Division of Investment Management

Division of Investment Management

Analytics Office

Private Fund Statistics

Form PF and Form ADV Data, Fourth Calendar Quarter 2024

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 July 11, 2025.

Fourth Calendar Quarter 2024

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 July 11, 2025, for the reporitng

periods from Fourth Calendar Quarter 2022 through Fourth Calendar Quarter 2024.1 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 Fourth Calendar Quarter

2024 Private Fund Statistics, please contact: IM-Analytics with subject line “Fourth Calendar

Quarter 2024-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

Fourth Calendar Quarter 2024

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

2022Q4

20,950

9,808

6,771

4,274

2,990

2,461

72

47,326

2023Q1

20,970

9,867

6,910

4,275

2,993

2,470

71

47,556

2023Q2

20,983

9,867

6,868

4,277

3,002

2,474

70

47,541

2023Q3

20,991

9,968

6,840

4,266

2,998

2,479

69

47,611

2023Q4

23,097

9,685

7,138

4,255

3,252

2,702

73

50,202

2024Q1

23,151

9,791

7,138

4,271

3,254

2,733

74

50,412

2024Q2

23,123

9,863

7,164

4,270

3,254

2,738

76

50,488

2024Q3

23,208

9,930

7,178

4,253

3,258

2,737

77

50,641

2024Q4

24,885

9,715

7,615

4,644

3,581

3,097

74

53,611

Table 1.2: Number of Funds Reported by Large Filers

Fund Type

Section 4 Private Equity Fund

Qualifying Hedge Fund

Section 3 Liquidity Fund

2022Q4

7,507

2,078

51

2023Q1

7,417

2,050

51

2023Q2

7,500

2,095

51

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

2,055

52

2024Q4

9,883

2,058

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

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

2022Q4

1,763

455

1,865

764

461

284

178

596

35

22

3,811

2023Q1

1,765

453

1,866

767

461

286

176

579

34

22

3,815

2023Q2

1,765

455

1,865

770

462

287

175

594

34

22

3,815

2023Q3

1,766

454

1,866

770

462

285

174

593

34

22

3,814

2023Q4

1,862

487

1,857

785

467

317

176

598

38

22

3,931

2024Q1

1,859

489

1,858

781

468

318

176

595

38

20

3,931

2024Q2

1,860

488

1,855

784

466

318

177

598

39

22

3,932

2024Q3

1,857

489

1,861

787

464

321

175

608

39

21

3,936

2024Q4

1,929

535

1,827

800

480

337

187

615

34

22

3,988

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

2022Q4

1,739

870

776

381

45

3,811

2023Q1

1,738

873

776

382

46

3,815

2023Q2

1,739

870

777

384

45

3,815

2023Q3

1,735

872

777

384

46

3,814

2023Q4

1,752

901

820

406

52

3,931

2024Q1

1,757

899

815

409

51

3,931

2024Q2

1,757

896

819

408

52

3,932

2024Q3

1,763

900

815

406

52

3,936

2024Q4

1,740

914

842

433

59

3,988

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

Fourth Calendar Quarter 2024

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

2022Q4

9,381

6,717

1,647

1,140

923

375

323

20,506

2023Q1

9,524

6,653

1,605

1,139

925

374

321

20,541

2023Q2

9,926

6,664

1,578

1,138

923

374

333

20,935

2023Q3

10,240

6,671

1,570

1,129

924

374

362

21,269

2023Q4

10,787

7,413

1,733

1,078

1,024

400

362

22,797

2024Q1

11,149

7,434

1,736

1,081

1,031

400

340

23,172

2024Q2

11,373

7,425

1,743

1,079

1,031

400

353

23,404

2024Q3

12,270

7,418

1,754

1,071

1,027

400

381

24,320

2024Q4

12,090

7,905

1,873

1,132

1,111

465

369

24,944

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

2022Q4

7,848

5,283

321

2023Q1

8,020

5,226

320

2023Q2

8,462

5,238

331

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

10,403

5,880

377

2024Q4

10,270

6,303

367

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

Securitized Asset Fund

Liquidity Fund

Total

2022Q4

6,034

4,832

1,417

859

342

264

320

14,068

2023Q1

5,977

4,873

1,373

859

341

265

314

14,002

2023Q2

5,987

4,928

1,346

859

341

265

321

14,048

2023Q3

5,996

4,948

1,339

850

341

264

348

14,086

2023Q4

6,743

5,010

1,542

822

375

284

353

15,129

2024Q1

6,762

5,233

1,541

826

375

290

333

15,359

2024Q2

6,754

5,235

1,552

824

374

290

343

15,372

2024Q3

6,746

5,405

1,561

819

375

290

369

15,564

2024Q4

7,245

5,334

1,641

879

427

408

358

16,293

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

2022Q4

4,783

3,805

318

2023Q1

4,730

3,892

312

2023Q2

4,741

3,952

319

4

2023Q3

4,741

3,979

346

2023Q4

5,386

3,981

350

2024Q1

5,389

4,118

327

2024Q2

5,388

4,119

341

2024Q3

5,392

4,280

366

2024Q4

5,858

4,226

357

Fourth Calendar Quarter 2024

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

2022Q4

0.2

0.6

1.2

2.6

6.2

3.8

0.1

0.5

0.9

1.8

3.9

1.8

2023Q1

0.2

0.6

1.3

2.8

6.5

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

4.1

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

5.1

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

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

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

5

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

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

Fourth Calendar Quarter 2024

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

2022Q4

12,920

679

249

105

3,053

439

215

70

2023Q1

12,811

701

272

108

3,107

455

239

73

2023Q2

12,824

754

236

122

3,118

523

209

88

2023Q3

12,883

699

245

146

3,167

468

217

112

2023Q4

13,817

749

232

174

3,116

519

194

133

2024Q1

14,031

729

252

188

3,255

494

213

146

2024Q2

14,042

759

207

213

3,253

518

168

169

2024Q3

14,146

792

244

225

3,336

553

206

171

2024Q4

14,813

778

283

218

3,275

526

244

165

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

2022Q4

36,814

2,020

495

1,577

1,718

259

47

22

2023Q1

36,986

2,032

504

1,573

1,701

239

54

24

2023Q2

37,093

2,052

493

1,576

1,732

275

45

26

6

2023Q3

37,105

2,006

499

1,585

1,768

244

41

34

2023Q4

39,553

2,021

561

1,609

1,758

247

42

32

2024Q1

39,691

2,031

568

1,620

1,756

238

45

36

2024Q2

39,718

2,053

579

1,627

1,663

239

46

39

2024Q3

39,681

2,096

587

1,638

1,685

261

47

44

2024Q4

42,022

2,192

601

1,709

1,669

268

51

42

Fourth Calendar Quarter 2024

2.3

Analytics Office

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

Qualifying Hedge Fund

Hedge Fund

Securitized Asset Fund

Real Estate Fund

Other Private Fund

Section 4 Private Equity Fund

Private Equity Fund

Venture Capital Fund

Liquidity Fund

Section 3 Liquidity Fund

2022Q4

44.8

41.1

56.5

14.0

5.6

5.7

5.7

0.6

0.0

0.0

2023Q1

47.3

43.5

53.6

13.2

5.8

5.8

5.6

0.6

0.0

0.0

2023Q2

48.5

44.5

53.6

13.2

5.9

5.8

5.6

0.6

0.0

0.0

2023Q3

48.3

44.5

53.3

13.6

5.9

5.8

5.5

0.6

0.0

0.0

2023Q4

50.7

46.5

56.6

14.8

5.2

5.0

4.9

0.6

0.0

0.0

2024Q1

52.6

47.8

53.4

14.0

5.2

5.0

4.8

0.6

0.0

0.0

2024Q2

53.5

48.7

53.3

14.0

5.2

5.0

4.8

0.6

0.0

0.0

2024Q3

56.3

51.6

52.9

14.3

5.2

5.0

4.8

0.6

0.0

0.0

2024Q4

54.9

50.6

49.2

15.4

5.7

5.0

5.0

0.8

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

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

3.6

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

7

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

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

4.9

14.6

4.5

2024Q4

0.0

0.3

0.6

1.1

0.7

0.3

1.4

5.1

14.5

4.3

Fourth Calendar Quarter 2024

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

2022Q4

6,853

6,324

665

127

99

889

2,209

516

119

72

2023Q1

6,821

6,251

658

160

112

948

2,205

503

151

86

2023Q2

6,864

6,221

694

161

107

996

2,167

552

151

85

2023Q3

6,828

6,269

707

173

110

950

2,214

564

163

88

2023Q4

7,624

6,538

664

160

143

977

2,224

519

145

117

2024Q1

7,719

6,625

682

190

143

1,005

2,282

538

178

115

2024Q2

7,745

6,579

740

155

153

1,018

2,246

587

141

125

2024Q3

7,808

6,684

698

198

176

1,055

2,351

549

185

140

2024Q4

8,500

6,688

721

218

165

1,022

2,317

556

203

128

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

2022Q4

31,493

7,696

1,177

150

3,054

775

1,009

239

21

34

2023Q1

31,776

7,625

1,155

161

3,053

772

999

222

30

27

2023Q2

31,877

7,599

1,178

161

3,059

802

993

248

27

25

2023Q3

31,931

7,648

1,147

154

3,067

803

1,014

234

27

27

2023Q4

34,285

7,914

1,147

233

3,050

815

1,010

221

24

41

2024Q1

34,560

7,855

1,147

208

3,040

811

993

226

25

37

2024Q2

34,492

7,846

1,184

214

3,130

732

986

226

27

35

2024Q3

34,664

7,839

1,192

223

3,049

758

996

227

33

41

2024Q4

36,671

8,109

1,267

249

3,371

744

1,002

229

35

48

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

2022Q4

66.5

29.4

3.3

0.9

2023Q1

66.4

30.5

3.1

0.8

2023Q2

66.4

30.8

2.9

0.7

2023Q3

65.4

31.9

2.8

0.7

8

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

2024Q3

64.2

33.6

2.4

0.4

2024Q4

65.5

32.0

2.4

0.3

Fourth Calendar Quarter 2024

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

2022Q4

4,165

3,603

7,572

3,085

2023Q1

4,100

3,569

7,479

3,065

2023Q2

4,078

3,521

7,484

3,062

2023Q3

4,073

3,524

7,472

3,069

2023Q4

4,871

3,900

8,325

3,614

2024Q1

4,896

3,919

8,361

3,607

2024Q2

4,902

3,924

8,371

3,604

2024Q3

4,922

3,946

8,374

3,622

2024Q4

5,581

4,146

9,101

3,635

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

2022Q4

1,590

1,495

377

2,585

2023Q1

1,596

1,473

377

2,579

2023Q2

1,597

1,439

391

2,580

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

1,795

431

3,794

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

2022Q4

3,223

2,255

1,603

1,960

2023Q1

3,164

2,219

1,601

1,929

2023Q2

3,164

2,181

1,606

1,921

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

4,648

2,692

1,834

2,433

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

2022Q4

1,544

1,350

97

1,622

2023Q1

1,549

1,330

97

1,618

2023Q2

1,550

1,296

111

1,618

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

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

Fourth Calendar Quarter 2024

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

2022Q4

2,860

2,012

1,319

1,657

2023Q1

2,804

1,977

1,323

1,636

2023Q2

2,806

1,961

1,328

1,629

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

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

2022Q4

1,430

1,275

88

1,457

2023Q1

1,433

1,264

89

1,451

2023Q2

1,434

1,249

100

1,453

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

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

2022Q4

204

153

4,360

549

2023Q1

201

152

4,301

562

2023Q2

201

152

4,301

563

2023Q3

202

152

4,301

570

2023Q4

217

157

4,911

597

2024Q1

217

157

4,938

579

2024Q2

218

157

4,932

578

2024Q3

214

156

4,933

580

2024Q4

192

157

5,417

556

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

2022Q4

13

20

21

342

2023Q1

14

20

21

340

2023Q2

14

20

21

341

2023Q3

14

20

21

339

10

2023Q4

14

22

20

335

2024Q1

13

22

20

336

2024Q2

13

22

20

335

2024Q3

13

22

20

333

2024Q4

13

28

21

364

Fourth Calendar Quarter 2024

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

2022Q4

171

121

3,508

358

2023Q1

170

121

3,459

356

2023Q2

170

121

3,461

357

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

4,462

345

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

2022Q4

7

10

8

275

2023Q1

7

10

8

272

2023Q2

7

10

8

272

2023Q3

7

10

8

272

11

2023Q4

11

8

9

265

2024Q1

11

8

9

265

2024Q2

11

8

9

264

2024Q3

11

8

9

266

2024Q4

7

26

7

287

Fourth Calendar Quarter 2024

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

2022Q4

566

481

345

67

39

***

***

1,508

2023Q1

562

484

421

68

39

***

***

1,584

2023Q2

559

461

427

68

39

***

***

1,564

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

537

477

426

81

27

***

***

1,559

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

2022Q4

163

214

***

2023Q1

163

207

***

2023Q2

169

203

***

2023Q3

169

218

***

2023Q4

204

218

***

2024Q1

204

201

***

2024Q2

204

214

11

2024Q3

205

223

11

2024Q4

240

218

10

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

2022Q4

725

2,369

120

14

2

***

***

3,611

2023Q1

695

2,367

131

15

2

***

***

3,598

2023Q2

693

1,536

125

15

2

***

***

2,749

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

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

2022Q4

120

435

***

2023Q1

120

385

***

2023Q2

114

405

***

2023Q3

114

426

***

2023Q4

146

472

***

2024Q1

146

444

***

2024Q2

134

460

396

2024Q3

142

514

418

2024Q4

158

489

435

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

Fourth Calendar Quarter 2024

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

2022Q4

52.7

32.2

5.0

3.6

1.0

0.9

0.8

3.7

52.6

35.5

2.7

3.0

2.8

1.9

1.4

***

23.7

***

***

56.2

28.0

2.1

1.4

1.0

11.3

2023Q1

52.5

32.6

5.0

3.6

1.0

0.9

0.8

3.6

53.0

35.5

2.9

2.7

2.6

1.7

1.6

***

24.2

***

***

56.4

28.1

2.1

1.4

1.0

11.0

2023Q2

52.4

32.7

4.9

3.6

1.0

0.9

0.8

3.6

53.4

35.2

3.0

2.7

2.5

1.6

1.6

***

23.8

***

***

56.4

28.0

2.1

1.4

1.0

11.0

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

53.5

35.7

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

4.9

3.4

1.0

0.9

0.6

3.9

54.0

35.8

2.7

2.6

1.9

1.6

1.5

***

20.3

***

***

60.7

24.7

2.5

1.2

1.0

9.9

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

2022Q4

92.3

***

***

90.5

4.1

***

0.4

***

53.2

***

***

95.4

***

***

2023Q1

91.9

***

***

90.7

4.0

***

0.3

***

52.5

***

***

95.4

***

***

2023Q2

91.8

***

***

91.6

4.0

***

0.3

***

51.5

***

***

95.4

***

***

13

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

***

***

2024Q2

93.3

***

***

92.1

3.8

***

0.2

***

56.3

***

***

96.8

***

***

2024Q3

93.1

***

***

92.1

3.8

***

0.2

***

56.9

***

***

96.8

***

***

2024Q4

93.9

***

***

92.1

3.7

***

***

***

56.4

***

***

96.7

***

***

Fourth Calendar Quarter 2024

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

2022Q4

2,603

2,545

1,914

1,325

1,247

1,312

1,083

746

377

241

286

193

151

38

2023Q1

2,602

2,562

1,907

1,336

1,256

1,311

1,070

755

315

248

252

190

153

40

2023Q2

2,617

2,559

1,916

1,349

1,271

1,299

1,082

762

318

249

255

179

148

38

2023Q3

2,638

2,581

1,920

1,352

1,263

1,286

1,090

761

317

262

243

179

148

40

2023Q4

2,863

2,946

1,984

1,470

1,330

1,312

1,168

796

333

266

245

192

162

58

2024Q1

2,916

2,970

2,018

1,501

1,361

1,324

1,195

807

332

272

239

196

163

56

2024Q2

2,961

2,913

2,022

1,493

1,349

1,317

1,195

796

334

274

272

226

156

56

2024Q3

3,001

2,946

2,013

1,511

1,376

1,322

1,222

819

342

275

270

243

157

61

2024Q4

3,288

3,114

2,078

1,562

1,414

1,312

1,253

862

368

296

285

214

193

45

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

2022Q4

18.5

18.1

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

18.6

18.3

13.6

9.5

9.0

9.4

7.6

5.4

2.3

1.8

1.8

1.4

1.1

0.3

2023Q2

18.6

18.2

13.6

9.6

9.0

9.2

7.7

5.4

2.3

1.8

1.8

1.3

1.1

0.3

14

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

2024Q2

19.3

18.9

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

20.2

19.1

12.8

9.6

8.7

8.1

7.7

5.3

2.3

1.8

1.7

1.3

1.2

0.3

Fourth Calendar Quarter 2024

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

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

2022Q4

699

564

528

446

425

410

290

148

103

59

48

38

38

9

2023Q1

716

592

538

455

425

419

283

165

105

63

46

39

37

9

2023Q2

738

597

550

468

440

412

292

162

104

63

46

37

33

9

2023Q3

751

596

547

471

440

409

303

165

102

73

47

34

28

9

2023Q4

747

608

555

461

451

406

298

165

99

73

53

34

23

9

2024Q1

782

627

581

460

468

417

318

173

100

77

45

35

21

9

2024Q2

830

621

571

458

460

410

316

170

94

78

43

32

22

9

2024Q3

858

646

595

456

474

421

349

182

101

80

46

35

25

9

2024Q4

853

635

589

487

479

404

321

158

107

83

40

34

23

10

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

2022Q4

18.4

14.8

13.9

11.7

11.2

10.8

7.6

3.9

2.7

1.5

1.3

1.0

1.0

0.2

2023Q1

18.4

15.2

13.8

11.7

10.9

10.8

7.3

4.2

2.7

1.6

1.2

1.0

1.0

0.2

2023Q2

18.7

15.1

13.9

11.8

11.1

10.4

7.4

4.1

2.6

1.6

1.2

0.9

0.8

0.2

15

2023Q3

18.9

15.0

13.7

11.8

11.1

10.3

7.6

4.1

2.6

1.8

1.2

0.8

0.7

0.2

2023Q4

18.8

15.3

13.9

11.6

11.3

10.2

7.5

4.1

2.5

1.8

1.3

0.9

0.6

0.2

2024Q1

19.0

15.2

14.1

11.2

11.4

10.1

7.7

4.2

2.4

1.9

1.1

0.8

0.5

0.2

2024Q2

20.2

15.1

13.9

11.1

11.2

10.0

7.7

4.1

2.3

1.9

1.1

0.8

0.5

0.2

2024Q3

20.1

15.1

13.9

10.6

11.1

9.8

8.1

4.2

2.4

1.9

1.1

0.8

0.6

0.2

2024Q4

20.2

15.0

13.9

11.5

11.3

9.6

7.6

3.7

2.5

2.0

0.9

0.8

0.5

0.2

Fourth Calendar Quarter 2024

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

Private Funds

Banking/Thrift Inst.

SEC-Registered Investment Companies

Broker-Dealers

Insurance Companies

Pension Plans

Sov. Wealth Funds And For. Official Inst.

Non-Profits

State/Muni. Govt. Entities

Non-U.S. Individuals

State/Muni. Govt. Pension Plans

U.S. Individuals

2022Q4

65

108

56

***

14

***

10

***

***

2

***

***

1

***

2023Q1

63

106

50

***

17

***

12

5

***

3

***

***

***

***

2023Q2

64

114

49

***

16

***

11

6

***

3

***

***

***

***

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

***

***

***

***

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

Private Funds

Banking/Thrift Inst.

SEC-Registered Investment Companies

Broker-Dealers

Insurance Companies

Pension Plans

Sov. Wealth Funds And For. Official Inst.

Non-Profits

State/Muni. Govt. Entities

Non-U.S. Individuals

State/Muni. Govt. Pension Plans

U.S. Individuals

2022Q4

20.5

34.1

17.8

***

4.3

***

3.0

***

***

0.8

***

***

0.4

***

2023Q1

20.1

34.0

15.9

***

5.4

***

3.9

1.5

***

0.9

***

***

***

***

2023Q2

20.0

35.7

15.4

***

4.9

***

3.6

1.8

***

0.8

***

***

***

***

16

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

***

***

***

***

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

***

***

***

***

Fourth Calendar Quarter 2024

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

2022Q4

1,032

887

888

526

363

246

284

260

94

68

50

47

33

3

2023Q1

1,019

876

875

516

363

246

282

260

94

67

50

45

33

3

2023Q2

1,021

877

877

516

364

246

284

260

95

68

50

45

34

3

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

1,391

1,153

975

607

397

325

323

303

114

81

78

61

43

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

2022Q4

21.6

18.6

18.6

11.0

7.6

5.1

5.9

5.4

2.0

1.4

1.1

1.0

0.7

0.1

2023Q1

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

2023Q2

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

17

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

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

23.7

19.7

16.6

10.4

6.8

5.5

5.5

5.2

1.9

1.4

1.3

1.0

0.7

0.1

Fourth Calendar Quarter 2024

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

Liquidity Fund

Section 3 Liquidity Fund

Total

2022Q4

56.9

59.1

55.4

52.1

49.8

41.6

46.5

49.9

45.2

44.9

52.9

2023Q1

57.0

58.4

56.3

51.9

49.4

42.3

45.9

49.9

44.4

44.2

52.9

2023Q2

57.0

58.3

56.2

51.8

49.5

41.8

46.0

49.9

43.2

43.1

52.9

2023Q3

57.4

57.9

56.6

52.0

49.4

41.9

46.0

49.9

44.6

44.5

53.0

2023Q4

59.4

56.3

56.5

52.4

50.2

47.6

46.9

47.5

42.0

41.7

53.1

2024Q1

59.5

56.2

56.2

51.8

50.2

47.5

46.9

47.5

44.5

43.6

53.1

2024Q2

59.4

56.3

56.9

52.6

50.2

47.7

46.9

47.5

41.2

41.0

53.3

2024Q3

59.6

56.4

57.1

52.9

50.1

48.0

46.9

47.5

40.8

40.4

53.3

2024Q4

60.5

58.4

57.3

52.5

51.2

49.0

47.8

46.5

38.1

37.9

54.0

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

2022Q4

32.0

51.0

86.0

74.7

30.0

44.0

69.0

68.3

2023Q1

32.0

52.0

86.0

74.8

30.0

44.0

68.0

68.2

2023Q2

32.0

52.0

86.0

74.9

30.0

44.0

68.0

68.1

18

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

51.0

86.0

74.7

30.0

44.0

68.0

68.1

2024Q2

32.0

51.0

86.0

74.7

30.0

43.0

67.0

67.2

2024Q3

32.0

52.0

86.0

74.8

30.0

44.0

67.0

67.6

2024Q4

32.0

52.0

87.0

75.2

30.0

45.0

67.0

67.8

Fourth Calendar Quarter 2024

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

2022Q4

14,942

105

158

72

***

0

***

15,284

2023Q1

15,310

103

159

76

***

0

***

15,655

2023Q2

15,265

104

159

78

***

0

***

15,610

2023Q3

15,540

101

159

65

***

0

***

15,870

2023Q4

15,384

99

136

64

***

0

***

15,684

2024Q1

16,835

97

109

64

***

0

***

17,107

2024Q2

17,747

97

109

64

***

0

***

18,019

2024Q3

19,568

97

110

64

***

0

***

19,841

2024Q4

18,315

161

125

94

***

1

***

18,700

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

2022Q4

13,068

73

0

2023Q1

13,040

72

0

2023Q2

13,869

72

0

2023Q3

14,016

72

0

2023Q4

14,123

111

0

2024Q1

14,973

111

0

2024Q2

15,960

111

0

2024Q3

17,258

111

0

2024Q4

16,383

104

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

2022Q4

309.3

343.4

7.4

2.6

1.5

8.4

2.1

0.1

***

***

108.6

2023Q1

314.2

335.0

7.5

2.7

1.5

8.9

2.1

0.1

***

***

111.8

2023Q2

309.7

351.0

7.8

2.7

1.5

9.0

1.4

0.1

***

***

111.1

2023Q3

314.1

352.3

7.6

2.7

1.5

7.6

1.4

0.1

***

***

112.7

19

2023Q4

307.0

354.8

6.5

2.0

2.1

7.8

0.3

0.1

***

***

103.7

2024Q1

321.7

363.6

6.3

1.6

2.1

7.7

0.3

0.1

***

***

111.4

2024Q2

339.0

387.5

6.3

1.6

2.1

7.8

0.3

0.1

***

***

117.2

2024Q3

362.0

403.2

6.2

1.6

2.1

7.8

0.3

0.1

***

***

127.5

2024Q4

343.4

387.7

9.8

1.7

1.8

10.7

0.9

0.2

***

***

114.8

Fourth Calendar Quarter 2024

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

2022Q4

8,655

4,214

700

211

301

572

2,170

594

189

279

2023Q1

8,589

4,182

685

243

318

634

2,177

568

220

293

2023Q2

8,614

4,200

703

213

332

636

2,211

595

194

314

2023Q3

8,611

4,206

736

203

345

624

2,216

631

182

326

2023Q4

9,508

4,357

695

233

350

612

2,245

582

214

328

2024Q1

9,559

4,492

679

280

364

652

2,330

550

252

334

2024Q2

9,579

4,525

706

180

397

667

2,358

576

152

366

2024Q3

9,615

4,600

709

203

451

669

2,440

586

174

411

2024Q4

10,467

4,410

772

196

459

630

2,358

639

178

421

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

2022Q4

34,586

5,336

769

166

2,248

475

1,179

244

69

110

2023Q1

34,753

5,325

772

169

2,284

478

1,166

236

61

108

2023Q2

34,860

5,314

748

181

2,309

487

1,191

231

74

110

20

2023Q3

34,927

5,293

765

177

2,321

474

1,215

233

65

118

2023Q4

37,640

5,302

764

176

2,196

486

1,208

220

68

128

2024Q1

37,819

5,305

731

184

2,218

496

1,208

202

70

116

2024Q2

37,774

5,294

746

179

2,319

464

1,154

216

59

113

2024Q3

37,937

5,286

766

167

2,255

478

1,173

234

51

119

2024Q4

40,592

5,160

775

157

2,471

483

1,129

248

66

132

Fourth Calendar Quarter 2024

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

2022Q4

8,713

47

14

2023Q1

8,794

47

14

2023Q2

8,876

46

13

2023Q3

8,920

49

12

2023Q4

8,836

44

11

2024Q1

8,919

45

11

2024Q2

8,984

48

10

2024Q3

8,993

48

10

2024Q4

8,861

52

10

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

2022Q4

4,680

71

66

2023Q1

4,704

75

71

2023Q2

4,766

71

71

2023Q3

4,762

74

74

2023Q4

4,926

64

13

2024Q1

5,098

88

14

2024Q2

5,109

100

4

2024Q3

5,231

111

4

2024Q4

5,179

110

4

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

2022Q4

7.8

13.2

19.1

26.9

41.2

54.6

2023Q1

7.8

13.3

19.3

27.3

41.5

54.8

2023Q2

7.8

13.2

19.3

27.3

41.5

54.7

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

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

2022Q4

17.6

26.3

34.4

43.0

55.1

66.2

2023Q1

17.7

26.7

34.7

43.2

55.4

66.6

2023Q2

18.9

27.9

36.1

44.5

56.5

67.3

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

21

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

70.3

2024Q4

19.8

30.3

39.3

48.1

59.9

69.9

Fourth Calendar Quarter 2024

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

2022Q4

36.4

50.9

63.2

73.5

84.1

91.0

2023Q1

35.7

51.1

64.0

74.4

84.9

91.5

2023Q2

36.9

52.1

64.5

74.7

85.4

91.9

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

37.6

55.0

68.2

78.4

88.1

93.7

2024Q4

36.9

53.9

66.8

77.6

87.6

93.4

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

2022Q4

38.3

55.5

68.7

80.0

90.5

95.4

2023Q1

41.3

56.7

68.4

80.1

90.7

95.6

2023Q2

40.8

55.2

67.5

79.3

90.5

95.4

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

40.8

54.9

68.0

79.5

90.7

95.6

2024Q2

40.8

56.0

68.9

80.5

91.0

95.6

2024Q3

41.0

57.0

69.8

81.2

91.5

95.9

2024Q4

39.8

56.0

69.0

80.4

90.8

95.6

Table 6.7: Percent of Aggregate Hedge Fund Gross Notional Exposure

Reported by Top Hedge Funds Sorted by Gross Notional

Exposure

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

Top 10

Top 25

Top 50

Top 100

Top 250

Top 500

2022Q4

34.2

50.0

61.5

72.5

83.9

91.0

2023Q1

36.8

51.4

62.1

73.0

84.2

91.3

2023Q2

36.9

50.5

61.5

72.7

84.2

91.2

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

22

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

38.8

55.9

67.1

77.2

87.1

92.8

2024Q4

38.2

54.6

65.9

76.3

86.5

92.6

Fourth Calendar Quarter 2024

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

Macro

Investment in other funds

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

Global Macro

Commodity

Active Trading

Currency

Subtotal

Subtotal

Quantitative

Fundamental

Subtotal

Total

2022Q4

272

251

28

1

551

658

86

77

163

37

7

11

3

2

59

50

26

7

83

9

4

***

***

14

32

***

***

6

1,384

2023Q1

262

259

27

1

549

667

87

93

179

38

7

11

5

2

63

49

26

5

80

8

4

***

***

13

39

***

***

6

1,419

23

2023Q2

294

263

27

1

584

673

94

77

170

37

7

12

7

2

64

51

27

4

82

9

4

1

0

14

39

***

***

6

1,442

2023Q3

280

254

26

1

562

674

96

79

174

37

7

12

6

2

64

50

21

5

76

12

5

1

0

18

39

***

***

6

1,438

2023Q4

290

271

27

2

589

651

100

71

171

39

8

12

7

1

68

54

21

5

80

11

5

***

***

16

44

***

***

7

1,441

2024Q1

324

271

26

2

623

678

101

73

174

41

10

13

7

2

73

54

22

6

82

17

5

***

***

23

47

***

***

7

1,503

2024Q2

320

269

27

2

617

679

101

79

179

44

11

13

8

1

77

56

20

6

82

15

5

***

***

21

48

***

***

7

1,519

2024Q3

341

282

37

2

663

713

106

86

192

46

17

13

11

2

89

58

22

6

86

23

8

***

***

31

49

***

***

11

1,634

2024Q4

375

283

37

1

696

714

111

99

211

48

17

14

12

1

91

58

24

6

88

23

10

***

***

33

55

***

***

11

1,671

Fourth Calendar Quarter 2024

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

Macro

Investment in other funds

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

Global Macro

Commodity

Active Trading

Currency

Subtotal

Subtotal

Quantitative

Fundamental

Subtotal

Total

2022Q4

494

584

47

13

1,132

1,167

212

220

429

107

26

58

18

18

212

212

68

19

298

18

15

***

***

44

306

***

***

23

3,344

2023Q1

497

585

47

12

1,135

1,191

212

232

441

119

24

59

18

18

219

211

68

19

297

18

15

***

***

44

330

***

***

23

3,414

24

2023Q2

513

578

45

12

1,138

1,218

220

238

455

123

24

57

18

18

221

218

69

19

305

21

15

***

***

46

333

***

***

24

3,469

2023Q3

527

587

46

13

1,163

1,231

226

241

464

130

24

66

19

19

230

219

66

19

303

21

16

***

***

48

338

***

***

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

32

16

***

***

58

374

***

***

31

3,427

2024Q1

488

587

49

18

1,133

1,173

211

223

429

149

24

67

22

20

251

220

66

21

306

37

18

***

***

65

390

***

***

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

35

17

***

***

62

381

***

***

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

37

19

***

***

64

408

***

***

32

3,607

2024Q4

485

600

46

18

1,133

1,164

228

251

475

153

25

64

23

17

251

233

67

19

318

36

21

***

***

64

374

***

***

31

3,504

Fourth Calendar Quarter 2024

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

Macro

Credit

Other

Relative Value

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

Long/Short

Asset Based Lending

Subtotal

Subtotal

F.I. Sov.

F.I. Asset Backed

Volatility Arb.

F.I. Conv. Arb.

F.I. Corp.

Subtotal

Quantitative

Fundamental

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

Subtotal

Total

2022Q4

672

261

***

***

1,033

316

7

***

***

329

222

93

315

760

248

71

20

12

17

369

***

***

190

117

28

21

166

27

2,166

2023Q1

699

230

***

***

1,043

316

7

***

***

326

227

94

321

756

256

68

20

14

19

377

***

***

226

371

28

21

420

32

2,159

25

2023Q2

670

226

***

***

1,012

399

7

***

***

408

233

101

334

762

229

68

23

14

18

352

***

***

285

132

27

22

182

38

2,184

2023Q3

653

217

***

***

982

422

7

***

***

433

232

102

334

762

228

74

20

14

19

355

***

***

273

131

24

25

179

35

2,180

2023Q4

682

233

***

***

1,033

531

6

***

***

539

235

116

351

766

258

78

23

15

20

394

***

***

214

133

25

20

178

34

2,216

2024Q1

723

235

***

***

1,079

596

6

***

***

604

245

123

367

792

242

76

21

17

18

374

***

***

282

138

25

23

186

46

2,284

2024Q2

737

242

***

***

1,104

577

6

***

***

585

244

129

372

820

254

76

20

12

18

381

***

***

279

137

24

20

181

40

2,299

2024Q3

738

261

***

***

1,140

737

4

***

***

742

256

135

391

833

273

83

23

13

18

410

***

***

277

143

25

21

189

42

2,357

2024Q4

754

254

146

5

1,159

666

4

***

***

671

259

138

396

792

219

77

21

13

11

341

***

***

207

137

27

20

184

44

2,302

Fourth Calendar Quarter 2024

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

Credit

Other

Relative Value

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

Long/Short

Asset Based Lending

Subtotal

Subtotal

F.I. Sov.

F.I. Asset Backed

Volatility Arb.

F.I. Conv. Arb.

F.I. Corp.

Subtotal

Quantitative

Fundamental

Subtotal

Distressed/Restruct.

Equity

Risk Arb./Merger Arb.

Subtotal

Subtotal

Total

2022Q4

606

392

***

***

1,087

165

45

***

***

217

270

112

379

924

60

139

29

24

87

294

***

***

125

219

75

43

313

113

3,226

2023Q1

603

351

***

***

1,043

163

40

***

***

213

280

113

390

941

59

143

29

24

91

300

***

***

129

223

70

44

313

114

3,208

26

2023Q2

594

347

***

***

1,025

164

40

***

***

213

286

123

406

943

59

147

30

25

90

303

***

***

126

227

70

44

317

118

3,222

2023Q3

594

344

***

***

1,023

165

46

***

***

217

285

125

407

955

60

145

30

24

91

301

***

***

126

229

70

43

318

111

3,223

2023Q4

565

348

***

***

992

167

35

***

***

210

306

138

440

964

57

143

28

20

87

288

***

***

123

224

72

42

314

96

3,186

2024Q1

561

352

***

***

991

170

37

***

***

213

304

141

441

958

48

144

27

20

83

285

***

***

122

221

71

42

310

94

3,178

2024Q2

558

352

***

***

984

166

37

***

***

208

306

144

446

964

54

148

28

20

86

294

***

***

119

224

75

43

314

99

3,185

2024Q3

564

353

***

***

997

159

36

***

***

201

309

146

451

950

49

138

28

30

88

296

***

***

115

226

74

42

315

98

3,179

2024Q4

616

345

77

11

1,046

158

27

***

***

190

289

158

445

898

35

141

27

17

64

269

***

***

114

222

69

40

310

105

3,176

Fourth Calendar Quarter 2024

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

2023

1,868

1,113

359

437

629

2,115

1,069

382

396

444

Jan

2024

1,962

1,103

395

460

570

2,352

929

402

336

470

Feb

2024

1,940

1,147

357

469

576

2,209

1,024

451

323

482

Mar

2024

1,812

1,229

367

509

572

2,062

1,171

426

365

465

Apr

2024

1,968

1,035

433

387

649

2,249

937

439

358

489

May

2024

1,945

1,039

433

465

590

2,216

955

455

364

481

Jun

2024

1,807

1,199

433

435

598

2,127

1,068

439

359

479

Jul

2024

1,904

1,061

415

495

617

2,234

926

462

374

497

Aug

2024

1,847

1,125

470

443

608

2,172

985

502

330

505

Sep

2024

1,678

1,291

398

508

618

1,954

1,213

470

342

515

Oct

2024

2,143

1,055

386

513

620

2,368

1,041

477

320

513

Nov

2024

2,057

1,081

450

413

718

2,331

1,018

510

340

519

Dec

2024

1,929

1,213

435

482

659

2,266

1,099

478

362

513

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

2023

241

217

74

56

92

269

220

70

54

67

Jan

2024

248

213

58

56

86

277

211

56

50

67

Feb

2024

241

207

68

55

90

268

206

71

47

69

Mar

2024

229

210

76

56

90

256

213

72

54

66

Apr

2024

244

196

79

48

94

272

196

73

55

65

27

May

2024

236

201

78

55

91

268

193

80

53

67

Jun

2024

222

216

78

54

91

256

208

76

55

66

Jul

2024

247

198

71

57

92

276

191

77

52

69

Aug

2024

245

202

74

53

93

272

196

81

47

71

Sep

2024

224

218

76

52

97

252

219

73

50

73

Oct

2024

256

207

70

56

99

283

204

75

50

76

Nov

2024

246

203

80

56

102

277

195

85

53

77

Dec

2024

235

218

78

56

100

266

216

74

56

75

Fourth Calendar Quarter 2024

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

2023

2,439

875

349

292

448

2,593

1,017

309

273

213

Jan

2024

2,594

830

401

274

391

2,857

833

278

304

216

Feb

2024

2,535

897

446

206

405

2,879

791

278

315

226

Mar

2024

2,463

931

458

252

385

2,663

984

338

278

228

Apr

2024

2,571

874

377

230

420

2,817

827

298

287

241

May

2024

2,495

878

458

251

389

2,753

870

311

292

245

Jun

2024

2,448

935

454

181

453

2,613

1,007

353

253

246

Jul

2024

2,499

898

354

225

517

2,725

909

323

260

275

Aug

2024

2,507

931

322

238

495

2,706

951

264

314

257

Sep

2024

2,379

967

350

329

467

2,569

1,043

305

271

304

Oct

2024

2,735

864

313

346

460

2,957

903

292

259

307

Nov

2024

2,643

940

340

282

514

2,842

917

396

252

312

Dec

2024

2,592

985

371

348

423

2,866

935

392

211

314

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

2023

315

207

56

38

64

347

209

47

36

41

Jan

2024

348

170

48

38

57

379

166

42

42

32

Feb

2024

336

177

52

35

61

376

162

47

42

34

Mar

2024

313

196

56

39

57

339

199

52

36

35

Apr

2024

332

184

47

41

57

367

175

43

44

32

28

May

2024

319

191

55

41

55

357

179

52

39

34

Jun

2024

304

206

55

41

55

339

199

51

38

34

Jul

2024

331

188

43

39

64

360

181

49

35

40

Aug

2024

331

189

42

39

66

363

183

42

37

42

Sep

2024

314

200

48

39

66

346

193

49

33

46

Oct

2024

343

185

48

41

71

373

179

51

35

50

Nov

2024

318

209

49

40

71

347

203

54

31

52

Dec

2024

324

206

52

39

66

354

199

54

29

51

Fourth Calendar Quarter 2024

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

2023

3,262

321

235

239

348

3,545

319

109

205

227

Jan

2024

3,334

270

338

174

373

3,559

338

131

220

241

Feb

2024

3,325

230

385

151

399

3,592

328

102

239

229

Mar

2024

3,309

226

403

163

388

3,471

433

135

236

214

Apr

2024

3,284

344

204

219

421

3,527

347

121

243

233

May

2024

3,214

366

319

158

415

3,496

356

144

226

250

Jun

2024

3,178

404

323

165

403

3,549

326

133

212

253

Jul

2024

3,184

409

297

86

516

3,480

358

170

207

276

Aug

2024

3,159

443

295

110

486

3,574

260

183

229

248

Sep

2024

3,168

350

381

141

454

3,550

274

175

216

278

Oct

2024

3,383

353

392

97

494

3,748

361

116

176

318

Nov

2024

3,382

397

285

167

487

3,692

405

126

191

303

Dec

2024

3,400

402

320

174

422

3,687

403

132

177

320

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

2023

522

47

29

26

56

549

49

19

28

35

Jan

2024

502

55

26

25

53

527

51

24

28

31

Feb

2024

501

46

31

28

55

528

51

21

33

28

Mar

2024

492

51

36

29

53

523

54

26

32

26

Apr

2024

502

46

24

34

55

523

58

19

30

31

29

May

2024

489

60

27

31

54

519

56

26

28

32

Jun

2024

493

55

31

28

54

523

55

25

25

33

Jul

2024

498

57

23

28

59

525

56

23

24

37

Aug

2024

496

60

26

25

60

532

51

25

23

36

Sep

2024

501

50

31

24

61

532

47

24

24

40

Oct

2024

519

47

29

31

62

545

52

23

24

44

Nov

2024

510

53

31

29

64

535

62

24

24

42

Dec

2024

514

51

36

27

59

536

62

24

23

42

Fourth Calendar Quarter 2024

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

Dec

2023

18.1

33.4

47.4

62.7

84.0

Jan

2024

18.1

33.8

47.9

62.9

84.0

Feb

2024

18.1

33.8

47.9

62.9

84.0

Mar

2024

18.1

33.8

47.9

62.9

84.0

Apr

2024

18.5

34.0

48.0

62.9

83.9

May

2024

18.5

34.0

48.0

62.9

83.9

Jun

2024

18.5

34.0

48.0

62.9

83.9

Jul

2024

15.8

31.4

45.9

61.4

83.2

Aug

2024

15.8

31.4

45.9

61.4

83.2

Sep

2024

15.8

31.4

45.9

61.4

83.2

Oct

2024

18.4

33.8

47.7

62.6

83.6

Nov

2024

18.4

33.8

47.7

62.6

83.6

Dec

2024

18.4

33.8

47.7

62.6

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

Dec

2023

43.5

65.1

77.9

87.1

95.2

Jan

2024

45.2

66.7

79.5

88.3

95.8

Feb

2024

50.0

70.7

82.0

89.7

96.3

Mar

2024

44.2

65.6

78.4

87.7

95.4

Apr

2024

44.9

67.0

79.7

88.4

95.8

May

2024

44.8

67.9

80.0

88.6

95.9

30

Jun

2024

44.8

67.1

78.9

87.8

95.5

Jul

2024

45.1

67.8

80.1

88.9

96.0

Aug

2024

46.6

68.3

80.8

89.2

96.1

Sep

2024

45.1

67.4

80.0

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

Fourth Calendar Quarter 2024

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

Dec

2023

26,297

7,794

4,583

171

92

38,938

Jan

2024

20,839

8,789

4,832

316

110

34,885

Feb

2024

24,011

8,792

4,865

435

104

38,206

Mar

2024

28,252

8,173

4,930

459

160

41,975

Apr

2024

16,639

9,349

5,247

615

116

31,966

May

2024