# Division of Investment Management > Briefs, arguments, decisions, and more. URL: https://www.frixlaw.com/law-library/documents/agency%3Asec%3A8e711a856bc8fbd6 ## Record - **Collection:** Agency decision - **Document type:** Agency decision ## Text 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 23,646 11,080 4,784 279 59 39,847 Mar 2025 24,339 10,989 5,524 337 62 41,251 Apr 2025 33,241 12,928 6,255 288 75 52,787 May 2025 21,600 11,848 4,898 249 62 38,657 Jun 2025 21,431 10,777 4,762 404 79 37,454 Jul 2025 17,071 10,763 4,930 248 64 33,076 Aug 2025 21,379 10,291 4,962 209 65 36,905 Sep 2025 22,667 10,944 5,469 321 98 39,499 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 Sep 2024 2,859 237 200 371 178 668 Oct 2024 2,989 293 277 349 97 710 Nov 2024 2,902 406 207 330 173 697 Dec 2024 3,113 238 274 262 124 704 Jan 2025 2,991 418 239 332 70 735 Feb 2025 2,915 425 199 390 88 768 Mar 2025 2,883 431 214 333 161 765 Apr 2025 2,902 447 358 424 120 766 May 2025 3,007 503 252 456 87 713 Jun 2025 3,119 244 206 559 141 747 Jul 2025 3,247 426 326 313 122 798 Aug 2025 3,280 364 286 445 77 781 Sep 2025 3,136 495 267 351 192 790 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 Sep 2024 409 62 50 39 26 74 Oct 2024 422 69 48 40 20 78 Nov 2024 409 61 59 44 30 74 Dec 2024 425 60 52 42 24 74 Jan 2025 415 67 55 38 22 77 Feb 2025 405 64 56 44 18 87 31 Mar 2025 397 64 61 46 23 84 Apr 2025 393 59 71 43 26 80 May 2025 414 66 52 48 22 71 Jun 2025 420 60 55 44 20 73 Jul 2025 417 62 50 45 25 73 Aug 2025 425 53 50 53 19 72 Sep 2025 411 62 51 44 28 75 Third Calendar Quarter 2025 7.4 Analytics Office Region and Country Exposure Table 7.12: Large Hedge Fund Adviser Hedge Fund Regional Exposure ($ Billions) As reported on Form PF, Questions 3(a) and 28. Region North America Europe EEA Asia Europe Other South America Middle East Supranational Africa 2023Q3 6,381 1,498 783 415 89 29 37 23 2023Q4 6,769 1,625 824 421 125 31 39 24 2024Q1 7,077 1,780 866 437 125 37 48 29 2024Q2 7,298 1,599 873 478 119 31 51 34 2024Q3 7,807 1,822 981 550 122 32 46 35 2024Q4 8,207 1,698 885 541 134 50 52 30 2025Q1 8,377 1,917 941 575 137 38 81 32 2025Q2 8,890 2,224 1,113 644 142 43 49 37 2025Q3 9,179 2,176 1,145 646 145 60 60 42 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 Middle East Supranational Africa 2023Q3 148.3 34.8 18.2 9.7 2.1 0.7 0.9 0.5 2023Q4 153.7 36.9 18.7 9.6 2.8 0.7 0.9 0.5 2024Q1 157.7 39.6 19.3 9.7 2.8 0.8 1.1 0.6 2024Q2 163.2 35.7 19.5 10.7 2.7 0.7 1.1 0.8 32 2024Q3 172.9 40.3 21.7 12.2 2.7 0.7 1.0 0.8 2024Q4 174.0 36.0 18.8 11.5 2.8 1.1 1.1 0.6 2025Q1 175.0 40.1 19.7 12.0 2.9 0.8 1.7 0.7 2025Q2 177.1 44.3 22.2 12.8 2.8 0.9 1.0 0.7 2025Q3 175.4 41.6 21.9 12.3 2.8 1.1 1.1 0.8 Third Calendar Quarter 2025 Analytics Office Table 7.14: Large Hedge Fund Adviser Hedge Fund Country Exposure ($ Billions) As reported on Form PF, Questions 3(a) and 28. Country United States Japan China (Inc. Hong Kong) India Brazil Russia 2023Q3 6,003 380 128 47 38 7 2023Q4 6,425 435 123 47 49 1 2024Q1 6,717 437 132 54 43 2 2024Q2 6,947 430 143 55 43 0 2024Q3 7,419 469 167 *** 45 *** 2024Q4 7,554 404 144 *** 49 *** 2025Q1 7,964 428 187 *** 51 *** 2025Q2 8,456 555 154 *** 51 *** 2025Q3 8,714 465 205 *** 55 *** 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 2023Q3 139.5 8.8 3.0 1.1 0.9 0.2 2023Q4 145.9 9.9 2.8 1.1 1.1 0.0 2024Q1 149.6 9.7 2.9 1.2 1.0 0.0 2024Q2 155.4 9.6 3.2 1.2 1.0 0.0 33 2024Q3 164.3 10.4 3.7 *** 1.0 *** 2024Q4 160.1 8.6 3.1 *** 1.0 *** 2025Q1 166.4 8.9 3.9 *** 1.1 *** 2025Q2 168.5 11.1 3.1 *** 1.0 *** 2025Q3 166.5 8.9 3.9 *** 1.0 *** Third Calendar Quarter 2025 Analytics Office 8 Qualifying Hedge Fund Specific Information 8.1 Economic Leverage Table 8.1: Aggregate Net Assets of Qualifying Hedge Funds by GNE to NAV Ratio ($ Billions) As reported on Form PF, Questions 9, 10, 26, and 30. See the appendix for a review of interval notation used here. Exposure Including IRDs Excluding IRDs Ratio (0,1.5) [1.5,3) [3,5) [5,10) 10 or more (0,1.5) [1.5,3) [3,5) [5,10) 10 or more Sep 2024 2,144 1,086 378 323 720 2,468 1,002 268 342 573 Oct 2024 2,168 974 398 308 727 2,435 941 297 319 583 Nov 2024 2,115 1,012 378 343 727 2,372 1,000 271 359 573 Dec 2024 2,086 1,063 358 361 707 2,376 983 275 359 582 Jan 2025 2,180 1,040 364 362 756 2,413 1,017 303 360 610 Feb 2025 2,166 1,041 393 347 755 2,438 1,022 279 349 615 Mar 2025 2,111 1,099 372 326 797 2,416 1,038 282 341 628 Apr 2025 2,395 1,040 346 343 811 2,725 929 305 324 654 May 2025 2,345 1,056 360 345 832 2,646 969 286 367 670 Jun 2025 2,280 1,070 399 335 853 2,548 1,033 324 343 688 Jul 2025 2,542 997 385 388 847 2,799 996 270 398 695 Aug 2025 2,471 1,052 405 364 865 2,743 1,022 293 386 713 Sep 2025 2,334 1,153 418 325 925 2,622 1,111 303 364 756 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 Sep 2024 1,047 519 164 120 221 1,200 463 136 111 161 Oct 2024 1,064 471 162 118 244 1,200 432 138 109 180 Nov 2024 1,060 475 152 123 248 1,194 435 129 124 176 Dec 2024 1,035 502 154 131 236 1,180 447 129 128 174 Jan 2025 1,088 501 155 120 220 1,207 461 148 111 157 34 Feb 2025 1,092 490 163 118 221 1,217 458 139 114 156 Mar 2025 1,046 534 167 116 224 1,193 477 148 112 157 Apr 2025 1,108 506 147 122 221 1,254 448 142 107 153 May 2025 1,101 490 163 125 234 1,237 443 147 120 166 Jun 2025 1,054 510 183 124 239 1,204 457 158 116 175 Jul 2025 1,145 490 158 127 233 1,276 453 134 124 166 Aug 2025 1,129 487 174 124 231 1,262 447 152 124 160 Sep 2025 1,070 534 185 120 235 1,219 473 160 120 172 Third Calendar Quarter 2025 Analytics Office Table 8.3: Aggregate Net Assets of Qualifying Hedge Funds by LNE to NAV Ratio ($ Billions) As reported on Form PF, Questions 9, 10, 26, and 30. See the appendix for a review of interval notation used here. Exposure Including IRDs Excluding IRDs Ratio (0,1.5) [1.5,3) [3,5) [5,10) 10 or more (0,1.5) [1.5,3) [3,5) [5,10) 10 or more Sep 2024 2,710 867 310 214 551 2,884 839 282 254 392 Oct 2024 2,666 858 303 198 550 2,834 818 311 201 412 Nov 2024 2,593 920 266 242 555 2,787 861 299 215 413 Dec 2024 2,613 896 267 249 549 2,802 843 276 253 401 Jan 2025 2,674 917 295 258 560 2,829 886 314 286 388 Feb 2025 2,662 913 284 295 549 2,828 892 297 291 395 Mar 2025 2,643 931 279 300 552 2,825 896 305 277 401 Apr 2025 2,939 851 282 259 606 3,131 816 319 255 415 May 2025 2,859 897 293 274 615 3,050 859 309 301 419 Jun 2025 2,773 962 300 276 626 2,974 887 317 325 434 Jul 2025 3,041 879 324 268 646 3,221 846 343 311 437 Aug 2025 3,001 924 293 291 648 3,184 887 330 320 436 Sep 2025 2,879 1,018 314 301 644 3,065 967 330 353 440 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 Sep 2024 1,278 433 113 88 159 1,373 420 102 77 99 Oct 2024 1,265 413 118 87 176 1,363 393 114 74 115 Nov 2024 1,239 435 119 90 175 1,342 405 121 77 113 Dec 2024 1,241 437 120 91 169 1,340 410 116 81 111 Jan 2025 1,287 445 111 91 150 1,370 423 117 80 94 35 Feb 2025 1,278 447 114 94 151 1,365 432 110 82 95 Mar 2025 1,264 473 101 100 149 1,363 445 102 79 98 Apr 2025 1,338 411 105 100 150 1,439 390 107 68 100 May 2025 1,320 424 108 96 165 1,422 401 103 79 108 Jun 2025 1,266 464 110 108 162 1,366 432 114 88 110 Jul 2025 1,360 423 109 100 161 1,451 409 105 81 107 Aug 2025 1,356 422 106 106 155 1,445 409 110 83 98 Sep 2025 1,297 473 119 106 149 1,391 449 115 89 100 Third Calendar Quarter 2025 Analytics Office Table 8.5: Aggregate Net Assets of Qualifying Hedge Funds by SNE to NAV Ratio ($ Billions) As reported on Form PF, Questions 9, 10, 26, and 30. See the appendix for a review of interval notation used here. Exposure Including IRDs Excluding IRDs Ratio (0,1.5) [1.5,3) [3,5) [5,10) 10 or more (0,1.5) [1.5,3) [3,5) [5,10) 10 or more Sep 2024 3,432 325 219 166 510 3,681 250 197 152 372 Oct 2024 3,343 325 214 171 522 3,600 249 185 115 425 Nov 2024 3,322 326 228 154 545 3,544 288 186 138 419 Dec 2024 3,324 314 248 145 543 3,542 249 246 129 408 Jan 2025 3,435 323 210 186 549 3,649 278 190 165 420 Feb 2025 3,428 323 221 200 531 3,623 266 214 210 390 Mar 2025 3,442 298 243 180 541 3,610 290 219 160 425 Apr 2025 3,604 356 210 179 587 3,809 338 170 206 412 May 2025 3,666 272 215 185 601 3,773 314 224 216 410 Jun 2025 3,654 268 238 178 598 3,757 308 222 207 443 Jul 2025 3,843 268 249 157 642 3,947 368 172 238 433 Aug 2025 3,829 278 228 187 635 3,923 312 216 264 441 Sep 2025 3,809 269 253 195 630 3,927 288 214 294 433 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 Sep 2024 1,690 119 64 55 143 1,767 109 50 50 95 Oct 2024 1,659 117 57 65 161 1,736 109 49 50 115 Nov 2024 1,649 114 71 60 164 1,725 113 56 55 109 Dec 2024 1,645 119 77 55 162 1,719 111 67 52 109 Jan 2025 1,709 104 70 60 141 1,774 99 66 50 95 36 Feb 2025 1,712 104 64 66 138 1,773 102 64 52 93 Mar 2025 1,711 106 71 60 139 1,770 109 68 43 97 Apr 2025 1,726 118 66 50 144 1,794 115 53 48 94 May 2025 1,719 122 61 65 146 1,787 116 60 51 99 Jun 2025 1,716 112 72 65 145 1,779 114 66 48 103 Jul 2025 1,766 113 65 61 148 1,827 118 54 54 100 Aug 2025 1,755 121 62 66 141 1,815 118 66 52 94 Sep 2025 1,745 124 66 71 138 1,800 121 72 58 93 Third Calendar Quarter 2025 8.2 Analytics Office NAV Allocation by Strategy5 Table 8.7: NAV Allocation of Qualifying Hedge Funds ($ Billions) As reported on Form PF, Questions 9 and 20. Category Equity Relative Value Other Macro Credit Event Driven Managed Futures/CTA Investment in other funds Total Strategy Long/Short Long Bias Market Neutral Short Bias Subtotal F.I. Sov. F.I. Asset Backed F.I. Conv. Arb. Volatility Arb. F.I. Corp. Subtotal Subtotal Global Macro Currency Commodity Active Trading Subtotal Long/Short Asset Based Lending Subtotal Distressed/Restruct. Risk Arb./Merger Arb. Equity Subtotal Quantitative Fundamental Subtotal Subtotal Total 2023Q3 1,035 434 *** *** 1,811 761 135 93 79 64 1,132 1,543 1,004 *** 33 *** 1,069 372 170 542 208 99 85 392 *** *** 259 109 6,858 2023Q4 1,098 448 *** *** 1,906 943 144 103 94 65 1,349 1,525 1,188 34 30 2 1,253 382 191 573 213 87 88 388 *** *** 211 104 7,309 2024Q1 1,180 466 *** *** 2,030 879 140 109 90 57 1,275 1,586 1,266 38 38 2 1,343 392 199 591 219 106 79 404 *** *** 249 94 7,573 2024Q2 1,192 481 *** *** 2,079 904 145 115 75 57 1,297 1,632 1,254 31 28 1 1,314 409 196 605 219 106 80 405 *** *** 276 86 7,694 2024Q3 1,217 515 *** *** 2,170 1,040 154 126 83 68 1,471 1,720 1,527 39 32 1 1,599 420 201 620 226 111 84 421 *** *** 289 96 8,388 2024Q4 1,281 504 *** *** 2,233 949 163 114 73 58 1,357 1,621 1,460 35 28 1 1,525 436 208 644 217 106 86 410 *** *** 239 92 8,119 2025Q1 1,215 503 *** *** 2,209 1,313 178 125 78 52 1,746 1,699 1,022 42 31 1 1,097 447 223 670 208 120 84 412 *** *** 256 87 8,176 2025Q2 1,353 567 *** *** 2,453 1,569 184 149 91 53 2,047 1,776 1,039 53 34 1 1,128 471 234 704 216 135 90 442 *** *** 240 87 8,878 2025Q3 1,422 605 *** *** 2,598 1,634 191 172 90 60 2,146 1,804 1,010 58 35 3 1,105 495 237 732 217 167 79 463 *** *** 263 94 9,205 5 Form PF Question 20 requires advisers to indicate which strategies best describe the reporting fund’s strategies including a good faith estimate of the reporting fund’s allocation among strategies, and provides a list of investment strategies for this purpose. Form PF does not define the investment strategies listed by Question 20. 37 Third Calendar Quarter 2025 Analytics Office Table 8.8: NAV Allocation of Qualifying Hedge Funds (Percent of NAV) As reported on Form PF, Questions 9 and 20. Category Equity Relative Value Other Macro Credit Event Driven Managed Futures/CTA Investment in other funds Total Strategy Long/Short Long Bias Market Neutral Short Bias Subtotal F.I. Sov. F.I. Asset Backed F.I. Conv. Arb. Volatility Arb. F.I. Corp. Subtotal Subtotal Global Macro Currency Commodity Active Trading Subtotal Long/Short Asset Based Lending Subtotal Distressed/Restruct. Risk Arb./Merger Arb. Equity Subtotal Quantitative Fundamental Subtotal Subtotal Total 2023Q3 26.0 10.9 *** *** 45.5 19.1 3.4 2.3 2.0 1.6 28.5 38.8 25.2 *** 0.8 *** 26.9 9.3 4.3 13.6 5.2 2.5 2.1 9.8 *** *** 6.5 2.7 172.4 2023Q4 27.6 11.2 *** *** 47.9 23.7 3.6 2.6 2.4 1.6 33.9 38.3 29.8 0.9 0.7 0.0 31.5 9.6 4.8 14.4 5.3 2.2 2.2 9.7 *** *** 5.3 2.6 183.6 38 2024Q1 28.7 11.3 *** *** 49.3 21.4 3.4 2.6 2.2 1.4 31.0 38.5 30.7 0.9 0.9 0.0 32.6 9.5 4.8 14.4 5.3 2.6 1.9 9.8 *** *** 6.0 2.3 184.0 2024Q2 28.9 11.7 *** *** 50.5 22.0 3.5 2.8 1.8 1.4 31.5 39.6 30.4 0.8 0.7 0.0 31.9 9.9 4.8 14.7 5.3 2.6 1.9 9.8 *** *** 6.7 2.1 186.8 2024Q3 28.3 12.0 *** *** 50.5 24.2 3.6 2.9 1.9 1.6 34.2 40.0 35.5 0.9 0.8 0.0 37.2 9.8 4.7 14.4 5.2 2.6 2.0 9.8 *** *** 6.7 2.2 195.1 2024Q4 30.3 11.9 *** *** 52.8 22.5 3.9 2.7 1.7 1.4 32.1 38.4 34.5 0.8 0.7 0.0 36.1 10.3 4.9 15.2 5.1 2.5 2.0 9.7 *** *** 5.6 2.2 192.1 2025Q1 28.0 11.6 *** *** 50.9 30.3 4.1 2.9 1.8 1.2 40.2 39.1 23.6 1.0 0.7 0.0 25.3 10.3 5.1 15.4 4.8 2.8 1.9 9.5 *** *** 5.9 2.0 188.4 2025Q2 29.7 12.4 *** *** 53.8 34.4 4.0 3.3 2.0 1.2 44.9 39.0 22.8 1.2 0.7 0.0 24.7 10.3 5.1 15.4 4.7 3.0 2.0 9.7 *** *** 5.3 1.9 194.7 2025Q3 29.9 12.7 *** *** 54.7 34.4 4.0 3.6 1.9 1.3 45.2 38.0 21.3 1.2 0.7 0.1 23.3 10.4 5.0 15.4 4.6 3.5 1.7 9.7 *** *** 5.5 2.0 193.8 Third Calendar Quarter 2025 8.3 Analytics Office Aggregates by Strategy Table 8.9: Aggregate Qualifying Hedge Fund GAV, by Strategy As reported on Form PF, Questions 8, 10 and 20. Funds with more than 50% of assets concentrated in a strategy are assigned that strategy type. Otherwise, funds are classified as multi-strategy. Gross asset value is then summed for each strategy in each quarter. Strategy Equity Relative Value Other Macro Multi-Strategy Credit Event Driven Managed Futures/CTA Investment in other funds 2023Q3 1,763 1,136 1,068 1,035 1,705 396 266 124 65 2023Q4 1,812 1,836 1,134 1,157 1,213 402 264 91 44 2024Q1 1,965 1,274 1,148 1,246 1,728 424 254 110 39 2024Q2 2,128 1,381 1,164 1,172 1,595 446 254 116 40 2024Q3 2,349 1,469 1,288 1,458 1,604 467 271 145 41 2024Q4 2,461 1,441 1,257 1,396 1,796 483 248 122 39 2025Q1 2,584 2,462 1,269 1,617 753 483 273 123 55 2025Q2 2,797 2,697 1,372 1,733 727 513 313 123 50 2025Q3 2,999 2,792 1,684 1,670 850 533 302 146 52 Table 8.10: Aggregate Qualifying Hedge Fund NAV, by Strategy As reported on Form PF, Questions 9, 10 and 20. Funds with more than 50% of assets concentrated in a strategy are assigned that strategy type. Otherwise, funds are classified as multi-strategy. Net asset value is then summed for each strategy in each quarter. Strategy Equity Other Relative Value Credit Multi-Strategy Event Driven Macro Managed Futures/CTA Investment in other funds 2023Q3 1,064 738 182 229 424 207 183 75 42 2023Q4 1,072 778 267 233 309 206 198 60 28 2024Q1 1,157 795 193 237 402 204 193 59 30 2024Q2 1,232 803 190 260 309 202 180 61 30 39 2024Q3 1,230 848 203 270 363 215 200 65 31 2024Q4 1,261 804 199 270 397 193 190 66 29 2025Q1 1,331 813 306 272 252 189 195 60 41 2025Q2 1,477 844 309 283 237 223 207 56 35 2025Q3 1,589 870 317 289 260 224 205 63 38 Third Calendar Quarter 2025 Analytics Office Table 8.11: Aggregate Qualifying Hedge Fund Borrowing, by Strategy As reported on Form PF, Questions 43 and 20. Funds with more than 50% of assets concentrated in a strategy are assigned that strategy type. Otherwise, funds are classified as multi-strategy. Borrowing is then summed for each strategy in each quarter. Strategy Relative Value Equity Macro Multi-Strategy Other Credit Managed Futures/CTA Event Driven Investment in other funds 2023Q3 755 869 621 1,245 219 121 50 43 17 2023Q4 1,349 950 728 844 230 119 74 38 15 2024Q1 886 1,062 815 1,377 241 136 60 47 1 2024Q2 943 1,182 769 1,349 257 138 65 49 2 2024Q3 1,030 1,378 1,155 1,328 312 149 56 50 3 2024Q4 956 1,472 1,066 1,438 314 158 55 42 4 2025Q1 1,975 1,553 1,208 552 325 152 62 49 5 2025Q2 2,243 1,661 1,276 573 364 168 75 62 4 2025Q3 2,323 1,786 1,310 663 559 166 91 60 4 Table 8.12: Aggregate Qualifying Hedge Fund Derivatives, by Strategy As reported on Form PF, Questions 44 and 20. Funds with more than 50% of assets concentrated in a strategy are assigned that strategy type. Otherwise, funds are classified as multi-strategy. Derivatives is then summed for each strategy in each quarter. Strategy Macro Relative Value Equity Multi-Strategy Managed Futures/CTA Other Credit Event Driven Investment in other funds 2023Q3 5,611 2,340 1,008 3,471 1,285 844 294 119 86 2023Q4 5,956 3,799 979 2,328 832 804 270 101 46 2024Q1 6,187 2,717 1,139 3,441 1,208 842 308 71 50 2024Q2 5,829 3,224 1,343 3,718 1,409 861 345 74 46 40 2024Q3 6,947 3,644 2,072 3,187 1,360 1,072 340 73 54 2024Q4 6,266 3,211 2,199 2,957 1,348 1,000 341 60 45 2025Q1 7,031 5,582 2,970 1,591 1,130 885 341 65 49 2025Q2 7,472 6,784 3,041 1,700 1,175 934 346 82 52 2025Q3 7,341 6,797 2,977 1,763 1,145 1,068 378 86 53 Third Calendar Quarter 2025 8.4 Analytics Office Leverage by Strategy Table 8.13: NAV-Weighted Average Ratio of GAV to NAV, by Strategy As reported on Form PF, Questions 8, 9, 10, and 20. Funds with more than 50% of assets concentrated in a strategy are assigned that strategy type. Otherwise, funds are classified as multi-strategy. Strategy Relative Value Macro Multi-Strategy Managed Futures/CTA Other Equity Credit Investment in other funds Event Driven 2023Q3 6.2 5.7 4.0 1.7 1.4 1.7 1.7 1.6 1.3 2023Q4 6.9 5.8 3.9 1.5 1.5 1.7 1.7 1.6 1.3 2024Q1 6.6 6.4 4.3 1.9 1.4 1.7 1.8 1.3 1.2 2024Q2 7.3 6.5 5.2 1.9 1.5 1.7 1.7 1.3 1.3 2024Q3 7.2 7.3 4.4 2.2 1.5 1.9 1.7 1.3 1.3 2024Q4 7.2 7.3 4.5 1.9 1.6 2.0 1.8 1.4 1.3 2025Q1 8.0 8.3 3.0 2.1 1.6 1.9 1.8 1.3 1.4 2025Q2 8.7 8.4 3.1 2.2 1.6 1.9 1.8 1.4 1.4 2025Q3 8.8 8.2 3.3 2.3 1.9 1.9 1.8 1.4 1.3 Table 8.14: NAV-Weighted Average Ratio of GNE to NAV, by Strategy As reported on Form PF, Questions 9, 10, 20, 26, and 30 (Third Month). Funds with more than 50% of assets concentrated in a strategy are assigned that strategy type. Otherwise, funds are classified as multi-strategy. Strategy Macro Relative Value Managed Futures/CTA Multi-Strategy Other Equity Credit Investment in other funds Event Driven 2023Q3 39.4 25.4 18.6 15.6 2.7 3.1 3.4 3.8 1.9 2023Q4 41.5 27.4 14.8 14.1 2.7 3.1 3.4 3.6 1.8 2024Q1 45.8 26.5 22.1 16.5 2.6 3.2 3.6 3.0 1.7 2024Q2 44.7 30.6 24.9 22.8 2.7 3.3 3.5 3.0 1.7 2024Q3 49.9 31.4 22.9 17.4 3.0 4.4 3.5 3.2 1.7 2024Q4 48.1 29.3 22.5 18.1 3.2 4.6 3.6 3.0 1.7 2025Q1 50.0 33.4 21.1 10.2 3.0 4.8 3.5 2.6 1.7 2025Q2 49.4 36.9 23.6 11.4 3.2 4.6 3.5 3.3 1.8 2025Q3 50.0 39.4 20.6 11.2 5.0 4.6 3.7 2.9 1.8 Table 8.15: NAV-Weighted Average Percent of Unencumbered Cash, by Strategy As reported on Form PF, Questions 9, 10, 20, and 33 (Third Month).Funds with more than 50% of assets concentrated in a strategy are assigned that strategy type. Otherwise, funds are classified as multi-strategy. Strategy Managed Futures/CTA Macro Multi-Strategy Relative Value Other Equity Credit Event Driven Investment in other funds 2023Q3 45.3 42.0 26.0 25.4 8.7 11.3 7.2 7.5 12.4 2023Q4 44.0 39.8 20.6 25.4 8.6 11.2 6.1 7.7 1.5 2024Q1 41.4 33.6 24.9 25.5 8.6 9.2 5.8 6.9 1.1 2024Q2 45.1 35.3 25.1 23.5 8.3 9.5 5.2 7.4 1.0 41 2024Q3 46.5 33.6 23.8 22.9 8.4 9.4 5.6 7.1 1.1 2024Q4 50.7 35.4 25.3 22.9 8.3 10.6 6.0 7.1 1.7 2025Q1 53.9 34.4 24.1 22.3 8.1 10.8 6.7 6.3 4.6 2025Q2 44.7 35.2 23.1 22.4 8.2 9.3 6.4 5.1 5.1 2025Q3 43.3 36.2 24.3 21.3 9.2 8.2 6.8 6.1 4.9 Third Calendar Quarter 2025 8.5 Analytics Office Investment Exposures Table 8.16: Aggregate Qualifying Hedge Fund Long Notional Exposure, by Investment Type ($ Billions) As reported on Form PF, Questions 26 and 30. Type Interest Rate Derivatives Foreign Exchange Derivatives U.S. Treasury Securities Non-Financial Listed Equities Non-Financial Equity Derivatives Repurchase Agreements Sovereign Bonds - Non-U.S. G10 Non-Financial Unlisted Equities Credit Derivatives Cash/Cash Equivalents - Other Leveraged Loans Financial Listed Equities MBS Commodity Derivatives Sovereign Bonds - Other Other Derivatives Non-Financial Corporate Bonds Other Private Funds Cash/Cash Equivalents - Deposits Non-Financial Convertible Bonds Cash/Cash Equivalents - MMFs Other Loans (Excluding Repo) Physical Real Estate Other Non-U.S. Currency Holdings Financial Equity Derivatives U.S. Agency and GSE Securities Other ABS/Structured Products Financial Corporate Bonds Financial Unlisted Equities CDO/CLO U.S. State and Local Bonds Financial Convertible Bonds Registered Investment Companies Physical Commodities Sep 2024 4,888 2,926 2,052 1,845 1,076 1,150 1,124 630 544 494 343 283 236 236 235 180 231 208 187 149 174 164 161 130 144 82 75 66 70 39 42 17 11 14 5 Oct 2024 4,651 2,994 1,983 1,814 1,166 1,143 1,078 513 516 459 319 276 214 250 221 199 225 193 181 143 169 145 75 123 149 87 60 66 69 39 40 16 11 14 5 Nov 2024 4,768 3,428 2,007 1,944 1,276 1,138 1,057 516 501 521 323 304 209 234 213 169 227 198 205 153 180 146 76 126 124 94 58 64 68 42 40 16 13 15 5 Dec 2024 4,425 2,557 2,017 1,931 1,075 1,077 936 567 474 447 369 296 216 233 198 160 219 211 199 146 202 162 167 129 116 89 61 67 73 45 42 16 13 15 5 Jan 2025 4,533 2,754 2,041 1,982 1,214 1,089 927 547 493 357 328 310 211 281 211 146 223 202 198 155 169 149 93 134 127 91 61 65 73 45 38 15 13 17 7 42 Feb 2025 4,783 3,242 2,152 1,955 1,213 1,148 997 547 466 394 336 317 201 260 220 147 225 202 209 154 170 151 93 132 117 94 67 64 73 45 38 16 12 18 9 Mar 2025 4,826 2,972 2,187 1,854 1,165 1,152 1,005 592 518 402 388 305 209 271 218 179 229 212 236 150 186 172 179 132 140 93 73 68 67 46 40 18 13 16 12 Apr 2025 5,302 3,107 2,256 1,845 1,132 1,236 1,052 565 492 420 344 300 226 230 229 304 225 209 222 151 193 155 94 134 161 90 72 64 63 47 37 26 13 17 12 May 2025 5,403 2,966 2,192 2,000 1,338 1,274 1,098 581 545 405 348 320 235 239 238 247 235 216 225 158 184 156 94 133 137 99 70 64 66 49 38 25 13 17 11 Jun 2025 5,494 2,819 2,295 2,144 1,337 1,269 1,095 623 520 425 405 348 254 247 255 290 243 222 235 175 180 181 178 137 144 110 76 71 67 50 41 28 15 17 10 Jul 2025 5,338 2,993 2,267 2,133 1,315 1,265 1,070 584 546 407 362 349 252 257 239 301 231 223 227 183 175 156 89 135 137 111 76 67 65 44 40 24 16 18 11 Aug 2025 5,526 3,102 2,335 2,197 1,407 1,289 1,159 585 565 446 367 362 262 265 246 285 226 227 247 186 181 160 89 133 143 116 82 71 64 48 40 24 17 18 12 Sep 2025 5,551 3,020 2,374 2,310 1,464 1,325 1,116 642 614 467 416 362 287 286 258 246 244 241 238 208 191 187 182 144 144 118 84 75 72 50 42 27 19 19 14 Third Calendar Quarter 2025 Analytics Office Table 8.17: Aggregate Qualifying Hedge Fund Short Notional Exposure, by Investment Type ($ Billions) As reported on Form PF, Questions 26 and 30. Type Interest Rate Derivatives Foreign Exchange Derivatives U.S. Treasury Securities Non-Financial Listed Equities Non-Financial Equity Derivatives Repurchase Agreements Sovereign Bonds - Non-U.S. G10 Non-Financial Unlisted Equities Credit Derivatives Cash/Cash Equivalents - Other Leveraged Loans Financial Listed Equities MBS Commodity Derivatives Sovereign Bonds - Other Other Derivatives Non-Financial Corporate Bonds Other Private Funds Cash/Cash Equivalents - Deposits Non-Financial Convertible Bonds Cash/Cash Equivalents - MMFs Other Loans (Excluding Repo) Physical Real Estate Other Non-U.S. Currency Holdings Financial Equity Derivatives U.S. Agency and GSE Securities Other ABS/Structured Products Financial Corporate Bonds Financial Unlisted Equities CDO/CLO U.S. State and Local Bonds Financial Convertible Bonds Registered Investment Companies Physical Commodities Sep 2024 4,589 2,016 1,670 936 1,039 2,494 1,176 4 601 174 11 127 56 200 94 75 81 0 110 2 0 15 *** 28 162 73 33 22 19 0 4 *** 0 6 0 Oct 2024 4,733 2,031 1,703 891 1,090 2,422 1,179 1 564 172 11 128 54 204 104 78 88 0 120 2 0 15 *** 28 176 73 29 23 21 0 4 *** 0 5 0 Nov 2024 4,818 2,485 1,608 955 1,153 2,358 1,191 1 583 223 11 146 55 184 97 87 90 *** 144 2 0 15 *** 28 171 83 35 22 21 0 5 0 0 5 0 Dec 2024 4,491 1,904 1,586 927 1,069 2,299 1,048 2 533 187 12 138 67 185 88 73 93 0 129 2 0 15 *** 30 161 80 37 23 29 0 *** 0 0 4 0 Jan 2025 4,768 1,933 1,469 981 1,097 2,453 924 1 561 100 10 144 55 199 81 95 99 *** 166 2 0 16 *** 29 176 78 41 19 18 0 4 1 0 4 0 43 Feb 2025 4,983 2,110 1,460 979 1,160 2,601 967 1 546 106 10 151 53 199 88 111 102 *** 144 2 0 16 *** 31 150 86 43 20 19 0 5 1 0 4 0 Mar 2025 4,994 2,034 1,417 966 1,110 2,688 936 1 640 99 11 144 51 218 86 139 98 *** 138 2 0 17 *** 31 144 86 42 19 18 0 5 1 0 4 0 Apr 2025 5,311 1,897 1,525 993 1,234 2,862 958 2 612 105 11 147 61 215 82 134 101 1 136 2 *** 17 *** 32 148 86 37 17 19 0 5 1 0 4 0 May 2025 5,360 1,874 1,504 1,062 1,323 2,744 1,046 2 672 121 12 150 62 218 90 120 101 2 151 2 *** 17 *** 33 154 91 36 16 17 0 5 2 0 4 0 Jun 2025 5,503 1,893 1,622 1,133 1,352 2,919 1,024 2 648 116 12 155 77 203 99 181 105 0 157 2 *** 18 *** 34 146 100 40 18 18 0 5 2 0 4 0 Jul 2025 5,501 1,883 1,633 1,105 1,388 2,874 1,042 1 679 117 11 153 73 212 102 145 106 0 166 2 *** 19 *** 34 148 101 40 16 19 0 5 2 0 5 0 Aug 2025 5,824 1,940 1,625 1,141 1,471 2,884 1,140 1 690 168 12 167 80 215 105 131 104 0 180 2 *** 19 *** 35 144 108 44 17 19 0 5 3 0 5 0 Sep 2025 5,980 1,933 1,613 1,198 1,509 3,011 1,080 1 726 168 15 165 92 233 117 149 111 0 294 3 0 20 *** 35 155 107 45 15 20 0 *** 3 0 5 0 Third Calendar Quarter 2025 8.6 Analytics Office Number of Positions Table 8.18: Aggregate Net Assets of Qualifying Hedge Funds with Open Positions ($ Billions) As reported on Form PF, Questions 9, 10, and 34. See the appendix for a review of interval notation used here. Open Positions Less than 10 [10,100) [100,500) [500,1000) [1000,2500) 2500 or more Sep 2024 362 1,174 1,406 314 441 955 Oct 2024 509 1,080 1,328 289 435 934 Nov 2024 501 1,061 1,338 296 434 946 Dec 2024 346 1,118 1,415 305 431 959 Jan 2025 541 1,080 1,356 285 451 990 Feb 2025 545 1,075 1,354 287 450 992 Mar 2025 387 1,128 1,432 304 454 999 Apr 2025 516 1,142 1,441 307 473 1,058 May 2025 514 1,150 1,437 304 471 1,063 Jun 2025 372 1,211 1,462 338 484 1,069 Jul 2025 529 1,178 1,500 327 481 1,143 Aug 2025 530 1,180 1,494 322 478 1,154 Sep 2025 368 1,253 1,540 335 490 1,170 Table 8.19: Number of Qualifying Hedge Funds with Open Positions As reported on Form PF, Questions 9, 10, and 34. See the appendix for a review of interval notation used here. Open Positions Less than 10 [10,100) [100,500) [500,1000) [1000,2500) 2500 or more Sep 2024 245 637 673 161 172 183 Oct 2024 346 574 621 161 173 184 Nov 2024 346 566 619 165 175 187 Dec 2024 256 607 665 168 169 193 Jan 2025 362 577 621 165 174 185 Feb 2025 357 578 621 168 173 187 Mar 2025 262 621 669 175 168 192 Apr 2025 349 583 637 169 168 198 May 2025 354 584 636 167 173 199 Jun 2025 268 632 657 180 169 204 Jul 2025 366 591 644 173 174 205 Aug 2025 362 591 637 172 172 211 Sep 2025 272 641 666 169 182 214 Table 8.20: Aggregate Net Assets of Qualifying Hedge Funds with Open Positions that Represent Five Percent or More of Net Assets ($ Billions) As reported on Form PF, Questions 9, 10, and 35. See the appendix for a review of interval notation used here. Large Open Positions None Less than 5 [5,10) [10,25) 25 or more Sep 2024 1,179 1,814 1,142 280 236 Oct 2024 1,400 1,733 958 287 197 Nov 2024 1,324 1,743 1,030 274 203 Dec 2024 1,045 1,846 1,136 339 209 Jan 2025 1,304 1,833 1,055 315 195 Feb 2025 1,363 1,752 1,083 254 251 Mar 2025 1,150 1,830 1,225 281 219 Apr 2025 1,410 1,922 1,012 338 255 May 2025 1,440 1,857 1,045 318 278 Jun 2025 1,151 1,942 1,117 440 287 Jul 2025 1,402 2,039 1,085 370 262 Aug 2025 1,408 1,999 1,114 349 288 Sep 2025 1,113 2,209 1,160 418 257 Table 8.21: Number of Qualifying Hedge Funds with Open Positions that Represent Five Percent or More of Net Assets As reported on Form PF, Questions 9, 10, and 35. See the appendix for a review of interval notation used here. Large Open Positions None Less than 5 [5,10) [10,25) 25 or more Sep 2024 527 858 466 156 64 Oct 2024 673 781 400 145 60 Nov 2024 642 808 408 140 60 Dec 2024 520 850 476 155 57 Jan 2025 644 799 439 144 58 Feb 2025 662 789 432 139 62 44 Mar 2025 568 842 465 151 61 Apr 2025 671 823 392 152 66 May 2025 685 815 374 171 68 Jun 2025 561 857 441 181 70 Jul 2025 699 818 399 171 66 Aug 2025 693 810 395 179 68 Sep 2025 551 902 440 187 64 Third Calendar Quarter 2025 8.7 Analytics Office Liquidity Table 8.22: Investor Liquidity for Qualifying Hedge Funds (Percent of Aggregate NAV) As reported on Form PF, Questions 9 and 50. Liquidation Period At most 1 day At most 7 days At most 30 days At most 90 days At most 180 days At most 365 days 2023Q3 5.4 7.5 17.1 33.3 44.9 55.3 2023Q4 6.0 8.1 17.8 33.5 43.6 55.6 2024Q1 5.9 7.8 17.7 33.3 44.0 56.7 2024Q2 7.3 9.2 18.3 34.1 44.8 57.9 2024Q3 7.4 9.4 19.0 34.8 46.2 57.6 2024Q4 7.4 9.4 18.7 36.9 44.6 57.2 2025Q1 7.2 9.1 19.3 34.2 44.9 57.1 2025Q2 7.0 8.9 18.8 34.4 45.3 58.7 2025Q3 6.8 9.0 19.1 35.0 46.7 58.2 Table 8.23: Portfolio Liquidity for Qualifying Hedge Funds (Percent of Aggregate NAV) As reported on Form PF, Questions 9, 26, 30, and 32. Liquidation Period At most 1 day At most 7 days At most 30 days At most 90 days At most 180 days At most 365 days 2023Q3 30.5 48.5 58.3 64.4 69.5 75.7 2023Q4 30.9 48.9 59.1 65.3 70.0 76.2 2024Q1 31.0 48.9 59.3 65.3 70.0 76.1 2024Q2 31.4 49.1 59.4 65.1 69.8 75.9 2024Q3 31.4 49.0 59.3 65.2 69.8 76.1 2024Q4 31.5 49.5 59.7 65.4 69.9 76.1 2025Q1 33.5 51.0 60.4 65.4 69.9 75.8 2025Q2 34.0 51.2 60.6 65.5 70.0 76.0 2025Q3 34.2 51.8 61.1 66.6 71.0 76.7 Table 8.24: Restrictions on Qualifying Hedge Fund Assets ($ Billions) As reported on Form PF, Questions 48 and 49. Type May Suspend May Have Gates Gated Side-Pocketed Suspended 2023Q3 2,581 1,765 76 86 20 2023Q4 2,558 1,742 84 89 17 2024Q1 2,664 1,823 93 95 16 2024Q2 2,679 1,836 87 89 17 45 2024Q3 2,804 1,858 102 90 23 2024Q4 2,789 1,829 105 96 25 2025Q1 2,783 1,802 111 95 24 2025Q2 3,013 1,954 116 98 23 2025Q3 3,182 2,053 121 103 25 Third Calendar Quarter 2025 Analytics Office Table 8.25: Aggregate Net Assets of Qualifying Hedge Funds by Percent of NAV Side-Pocketed ($ Billions) As reported on Form PF, Questions 9 and 48(a). See the appendix for a review of interval notation used here. Percent of NAV 0% (0%,25%] (25%,50%] (50%,100%] 2023Q3 3,554 293 76 55 2023Q4 3,553 295 71 61 2024Q1 3,677 303 73 65 2024Q2 3,699 291 72 57 2024Q3 3,860 313 70 58 2024Q4 3,792 289 84 61 2025Q1 3,903 298 78 61 2025Q2 4,088 325 90 57 2025Q3 4,236 369 73 72 Table 8.26: Number of Qualifying Hedge Funds by Percent of NAV SidePocketed As reported on Form PF, Questions 9 and 48(a). See the appendix for a review of interval notation used here. Percent of NAV 0% (0%,25%] (25%,50%] (50%,100%] 2023Q3 1,966 104 22 13 2023Q4 1,969 105 20 17 2024Q1 1,951 104 18 19 2024Q2 1,868 105 19 14 46 2024Q3 1,937 105 16 13 2024Q4 1,926 98 23 11 2025Q1 1,946 104 20 14 2025Q2 1,976 106 20 11 2025Q3 2,005 109 17 14 Third Calendar Quarter 2025 8.8 Analytics Office Borrowings Table 8.27: Borrowings of Qualifying Hedge Funds ($ Billions) As reported on Form PF, Question 43. Type Secured Unsecured Total Sep 2024 2,513 2,738 549 5,801 33 5,834 Subtype Prime Broker Reverse Repo Other Secured Subtotal Subtotal Total Oct 2024 2,425 2,580 511 5,515 25 5,540 Nov 2024 2,602 2,462 524 5,588 26 5,613 Dec 2024 2,583 2,432 566 5,582 34 5,615 Jan 2025 2,703 2,605 565 5,872 28 5,900 Feb 2025 2,727 2,719 577 6,023 30 6,053 Mar 2025 2,631 2,855 652 6,138 40 6,178 Apr 2025 2,666 3,033 644 6,344 30 6,374 May 2025 2,794 2,906 652 6,351 32 6,383 Jun 2025 3,008 3,121 718 6,848 44 6,892 Jul 2025 3,006 3,021 659 6,686 38 6,724 Aug 2025 3,123 2,991 683 6,797 39 6,836 Sep 2025 3,254 3,119 745 7,119 49 7,168 Table 8.28: Percent of Aggregate Qualifying Hedge Fund Prime Broker Borrowings Reported by Top Qualfiying Hedge Funds Sorted by Prime Broker Borrowings As reported on Form PF, Question 43. Top 10 Top 25 Top 50 Top 100 Top 250 Sep 2024 37.5 56.4 70.1 82.0 95.0 Oct 2024 38.0 56.8 70.1 81.9 94.8 Nov 2024 37.7 56.4 69.9 81.8 95.0 Dec 2024 38.1 57.4 71.3 82.7 95.2 Jan 2025 36.5 55.6 69.7 81.8 94.9 Feb 2025 36.8 56.1 70.2 82.2 95.0 Mar 2025 35.1 54.7 70.1 82.0 94.8 Apr 2025 35.5 55.7 70.5 82.3 94.8 May 2025 35.6 55.2 69.9 81.8 94.8 Jun 2025 35.4 55.2 69.9 81.8 94.9 Jul 2025 34.3 54.8 70.1 82.2 95.0 Aug 2025 34.9 55.1 70.1 82.1 95.0 Sep 2025 34.8 54.8 69.9 82.0 94.9 Table 8.29: Percent of Aggregate Qualifying Hedge Fund Reverse Repo Borrowing Reported by Top Qualfiying Hedge Funds Sorted by Reverse Repo Borrowing As reported on Form PF, Question 43. Top 10 Top 25 Top 50 Top 100 Top 250 Sep 2024 58.3 82.6 93.8 98.5 100.0 Oct 2024 57.5 82.0 93.0 98.2 100.0 Nov 2024 61.6 84.7 93.6 98.2 100.0 Dec 2024 57.4 81.5 92.6 98.1 100.0 Jan 2025 56.1 80.5 92.9 98.1 100.0 Feb 2025 55.7 80.7 92.5 98.1 100.0 Mar 2025 54.7 80.8 92.7 98.2 100.0 47 Apr 2025 56.8 81.3 92.7 98.4 100.0 May 2025 56.9 81.6 92.6 98.3 100.0 Jun 2025 55.1 79.8 92.5 98.2 100.0 Jul 2025 55.5 79.8 92.0 98.2 100.0 Aug 2025 56.6 80.8 92.2 98.2 100.0 Sep 2025 55.0 79.4 92.0 98.2 100.0 Third Calendar Quarter 2025 Analytics Office Table 8.30: Aggregate Collateral for Secured Borrowings of Qualifying Hedge Funds ($ Billions) As reported on Form PF, Question 43. Borrowing Type Total Secured Prime Broker Reverse Repo Other Secured Collateral Type Non-Cash Cash Subtotal Non-Cash Cash Subtotal Non-Cash Cash Subtotal Non-Cash Cash Subtotal Sep 2024 4,373 2,094 6,468 2,080 922 3,002 1,654 1,046 2,700 639 126 765 Oct 2024 4,171 2,033 6,204 2,043 873 2,917 1,571 1,032 2,603 556 128 684 Nov 2024 4,147 2,132 6,279 2,165 930 3,096 1,432 1,076 2,508 549 126 676 Dec 2024 4,103 2,110 6,213 2,120 920 3,040 1,398 1,057 2,455 584 133 718 Jan 2025 4,223 2,300 6,523 2,164 1,013 3,177 1,526 1,107 2,632 533 180 714 Feb 2025 4,350 2,417 6,766 2,174 1,039 3,214 1,621 1,188 2,809 555 189 744 Mar 2025 4,460 2,417 6,876 2,069 1,035 3,105 1,732 1,168 2,900 659 213 872 Apr 2025 4,561 2,450 7,011 2,096 1,041 3,137 1,845 1,227 3,073 619 182 801 May 2025 4,581 2,461 7,042 2,211 1,085 3,296 1,742 1,199 2,941 627 177 804 Jun 2025 5,020 2,590 7,610 2,361 1,143 3,504 1,913 1,260 3,173 746 186 932 Jul 2025 4,921 2,528 7,449 2,382 1,171 3,553 1,883 1,190 3,073 656 167 823 Aug 2025 4,969 2,585 7,554 2,442 1,222 3,664 1,849 1,197 3,047 678 166 843 Sep 2025 5,193 2,737 7,931 2,550 1,283 3,833 1,903 1,271 3,174 740 183 924 Table 8.31: Aggregate Borrowing of Qualifying Hedge Funds by Collateral to Borrowing Ratio ($ Billions) As reported on Form PF, Question 43. See the appendix for a review of interval notation used here. Borrowing Type Prime Broker Reverse Repo Other Secured Total Secured Ratio Less than 100% [100%,105%) More than 105% Less than 100% [100%,105%) More than 105% Less than 100% [100%,105%) More than 105% Less than 100% [100%,105%) More than 105% Sep 2024 683 421 1,409 918 1,575 245 209 162 178 1,940 1,772 2,089 Oct 2024 640 367 1,418 930 1,448 201 200 161 150 1,864 1,619 2,032 Nov 2024 584 635 1,384 535 1,691 235 232 147 145 1,765 2,019 1,804 Dec 2024 690 404 1,489 765 1,464 203 237 149 180 1,875 1,617 2,089 Jan 2025 643 430 1,630 702 1,670 232 169 160 236 1,640 1,876 2,356 Feb 2025 656 495 1,577 493 1,974 251 230 187 160 2,023 1,723 2,277 Mar 2025 684 152 1,794 475 2,106 274 165 291 196 1,822 1,912 2,404 Apr 2025 702 382 1,582 1,140 1,722 172 250 141 254 2,383 1,867 2,093 May 2025 717 427 1,650 896 1,824 186 186 315 151 2,226 2,089 2,037 Jun 2025 829 166 2,014 710 2,120 291 166 362 190 2,307 2,073 2,468 Jul 2025 757 513 1,736 831 1,868 322 186 306 166 2,317 1,745 2,624 Aug 2025 779 533 1,811 1,290 1,519 181 294 221 169 2,695 1,784 2,318 Sep 2025 755 304 2,195 854 1,986 279 321 226 198 2,286 2,084 2,748 Table 8.32: Number of Qualifying Hedge Funds by Collateral to Borrowing Ratio As reported on Form PF, Question 43. See the appendix for a review of interval notation used here. Borrowing Type Prime Broker Reverse Repo Other Secured Total Secured Ratio Less than 100% [100%,105%) More than 105% Less than 100% [100%,105%) More than 105% Less than 100% [100%,105%) More than 105% Less than 100% [100%,105%) More than 105% Sep 2024 150 146 416 58 100 137 164 80 248 292 233 669 Oct 2024 154 133 425 72 83 140 152 73 217 282 209 660 Nov 2024 161 133 408 52 102 144 153 73 222 274 218 652 Dec 2024 151 150 410 61 101 135 163 86 249 282 235 682 Jan 2025 158 128 443 56 97 148 132 81 255 263 205 717 48 Feb 2025 146 145 437 67 89 155 135 81 258 272 216 710 Mar 2025 158 141 446 51 104 156 160 87 296 295 224 740 Apr 2025 169 125 447 53 105 146 141 82 246 280 220 687 May 2025 153 133 436 51 100 151 139 84 244 264 224 684 Jun 2025 175 133 438 42 111 150 165 97 280 298 220 720 Jul 2025 165 133 440 66 94 148 146 84 242 284 220 698 Aug 2025 174 127 442 56 107 143 145 79 245 290 207 699 Sep 2025 175 136 435 52 107 144 180 96 271 317 233 711 Third Calendar Quarter 2025 Analytics Office Table 8.33: Financing Liquidity for Qualifying Hedge Funds (Percent of Available Financing) As reported on Form PF, Questions 46. Liquidation Period At most 1 day At most 7 days At most 30 days At most 90 days At most 180 days At most 365 days 2023Q3 25.5 50.0 64.8 78.4 92.6 94.7 2023Q4 26.4 44.7 65.3 78.8 93.5 95.4 2024Q1 31.1 48.6 64.5 78.1 93.6 95.3 2024Q2 37.0 49.5 65.3 78.4 93.7 95.5 2024Q3 39.0 51.8 67.2 78.7 93.2 94.8 2024Q4 25.0 46.0 66.1 78.2 93.3 95.0 2025Q1 39.2 51.1 66.5 78.6 92.8 94.3 2025Q2 38.8 50.2 64.9 77.9 93.0 94.5 2025Q3 39.1 49.8 65.0 76.9 93.1 94.8 Table 8.34: Aggregate Borrowing by Creditor Type (Percent) As reported on Form PF, Question 43 (Third Month). Creditor Type US Financial Non-US Financial US Non-Financial Non-US Non-Financial 2023Q3 62.4 36.9 0.6 0.1 2023Q4 61.1 38.3 0.5 0.0 2024Q1 65.0 34.2 0.7 0.1 2024Q2 64.8 34.4 0.7 0.1 2024Q3 62.0 37.2 0.7 0.1 2024Q4 63.9 35.5 *** *** 2025Q1 64.0 35.3 *** *** 2025Q2 63.9 35.4 0.7 0.1 2025Q3 63.9 35.3 0.7 0.1 Table 8.35: Aggregate Borrowing of Qualifying Hedge Funds Reporting Major Creditors, Bucketed by Number of Creditors to which the Fund Owes Five Percent or More of Net Assets ($ Billions) As reported on Form PF, Question 43 and 47. See the appendix for a review of interval notation used here. Creditors Reported None 1 2 3 4 [5,10) 10 or more 2023Q3 239 133 183 367 199 804 2,314 2023Q4 271 131 176 389 254 882 2,575 2024Q1 287 130 171 415 269 884 2,820 2024Q2 114 129 173 466 260 1,195 2,798 2024Q3 129 138 187 370 425 1,016 3,572 2024Q4 140 120 214 458 291 1,036 3,356 2025Q1 145 128 250 489 304 1,159 3,702 2025Q2 156 141 240 416 438 1,449 4,054 2025Q3 231 153 239 408 355 1,431 4,351 Table 8.36: Number of Qualifying Hedge Funds Reporting Major Creditors, Bucketed by Number of Creditors to which the Fund Owes Five Percent or More of Net Assets As reported on Form PF, Question 43 and 47. See the appendix for a review of interval notation used here. Creditors Reported None 1 2 3 4 [5,10) 10 or more 2023Q3 415 316 185 142 94 105 48 2023Q4 395 319 179 148 87 107 47 2024Q1 427 295 177 155 89 95 53 2024Q2 413 283 169 147 95 112 50 49 2024Q3 416 279 177 154 112 112 52 2024Q4 421 274 189 137 107 118 55 2025Q1 438 305 194 138 107 110 63 2025Q2 418 314 187 151 100 134 60 2025Q3 446 311 206 127 96 135 59 Third Calendar Quarter 2025 8.9 Analytics Office Central Clearing Table 8.37: Qualifying Hedge Funds Using Central Clearing As reported on Form PF, Questions 9 and 39. Measure Percent of Funds Percent of NAV 2023Q3 14.1 13.2 2023Q4 13.8 13.3 2024Q1 13.9 13.0 2024Q2 13.2 11.5 50 2024Q3 13.9 12.9 2024Q4 13.8 13.4 2025Q1 13.1 12.2 2025Q2 13.5 13.2 2025Q3 13.0 12.2 Third Calendar Quarter 2025 8.10 Analytics Office Value-at-Risk (“VaR”) Reporting Table 8.38: Number of Qualifying Hedge Funds Using VaR As reported on Form PF, Questions 40. VaR Method VaR (Any Method) Historical Simulation Parametric Monte Carlo Simulation Other VaR Not Used 2023Q3 639 285 169 173 52 1,466 2023Q4 630 285 159 172 52 1,481 2024Q1 598 262 157 163 54 1,494 2024Q2 629 258 167 184 56 1,377 2024Q3 664 281 171 187 61 1,407 2024Q4 658 285 176 166 70 1,400 2025Q1 647 283 173 160 64 1,437 2025Q2 649 283 180 149 67 1,464 2025Q3 662 293 189 148 66 1,483 Table 8.39: Aggregate Qualifying Hedge Fund GAV Managed Using VaR ($ Billions) As reported on Form PF, Questions 8 and 40. VaR Method VaR (Any Method) Historical Simulation Parametric Monte Carlo Simulation Other VaR Not Used 2023Q3 5,114 2,699 558 922 1,563 3,669 2023Q4 5,422 3,074 535 946 1,574 3,816 2024Q1 5,491 3,074 601 996 1,540 3,977 2024Q2 5,576 3,168 580 1,243 1,340 4,036 2024Q3 6,226 3,600 646 1,093 1,716 4,204 2024Q4 6,077 3,546 639 909 1,824 4,193 2025Q1 6,719 4,042 691 1,509 1,246 4,239 2025Q2 7,304 4,295 804 1,012 1,425 4,523 2025Q3 7,480 4,555 798 1,095 1,389 4,734 Table 8.40: Aggregate Qualifying Hedge Fund NAV Managed Using VaR ($ Billions) As reported on Form PF, Questions 9 and 40. VaR Method VaR (Any Method) Historical Simulation Parametric Monte Carlo Simulation Other VaR Not Used 2023Q3 1,369 617 319 341 232 2,609 2023Q4 1,343 614 309 338 218 2,639 2024Q1 1,371 614 323 349 231 2,747 2024Q2 1,370 618 318 379 207 2,748 51 2024Q3 1,441 663 323 372 239 2,860 2024Q4 1,431 671 318 334 272 2,794 2025Q1 1,475 710 314 431 183 2,866 2025Q2 1,537 738 337 344 199 3,022 2025Q3 1,606 764 359 363 216 3,144 Third Calendar Quarter 2025 8.11 Analytics Office Stress Testing and VaR Table 8.41: Number of Qualifying Hedge Fund Managed Using VaR or Stress Testing ($ Billions) As reported on Form PF, Questions 40 and 42. Risk Tool Used Stress and VaR Stress, No VaR No Stress, VaR Neither 2023Q3 570 466 69 1,000 2023Q4 554 480 76 1,001 2024Q1 526 433 72 1,061 2024Q2 532 446 97 931 2024Q3 563 456 101 951 2024Q4 556 443 102 957 2025Q1 548 469 99 968 2025Q2 555 478 94 986 2025Q3 577 489 85 994 Table 8.42: Aggregate Qualifying Hedge Fund GAV Managed Using VaR or Stress Testing ($ Billions) As reported on Form PF, Questions 8, 40, and 42. Risk Tool Used Stress and VaR Stress, No VaR No Stress, VaR Neither 2023Q3 4,798 1,408 316 2,262 2023Q4 5,152 1,486 270 2,330 2024Q1 5,230 1,555 261 2,422 2024Q2 5,308 1,632 268 2,403 2024Q3 5,919 1,759 307 2,445 2024Q4 5,769 1,745 308 2,448 2025Q1 6,254 1,754 465 2,485 2025Q2 6,956 1,914 348 2,609 2025Q3 7,120 2,023 359 2,711 Table 8.43: Aggregate Qualifying Hedge Fund NAV Managed Using VaR or Stress Testing ($ Billions) As reported on Form PF, Questions 9, 40, and 42. Risk Tool Used Stress and VaR Stress, No VaR No Stress, VaR Neither 2023Q3 1,233 879 136 1,730 2023Q4 1,186 913 156 1,725 2024Q1 1,215 953 156 1,794 2024Q2 1,210 997 160 1,751 52 2024Q3 1,277 1,060 164 1,800 2024Q4 1,269 1,032 163 1,762 2025Q1 1,303 1,032 172 1,834 2025Q2 1,375 1,111 162 1,911 2025Q3 1,443 1,156 163 1,989 Third Calendar Quarter 2025 8.12 Analytics Office Stress Testing Table 8.44: Number of Qualifying Hedge Funds Stressing Each Market Factor ($ Billions) As reported on Form PF, Questions 9 and 42. Market Factor Equity Prices Risk Free Rates Currency Rates Credit Spreads Implied Volatilities Commodity Prices Bond Default Rates ABS Default Rates 2023Q3 845 719 759 653 503 426 276 248 2023Q4 854 722 754 665 512 429 286 266 2024Q1 834 705 673 644 489 409 286 258 2024Q2 849 711 682 645 489 415 276 261 2024Q3 878 737 713 670 496 432 287 263 2024Q4 877 714 705 657 515 438 291 249 2025Q1 893 725 717 670 514 451 295 263 2025Q2 914 739 717 692 531 464 306 277 2025Q3 943 762 737 715 545 477 306 278 Table 8.45: Aggregate GAV of Qualifying Hedge Funds Stressing Each Market Factor ($ Billions) As reported on Form PF, Questions 8 and 42. Market Factor Equity Prices Risk Free Rates Currency Rates Credit Spreads Implied Volatilities Commodity Prices Bond Default Rates ABS Default Rates 2023Q3 5,765 5,441 5,163 4,979 4,591 4,637 1,178 1,134 2023Q4 6,208 5,855 5,536 5,436 5,031 5,039 1,404 1,359 2024Q1 6,379 6,000 5,632 5,523 5,213 5,132 1,547 1,356 2024Q2 6,514 6,122 5,730 5,634 5,331 5,240 1,553 1,503 2024Q3 7,200 6,794 6,395 6,352 5,904 5,827 1,843 1,728 2024Q4 7,070 6,607 6,321 6,170 5,795 5,697 1,935 1,462 2025Q1 7,557 7,064 6,765 6,635 6,092 6,022 1,897 1,123 2025Q2 8,372 7,835 7,517 7,376 6,809 6,830 2,238 1,322 2025Q3 8,600 8,030 7,652 7,540 6,891 6,986 2,216 1,379 Table 8.46: Aggregate NAV of Qualifying Hedge Funds Stressing Each Market Factor ($ Billions) As reported on Form PF, Questions 9 and 42. Market Factor Equity Prices Risk Free Rates Currency Rates Credit Spreads Implied Volatilities Commodity Prices Bond Default Rates ABS Default Rates 2023Q3 1,866 1,600 1,608 1,438 1,160 1,139 405 378 2023Q4 1,858 1,588 1,593 1,438 1,179 1,127 421 407 2024Q1 1,948 1,642 1,623 1,494 1,215 1,167 459 407 2024Q2 1,979 1,656 1,637 1,505 1,218 1,169 463 416 53 2024Q3 2,085 1,744 1,746 1,608 1,256 1,231 506 445 2024Q4 2,070 1,707 1,741 1,570 1,285 1,219 529 411 2025Q1 2,100 1,715 1,752 1,575 1,279 1,229 497 381 2025Q2 2,248 1,812 1,863 1,687 1,371 1,310 543 429 2025Q3 2,354 1,881 1,917 1,746 1,425 1,371 545 420 Third Calendar Quarter 2025 Analytics Office Table 8.47: Number of Qualifying Hedge Funds Stressing Market Factors ($ Billions) As reported on Form PF, Questions 42. Factors Tested 0 1 2 3 4 5 6 7 8 2023Q3 1,069 209 128 89 101 126 164 73 146 2023Q4 1,077 212 115 85 105 121 165 72 159 2024Q1 1,133 161 110 88 102 123 148 74 153 2024Q2 1,028 167 117 83 110 124 168 62 147 2024Q3 1,052 182 121 84 113 141 157 67 154 2024Q4 1,059 178 123 85 78 131 179 74 151 2025Q1 1,067 182 128 84 85 131 170 73 164 2025Q2 1,080 182 130 79 96 125 170 76 175 2025Q3 1,079 188 133 81 104 130 182 76 172 Table 8.48: Aggregate GAV of Qualifying Hedge Funds Stressing Market Factors ($ Billions) As reported on Form PF, Questions 8 and 42. Factors Tested 0 1 2 3 4 5 6 7 8 2023Q3 2,577 397 448 327 414 663 2,708 598 651 2023Q4 2,600 423 401 331 445 660 2,927 599 852 2024Q1 2,683 425 389 363 364 791 2,952 647 855 2024Q2 2,672 456 413 339 358 825 3,060 504 986 2024Q3 2,752 494 427 372 398 860 3,382 564 1,181 2024Q4 2,756 504 422 404 304 778 3,262 899 940 2025Q1 2,949 517 410 427 502 794 3,738 834 787 2025Q2 2,957 569 428 474 409 975 4,100 975 940 2025Q3 3,070 614 466 486 462 1,119 4,118 888 990 Table 8.49: Aggregate NAV of Qualifying Hedge Funds Stressing Market Factors ($ Billions) As reported on Form PF, Questions 8 and 42. Factors Tested 0 1 2 3 4 5 6 7 8 2023Q3 1,867 259 277 226 153 274 559 147 218 2023Q4 1,882 262 266 217 165 248 566 139 237 2024Q1 1,950 275 252 245 147 275 577 152 243 2024Q2 1,911 299 261 232 159 278 600 131 248 54 2024Q3 1,964 326 271 247 172 302 600 142 277 2024Q4 1,925 320 263 267 124 273 612 186 257 2025Q1 2,006 330 281 262 143 289 618 170 243 2025Q2 2,073 358 292 278 167 266 667 179 279 2025Q3 2,152 379 310 272 193 318 672 183 271 Third Calendar Quarter 2025 Analytics Office 9 Section 3 Liquidity Fund Specific Information6 9.1 Liquidity Table 9.1: Investor Liquidity for Section 3 Liquidity Funds (Percent of Aggregate Section 3 Liquidity Fund NAV) As reported on Form PF, Questions 9 and 61. Reported percentages over 100% are taken as 100%. Liquidation Period At most 1 day At most 7 days At most 30 days At most 90 days At most 180 days At most 365 days 2023Q3 68.8 93.0 97.0 98.0 99.0 99.8 2023Q4 68.0 93.3 97.3 97.9 98.8 99.8 2024Q1 66.7 92.4 96.9 97.6 98.7 99.7 2024Q2 65.4 92.6 96.9 97.8 99.0 99.6 2024Q3 64.6 92.8 96.9 97.6 98.9 99.7 2024Q4 62.4 92.9 97.1 98.0 98.9 99.7 2025Q1 62.9 92.8 97.0 97.7 98.9 99.7 2025Q2 62.0 93.3 97.3 98.1 99.0 99.6 2025Q3 61.1 93.2 97.2 97.8 98.9 99.7 Table 9.2: Suspensions and Gates of Section 3 Liquidity Funds ($ Billions) As reported on Form PF, Question 60 Type May Suspend May Have Gates Suspended Gated 2023Q3 331 299 0 0 2023Q4 334 303 *** *** 2024Q1 309 282 0 0 2024Q2 322 291 0 *** 2024Q3 345 311 0 0 2024Q4 339 307 0 0 2025Q1 347 316 0 0 2025Q2 363 327 0 0 2025Q3 387 349 0 0 6 Due to revisions effective June 11, 2024, previously published information on Rule 2a-7 compliance has been removed beginning with the 2024Q2 version of this report. For more information see previously published versions of this report and Release No. IA-6344. 55 Third Calendar Quarter 2025 9.2 Analytics Office Portfolio Characteristics7 Table 9.3: Weighted-Average Maturity of Section 3 Liquidity Funds (Days) As reported on Form PF, Question 53(d). Statistic Average WAM Asset-Weighted WAM Sep 2024 34.9 43.5 Oct 2024 39.4 49.1 Nov 2024 36.9 47.0 Dec 2024 28.5 44.6 Jan 2025 32.3 46.7 Feb 2025 33.3 44.3 Mar 2025 33.3 43.6 Apr 2025 32.4 43.2 May 2025 31.9 43.8 Jun 2025 32.6 46.2 Jul 2025 34.2 47.2 Aug 2025 35.2 50.6 Sep 2025 36.0 48.4 Table 9.4: Weighted-Average Life of Section 3 Liquidity Funds (Days) As reported on Form PF, Question 53(e). Statistic Average WAL Asset-Weighted WAL Sep 2024 54.3 65.2 Oct 2024 59.5 73.5 Nov 2024 55.9 70.6 Dec 2024 47.2 67.8 Jan 2025 51.0 72.4 Feb 2025 52.0 68.7 Mar 2025 51.9 67.9 Apr 2025 52.7 66.9 May 2025 51.8 67.9 Jun 2025 52.9 68.6 Jul 2025 53.3 72.9 Aug 2025 54.4 73.5 Sep 2025 54.0 72.1 Table 9.5: Seven-Day Gross Yield of Section 3 Liquidity Funds (Percent) As reported on Form PF, Question 53(f). Statistic Average Gross Yield Asset-Weighted Gross Yield Sep 2024 5.7 5.0 Oct 2024 4.8 4.8 Nov 2024 4.6 4.5 Dec 2024 4.1 4.5 Jan 2025 4.6 4.4 Feb 2025 4.6 4.4 Mar 2025 4.2 4.3 Apr 2025 4.4 4.3 May 2025 4.3 4.0 Jun 2025 4.2 4.3 Jul 2025 4.2 4.0 Aug 2025 4.2 4.0 Sep 2025 3.9 3.9 Table 9.6: Ratio of Daily Liquid Assets to Net Asset Value for Section 3 Liquidity Funds (Percent) As reported on Form PF, Question 53(g). Ratios are capped at 100%. Statistic Average DLA Asset-Weighted DLA Sep 2024 52.0 45.9 Oct 2024 55.3 46.2 Nov 2024 55.4 48.7 Dec 2024 49.7 45.7 Jan 2025 53.8 48.8 Feb 2025 54.6 48.2 Mar 2025 54.4 45.8 Apr 2025 53.7 47.6 May 2025 53.5 48.2 Jun 2025 53.2 47.1 Jul 2025 54.4 50.2 Aug 2025 52.7 45.8 Sep 2025 57.2 49.0 Table 9.7: Ratio of Weekly Liquid Assets to Net Asset Value for Section 3 Liquidity Funds (Percent) As reported on Form PF, Question 53(h). Ratios are capped at 100%. Statistic Average WLA Asset-Weighted WLA Sep 2024 58.8 58.5 Oct 2024 64.3 59.1 Nov 2024 65.4 60.3 Dec 2024 60.0 60.6 Jan 2025 61.3 61.1 Feb 2025 60.6 60.2 Mar 2025 59.1 58.6 Apr 2025 59.1 61.6 May 2025 59.4 60.9 Jun 2025 59.4 60.6 Jul 2025 61.9 62.5 Aug 2025 61.5 59.3 Sep 2025 61.7 60.7 7 With revisions effective June 11, 2024, Liquidity Fund Advisers are required to calculate WAM and WAL based on the percentage of each security’s market value in the portfolio. For more information see the Form PF Glossary of Terms and Release No. IA-6344. 56 Third Calendar Quarter 2025 9.3 Analytics Office Methods of Calculating NAV8 Table 9.8: NAV Calculation Method (Percent of Section 3 Liquidity Funds) As reported on Form PF, Question 52. For Form PF filings made prior to June 11, 2024, calculations were based on responses indicating whether the reporting fund utilized the amortized cost method of valuation or the penny rounding method of pricing in computing its net asset value. On or after June 11, 2024, calculations are based on responses indicating whether the reporting fund seeks to maintain a stable price per share. Type Stable Floating 2023Q3 70.6 29.4 2023Q4 70.6 29.4 2024Q1 71.4 28.6 2024Q2 59.6 40.4 2024Q3 53.8 46.2 2024Q4 60.8 39.2 2025Q1 64.6 35.4 2025Q2 60.0 40.0 2025Q3 58.2 41.8 Table 9.9: NAV Calculation Method (Percent of Section 3 Liquidity Fund Aggregate NAV) As reported on Form PF, Questions 9 and 52. For Form PF filings made prior to June 11, 2024, calculations were based on responses indicating whether the reporting fund utilized the amortized cost method of valuation or the penny rounding method of pricing in computing its net asset value. On or after June 11, 2024, calculations are based on responses indicating whether the reporting fund seeks to maintain a stable price per share. Type Stable Floating 2023Q3 63.4 36.6 2023Q4 66.1 33.9 2024Q1 65.4 34.6 2024Q2 80.1 19.9 2024Q3 79.4 20.6 8 2024Q4 83.3 16.7 2025Q1 82.6 17.4 2025Q2 82.6 17.4 2025Q3 81.1 18.9 For Form PF filings made prior to June 11, 2024, calculations were based on responses indicating whether the reporting fund utilized the amortized cost method of valuation or the penny rounding method of pricing in computing its net asset value. On or after June 11, 2024, calculations are based on responses indicating whether the reporting fund seeks to maintain a stable price per share. For more information see Appendix 11.4 and Release No. IA-6344. 57 Third Calendar Quarter 2025 9.4 Analytics Office Aggregate Portfolio Holdings9 Table 9.10: Aggregate Product Exposures of Section 3 Liquidity Funds ($ Billions) As reported on Form PF, Question 62. Investment Type Deposits Repo - Govt. Collateral U.S. Treasuries Commercial Paper Other Asset-Backed Securities Repo - Other Collateral U.S. Govt. Debt Municipal Debt Sep 2024 82.1 61.3 90.2 58.4 30.0 21.3 *** 3.5 *** Oct 2024 83.2 61.0 87.2 50.6 31.3 20.2 *** 3.0 *** Nov 2024 89.5 61.5 90.5 46.3 31.3 20.7 *** 2.3 *** Dec 2024 76.2 66.2 86.1 44.0 37.0 20.0 *** 2.7 *** Jan 2025 95.8 67.0 85.2 48.9 33.2 20.6 *** 2.5 *** Feb 2025 101.6 66.5 81.3 51.8 31.1 20.2 *** 2.0 *** Mar 2025 94.2 72.9 77.3 57.2 29.0 20.8 *** 2.2 *** Apr 2025 101.5 74.7 75.2 55.7 33.9 21.8 *** 2.8 *** May 2025 96.2 79.6 72.6 56.6 37.7 22.0 *** 2.6 *** Jun 2025 85.6 83.9 73.3 63.0 34.4 25.5 *** 2.2 *** Jul 2025 89.9 84.6 67.5 57.8 38.6 23.9 *** 2.7 *** Aug 2025 85.6 73.4 84.8 61.3 40.7 24.4 19.2 2.8 0.5 Sep 2025 92.0 88.6 80.7 58.1 39.7 26.2 *** 3.5 *** 9 Note that prior to 2016Q2, portfolio holdings were reported on a quarterly, rather than monthly, frequency. For more information see Appendix 11.4 and Release No. IA-3879. 58 Third Calendar Quarter 2025 Analytics Office 10 Section 4 Private Equity Fund Specific Information10 10.1 Portfolio Company Industry Concentration Table 10.1: Gross Assets, by Portfolio Company Industry (Percent of Total Section 4 Private Equity Fund GAV) As reported on Form PF, Questions 8 and 80. Industry Software Publishers Computing Infrastructure... Custom Computer Programming... Insurance Agencies and Brokerages Other Financial Vehicles Computer Systems Design Services All Other Professional,... Other Computer Related Services Offices of Physicians Lessors of Nonresidential Buildings Engineering Services Consumer Lending Natural Gas Distribution Full-Service Restaurants Offices of Other Holding Companies Home Health Care Services Hotels and Motels Commercial Banking Other Activities Related to Real... Lessors of Residential Buildings... Offices of Dentists Real Estate Credit Marketing Research and Public... Supermarkets and Other Grocery... 2013Q4 2.8 2.9 0.9 0.9 0.4 0.5 0.4 0.4 0.2 0.8 0.3 0.3 0.5 0.5 0.3 0.4 0.7 1.8 0.4 0.3 0.2 0.5 0.2 0.8 2014Q4 3.8 2.3 1.0 1.0 0.4 0.8 0.6 0.4 0.2 0.8 0.2 0.6 0.4 0.9 0.3 0.3 0.7 1.1 0.5 0.4 0.2 0.4 0.2 0.5 2015Q4 4.9 1.8 1.5 1.0 0.6 0.6 0.6 0.5 0.3 0.8 0.4 0.8 0.6 0.7 0.6 0.3 0.6 0.9 0.3 0.4 0.2 0.9 0.2 0.5 2016Q4 6.1 2.0 1.5 1.2 1.8 1.0 0.9 0.9 0.4 0.7 0.3 0.9 0.7 0.5 0.3 0.3 0.7 0.8 0.4 0.4 0.2 0.6 0.2 0.5 2017Q4 6.0 2.3 1.5 1.1 1.6 0.8 0.8 0.9 0.3 0.7 0.3 0.8 1.0 0.5 0.4 0.3 0.4 0.7 0.4 0.3 0.3 0.5 0.2 0.3 2018Q4 8.0 3.5 1.8 1.0 1.3 0.6 1.4 1.0 0.3 0.6 0.3 0.6 1.0 0.3 0.5 0.4 0.2 0.3 0.3 0.3 0.3 0.4 0.1 0.3 2019Q4 10.6 4.2 2.1 1.1 1.2 0.6 1.4 0.8 0.5 1.1 0.3 0.6 0.7 0.4 0.4 0.5 0.4 0.3 0.3 0.3 0.3 0.4 0.2 0.2 2020Q4 9.7 3.6 1.9 1.5 1.8 1.0 1.9 1.2 0.5 0.6 0.3 0.7 0.8 0.3 0.4 0.6 0.4 0.4 0.3 0.2 0.3 0.4 0.2 0.2 2021Q4 11.7 3.4 2.5 1.7 2.2 1.6 1.3 1.5 0.6 0.4 0.4 0.6 0.6 0.2 0.4 0.4 0.4 0.4 0.4 0.3 0.3 0.2 0.2 0.2 2022Q4 12.0 4.2 2.8 1.8 2.9 1.1 1.4 1.0 0.7 0.5 0.7 0.5 0.6 0.5 0.4 0.4 0.5 0.5 0.6 0.2 0.3 0.1 0.2 0.2 2023Q4 12.8 3.9 2.3 2.2 2.5 1.2 1.2 1.0 0.7 0.6 0.5 0.6 0.4 0.5 0.4 0.3 0.4 0.4 0.5 0.2 0.2 0.3 0.2 0.2 2024Q4 13.4 3.9 2.5 2.4 1.7 1.3 1.2 1.1 0.8 0.7 0.6 0.6 0.5 0.5 0.4 0.4 0.4 0.4 0.4 0.3 0.2 0.2 0.2 0.2 10 Due to revisions effective June 11, 2024, previously published information on private equity fund region and country exposure has been removed beginning with the 2024Q2 version of this report. For more information, see previously published versions of this report and Release No. IA-6279. 59 Third Calendar Quarter 2025 Analytics Office Table 10.2: Number of Section 4 Private Equity Funds Reporting Investments in Portfolio Companies, by Industry As reported on Form PF, Question 80. Industry Software Publishers Computing Infrastructure... Custom Computer Programming... Insurance Agencies and Brokerages Other Financial Vehicles Computer Systems Design Services All Other Professional,... Other Computer Related Services Offices of Physicians Lessors of Nonresidential Buildings Engineering Services Consumer Lending Natural Gas Distribution Full-Service Restaurants Offices of Other Holding Companies Home Health Care Services Hotels and Motels Commercial Banking Other Activities Related to Real... Lessors of Residential Buildings... Offices of Dentists Real Estate Credit Marketing Research and Public... Supermarkets and Other Grocery... 2013Q4 209 173 82 93 56 62 73 63 42 37 46 53 31 68 29 58 30 87 29 16 22 33 19 20 20 [Text truncated at 120,000 characters. The full text is on the page linked above.] --- Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Asec%3A8e711a856bc8fbd6. Public record. Not legal advice.