

18

1,135

1,157

226

252

474

153

25

64

23

17

251

233

69

21

322

374

36

22

***

***

65

***

***

31

3,506

2025Q1

491

595

53

15

1,141

1,177

216

264

476

157

25

62

24

18

254

236

68

22

324

421

32

21

***

***

61

***

***

31

3,589

2025Q2

494

590

50

15

1,135

1,185

216

264

476

157

26

60

24

18

254

239

71

21

329

416

32

21

***

***

60

***

***

30

3,617

2025Q3

519

591

52

15

1,165

1,203

220

268

484

157

26

58

23

19

253

233

74

21

326

414

33

23

***

***

61

***

***

31

3,671

Third Calendar Quarter 2025

6.4

Analytics Office

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

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

Funds ($ Billions)

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

Category

Equity

Relative Value

Credit

Other

Macro

Managed Futures/CTA

Event Driven

Investment in other funds

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

F.I. Sov.

F.I. Asset Backed

Volatility Arb.

F.I. Conv. Arb.

F.I. Corp.

Subtotal

Long/Short

Asset Based Lending

Subtotal

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Quantitative

Fundamental

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

Subtotal

Total

2023Q3

653

217

***

***

982

228

74

20

14

19

355

232

102

334

762

422

7

***

***

433

***

***

273

131

24

25

179

35

2,180

2023Q4

682

233

***

***

1,033

258

78

23

15

20

394

235

116

351

766

531

6

***

***

539

***

***

214

133

25

20

178

34

2,216

25

2024Q1

723

235

***

***

1,079

242

76

21

17

18

374

245

123

367

792

596

6

***

***

604

***

***

282

138

25

23

186

46

2,284

2024Q2

737

242

***

***

1,104

254

76

20

12

18

381

244

129

372

820

577

6

***

***

585

***

***

279

137

24

20

181

40

2,299

2024Q3

736

261

***

***

1,140

273

83

23

13

18

410

256

135

391

836

738

4

***

***

743

***

***

276

143

25

21

189

42

2,359

2024Q4

754

256

147

5

1,161

219

77

21

13

11

341

259

138

396

793

666

4

***

***

671

***

***

207

137

27

20

184

44

2,305

2025Q1

702

249

***

***

1,113

279

76

19

13

11

397

263

141

404

809

367

4

***

***

372

***

***

225

130

28

25

184

46

2,296

2025Q2

774

281

***

***

1,237

449

78

26

17

10

580

283

141

424

845

392

5

***

***

398

***

***

208

130

31

27

188

47

2,389

2025Q3

810

303

***

***

1,309

488

78

25

20

11

623

294

143

436

829

396

6

***

***

404

***

***

229

132

34

33

199

49

2,455

Third Calendar Quarter 2025

Analytics Office

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

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

Category

Equity

Relative Value

Credit

Other

Macro

Managed Futures/CTA

Event Driven

Investment in other funds

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

F.I. Sov.

F.I. Asset Backed

Volatility Arb.

F.I. Conv. Arb.

F.I. Corp.

Subtotal

Long/Short

Asset Based Lending

Subtotal

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Quantitative

Fundamental

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

Subtotal

Total

2023Q3

594

344

***

***

1,023

60

145

30

24

91

301

285

125

407

955

165

46

***

***

217

***

***

126

229

70

43

318

111

3,223

2023Q4

565

348

***

***

992

57

143

28

20

87

288

306

138

440

964

167

35

***

***

210

***

***

123

224

72

42

314

96

3,186

26

2024Q1

561

352

***

***

991

48

144

27

20

83

285

304

141

441

958

170

37

***

***

213

***

***

122

221

71

42

310

94

3,178

2024Q2

558

352

***

***

984

54

148

28

20

86

294

306

144

446

964

166

37

***

***

208

***

***

119

224

75

43

314

99

3,185

2024Q3

560

353

***

***

994

49

138

28

30

88

296

309

146

451

955

159

36

***

***

200

***

***

116

226

74

42

315

98

3,184

2024Q4

617

351

79

11

1,055

35

141

27

17

64

269

289

160

447

906

158

26

***

***

189

***

***

114

222

69

40

310

105

3,191

2025Q1

626

348

***

***

1,062

35

138

27

17

60

265

294

159

451

914

153

24

***

***

186

***

***

115

221

68

41

314

117

3,210

2025Q2

627

351

***

***

1,067

33

136

27

17

60

261

297

153

448

912

156

28

***

***

193

***

***

118

220

69

41

313

109

3,219

2025Q3

632

350

***

***

1,071

33

136

27

17

59

259

299

150

447

890

150

35

***

***

189

***

***

121

219

65

40

307

106

3,189

Third Calendar Quarter 2025

Analytics Office

7

Information Reported by Large Hedge

Fund Advisers

7.1

Economic Leverage

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

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

Billions)

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

here.

Exposure

Including IRDs

Excluding IRDs

Ratio

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

Sep

2024

1,678

1,291

398

511

638

1,954

1,233

473

342

515

Oct

2024

2,142

1,055

386

513

620

2,366

1,041

477

320

513

Nov

2024

2,055

1,081

450

413

718

2,330

1,018

510

340

519

Dec

2024

1,927

1,213

435

482

659

2,265

1,099

478

362

513

Jan

2025

2,079

1,074

474

502

657

2,299

1,086

472

394

537

Feb

2025

2,086

1,077

466

465

693

2,300

1,085

496

365

542

Mar

2025

1,952

1,220

443

481

694

2,250

1,053

551

391

543

Apr

2025

2,287

1,072

462

504

693

2,638

958

493

367

561

May

2025

2,283

1,048

473

509

706

2,472

1,036

564

376

572

Jun

2025

2,113

1,179

437

518

771

2,357

1,094

595

400

572

Jul

2025

2,416

1,062

411

643

702

2,616

1,076

524

450

568

Aug

2025

2,383

1,046

490

588

725

2,574

1,076

569

413

602

Sep

2025

2,168

1,235

437

488

905

2,434

1,151

596

439

612

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

Sep

2024

224

218

76

53

98

252

220

74

50

73

Oct

2024

255

207

70

56

99

282

204

75

50

76

Nov

2024

245

203

80

56

102

276

195

85

53

77

Dec

2024

234

218

78

56

100

265

216

74

56

75

Jan

2025

237

210

75

61

96

264

205

77

58

75

27

Feb

2025

246

203

77

54

99

269

202

80

53

75

Mar

2025

235

219

73

55

98

261

209

78

57

75

Apr

2025

263

201

68

51

93

294

193

72

48

69

May

2025

258

200

68

55

96

282

196

74

56

69

Jun

2025

240

207

75

52

102

268

200

81

54

73

Jul

2025

265

198

67

52

97

288

200

66

56

69

Aug

2025

263

191

79

47

100

288

191

77

52

72

Sep

2025

242

205

78

50

104

271

195

85

54

74

Third Calendar Quarter 2025

Analytics Office

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

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

Billions)

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

here.

Exposure

Including IRDs

Excluding IRDs

Ratio

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

Sep

2024

2,379

967

350

332

488

2,569

1,064

308

271

304

Oct

2024

2,733

864

313

346

460

2,955

903

292

259

307

Nov

2024

2,642

940

340

282

514

2,840

917

396

252

312

Dec

2024

2,591

985

371

348

423

2,865

935

392

211

314

Jan

2025

2,631

1,065

332

279

480

2,802

1,058

357

371

200

Feb

2025

2,621

1,082

268

336

480

2,818

1,068

321

379

202

Mar

2025

2,565

1,107

262

363

493

2,847

947

390

399

205

Apr

2025

2,903

915

321

357

522

3,133

886

402

372

225

May

2025

2,874

926

314

391

514

3,077

916

384

410

234

Jun

2025

2,746

935

446

372

518

2,948

1,032

409

298

331

Jul

2025

3,068

845

452

341

529

3,234

999

370

394

238

Aug

2025

2,993

921

438

350

532

3,193

975

410

304

352

Sep

2025

2,896

886

436

456

558

3,061

1,055

438

340

338

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

Sep

2024

314

200

48

40

67

346

194

50

33

46

Oct

2024

342

185

48

41

71

372

179

51

35

50

Nov

2024

317

209

49

40

71

346

203

54

31

52

Dec

2024

323

206

52

39

66

353

199

54

29

51

Jan

2025

317

206

51

37

68

339

201

58

34

47

28

Feb

2025

317

208

48

36

70

342

204

52

34

47

Mar

2025

321

208

41

41

69

347

197

50

39

47

Apr

2025

361

165

46

37

67

389

161

53

26

47

May

2025

346

177

45

41

68

373

175

47

32

50

Jun

2025

321

197

49

41

68

344

198

49

34

51

Jul

2025

363

165

43

41

67

387

166

47

29

50

Aug

2025

353

174

44

39

70

377

174

46

31

52

Sep

2025

326

192

50

39

72

349

194

50

35

51

Third Calendar Quarter 2025

Analytics Office

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

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

Billions)

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

here.

Exposure

Including IRDs

Excluding IRDs

Ratio

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

(0,1.5)

[1.5,3)

[3,5)

[5,10)

10 or more

Sep

2024

3,170

371

381

141

454

3,573

274

175

216

278

Oct

2024

3,382

353

392

97

494

3,746

361

116

176

318

Nov

2024

3,381

397

285

167

487

3,691

405

126

191

303

Dec

2024

3,399

402

320

174

422

3,685

403

132

177

320

Jan

2025

3,376

451

336

190

435

3,693

365

225

183

322

Feb

2025

3,370

403

396

168

450

3,686

367

201

244

289

Mar

2025

3,375

365

431

168

450

3,694

366

208

213

308

Apr

2025

3,554

396

421

190

457

3,903

410

174

229

301

May

2025

3,583

338

439

184

475

3,866

383

233

233

304

Jun

2025

3,570

370

373

223

481

3,779

468

213

206

352

Jul

2025

3,721

380

457

191

485

3,970

462

225

252

324

Aug

2025

3,735

347

463

194

495

3,955

467

224

247

340

Sep

2025

3,709

407

368

243

505

3,938

458

238

279

319

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

Sep

2024

502

51

31

24

61

534

47

24

24

40

Oct

2024

518

47

29

31

62

544

52

23

24

44

Nov

2024

509

53

31

29

64

534

62

24

24

42

Dec

2024

513

51

36

27

59

535

62

24

23

42

Jan

2025

507

52

35

31

54

530

60

29

18

42

29

Feb

2025

504

54

36

29

56

527

60

28

23

41

Mar

2025

507

54

37

28

54

531

58

28

24

39

Apr

2025

513

52

31

26

54

537

56

24

22

37

May

2025

515

46

32

26

58

537

51

29

21

39

Jun

2025

509

52

33

26

56

532

56

26

22

40

Jul

2025

512

48

28

32

59

534

53

26

21

45

Aug

2025

514

45

31

30

60

532

54

31

20

43

Sep

2025

511

46

31

31

60

527

55

29

26

42

Third Calendar Quarter 2025

7.2

Analytics Office

Industry Concentration

Table 7.7: Percent of Aggregate Hedge Fund Net Asset Value Reported by

Top Large Hedge Fund Advisers Sorted by Hedge Fund Net Asset

Value

As reported on Form PF, Question 3(a).

Top 10

Top 25

Top 50

Top 100

Top 250

Sep

2024

15.7

31.2

45.7

61.3

83.1

Oct

2024

18.4

33.8

47.7

62.6

83.7

Nov

2024

18.4

33.8

47.7

62.6

83.7

Dec

2024

18.4

33.8

47.7

62.6

83.7

Jan

2025

18.6

34.2

48.2

63.1

83.7

Feb

2025

18.6

34.2

48.2

63.1

83.7

Mar

2025

18.6

34.2

48.2

63.1

83.7

Apr

2025

18.7

34.2

48.2

63.0

83.6

May

2025

18.7

34.2

48.2

63.0

83.6

Jun

2025

18.7

34.2

48.2

63.0

83.6

Jul

2025

18.6

34.1

48.0

62.8

83.6

Aug

2025

18.6

34.1

48.0

62.8

83.6

Sep

2025

18.6

34.1

48.0

62.8

83.6

Table 7.8: Percent of Aggregate Gross Notional Exposure Reported by Top

Large Hedge Fund Advisers Sorted by Gross Notional Exposure

As reported on Form PF, Questions 26.

Top 10

Top 25

Top 50

Top 100

Top 250

Sep

2024

44.7

66.9

79.8

88.4

95.7

Oct

2024

45.3

66.6

80.3

88.7

96.0

Nov

2024

45.2

67.4

80.4

88.7

96.0

Dec

2024

44.4

66.2

78.8

87.6

95.5

Jan

2025

44.0

65.6

79.1

88.5

95.9

Feb

2025

44.2

66.0

79.7

88.7

96.0

30

Mar

2025

43.9

65.6

78.8

88.2

95.7

Apr

2025

45.6

67.2

80.1

89.2

96.2

May

2025

44.3

66.1

80.0

89.1

96.2

Jun

2025

43.7

66.1

79.2

88.5

95.8

Jul

2025

44.1

66.4

79.8

89.0

96.1

Aug

2025

44.1

66.7

80.2

89.2

96.2

Sep

2025

43.6

66.1

79.6

88.6

95.8

Third Calendar Quarter 2025

7.3

Analytics Office

Portfolio Turnover

Table 7.9: Aggregate Portfolio Turnover ($ Billions)

As reported on Form PF, Question 27.

Asset Class

Futures

Sov. and muni. bonds

Listed equities

Corporate bonds

Convertible bonds

Total

Sep

2024

20,584

8,431

4,486

278

55

33,833

Oct

2024

18,338

9,779

5,052

260

53

33,481

Nov

2024

22,121

9,438

4,952

223

54

36,787

Dec

2024

19,135

8,151

4,760

168

46

32,260

Jan

2025

17,468

9,385

4,598

288

46

31,785

Feb

2025