Division of Investment Management

Division of Investment Management

Analytics Office

Private Fund Statistics

Fourth Calendar Quarter 2023

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.

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 June 30, 2024.1 Form PF

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

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

denoted by “***”. Please see the Division of Investment Management’s “Investment Adviser

Statistics” report on SEC.gov for information and statistics relating to advisers not presented in this

report. For complementary aggregate information based upon Form PF data, see the Federal

Reserve’s Financial Accounts of the United States.

This report reflects data from Fourth Calendar Quarter 2021 through Fourth Calendar Quarter

2023 as reported by Form PF filers.2

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

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

definitions of capitalized terms and other technical descriptions.

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

identify and correct filing errors. Commission Staff updates reported statistics based on

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

correct what appear to be clear filing errors. Further, Commission Staff has employed

certain assumptions in aggregating the data. Future adjustments to these methodologies

and amended filings that change the underlying data could lead to changes in previously

reported statistics.

If you have any questions or comments about Fourth Calendar Quarter

2023 Private Fund Statistics, please contact:

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

line “Fourth Calendar Quarter 2023-Private Fund Statistics”.

1

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

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

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

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

2

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

not received until March 2013.

1

Contents

1

Number of Funds and Advisers

3

2

Aggregate Fund Assets

4

3

Fund Domiciles and Adviser Main 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

65

2

Analytics Office

1

Number of Funds and Advisers3

Table 1.1: Number of Funds

Fund Type

Private Equity Fund

Hedge Fund

Other Private Fund

Real Estate Fund

Venture Capital Fund

Securitized Asset Fund

Liquidity Fund

Total

2021Q4

19,082

9,463

6,055

3,792

2,214

2,243

79

42,928

2022Q1

18,961

9,650

6,295

3,787

2,231

2,251

79

43,254

2022Q2

19,001

9,754

6,284

3,790

2,289

2,257

79

43,454

2022Q3

19,054

9,788

6,286

3,790

2,290

2,257

78

43,543

2022Q4

20,923

9,796

6,761

4,273

2,990

2,461

71

47,275

2023Q1

20,943

9,855

6,900

4,274

2,993

2,470

70

47,505

2023Q2

20,956

9,854

6,857

4,276

3,002

2,474

69

47,488

2023Q3

20,962

9,955

6,829

4,265

2,998

2,479

68

47,556

2023Q4

23,044

9,665

7,113

4,247

3,243

2,702

72

50,086

Table 1.2: Number of Funds Reported by Large Filers

Fund Type

Section 4 Private Equity Fund

Qualifying Hedge Fund

Section 3 Liquidity Fund

2021Q4

6,548

2,074

56

2022Q1

6,646

2,094

54

2022Q2

6,644

2,061

52

2022Q3

6,644

2,041

51

2022Q4

7,488

2,075

50

2023Q1

7,398

2,047

50

2023Q2

7,481

2,091

50

2023Q3

7,480

2,100

50

2023Q4

8,553

2,107

51

Table 1.3: Number of Advisers Advising Each Fund Type

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

because the rows are not mutually exclusive.

Fund Type

Private Equity Fund

Hedge Fund

Section 4 Private Equity Fund

Other Private Fund

Real Estate Fund

Venture Capital Fund

Securitized Asset Fund

Qualifying Hedge Fund

Liquidity Fund

Section 3 Liquidity Fund

Total

2021Q4

1,638

1,862

434

740

429

236

176

619

39

24

3,679

2022Q1

1,636

1,861

435

740

430

238

175

608

39

23

3,679

2022Q2

1,640

1,865

435

736

432

240

175

600

39

22

3,684

2022Q3

1,642

1,863

436

734

432

241

173

584

39

21

3,679

2022Q4

1,757

1,859

453

761

460

284

178

593

34

21

3,801

2023Q1

1,759

1,860

451

764

460

286

176

576

33

21

3,805

2023Q2

1,759

1,859

453

766

461

287

175

591

33

21

3,804

2023Q3

1,760

1,860

452

766

461

285

174

589

33

21

3,803

2023Q4

1,852

1,848

484

778

465

315

176

595

37

22

3,909

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

2021Q4

1,722

854

732

329

42

3,679

2022Q1

1,715

860

733

329

42

3,679

2022Q2

1,714

861

735

330

44

3,684

2022Q3

1,707

865

733

330

44

3,679

2022Q4

1,733

867

775

381

45

3,801

2023Q1

1,732

870

775

382

46

3,805

2023Q2

1,732

867

776

384

45

3,804

2023Q3

1,728

869

776

384

46

3,803

2023Q4

1,740

894

817

406

52

3,909

3

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 Appendix 11.4 for definitions of other

capitalized terms used in this report.

3

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

2021Q4

9,761

6,409

1,748

973

869

330

318

20,407

2022Q1

9,781

6,384

1,766

968

869

333

318

20,420

2022Q2

9,442

6,397

1,740

970

868

334

335

20,085

2022Q3

9,278

6,402

1,716

976

869

334

335

19,909

2022Q4

9,359

6,709

1,646

1,140

923

375

321

20,474

2023Q1

9,500

6,644

1,605

1,139

925

374

320

20,506

2023Q2

9,894

6,655

1,577

1,138

923

374

332

20,893

2023Q3

10,210

6,662

1,569

1,129

924

374

361

21,229

2023Q4

10,756

7,402

1,733

1,077

1,024

400

361

22,753

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

2021Q4

8,331

4,962

316

2022Q1

8,263

4,949

314

2022Q2

7,917

4,949

331

2022Q3

7,698

4,949

331

2022Q4

7,827

5,275

319

2023Q1

7,998

5,219

319

2023Q2

8,432

5,231

330

2023Q3

8,753

5,231

359

2023Q4

9,210

5,866

359

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

2021Q4

5,746

5,131

1,559

746

310

313

264

14,069

2022Q1

5,729

5,150

1,582

745

313

313

265

14,096

2022Q2

5,738

4,913

1,558

746

314

327

264

13,860

2022Q3

5,742

4,850

1,534

751

314

331

264

13,786

2022Q4

6,026

4,816

1,417

859

342

318

264

14,043

2023Q1

5,968

4,858

1,373

859

341

313

265

13,977

2023Q2

5,979

4,911

1,346

859

341

319

265

14,021

2023Q3

5,987

4,931

1,339

850

341

346

264

14,059

2023Q4

6,732

4,991

1,541

822

374

352

284

15,096

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

2021Q4

4,489

4,188

311

2022Q1

4,483

4,145

309

2022Q2

4,483

3,873

324

4

2022Q3

4,483

3,766

327

2022Q4

4,776

3,791

316

2023Q1

4,723

3,878

311

2023Q2

4,733

3,935

317

2023Q3

4,733

3,960

345

2023Q4

5,378

3,964

350

Analytics Office

2.2

Distribution of Assets by Fund Type over Time

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

As reported on Form PF, Questions 8 and 9.

Asset Type

GAV

NAV

Statistic

10th Percentile

25th Percentile

Median

75th Percentile

90th Percentile

Mean

10th Percentile

25th Percentile

Median

75th Percentile

90th Percentile

Mean

2021Q4

0.2

0.7

1.4

3.0

6.9

4.0

0.2

0.5

1.0

2.0

4.4

2.0

2022Q1

0.2

0.6

1.4

3.0

6.6

3.9

0.2

0.5

1.0

2.0

4.4

2.0

2022Q2

0.2

0.6

1.3

2.8

6.3

3.8

0.2

0.5

0.9

1.8

4.0

1.9

2022Q3

0.2

0.6

1.2

2.8

6.3

3.8

0.1

0.5

0.9

1.8

3.9

1.8

2022Q4

0.2

0.6

1.2

2.6

6.1

3.8

0.1

0.5

0.9

1.8

3.9

1.8

2023Q1

0.2

0.6

1.3

2.8

6.4

3.9

0.1

0.5

0.9

1.9

4.0

1.9

2023Q2

0.2

0.6

1.3

2.8

6.5

4.0

0.2

0.5

0.9

1.9

4.0

1.9

2023Q3

0.2

0.6

1.2

2.8

6.6

4.2

0.2

0.5

0.9

1.9

4.0

1.9

2023Q4

0.2

0.6

1.3

2.8

6.6

4.4

0.2

0.5

0.9

1.8

4.0

1.9

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

2021Q4

0.0

0.0

0.1

0.5

1.6

0.8

0.0

0.0

0.1

0.5

1.4

0.7

2022Q1

0.0

0.0

0.1

0.5

1.6

0.7

0.0

0.0

0.1

0.5

1.4

0.7

2022Q2

0.0

0.0

0.1

0.5

1.6

0.7

0.0

0.0

0.1

0.5

1.4

0.7

2022Q3

0.0

0.0

0.1

0.5

1.6

0.7

0.0

0.0

0.1

0.5

1.4

0.7

5

2022Q4

0.0

0.0

0.1

0.5

1.6

0.7

0.0

0.0

0.1

0.5

1.4

0.6

2023Q1

0.0

0.0

0.1

0.5

1.6

0.7

0.0

0.0

0.1

0.5

1.4

0.6

2023Q2

0.0

0.0

0.1

0.5

1.6

0.7

0.0

0.0

0.1

0.5

1.4

0.6

2023Q3

0.0

0.0

0.1

0.5

1.6

0.7

0.0

0.0

0.1

0.5

1.4

0.6

2023Q4

0.0

0.0

0.1

0.5

1.5

0.7

0.0

0.0

0.1

0.5

1.4

0.6

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

2021Q4

12,921

758

181

118

3,424

516

148

81

2022Q1

12,948

721

189

130

3,403

475

156

94

2022Q2

12,725

698

212

119

3,114

481

181

81

2022Q3

12,627

711

235

106

2,995

488

201

69

2022Q4

12,901

674

249

105

3,051

434

215

70

2023Q1

12,792

695

272

108

3,098

449

239

73

2023Q2

12,803

747

236

122

3,108

517

209

88

2023Q3

12,856

699

245

146

3,148

468

217

112

2023Q4

13,789

744

232

174

3,105

513

194

133

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

2021Q4

33,270

1,829

483

1,379

1,717

274

34

35

2022Q1

33,519

1,828

492

1,371

1,741

259

42

30

2022Q2

33,627

1,851

484

1,381

1,707

256

40

29

6

2022Q3

33,611

1,866

494

1,385

1,687

261

43

24

2022Q4

36,730

2,018

495

1,577

1,717

258

47

22

2023Q1

36,902

2,030

504

1,573

1,699

238

54

24

2023Q2

37,008

2,050

493

1,576

1,729

274

45

26

2023Q3

37,019

2,005

499

1,585

1,763

244

41

34

2023Q4

39,435

2,022

560

1,609

1,754

247

42

32

Analytics Office

2.3

Fund Borrowings

Table 2.9: Aggregate Borrowings (Percent of Aggregate GAV)

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

Fund Type

Securitized Asset Fund

Qualifying Hedge Fund

Hedge Fund

Real Estate Fund

Other Private Fund

Section 4 Private Equity Fund

Private Equity Fund

Venture Capital Fund

Liquidity Fund

Section 3 Liquidity Fund

2021Q4

52.4

45.6

42.1

13.2

3.5

5.4

5.5

0.7

0.0

0.0

2022Q1

49.7

43.3

39.9

12.3

3.6

5.5

5.5

0.7

0.0

0.0

2022Q2

49.3

43.4

39.8

12.3

3.5

5.4

5.5

0.7

0.0

0.0

2022Q3

49.4

43.5

40.0

12.5

3.7

5.4

5.5

0.7

0.0

0.0

2022Q4

56.5

44.8

41.1

14.0

5.6

5.7

5.7

0.6

0.0

0.0

2023Q1

53.6

47.3

43.5

13.2

5.8

5.8

5.6

0.6

0.0

0.0

2023Q2

53.6

48.5

44.5

13.2

5.9

5.8

5.6

0.6

0.0

0.0

2023Q3

53.3

48.3

44.5

13.6

5.9

5.8

5.5

0.6

0.0

0.0

2023Q4

56.6

50.7

46.5

14.8

5.2

5.0

4.9

0.6

0.0

0.0

Table 2.10: Distribution of Fund Borrowing ($ Billions)

As reported on Form PF, Questions 12 and 43 (Third Month). Funds with no borrowing were removed

from this analysis.

Fund Type

All Private Funds

Qualifying Hedge Funds

Statistic

Median

75th Percentile

90th Percentile

95th Percentile

Mean

Median

75th Percentile

90th Percentile

95th Percentile

Mean

2021Q4

0.0

0.3

0.6

1.2

0.5

0.4

1.3

3.8

9.8

2.9

2022Q1

0.0

0.3

0.6

1.1

0.5

0.3

1.2

3.7

8.8

2.8

2022Q2

0.0

0.3

0.6

1.1

0.5

0.3

1.1

3.3

8.7

2.7

7

2022Q3

0.0

0.3

0.6

1.1

0.5

0.3

1.0

3.4

8.5

2.6

2022Q4

0.0

0.3

0.6

1.0

0.5

0.3

1.0

3.3

8.7

2.7

2023Q1

0.0

0.3

0.6

1.0

0.5

0.3

1.1

3.5

10.3

3.0

2023Q2

0.0

0.3

0.6

1.1

0.6

0.3

1.1

3.8

10.5

3.2

2023Q3

0.0

0.3

0.6

1.1

0.6

0.3

1.2

3.7

10.0

3.3

2023Q4

0.0

0.3

0.6

1.0

0.6

0.3

1.1

3.9

11.4

3.7

Analytics Office

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

Ratio ($ Billions)

As reported on Form PF, Questions 9, 10, 12, and 43 (Third Month). See the appendix for a review of

interval notation used here.

Fund Universe

All Private Funds

Qualifying Hedge Funds

Ratio

0

(0,1)

[1,4)

[4,9)

9 or more

0

(0,1)

[1,4)

[4,9)

9 or more

2021Q4

6,959

6,212

670

140

87

1,124

2,321

552

131

60

2022Q1

7,046

6,158

663

149

80

1,102

2,300

550

140

52

2022Q2

6,914

6,091

670

92

93

939

2,229

555

85

65

2022Q3

6,822

6,128

642

107

87

865

2,214

532

100

56

2022Q4

6,835

6,321

660

127

99

882

2,208

511

119

72

2023Q1

6,811

6,242

652

160

112

948

2,197

497

151

86

2023Q2

6,853

6,211

688

161

107

996

2,158

546

151

85

2023Q3

6,818

6,259

700

173

110

947

2,206

557

163

88

2023Q4

7,610

6,526

657

160

143

975

2,215

512

145

117

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

As reported on Form PF, Questions 9, 10, 12, and 43 (Third Month). See the appendix for a review of

interval notation used here.

Fund Universe

All Private Funds

Qualifying Hedge Funds

Ratio

0

(0,1)

[1,4)

[4,9)

9 or more

0

(0,1)

[1,4)

[4,9)

9 or more

2021Q4

28,353

7,095

1,075

144

2,718

780

998

243

26

27

2022Q1

28,735

7,062

1,059

147

2,681

811

989

240

29

25

2022Q2

28,826

7,080

1,083

136

2,707

772

1,000

234

26

29

2022Q3

28,892

7,123

1,078

126

2,706

747

1,013

234

17

30

2022Q4

31,415

7,689

1,175

150

3,053

774

1,008

238

21

34

2023Q1

31,699

7,617

1,153

161

3,052

772

997

221

30

27

2023Q2

31,799

7,591

1,176

161

3,058

801

991

247

27

25

2023Q3

31,853

7,640

1,145

154

3,066

801

1,012

233

27

27

2023Q4

34,189

7,895

1,144

233

3,059

814

1,008

220

24

41

Table 2.13: Aggregate Borrowing by Creditor Type (Percent)

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

Creditor Type

US Financial

Non-US Financial

US Non-Financial

Non-US Non-Financial

2021Q4

67.1

29.3

2.8

1.0

2022Q1

66.4

30.6

3.1

0.9

2022Q2

66.6

30.3

3.0

0.9

2022Q3

67.7

28.8

3.3

1.0

8

2022Q4

66.5

29.4

3.3

0.9

2023Q1

66.4

30.5

3.1

0.8

2023Q2

66.3

30.9

3.0

0.7

2023Q3

65.3

31.9

2.8

0.7

2023Q4

64.0

33.0

2.7

0.4

Analytics Office

2.4

Fair Value Hierarchy4

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

Billions)

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

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

question.

Fair Value Level

Level 1

Level 2

Level 3

Cost-Based

2021Q4

4,670

3,842

6,804

2,854

2022Q1

4,639

3,828

6,833

2,878

2022Q2

4,591

3,835

6,844

2,860

2022Q3

4,563

3,798

6,805

2,869

2022Q4

4,154

3,597

7,565

3,079

2023Q1

4,088

3,562

7,472

3,058

2023Q2

4,066

3,514

7,476

3,055

2023Q3

4,062

3,518

7,465

3,063

2023Q4

4,855

3,885

8,314

3,607

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

2021Q4

1,692

1,362

377

2,274

2022Q1

1,692

1,350

377

2,271

2022Q2

1,685

1,369

340

2,272

2022Q3

1,691

1,328

342

2,279

2022Q4

1,584

1,494

377

2,584

2023Q1

1,590

1,473

377

2,578

2023Q2

1,591

1,439

391

2,579

2023Q3

1,594

1,446

381

2,573

2023Q4

1,870

1,578

410

3,760

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

2021Q4

3,593

2,374

1,483

1,796

2022Q1

3,559

2,368

1,504

1,817

2022Q2

3,524

2,379

1,507

1,799

2022Q3

3,517

2,343

1,463

1,800

2022Q4

3,212

2,250

1,603

1,954

2023Q1

3,153

2,214

1,601

1,924

2023Q2

3,153

2,177

1,605

1,915

2023Q3

3,149

2,184

1,598

1,913

2023Q4

3,934

2,479

1,733

2,413

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

2021Q4

1,645

1,235

124

1,386

2022Q1

1,645

1,234

127

1,389

2022Q2

1,639

1,254

91

1,389

2022Q3

1,644

1,212

93

1,395

2022Q4

1,538

1,349

97

1,621

2023Q1

1,543

1,329

97

1,617

2023Q2

1,544

1,295

111

1,617

2023Q3

1,547

1,303

100

1,613

2023Q4

1,825

1,427

105

2,764

4

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

PF frequently asked questions here.

9

Analytics 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

2021Q4

3,172

2,116

1,205

1,542

2022Q1

3,148

2,105

1,226

1,559

2022Q2

3,117

2,113

1,230

1,545

2022Q3

3,107

2,079

1,188

1,548

2022Q4

2,850

2,007

1,319

1,651

2023Q1

2,793

1,972

1,323

1,631

2023Q2

2,796

1,956

1,328

1,624

2023Q3

2,785

1,951

1,321

1,610

2023Q4

3,507

2,221

1,414

2,095

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

2021Q4

1,532

1,159

118

1,228

2022Q1

1,532

1,146

119

1,231

2022Q2

1,527

1,165

82

1,231

2022Q3

1,532

1,127

84

1,237

2022Q4

1,424

1,274

88

1,456

2023Q1

1,427

1,263

89

1,450

2023Q2

1,428

1,248

100

1,452

2023Q3

1,422

1,248

89

1,446

2023Q4

1,673

1,370

96

2,560

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

2021Q4

365

259

3,991

546

2022Q1

368

258

3,962

550

2022Q2

368

258

3,972

550

2022Q3

368

259

3,972

555

2022Q4

204

153

4,354

548

2023Q1

200

151

4,294

561

2023Q2

200

152

4,294

562

2023Q3

201

151

4,294

569

2023Q4

217

157

4,903

596

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

2021Q4

15

25

27

321

2022Q1

15

25

27

314

2022Q2

15

25

27

314

2022Q3

15

25

27

316

10

2022Q4

13

20

21

342

2023Q1

14

20

21

340

2023Q2

14

20

21

341

2023Q3

14

20

21

339

2023Q4

14

22

20

334

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

2021Q4

320

181

3,150

358

2022Q1

320

182

3,134

358

2022Q2

320

182

3,133

359

2022Q3

320

182

3,133

359

2022Q4

170

121

3,502

358

2023Q1

169

121

3,452

356

2023Q2

170

121

3,455

357

2023Q3

170

121

3,455

357

2023Q4

183

115

4,028

383

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

Value Hierarchy ($ Billions)

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

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

question.

Fair Value Level

Level 1

Level 2

Level 3

Cost-Based

2021Q4

11

6

9

252

2022Q1

11

6

9

245

2022Q2

11

6

8

245

2022Q3

11

6

8

245

11

2022Q4

7

10

8

275

2023Q1

7

10

8

272

2023Q2

7

10

8

272

2023Q3

7

10

8

272

2023Q4

11

8

9

265

Analytics Office

2.5

Parallel Managed Accounts5

Table 2.24: Number of Funds with Parallel Managed Accounts

As reported on Form PF, Question 11.

Fund Type

Hedge Fund

Private Equity Fund

Other Private Fund

Real Estate Fund

Venture Capital Fund

Liquidity Fund

Securitized Asset Fund

Total

2021Q4

571

303

505

89

30

***

***

1,510

2022Q1

580

303

504

89

30

***

***

1,518

2022Q2

578

315

503

89

30

***

***

1,527

2022Q3

576

314

499

89

30

***

***

1,520

2022Q4

566

339

478

67

39

***

***

1,499

2023Q1

562

415

481

68

39

***

***

1,575

2023Q2

559

421

458

68

39

***

***

1,555

2023Q3

570

421

445

68

39

***

***

1,553

2023Q4

559

479

441

80

28

***

***

1,597

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

Large Filers

As reported on Form PF, Question 11.

Type

Qualifying Hedge Fund

Section 4 Private Equity Fund

Section 3 Liquidity Fund

2021Q4

210

137

***

2022Q1

211

137

***

2022Q2

202

137

***

2022Q3

208

137

***

2022Q4

214

154

***

2023Q1

207

154

***

2023Q2

203

160

***

2023Q3

218

160

***

2023Q4

218

195

***

Table 2.26: Aggregate Value in Parallel Managed Accounts ($ Billions)

As reported on Form PF, Question 11.

Fund Type

Hedge Fund

Private Equity Fund

Other Private Fund

Real Estate Fund

Venture Capital Fund

Liquidity Fund

Securitized Asset Fund

Total

2021Q4

881

119

2,675

16

2

***

***

4,111

2022Q1

840

120

2,671

16

2

***

***

4,025

2022Q2

765

152

3,451

16

2

***

***

4,781

2022Q3

729

152

3,416

16

2

***

***

4,705

2022Q4

725

117

2,369

14

2

***

***

3,609

2023Q1

695

129

2,367

15

2

***

***

3,595

2023Q2

693

123

1,535

15

2

***

***

2,746

2023Q3

706

123

1,495

15

2

***

***

2,749

2023Q4

754

151

1,708

31

1

***

***

3,056

Table 2.27: Aggregate Value in Parallel Managed Accounts Reported by

Funds of Large Filers ($ Billions)

As reported on Form PF, Question 11.

Type

Qualifying Hedge Fund

Section 4 Private Equity Fund

Section 3 Liquidity Fund

2021Q4

566

102

***

2022Q1

538

102

***

2022Q2

483

110

***

2022Q3

438

110

***

2022Q4

435

118

***

2023Q1

385

118

***

2023Q2

405

112

***

2023Q3

426

112

***

2023Q4

472

144

***

5

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

proprietary information of individual Form PF filers.

12

Analytics Office

3

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

2021Q4

51.8

32.8

4.1

3.9

0.9

1.0

0.9

4.7

51.7

34.2

2.4

3.2

2.6

1.5

4.2

***

27.6

***

***

56.1

29.3

2.0

1.4

1.2

9.9

2022Q1

52.3

32.7

4.1

3.9

1.0

0.9

0.9

4.2

51.0

34.9

2.4

3.1

2.8

1.7

4.2

***

28.5

***

***

56.9

29.6

1.9

1.4

1.2

9.0

2022Q2

52.5

32.4

4.1

3.9

1.0

0.9

0.9

4.2

52.3

35.7

2.4

3.0

3.1

1.7

1.8

***

27.3

***

***

56.9

29.6

1.9

1.4

1.2

9.0

2022Q3

52.9

32.7

4.1

3.9

1.0

0.9

0.9

3.6

53.1

35.0

2.3

2.8

3.1

1.9

1.7

***

25.5

***

***

56.9

29.6

1.9

1.4

1.2

9.0

2022Q4

52.8

32.1

5.0

3.6

1.0

0.9

0.8

3.7

52.4

35.7

2.7

3.0

2.9

1.9

1.4

***

23.4

***

***

56.2

28.0

2.0

1.4

1.0

11.3

2023Q1

52.5

32.5

5.0

3.6

1.0

0.9

0.8

3.6

52.8

35.6

2.9

2.7

2.6

1.7

1.6

***

23.9

***

***

56.4

28.1

2.1

1.4

1.0

11.0

2023Q2

52.5

32.7

4.9

3.6

1.0

0.9

0.8

3.6

53.2

35.4

3.0

2.7

2.5

1.6

1.6

***

23.5

***

***

56.4

28.1

2.1

1.4

1.0

11.0

2023Q3

52.4

32.7

4.9

3.7

1.0

0.9

0.8

3.6

53.3

35.3

3.0

2.6

2.4

1.7

1.6

***

25.5

***

***

56.4

28.1

2.1

1.4

1.0

11.0

2023Q4

53.5

31.5

5.0

3.4

1.0

0.9

0.6

3.9

53.7

35.3

3.1

2.6

2.2

1.7

1.5

***

21.5

***

***

57.9

27.5

2.2

1.3

1.1

10.1

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

2021Q4

91.2

***

***

88.1

4.1

***

1.9

***

57.9

***

***

95.6

***

***

2022Q1

90.9

***

***

88.5

3.9

***

1.6

***

56.8

***

***

95.6

***

***

13

2022Q2

91.8

***

***

90.7

3.7

***

1.6

***

59.3

***

***

95.6

***

***

2022Q3

91.9

***

***

91.1

3.5

***

1.4

***

57.1

***

***

95.6

***

***

2022Q4

92.3

***

***

90.5

4.1

***

0.4

***

53.0

***

***

95.5

***

***

2023Q1

91.9

***

***

90.7

4.0

***

0.3

***

52.3

***

***

95.5

***

***

2023Q2

91.8

***

***

91.6

4.0

***

0.3

***

51.3

***

***

95.5

***

***

2023Q3

92.0

***

***

92.3

3.5

***

0.2

***

55.6

***

***

95.5

***

***

2023Q4

93.4

***

***

92.1

3.8

***

0.3

***

53.1

***

***

96.9

***

***

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

Other

Private Funds

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

2021Q4

2,445

2,598

1,858

1,422

1,316

1,370

1,007

697

416

232

317

188

155

42

2022Q1

2,444

2,636

1,882

1,417

1,298

1,376

1,000

704

401

226

306

194

161

45

2022Q2

2,408

2,594

1,872

1,372

1,246

1,339

1,004

702

396

222

312

193

151

44

2022Q3

2,415

2,588

1,862

1,367

1,256

1,270

1,010

703

393

224

305

196

148

42

2022Q4

2,542

2,594

1,913

1,324

1,245

1,310

1,083

745

376

241

285

193

149

38

2023Q1

2,558

2,596

1,906

1,335

1,254

1,306

1,069

754

314

248

251

190

150

40

2023Q2

2,555

2,611

1,915

1,348

1,268

1,294

1,081

761

317

249

253

178

145

38

2023Q3

2,576

2,632

1,919

1,351

1,260

1,282

1,089

759

316

260

242

179

145

40

2023Q4

2,940

2,856

1,981

1,467

1,326

1,309

1,167

794

331

266

245

192

159

58

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

Aggregate NAV)

As reported on Form PF, Questions 9 and 16.

Type

Other

Private Funds

State/Muni. Govt. Pension Plans

U.S. Individuals

Non-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

2021Q4

17.4

18.5

13.2

10.1

9.4

9.7

7.2

5.0

3.0

1.7

2.3

1.3

1.1

0.3

2022Q1

17.3

18.7

13.4

10.1

9.2

9.8

7.1

5.0

2.8

1.6

2.2

1.4

1.1

0.3

2022Q2

17.4

18.7

13.5

9.9

9.0

9.7

7.2

5.1

2.9

1.6

2.2

1.4

1.1

0.3

14

2022Q3

17.5

18.8

13.5

9.9

9.1

9.2

7.3

5.1

2.8

1.6

2.2

1.4

1.1

0.3

2022Q4

18.1

18.5

13.6

9.4

8.9

9.3

7.7

5.3

2.7

1.7

2.0

1.4

1.1

0.3

2023Q1

18.3

18.6

13.6

9.6

9.0

9.3

7.6

5.4

2.2

1.8

1.8

1.4

1.1

0.3

2023Q2

18.2

18.6

13.7

9.6

9.0

9.2

7.7

5.4

2.3

1.8

1.8

1.3

1.0

0.3

2023Q3

18.3

18.7

13.6

9.6

9.0

9.1

7.7

5.4

2.2

1.9

1.7

1.3

1.0

0.3

2023Q4

19.5

18.9

13.1

9.7

8.8

8.7

7.7

5.3

2.2

1.8

1.6

1.3

1.1

0.4

Analytics Office

4.2

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

State/Muni. Govt. Pension Plans

U.S. Individuals

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

2021Q4

724

607

602

458

493

477

264

144

181

62

86

41

38

9

2022Q1

732

604

581

462

473

476

266

147

171

61

82

40

39

9

2022Q2

702

571

546

453

432

449

268

150

107

58

47

38

39

9

2022Q3

697

564

559

432

423

381

266

149

102

59

42

41

38

8

2022Q4

691

562

528

446

425

408

289

148

102

59

46

38

38

9

2023Q1

712

590

537

455

425

415

283

164

104

62

45

38

37

9

2023Q2

734

594

549

467

440

409

291

161

103

63

45

36

32

9

2023Q3

747

590

546

471

440

407

302

164

102

72

46

34

28

9

2023Q4

743

603

554

460

451

405

298

164

99

72

52

34

23

9

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

State/Muni. Govt. Pension Plans

U.S. Individuals

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

2021Q4

17.3

14.5

14.4

10.9

11.8

11.4

6.3

3.4

4.3

1.5

2.1

1.0

0.9

0.2

2022Q1

17.7

14.6

14.0

11.1

11.4

11.5

6.4

3.5

4.1

1.5

2.0

1.0

0.9

0.2

2022Q2

18.1

14.8

14.1

11.7

11.2

11.6

6.9

3.9

2.8

1.5

1.2

1.0

1.0

0.2

15

2022Q3

18.5

15.0

14.8

11.5

11.2

10.1

7.1

4.0

2.7

1.6

1.1

1.1

1.0

0.2

2022Q4

18.2

14.8

13.9

11.8

11.2

10.8

7.6

3.9

2.7

1.5

1.2

1.0

1.0

0.2

2023Q1

18.4

15.2

13.9

11.7

11.0

10.7

7.3

4.2

2.7

1.6

1.2

1.0

0.9

0.2

2023Q2

18.6

15.1

14.0

11.9

11.2

10.4

7.4

4.1

2.6

1.6

1.1

0.9

0.8

0.2

2023Q3

18.9

14.9

13.8

11.9

11.1

10.3

7.6

4.2

2.6

1.8

1.2

0.8

0.7

0.2

2023Q4

18.7

15.2

14.0

11.6

11.4

10.2

7.5

4.1

2.5

1.8

1.3

0.9

0.6

0.2

Analytics Office

4.3

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

Other

Unknown Non-U.S. Investors

Private Funds

Banking/Thrift Inst.

Broker-Dealers

SEC-Registered Investment Companies

Insurance Companies

Pension Plans

Sov. Wealth Funds And For. Official Inst.

Non-U.S. Individuals

State/Muni. Govt. Entities

Non-Profits

U.S. Individuals

State/Muni. Govt. Pension Plans

2021Q4

96

60

57

***

***

23

9

7

***

***

3

4

***

1

2022Q1

103

51

58

***

***

24

8

5

***

***

***

3

***

1

2022Q2

100

64

65

***

***

16

9

5

***

***

***

3

***

***

2022Q3

106

68

64

***

***

15

8

***

***

***

***

3

***

***

2022Q4

108

65

56

***

***

14

10

***

***

***

***

2

***

1

2023Q1

106

63

50

***

***

17

12

***

***

***

***

3

***

***

2023Q2

114

64

49

***

***

16

11

5

***

***

***

3

***

***

2023Q3

135

52

64

***

***

16

10

***

***

***

***

3

***

***

2023Q4

135

60

53

***

***

14

12

***

***

***

***

3

1

***

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

of Aggregate NAV)

As reported on Form PF, Questions 9 and 16.

Type

Other

Unknown Non-U.S. Investors

Private Funds

Banking/Thrift Inst.

Broker-Dealers

SEC-Registered Investment Companies

Insurance Companies

Pension Plans

Sov. Wealth Funds And For. Official Inst.

Non-U.S. Individuals

State/Muni. Govt. Entities

Non-Profits

U.S. Individuals

State/Muni. Govt. Pension Plans

2021Q4

31.0

19.2

18.5

***

***

7.5

2.8

2.3

***

***

1.0

1.2

***

0.3

2022Q1

33.4

16.6

18.6

***

***

7.8

2.6

1.7

***

***

***

1.0

***

0.3

2022Q2

30.8

19.9

19.9

***

***

4.9

2.8

1.5

***

***

***

0.9

***

***

16

2022Q3

32.4

20.7

19.6

***

***

4.6

2.5

***

***

***

***

0.8

***

***

2022Q4

34.1

20.6

17.8

***

***

4.3

3.0

***

***

***

***

0.8

***

0.4

2023Q1

34.1

20.2

15.9

***

***

5.4

3.9

***

***

***

***

0.9

***

***

2023Q2

35.8

20.1

15.5

***

***

5.0

3.6

1.5

***

***

***

0.8

***

***

2023Q3

39.1

15.0

18.5

***

***

4.6

2.9

***

***

***

***

0.8

***

***

2023Q4

38.6

17.1

15.1

***

***

4.1

3.5

***

***

***

***

0.9

0.2

***

Analytics Office

4.4

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

Insurance Companies

Non-Profits

U.S. Individuals

State/Muni. Govt. Entities

Non-U.S. Individuals

SEC-Registered Investment Companies

Banking/Thrift Inst.

Unknown Non-U.S. Investors

Broker-Dealers

2021Q4

957

819

836

501

324

252

237

265

82

83

49

45

33

3

2022Q1

974

802

850

477

325

255

238

265

82

77

50

49

34

3

2022Q2

973

802

851

477

326

256

238

265

82

77

50

49

34

3

2022Q3

973

802

851

477

326

256

238

265

82

77

50

49

34

3

2022Q4

1,031

887

887

525

362

283

259

245

94

68

49

47

33

3

2023Q1

1,018

876

874

515

362

282

259

246

94

67

48

44

33

3

2023Q2

1,020

877

876

515

364

284

259

246

95

67

48

45

33

3

2023Q3

1,020

877

876

515

364

284

259

246

95

67

48

45

33

3

2023Q4

1,196

1,090

937

577

393

299

280

275

98

72

62

56

35

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

Insurance Companies

Non-Profits

U.S. Individuals

State/Muni. Govt. Entities

Non-U.S. Individuals

SEC-Registered Investment Companies

Banking/Thrift Inst.

Unknown Non-U.S. Investors

Broker-Dealers

2021Q4

21.3

18.2

18.6

11.2

7.2

5.6

5.3

5.9

1.8

1.9

1.1

1.0

0.7

0.1

2022Q1

21.7

17.9

19.0

10.6

7.3

5.7

5.3

5.9

1.8

1.7

1.1

1.1

0.8

0.1

2022Q2

21.7

17.9

19.0

10.6

7.3

5.7

5.3

5.9

1.8

1.7

1.1

1.1

0.8

0.1

17

2022Q3

21.7

17.9

19.0

10.6

7.3

5.7

5.3

5.9

1.8

1.7

1.1

1.1

0.8

0.1

2022Q4

21.6

18.6

18.6

11.0

7.6

5.9

5.4

5.1

2.0

1.4

1.0

1.0

0.7

0.1

2023Q1

21.5

18.5

18.5

10.9

7.7

6.0

5.5

5.2

2.0

1.4

1.0

0.9

0.7

0.1

2023Q2

21.6

18.5

18.5

10.9

7.7

6.0

5.5

5.2

2.0

1.4

1.0

0.9

0.7

0.1

2023Q3

21.6

18.5

18.5

10.9

7.7

6.0

5.5

5.2

2.0

1.4

1.0

0.9

0.7

0.1

2023Q4

22.2

20.3

17.4

10.7

7.3

5.6

5.2

5.1

1.8

1.3

1.2

1.0

0.6

0.1

Analytics Office

4.5

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

Hedge Fund

Other Private Fund

Qualifying Hedge Fund

Private Equity Fund

Securitized Asset Fund

Venture Capital Fund

Section 4 Private Equity Fund

Liquidity Fund

Section 3 Liquidity Fund

Total

2021Q4

58.9

53.9

57.0

50.0

49.5

37.3

52.6

44.9

46.1

45.8

52.2

2022Q1

58.9

54.6

57.5

51.0

49.1

37.5

52.5

44.7

48.1

47.7

52.4

2022Q2

59.0

55.0

57.1

51.9

49.2

37.6

52.3

44.7

46.7

46.4

52.5

2022Q3

58.7

54.8

57.5

51.6

49.1

37.8

52.4

44.7

46.5

46.1

52.4

2022Q4

56.9

55.4

59.0

52.1

49.8

41.6

49.9

46.5

45.1

44.8

52.9

2023Q1

57.0

56.3

58.4

52.0

49.4

42.3

49.9

45.9

44.3

44.1

52.9

2023Q2

57.0

56.3

58.3

51.9

49.5

41.8

49.9

46.0

43.1

42.9

52.9

2023Q3

57.4

56.7

57.9

52.1

49.5

41.9

49.9

46.0

44.5

44.4

53.0

2023Q4

59.4

56.6

56.3

52.5

50.2

47.6

47.5

46.9

41.9

41.7

53.1

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

2021Q4

32.0

51.0

85.0

74.4

29.0

43.0

67.0

67.0

2022Q1

32.0

51.0

85.0

74.5

29.0

43.0

68.0

67.3

2022Q2

32.0

51.0

85.0

74.5

30.0

43.0

69.5

68.3

18

2022Q3

32.0

51.0

86.0

74.6

30.0

44.0

70.0

68.4

2022Q4

32.0

51.0

86.0

74.6

30.0

44.0

69.0

68.4

2023Q1

32.0

52.0

86.0

74.8

30.0

44.0

69.0

68.3

2023Q2

32.0

52.0

86.0

74.8

30.0

44.0

68.0

68.1

2023Q3

32.0

52.0

86.0

74.9

30.0

44.0

68.5

68.3

2023Q4

32.0

51.0

86.0

74.7

30.0

44.0

69.0

68.4

Analytics Office

5

Fund Investments in Derivatives

Table 5.1: Aggregate Derivative Value ($ Billions)

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

Type

Hedge Fund

Private Equity Fund

Other Private Fund

Real Estate Fund

Securitized Asset Fund

Venture Capital Fund

Liquidity Fund

Total

2021Q4

15,431

70

118

41

5

***

***

15,669

2022Q1

15,866

69

110

41

5

***

***

16,092

2022Q2

14,942

69

110

41

5

***

***

15,168

2022Q3

14,260

71

112

41

5

***

***

14,489

2022Q4

14,882

158

105

72

***

0

***

15,224

2023Q1

15,251

159

103

76

***

0

***

15,596

2023Q2

15,207

159

104

78

***

0

***

15,553

2023Q3

15,484

159

101

65

***

0

***

15,814

2023Q4

15,323

136

99

64

***

0

***

15,623

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

2021Q4

14,072

***

***

2022Q1

14,268

***

***

2022Q2

13,260

54

0

2022Q3

12,698

54

0

2022Q4

13,013

73

0

2023Q1

12,985

72

0

2023Q2

13,816

72

0

2023Q3

13,965

72

0

2023Q4

14,067

111

0

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

Private Equity Fund

Section 4 Private Equity Fund

Other Private Fund

Real Estate Fund

Securitized Asset Fund

Venture Capital Fund

Liquidity Fund

Section 3 Liquidity Fund

Total

2021Q4

300.7

336.0

1.2

1.2

7.6

5.6

1.8

0.1

***

***

111.4

2022Q1

308.1

344.2

1.2

1.2

7.0

5.6

1.8

0.1

***

***

114.2

2022Q2

304.1

342.4

1.2

1.2

7.1

5.5

1.8

0.1

***

***

109.4

2022Q3

294.0

337.2

1.2

1.2

7.3

5.5

1.8

0.1

***

***

105.1

19

2022Q4

309.0

343.2

2.6

1.5

7.4

8.4

2.1

0.1

***

***

108.4

2023Q1

314.0

334.9

2.7

1.5

7.5

8.9

2.1

0.1

***

***

111.6

2023Q2

309.7

351.1

2.7

1.5

7.8

9.0

1.4

0.1

***

***

110.9

2023Q3

314.0

352.6

2.7

1.5

7.6

7.6

1.4

0.1

***

***

112.5

2023Q4

307.0

354.8

2.0

2.1

6.5

7.8

0.3

0.1

***

***

103.5

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

2021Q4

8,547

4,272

776

196

295

662

2,402

671

180

272

2022Q1

8,505

4,300

822

182

306

659

2,314

723

166

283

2022Q2

8,472

4,131

748

205

323

572

2,166

646

188

301

2022Q3

8,485

4,059

770

161

330

557

2,096

664

140

309

2022Q4

8,645

4,207

700

204

301

572

2,163

594

182

279

2023Q1

8,580

4,173

684

236

318

637

2,168

566

213

293

2023Q2

8,606

4,189

703

205

332

638

2,201

595

187

314

2023Q3

8,603

4,194

736

195

345

624

2,205

631

174

326

2023Q4

9,494

4,348

693

225

350

612

2,237

580

207

328

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

2021Q4

30,992

5,029

738

162

2,044

458

1,175

264

63

114

2022Q1

31,225

5,129

739

152

2,026

468

1,192

266

58

110

2022Q2

31,317

5,129

770

157

2,046

459

1,159

264

60

117

20

2022Q3

31,397

5,134

789

158

2,032

445

1,160

267

52

114

2022Q4

34,507

5,330

769

165

2,246

475

1,177

244

68

110

2023Q1

34,675

5,319

771

167

2,283

479

1,164

235

60

108

2023Q2

34,781

5,307

748

179

2,308

487

1,188

231

73

110

2023Q3

34,849

5,285

765

175

2,320

474

1,211

233

64

118

2023Q4

37,531

5,296

762

174

2,205

486

1,206

219

67

128

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

2021Q4

8,392

43

14

2022Q1

8,530

45

15

2022Q2

8,618

45

16

2022Q3

8,677

43

15

2022Q4

8,700

47

14

2023Q1

8,781

47

14

2023Q2

8,862

46

13

2023Q3

8,906

49

12

2023Q4

8,816

44

11

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

Strategies ($ Billions)

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

here.

Fraction of NAV

0%

(0%,26%)

26% or More

6.2

2021Q4

4,996

61

60

2022Q1

4,997

70

64

2022Q2

4,756

68

66

2022Q3

4,682

132

11

2022Q4

4,665

71

66

2023Q1

4,688

75

71

2023Q2

4,748

71

71

2023Q3

4,745

74

74

2023Q4

4,907

64

13

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

2021Q4

7.3

13.3

19.3

27.6

42.2

55.7

2022Q1

7.6

13.5

19.5

27.6

41.9

55.4

2022Q2

7.8

13.5

19.4

27.3

41.5

54.8

2022Q3

8.1

13.7

19.6

27.6

41.6

54.8

2022Q4

7.8

13.3

19.1

27.0

41.2

54.6

2023Q1

7.9

13.4

19.3

27.4

41.6

54.8

2023Q2

7.8

13.2

19.4

27.3

41.5

54.7

2023Q3

8.0

13.6

19.5

27.5

41.7

54.7

2023Q4

7.7

13.1

19.0

26.9

41.2

54.1

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

2021Q4

16.2

25.3

33.4

41.9

54.9

66.3

2022Q1

15.8

25.6

33.6

41.9

54.5

66.0

2022Q2

16.7

26.1

34.1

42.4

54.6

66.0

2022Q3

16.9

25.7

33.8

42.4

54.7

65.9

2022Q4

17.7

26.3

34.5

43.0

55.1

66.3

21

2023Q1

17.7

26.7

34.8

43.3

55.5

66.6

2023Q2

18.9

28.0

36.2

44.6

56.5

67.3

2023Q3

19.7

29.1

37.6

46.0

57.8

68.3

2023Q4

20.9

30.4

39.0

47.2

58.7

68.9

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

2021Q4

34.7

49.3

61.3

72.1

83.3

90.8

2022Q1

34.1

48.5

60.9

71.4

83.3

90.7

2022Q2

34.6

50.0

61.7

72.0

83.1

90.5

2022Q3

34.1

50.2

62.0

72.3

83.4

90.5

2022Q4

36.5

51.0

63.3

73.6

84.2

91.0

2023Q1

35.8

51.2

64.1

74.5

85.0

91.5

2023Q2

37.0

52.3

64.8

74.9

85.4

92.0

2023Q3

37.4

53.0

65.8

75.7

86.0

92.3

2023Q4

39.1

55.1

68.0

77.5

86.9

92.8

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

2021Q4

41.3

55.8

67.7

78.4

89.7

95.2

2022Q1

38.3

55.3

67.9

79.2

90.3

95.4

2022Q2

39.3

55.6

67.4

78.9

90.0

95.2

2022Q3

41.3

56.2

68.3

79.4

90.1

95.2

2022Q4

38.4

55.8

69.0

80.2

90.5

95.4

2023Q1

41.4

56.9

68.7

80.2

90.7

95.6

2023Q2

41.0

55.4

67.8

79.5

90.6

95.5

2023Q3

39.9

55.0

67.7

79.4

90.8

95.6

2023Q4

41.3

56.2

68.6

80.0

90.6

95.4

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

2021Q4

35.5

48.7

59.9

70.2

82.6

90.7

2022Q1

34.7

48.7

60.1

70.9

82.9

90.8

2022Q2

34.6

49.2

60.6

70.9

82.8

90.5

2022Q3

35.0

50.0

61.0

71.6

83.1

90.6

2022Q4

34.3

50.2

61.7

72.6

83.9

91.1

22

2023Q1

36.9

51.6

62.3

73.2

84.2

91.3

2023Q2

37.0

50.7

61.7

72.9

84.2

91.2

2023Q3

36.9

51.8

63.5

74.1

85.1

91.7

2023Q4

38.9

53.8

64.6

74.9

85.5

92.0

Analytics Office

6.3

NAV Allocation of Single-Strategy US-Domiciled Hedge Funds

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

($ Billions)

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

Category

Equity

Other

Credit

Event Driven

Relative Value

Investment in other funds

Macro

Managed Futures/CTA

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

Subtotal

Asset Based Lending

Long/Short

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

F.I. Asset Backed

F.I. Corp.

F.I. Conv. Arb.

Volatility Arb.

F.I. Sov.

Subtotal

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Quantitative

Fundamental

Subtotal

Total

2021Q4

326

324

***

***

680

625

70

71

141

43

20

11

74

31

11

9

2

1

55

33

9

3

***

***

13

***

***

6

1,437

2022Q1

311

298

26

1

637

649

73

72

144

46

19

10

76

32

11

9

2

1

55

34

10

4

***

***

15

***

***

7

1,433

23

2022Q2

280

273

***

***

589

648

72

72

144

47

18

10

75

32

11

9

3

2

56

33

10

4

***

***

15

***

***

6

1,385

2022Q3

273

251

29

2

555

656

77

73

150

48

19

9

76

32

11

8

3

1

55

32

11

4

***

***

16

***

***

6

1,368

2022Q4

271

251

28

1

551

658

86

77

163

50

26

7

83

37

11

7

3

2

59

32

9

4

***

***

14

***

***

6

1,383

2023Q1

262

258

27

1

549

666

87

93

179

49

26

5

80

38

11

7

5

2

63

39

8

4

***

***

13

***

***

6

1,418

2023Q2

294

262

27

1

584

673

94

77

170

51

27

4

82

37

12

7

7

2

64

39

9

4

1

0

14

***

***

6

1,442

2023Q3

280

254

26

1

561

674

96

79

174

50

21

5

76

37

12

7

6

2

64

39

12

5

1

0

18

***

***

6

1,437

2023Q4

290

271

27

2

589

651

100

71

171

54

21

5

80

39

12

8

7

1

68

44

11

5

***

***

16

***

***

7

1,441

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

Event Driven

Relative Value

Investment in other funds

Macro

Managed Futures/CTA

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

Subtotal

Asset Based Lending

Long/Short

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

F.I. Asset Backed

F.I. Corp.

F.I. Conv. Arb.

Volatility Arb.

F.I. Sov.

Subtotal

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

Quantitative

Fundamental

Subtotal

Total

2021Q4

471

605

***

***

1,128

1,034

197

189

383

164

59

21

243

94

55

20

19

18

186

241

18

15

***

***

45

***

***

24

3,079

2022Q1

480

616

51

8

1,150

1,070

200

198

395

179

60

21

259

93

54

22

19

14

189

260

19

17

***

***

48

***

***

24

3,175

24

2022Q2

475

624

***

***

1,152

1,093

197

210

404

189

60

21

270

99

59

23

20

19

198

261

19

17

***

***

48

***

***

23

3,215

2022Q3

474

627

50

9

1,155

1,114

207

218

422

195

61

21

276

100

58

26

20

19

201

257

19

16

***

***

45

***

***

22

3,264

2022Q4

492

582

47

13

1,128

1,164

211

220

428

212

68

19

298

107

58

26

18

18

212

301

18

15

***

***

44

***

***

23

3,336

2023Q1

495

583

47

12

1,131

1,188

211

232

440

211

68

19

297

119

59

24

18

18

219

325

18

15

***

***

44

***

***

23

3,406

2023Q2

511

576

45

12

1,134

1,215

219

238

454

218

69

19

305

123

57

24

18

18

221

328

21

15

***

***

46

***

***

24

3,461

2023Q3

525

585

46

13

1,159

1,228

225

241

463

219

66

19

303

130

66

24

19

19

230

333

21

16

***

***

48

***

***

24

3,518

2023Q4

491

595

49

18

1,144

1,155

215

216

426

219

67

20

306

142

69

23

22

16

245

374

32

16

***

***

58

***

***

28

3,434

Analytics Office

6.4

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

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

Funds ($ Billions)

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

Category

Equity

Macro

Relative Value

Other

Credit

Managed Futures/CTA

Event Driven

Investment in other funds

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

F.I. Sov.

F.I. Asset Backed

Volatility Arb.

F.I. Corp.

F.I. Conv. Arb.

Subtotal

Subtotal

Long/Short

Asset Based Lending

Subtotal

Quantitative

Fundamental

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

Subtotal

Total

2021Q4

815

356

***

***

1,272

250

8

***

***

261

315

77

22

27

16

456

767

210

77

287

***

***

209

117

35

33

185

34

2,433

2022Q1

731

321

***

***

1,145

269

8

***

***

280

284

75

24

28

22

434

776

216

81

297

***

***

231

120

34

30

185

33

2,391

25

2022Q2

649

280

***

***

1,018

288

8

***

***

299

309

75

27

18

13

442

736

207

83

290

***

***

206

120

30

30

180

30

2,216

2022Q3

620

259

***

***

965

306

6

***

***

322

283

74

23

17

12

409

715

219

89

309

***

***

240

119

25

29

173

30

2,142

2022Q4

669

261

***

***

1,019

309

7

***

***

321

248

71

20

17

12

369

760

221

93

314

***

***

190

117

28

21

166

27

2,152

2023Q1

696

230

***

***

1,028

309

7

***

***

319

256

68

20

19

14

377

756

227

94

321

***

***

226

371

28

21

420

32

2,144

2023Q2

667

226

***

***

996

399

7

***

***

408

229

68

23

18

14

352

762

232

101

333

***

***

285

132

27

22

182

38

2,175

2023Q3

651

217

***

***

966

422

7

***

***

433

228

74

20

19

14

355

761

231

102

333

***

***

273

131

24

25

179

35

2,171

2023Q4

679

233

***

***

1,014

531

6

***

***

539

258

78

23

20

15

394

764

234

116

350

***

***

214

133

25

20

178

34

2,205

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

Macro

Relative Value

Other

Credit

Managed Futures/CTA

Event Driven

Investment in other funds

Total

Strategy

Long/Short

Long Bias

Market Neutral

Short Bias

Subtotal

Global Macro

Commodity

Active Trading

Currency

Subtotal

F.I. Sov.

F.I. Asset Backed

Volatility Arb.

F.I. Corp.

F.I. Conv. Arb.

Subtotal

Subtotal

Long/Short

Asset Based Lending

Subtotal

Quantitative

Fundamental

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

Subtotal

Total

2021Q4

631

391

***

***

1,094

161

42

***

***

209

60

149

27

91

24

304

854

248

108

353

***

***

108

214

74

48

310

104

3,105

2022Q1

632

394

***

***

1,097

167

40

***

***

213

59

146

26

92

25

302

876

259

111

367

***

***

113

221

70

50

316

103

3,160

26

2022Q2

632

388

***

***

1,096

171

38

***

***

212

59

148

25

88

26

301

893

259

113

369

***

***

120

223

70

49

318

106

3,187

2022Q3

630

385

***

***

1,093

170

39

***

***

215

61

150

24

90

24

305

882

266

117

380

***

***

121

223

69

47

314

110

3,189

2022Q4

605

392

***

***

1,085

164

45

***

***

216

60

139

29

87

24

294

924

269

112

378

***

***

125

219

75

43

313

113

3,222

2023Q1

602

351

***

***

1,041

162

40

***

***

212

59

143

29

91

24

300

941

279

113

389

***

***

129

223

70

44

313

114

3,204

2023Q2

593

347

***

***

1,023

164

40

***

***

213

59

147

30

90

25

303

942

285

123

405

***

***

126

227

70

44

317

118

3,218

2023Q3

593

344

***

***

1,021

165

46

***

***

217

60

145

30

91

24

301

954

284

125

406

***

***

126

229

70

43

318

111

3,219

2023Q4

558

345

***

***

980

167

35

***

***

210

57

143

28

87

20

288

954

305

137

438

***

***

123

223

72

42

313

93

3,162

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

Dec

2022

1,653

1,124

433

427

506

2,016

1,023

472

261

371

Jan

2023

1,856

980

479

429

535

2,113

934

556

235

440

Feb

2023

1,871

1,004

404

451

552

2,115

968

528

237

434

Mar

2023

1,803

1,074

430

431

543

2,114

963

593

210

401

Apr

2023

1,907

999

442

445

530

2,143

1,014

509

251

406

May

2023

1,919

1,010

349

491

554

2,124

1,021

505

254

419

Jun

2023

1,786

1,136

360

493

549

2,076

1,031

442

360

414

Jul

2023

1,817

1,059

367

434

615

2,095

1,008

348

402

439

Aug

2023

1,801

1,068

380

479

564

2,081

985

395

399

432

Sep

2023

1,742

1,142

351

494

563

2,011

1,071

438

334

439

Oct

2023

2,005

1,006

389

435

561

2,340

848

483

283

442

Nov

2023

2,002

966

386

474

567

2,272

897

376

401

449

Dec

2023

1,868

1,110

352

437

629

2,115

1,066

375

396

444

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

Dec

2022

233

223

75

58

86

274

213

77

52

59

Jan

2023

228

201

73

64

81

263

195

76

54

59

Feb

2023

233

202

71

57

85

268

194

75

52

59

Mar

2023

224

217

67

59

81

264

203

76

49

56

Apr

2023

242

208

71

63

80

274

207

75

51

57

27

May

2023

243

211

62

63

84

270

211

70

53

59

Jun

2023

223

229

67

62

82

256

220

69

60

58

Jul

2023

233

212

72

61

84

267

209

68

57

61

Aug

2023

238

209

71

61

83

269

205

76

55

57

Sep

2023

227

222

69

62

82

258

220

72

53

59

Oct

2023

264

205

62

54

91

294

202

64

48

68

Nov

2023

257

199

69

57

94

288

199

68

52

69

Dec

2023

241

215

73

56

91

269

218

69

54

66

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

Dec

2022

2,329

887

390

199

338

2,608

869

279

274

112

Jan

2023

2,424

860

431

226

336

2,693

895

233

331

127

Feb

2023

2,410

923

386

195

368

2,710

884

241

320

126

Mar

2023

2,396

915

371

275

324

2,593

1,023

227

312

127

Apr

2023

2,527

793

451

219

332

2,718

914

279

287

125

May

2023

2,434

909

395

252

333

2,652

973

264

244

190

Jun

2023

2,353

878

513

161

418

2,580

1,023

282

242

196

Jul

2023

2,320

878

483

228

384

2,504

1,048

275

247

218

Aug

2023

2,367

888

451

206

380

2,581

934

323

241

212

Sep

2023

2,313

915

470

241

352

2,572

928

331

249

212

Oct

2023

2,639

757

414

149

438

2,865

808

265

248

209

Nov

2023

2,550

775

445

183

443

2,798

833

282

273

210

Dec

2023

2,437

869

349

292

448

2,591

1,010

309

273

213

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

Dec

2022

335

197

51

38

54

373

191

44

33

34

Jan

2023

319

181

60

37

50

348

183

49

42

25

Feb

2023

324

185

51

37

51

357

178

51

37

25

Mar

2023

319

188

50

44

47

352

184

50

35

27

Apr

2023

342

180

54

39

49

368

182

55

31

28

28

May

2023

335

186

49

45

48

365

184

47

40

27

Jun

2023

312

206

53

39

53

348

198

52

34

31

Jul

2023

308

205

57

34

58

337

206

54

31

34

Aug

2023

322

198

52

36

54

354

193

49

35

31

Sep

2023

311

204

57

39

51

350

195

51

36

30

Oct

2023

361

168

49

38

60

396

164

40

40

36

Nov

2023

342

178

54

39

63

378

177

44

40

37

Dec

2023

313

206

56

38

63

345

208

47

36

40

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

Dec

2022

2,939

458

246

231

269

3,310

364

109

259

102

Jan

2023

3,019

472

260

236

291

3,422

355

86

295

121

Feb

2023

3,043

450

270

175

344

3,444

333

86

296

121

Mar

2023

3,074

423

301

197

286

3,474

335

89

252

131

Apr

2023

3,129

389

315

191

299

3,490

326

116

247

145

May

2023

3,126

389

278

202

328

3,454

365

106

250

148

Jun

2023

3,092

390

297

212

332

3,456

305

169

245

148

Jul

2023

3,104

376

208

263

341

3,396

303

175

261

157

Aug

2023

3,093

357

220

267

355

3,395

301

179

258

159

Sep

2023

3,056

404

200

261

371

3,370

394

107

272

149

Oct

2023

3,225

381

235

199

357

3,498

359

113

274

151

Nov

2023

3,241

286

315

122

432

3,518

277

157

229

215

Dec

2023

3,260

314

235

239

348

3,543

312

109

205

227

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

Dec

2022

498

65

31

30

51

533

65

19

25

33

Jan

2023

480

59

33

30

45

515

51

29

27

25

Feb

2023

485

54

35

24

50

520

47

28

28

25

Mar

2023

490

55

30

31

42

523

51

24

25

25

Apr

2023

499

55

38

26

46

532

50

29

26

27

29

May

2023

497

57

32

27

50

527

56

26

26

28

Jun

2023

499

52

34

28

50

531

47

33

24

28

Jul

2023

501

48

33

31

49

530

48

29

28

27

Aug

2023

501

47

34

30

50

531

47

31

24

29

Sep

2023

500

53

26

32

51

528

56

24

27

27

Oct

2023

516

47

25

30

58

544

50

18

30

34

Nov

2023

513

46

30

27

60

542

46

23

32

33

Dec

2023

520

46

29

26

55

547

48

19

28

34

Analytics Office

7.2

Industry Concentration

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

Top Large Hedge Fund Advisers Sorted by Hedge Fund Net Asset

Value

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

Top 10

Top 25

Top 50

Top 100

Top 250

Dec

2022

17.4

32.5

47.2

62.9

84.0

Jan

2023

17.5

32.8

47.1

62.5

84.3

Feb

2023

17.5

32.7

47.1

62.4

84.2

Mar

2023

17.5

32.7

47.1

62.4

84.2

Apr

2023

17.7

32.9

47.0

62.2

83.9

May

2023

17.7

32.9

47.0

62.2

83.9

Jun

2023

17.7

32.9

47.0

62.2

83.9

Jul

2023

18.0

33.0

47.2

62.4

84.0

Aug

2023

18.0

33.0

47.2

62.4

84.0

Sep

2023

18.0

33.0

47.2

62.4

84.0

Oct

2023

18.2

33.5

47.5

62.8

84.1

Nov

2023

18.2

33.5

47.5

62.8

84.1

Dec

2023

18.2

33.5

47.5

62.8

84.1

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

Dec

2022

40.0

62.1

75.4

85.4

94.7

Jan

2023

41.0

63.9

76.9

86.8

95.3

Feb

2023

41.2

64.3

77.4

87.0

95.4

Mar

2023

41.9

63.2

75.9

86.0

94.8

Apr

2023

42.9

64.0

76.4

86.5

95.1

May

2023

43.0

64.3

76.8

86.9

95.3

30

Jun

2023

42.2

63.5

76.0

86.1

94.8

Jul

2023

42.3

65.0

77.8

87.4

95.4

Aug

2023

43.1

65.8

78.5

87.7

95.6

Sep

2023

42.3

64.3

77.3

86.8

95.1

Oct

2023

43.6

65.2

78.6

87.9

95.8

Nov

2023

43.7

66.0

79.0

88.1

95.9

Dec

2023

43.6

65.1

77.9

87.2

95.3

Analytics Office

7.3

Portfolio Turnover

Table 7.9: Aggregate Portfolio Turnover ($ Billions)

As reported on Form PF, Question 27.

Asset Class

Futures

Sov. and muni. bonds

Listed equities

Corporate bonds

Convertible bonds

Total

Dec

2022

20,051

4,522

4,027

149

19

28,768

Jan

2023

16,309

5,310

4,126

230

33

26,008

Feb

2023

22,084

6,512

4,084

238

50

32,968

Mar

2023

32,291

7,334

4,935

252

39

44,851

Apr

2023

16,689

5,691

3,844

164

30

26,418

May

2023

21,107

7,484

4,704

244

43

33,582

Jun

2023

17,995

7,088

4,719

215

41

30,058

Jul

2023

19,497

7,105

4,471

198

60

31,332

Aug

2023

24,576

8,724

5,416

195

85

38,997

Sep

2023

20,516

7,606

4,668

221