# Division of Investment Management

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URL: https://www.frixlaw.com/law-library/documents/agency%3Asec%3Ad501d87068ee8316

## Record

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

## Text

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
19,473
10,616
5,482
662
149
36,383

Jun
2024
17,133
11,045
4,859
525
121
33,683

Jul
2024
15,295
9,978
4,697
217
41
30,229

Aug
2024
22,259
11,320
4,645
216
43
38,482

Sep
2024
20,260
8,418
4,482
276
55
33,492

Oct
2024
18,338
9,779
5,052
260
53
33,481

Nov
2024
22,121
9,438
4,952
223
54
36,787

Dec
2024
19,135
8,151
4,760
168
46
32,260

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

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

Dec
2023
2,831
386
155
304
94
634

Jan
2024
3,014
311
227
193
161
581

Feb
2024
2,917
348
178
293
143
608

Mar
2024
2,904
226
331
277
81
669

Apr
2024
2,790
444
248
226
89
673

May
2024
2,717
333
355
302
90
672

Jun
2024
2,822
311
280
267
123
667

Jul
2024
2,779
359
359
211
92
691

Aug
2024
2,770
352
235
317
108
710

Sep
2024
2,859
237
200
371
175
648

Oct
2024
2,991
293
277
349
97
710

Nov
2024
2,903
406
207
330
173
697

Dec
2024
3,115
238
274
262
124
704

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

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

Dec
2023
419
68
42
44
20
76

Jan
2024
425
54
50
35
22
70

Feb
2024
419
55
42
41
25
74

Mar
2024
405
58
58
34
24
77

Apr
2024
413
60
45
39
20
79

May
2024
395
59
56
49
18
79

31

Jun
2024
404
70
40
46
18
78

Jul
2024
413
64
47
39
19
75

Aug
2024
408
65
44
44
18
79

Sep
2024
409
62
50
39
25
73

Oct
2024
423
69
48
40
20
78

Nov
2024
410
61
59
44
30
74

Dec
2024
426
60
52
42
24
74

Fourth Calendar Quarter 2024

7.4

Analytics Office

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

2022Q4
5,552
1,658
750
356
86
27
26
24

2023Q1
5,859
1,529
732
372
83
34
26
21

2023Q2
6,185
1,456
754
393
90
36
31
23

2023Q3
6,381
1,498
783
415
89
37
29
23

2023Q4
6,769
1,625
824
421
125
39
31
24

2024Q1
7,077
1,780
866
437
125
48
37
29

2024Q2
7,298
1,599
873
478
119
51
31
34

2024Q3
7,791
1,821
977
550
122
46
32
35

2024Q4
8,207
1,698
885
541
134
52
50
30

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

2022Q4
133.9
40.0
18.1
8.6
2.1
0.7
0.6
0.6

2023Q1
136.7
35.7
17.1
8.7
1.9
0.8
0.6
0.5

2023Q2
143.0
33.6
17.4
9.1
2.1
0.8
0.7
0.5

2023Q3
148.3
34.8
18.2
9.7
2.1
0.9
0.7
0.5

32

2023Q4
153.7
36.9
18.7
9.6
2.8
0.9
0.7
0.5

2024Q1
157.7
39.6
19.3
9.7
2.8
1.1
0.8
0.6

2024Q2
163.2
35.7
19.5
10.7
2.7
1.1
0.7
0.8

2024Q3
173.4
40.5
21.8
12.2
2.7
1.0
0.7
0.8

2024Q4
174.0
36.0
18.7
11.5
2.8
1.1
1.1
0.6

Fourth Calendar Quarter 2024

Analytics Office

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

2022Q4
5,282
337
171
44
34
3

2023Q1
5,562
333
171
44
31
3

2023Q2
5,895
354
138
50
40
3

2023Q3
6,003
380
128
47
38
7

2023Q4
6,425
435
123
47
49
1

2024Q1
6,717
437
132
54
43
2

2024Q2
6,947
430
143
55
43
0

2024Q3
7,402
467
166
***
45
***

2024Q4
7,555
404
144
***
49
***

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

2022Q4
127.4
8.1
4.1
1.1
0.8
0.1

2023Q1
129.8
7.8
4.0
1.0
0.7
0.1

2023Q2
136.3
8.2
3.2
1.2
0.9
0.1

2023Q3
139.5
8.8
3.0
1.1
0.9
0.2

33

2023Q4
145.9
9.9
2.8
1.1
1.1
0.0

2024Q1
149.6
9.7
2.9
1.2
1.0
0.0

2024Q2
155.4
9.6
3.2
1.2
1.0
0.0

2024Q3
164.7
10.4
3.7
***
1.0
***

2024Q4
160.1
8.6
3.1
***
1.0
***

Fourth Calendar Quarter 2024

Analytics Office

8

Qualifying Hedge Fund Specific Information

8.1

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

Exposure

Including IRDs

Excluding IRDs

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

Dec
2023
1,937
1,038
292
293
701
2,202
961
226
330
542

Jan
2024
2,174
930
303
336
665
2,426
875
266
303
538

Feb
2024
2,132
941
303
359
673
2,409
851
273
342
534

Mar
2024
2,003
1,034
327
337
707
2,279
972
259
339
559

Apr
2024
2,200
959
302
331
671
2,448
892
253
378
492

May
2024
2,186
931
329
352
665
2,430
905
239
395
494

Jun
2024
2,077
1,069
313
335
669
2,338
996
242
376
510

Jul
2024
2,324
944
346
301
715
2,579
896
261
334
560

Aug
2024
2,258
961
385
326
700
2,530
931
274
355
540

Sep
2024
2,144
1,085
372
314
715
2,468
990
261
335
577

Oct
2024
2,168
974
398
308
727
2,435
941
297
319
583

Nov
2024
2,115
1,012
378
343
727
2,372
1,000
271
359
573

Dec
2024
2,086
1,063
358
361
707
2,376
983
275
359
582

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

Exposure

Including IRDs

Excluding IRDs

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

Dec
2023
1,101
523
145
109
233
1,244
450
139
112
166

Jan
2024
1,176
477
124
101
214
1,319
396
121
95
161

Feb
2024
1,160
477
136
104
215
1,300
406
122
107
157

Mar
2024
1,118
495
156
101
222
1,251
444
129
104
164

Apr
2024
1,079
459
150
101
217
1,205
406
137
108
150

34

May
2024
1,067
464
147
108
220
1,198
411
123
121
153

Jun
2024
1,023
510
152
102
219
1,162
450
134
100
160

Jul
2024
1,099
482
144
109
220
1,240
416
130
109
159

Aug
2024
1,103
473
151
114
214
1,245
413
137
104
156

Sep
2024
1,047
518
160
116
214
1,200
454
131
108
162

Oct
2024
1,064
471
162
118
244
1,200
432
138
109
180

Nov
2024
1,060
475
152
123
248
1,194
435
129
124
176

Dec
2024
1,035
502
154
131
236
1,180
447
129
128
174

Fourth Calendar Quarter 2024

Analytics Office

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

Exposure

Including IRDs

Excluding IRDs

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

Dec
2023
2,377
862
345
197
478
2,652
751
291
249
318

Jan
2024
2,625
788
294
244
456
2,878
699
259
249
323

Feb
2024
2,584
801
296
260
467
2,825
735
272
248
328

Mar
2024
2,517
858
286
278
469
2,689
831
284
281
324

Apr
2024
2,651
816
313
230
453
2,818
781
287
246
330

May
2024
2,634
816
309
252
451
2,791
790
330
207
345

Jun
2024
2,574
887
262
277
463
2,746
834
316
227
340

Jul
2024
2,779
843
265
238
506
2,924
812
286
243
365

Aug
2024
2,773
835
272
231
520
2,937
793
304
247
349

Sep
2024
2,710
866
298
208
548
2,883
823
274
259
392

Oct
2024
2,666
858
303
198
550
2,834
818
311
201
412

Nov
2024
2,593
920
266
242
555
2,787
861
299
215
413

Dec
2024
2,613
896
267
249
549
2,802
843
276
253
401

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

Exposure

Including IRDs

Excluding IRDs

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

Dec
2023
1,309
436
127
90
149
1,411
405
112
84
99

Jan
2024
1,395
374
97
88
138
1,489
338
97
79
89

Feb
2024
1,371
398
96
87
140
1,462
364
99
76
91

Mar
2024
1,336
425
102
84
145
1,420
399
95
86
92

Apr
2024
1,276
406
106
81
137
1,365
375
98
80
88

35

May
2024
1,277
402
101
86
140
1,362
372
101
83
88

Jun
2024
1,234
443
96
93
140
1,325
413
93
87
88

Jul
2024
1,306
416
103
78
151
1,399
386
90
83
96

Aug
2024
1,315
407
101
78
154
1,407
380
95
77
96

Sep
2024
1,278
432
107
83
155
1,371
409
98
79
98

Oct
2024
1,265
413
118
87
176
1,363
393
114
74
115

Nov
2024
1,239
435
119
90
175
1,342
405
121
77
113

Dec
2024
1,241
437
120
91
169
1,340
410
116
81
111

Fourth Calendar Quarter 2024

Analytics Office

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

Exposure

Including IRDs

Excluding IRDs

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

Dec
2023
3,137
290
163
250
421
3,308
325
120
183
325

Jan
2024
3,242
347
177
194
447
3,426
359
109
178
335

Feb
2024
3,241
299
185
224
460
3,434
315
149
176
333

Mar
2024
3,226
281
232
209
459
3,412
280
180
217
319

Apr
2024
3,314
297
182
209
461
3,508
254
212
163
326

May
2024
3,303
294
173
229
463
3,489
302
200
127
344

Jun
2024
3,284
324
202
196
457
3,474
322
185
134
348

Jul
2024
3,445
301
177
209
498
3,633
320
137
176
363

Aug
2024
3,420
336
239
135
501
3,665
285
168
156
357

Sep
2024
3,421
322
212
168
508
3,664
248
193
155
372

Oct
2024
3,343
325
214
171
522
3,600
249
185
115
425

Nov
2024
3,322
326
228
154
545
3,544
288
186
138
419

Dec
2024
3,324
314
248
145
543
3,542
249
246
129
408

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

Exposure

Including IRDs

Excluding IRDs

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

Dec
2023
1,732
109
60
78
132
1,795
114
49
66
87

Jan
2024
1,731
108
50
75
128
1,791
113
40
63
85

Feb
2024
1,730
107
51
70
134
1,788
113
48
60
83

Mar
2024
1,720
109
51
75
137
1,782
113
44
69
84

Apr
2024
1,646
105
45
71
139
1,705
102
55
61
83

36

May
2024
1,638
107
46
73
142
1,697
108
55
60
86

Jun
2024
1,636
110
52
74
134
1,697
110
53
58
88

Jul
2024
1,689
106
52
69
138
1,756
105
45
55
93

Aug
2024
1,685
118
55
59
138
1,759
105
49
50
92

Sep
2024
1,683
116
61
55
140
1,754
107
49
51
94

Oct
2024
1,659
117
57
65
161
1,736
109
49
50
115

Nov
2024
1,649
114
71
60
164
1,725
113
56
55
109

Dec
2024
1,645
119
77
55
162
1,719
111
67
52
109

Fourth Calendar Quarter 2024

8.2

Analytics Office

NAV Allocation by Strategy5
Table 8.7: NAV Allocation of Qualifying Hedge Funds ($ Billions)
As reported on Form PF, Questions 9 and 20.
Category

Equity

Other

Macro

Relative Value

Credit

Event Driven

Managed Futures/CTA
Investment in other funds
Total

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

2022Q4
1,023
438
***
***
1,811
1,464
902
37
58
2
999
627
121
82
54
66
950
378
149
527
203
72
96
371
***
***
196
71
6,390

2023Q1
1,055
448
***
***
1,865
1,489
820
***
44
***
897
706
103
88
76
61
1,035
390
154
543
201
75
106
382
***
***
195
84
6,491

2023Q2
1,065
453
***
***
1,902
1,515
987
***
40
***
1,059
722
129
94
85
61
1,091
370
168
538
210
85
102
397
***
***
287
86
6,876

2023Q3
1,035
434
***
***
1,811
1,543
1,004
***
33
***
1,069
761
135
93
79
64
1,132
372
170
542
208
99
85
392
***
***
259
109
6,858

2023Q4
1,098
448
***
***
1,906
1,525
1,188
34
30
2
1,253
943
144
103
94
65
1,349
382
191
573
213
87
88
388
***
***
211
104
7,309

2024Q1
1,180
466
***
***
2,030
1,586
1,266
38
38
2
1,343
879
140
109
90
57
1,275
392
199
591
219
106
79
404
***
***
249
94
7,573

2024Q2
1,192
481
***
***
2,079
1,632
1,254
31
28
1
1,314
904
145
115
75
57
1,297
409
196
605
219
106
80
405
***
***
276
86
7,694

2024Q3
1,217
515
***
***
2,169
1,717
1,522
39
32
1
1,594
1,040
154
126
83
68
1,471
420
201
620
226
111
84
421
***
***
277
96
8,367

2024Q4
1,281
504
***
***
2,233
1,621
1,460
35
28
1
1,525
949
163
114
73
58
1,357
436
208
644
217
106
86
410
***
***
239
92
8,119

5
Form PF Question 20 requires advisers to indicate which strategies best describe the reporting fund’s strategies
including a good faith estimate of the reporting fund’s allocation among strategies, and provides a list of investment
strategies for this purpose. Form PF does not define the investment strategies listed by Question 20.

37

Fourth Calendar Quarter 2024

Analytics Office

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

Equity

Other

Macro

Relative Value

Credit

Event Driven

Managed Futures/CTA
Investment in other funds
Total

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

2022Q4
26.9
11.5
***
***
47.6
38.5
23.7
1.0
1.5
0.1
26.3
16.5
3.2
2.2
1.4
1.7
25.0
9.9
3.9
13.9
5.3
1.9
2.5
9.8
***
***
5.2
1.9
168.0

2023Q1
27.1
11.5
***
***
47.9
38.3
21.1
***
1.1
***
23.0
18.1
2.7
2.3
2.0
1.6
26.6
10.0
3.9
14.0
5.2
1.9
2.7
9.8
***
***
5.0
2.2
166.8

38

2023Q2
27.0
11.5
***
***
48.1
38.3
25.0
***
1.0
***
26.8
18.3
3.3
2.4
2.2
1.5
27.6
9.4
4.3
13.6
5.3
2.2
2.6
10.0
***
***
7.3
2.2
174.0

2023Q3
26.0
10.9
***
***
45.5
38.8
25.2
***
0.8
***
26.9
19.1
3.4
2.3
2.0
1.6
28.5
9.3
4.3
13.6
5.2
2.5
2.1
9.8
***
***
6.5
2.7
172.4

2023Q4
27.6
11.2
***
***
47.9
38.3
29.8
0.9
0.7
0.0
31.5
23.7
3.6
2.6
2.4
1.6
33.9
9.6
4.8
14.4
5.3
2.2
2.2
9.7
***
***
5.3
2.6
183.6

2024Q1
28.7
11.3
***
***
49.3
38.5
30.7
0.9
0.9
0.0
32.6
21.4
3.4
2.6
2.2
1.4
31.0
9.5
4.8
14.4
5.3
2.6
1.9
9.8
***
***
6.0
2.3
184.0

2024Q2
28.9
11.7
***
***
50.5
39.6
30.4
0.8
0.7
0.0
31.9
22.0
3.5
2.8
1.8
1.4
31.5
9.9
4.8
14.7
5.3
2.6
1.9
9.8
***
***
6.7
2.1
186.8

2024Q3
28.4
12.0
***
***
50.7
40.1
35.6
0.9
0.8
0.0
37.3
24.3
3.6
2.9
1.9
1.6
34.4
9.8
4.7
14.5
5.3
2.6
2.0
9.9
***
***
6.5
2.2
195.6

2024Q4
30.3
11.9
***
***
52.8
38.4
34.5
0.8
0.7
0.0
36.1
22.5
3.9
2.7
1.7
1.4
32.1
10.3
4.9
15.2
5.1
2.5
2.0
9.7
***
***
5.6
2.2
192.1

Fourth Calendar Quarter 2024

8.3

Analytics Office

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

2022Q4
1,678
1,363
1,082
936
1,104
348
292
109
57

2023Q1
1,669
1,490
1,029
925
1,143
359
295
133
59

2023Q2
1,828
1,563
1,192
1,015
1,120
363
287
128
59

2023Q3
1,763
1,705
1,136
1,035
1,068
396
266
124
65

2023Q4
1,812
1,213
1,836
1,157
1,134
402
264
91
44

2024Q1
1,965
1,728
1,274
1,246
1,148
424
254
110
39

2024Q2
2,128
1,595
1,381
1,172
1,164
446
254
116
40

2024Q3
2,349
1,604
1,469
1,450
1,283
467
271
131
41

2024Q4
2,461
1,796
1,441
1,396
1,257
483
248
122
39

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

2022Q4
1,027
748
392
205
183
218
191
74
44

2023Q1
1,027
776
411
209
178
226
185
84
44

2023Q2
1,102
780
399
206
192
213
183
83
41

2023Q3
1,064
738
424
229
182
207
183
75
42

39

2023Q4
1,072
778
309
233
267
206
198
60
28

2024Q1
1,157
795
402
237
193
204
193
59
30

2024Q2
1,232
803
309
260
190
202
180
61
30

2024Q3
1,228
846
363
270
203
215
195
53
31

2024Q4
1,261
804
397
270
199
193
190
66
29

Fourth Calendar Quarter 2024

Analytics Office

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

2022Q4
808
939
516
703
254
105
33
54
6

2023Q1
883
1,067
560
705
260
124
41
55
9

2023Q2
932
1,180
639
808
219
122
47
58
16

2023Q3
869
1,245
621
755
219
121
50
43
17

2023Q4
950
844
728
1,349
230
119
74
38
15

2024Q1
1,062
1,377
815
886
241
136
60
47
1

2024Q2
1,182
1,349
769
943
257
138
65
49
2

2024Q3
1,398
1,328
1,154
1,030
310
149
55
50
3

2024Q4
1,492
1,438
1,066
956
314
158
55
42
4

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

2022Q4
5,654
1,814
3,241
1,370
988
842
251
98
74

2023Q1
4,989
2,018
3,307
1,425
930
868
265
95
103

2023Q2
5,510
2,346
3,242
1,018
1,317
891
267
115
93

2023Q3
5,611
2,340
3,471
1,008
1,285
844
294
119
86

40

2023Q4
5,956
3,799
2,328
979
832
804
270
101
46

2024Q1
6,187
2,717
3,441
1,139
1,208
842
308
71
50

2024Q2
5,829
3,224
3,718
1,343
1,409
861
345
74
46

2024Q3
6,809
3,644
3,187
2,072
1,277
1,061
340
73
54

2024Q4
6,266
3,211
2,957
2,199
1,348
1,000
341
60
45

Fourth Calendar Quarter 2024

8.4

Analytics Office

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

2022Q4
4.9
5.9
3.5
1.6
1.5
1.7
1.5
1.3
1.3

2023Q1
5.0
5.8
3.6
1.6
1.6
1.7
1.5
1.4
1.3

2023Q2
5.5
6.2
3.9
1.7
1.5
1.8
1.4
1.4
1.3

2023Q3
5.7
6.2
4.0
1.7
1.7
1.7
1.4
1.6
1.3

2023Q4
5.8
6.9
3.9
1.7
1.5
1.7
1.5
1.6
1.3

2024Q1
6.4
6.6
4.3
1.7
1.9
1.8
1.4
1.3
1.2

2024Q2
6.5
7.3
5.2
1.7
1.9
1.7
1.5
1.3
1.3

2024Q3
7.5
7.2
4.4
1.9
2.5
1.7
1.5
1.3
1.3

2024Q4
7.3
7.2
4.5
2.0
1.9
1.8
1.6
1.4
1.3

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

2022Q4
34.4
21.3
14.3
14.0
3.5
3.2
2.9
3.0
1.8

2023Q1
34.3
23.1
12.1
14.1
3.6
3.4
2.7
3.7
2.1

2023Q2
38.4
25.5
17.1
14.8
3.1
3.5
2.7
3.8
2.1

2023Q3
39.4
25.4
18.6
15.6
3.1
3.4
2.7
3.8
1.9

2023Q4
41.5
27.4
14.8
14.1
3.1
3.4
2.7
3.6
1.8

2024Q1
45.8
26.5
22.1
16.5
3.2
3.6
2.6
3.0
1.7

2024Q2
44.7
30.6
24.9
22.8
3.3
3.5
2.7
3.0
1.7

2024Q3
50.5
31.4
26.4
17.4
4.4
3.5
3.0
3.2
1.7

2024Q4
48.1
29.3
22.5
18.1
4.6
3.6
3.2
3.0
1.7

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

2022Q4
49.3
45.7
30.5
23.5
13.9
11.5
9.8
8.9
6.1

2023Q1
39.9
43.1
27.3
25.9
12.3
9.5
8.1
8.5
7.9

2023Q2
38.8
41.4
25.7
26.6
11.0
9.0
8.4
7.4
12.0

2023Q3
45.3
42.0
26.0
25.4
11.3
8.7
7.5
7.2
12.4

41

2023Q4
44.0
39.8
20.6
25.4
11.2
8.6
7.7
6.1
1.5

2024Q1
41.4
33.6
24.9
25.5
9.2
8.6
6.9
5.8
1.1

2024Q2
45.1
35.3
25.1
23.5
9.5
8.3
7.4
5.2
1.0

2024Q3
38.6
33.4
23.8
22.9
9.4
8.2
7.1
5.6
1.1

2024Q4
50.7
35.4
25.3
22.9
10.6
8.3
7.1
6.0
1.7

Fourth Calendar Quarter 2024

8.5

Analytics Office

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

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

Dec
2023
4,091
2,140
1,612
1,629
1,040
888
868
521
381
451
332
244
191
223
198
195
175
162
174
171
148
121
139
129
123
65
63
67
53
33
40
17
12
8
4

Jan
2024
4,061
2,350
1,646
1,621
1,126
873
906
500
427
408
303
242
203
220
202
183
163
171
177
74
134
138
134
115
148
72
63
61
59
35
39
16
12
8
4

Feb
2024
3,992
2,478
1,594
1,706
1,160
968
917
498
430
431
303
251
194
221
192
185
149
188
169
74
133
131
138
124
157
80
63
57
52
35
40
15
12
8
4

Mar
2024
4,029
2,397
1,632
1,774
1,128
963
853
540
470
423
346
264
235
225
192
199
147
178
171
167
153
128
144
132
145
83
64
64
51
36
41
16
11
9
4

Apr
2024
4,017
2,653
1,528
1,716
1,150
968
876
506
481
422
296
256
323
219
185
183
147
191
166
69
137
333
138
118
141
88
62
60
48
35
38
15
13
8
4

42

May
2024
4,104
2,918
1,607
1,760
1,173
1,034
928
509
495
429
302
264
389
225
188
183
148
202
184
69
136
134
147
121
155
89
64
59
49
34
40
16
14
8
4

Jun
2024
4,043
2,654
1,719
1,794
1,085
965
877
551
495
440
345
265
314
224
196
199
152
204
184
163
158
130
147
123
143
80
62
68
53
35
41
17
14
8
4

Jul
2024
4,395
3,161
1,929
1,765
1,119
1,072
1,077
531
514
451
316
275
226
225
211
197
147
209
213
72
138
131
147
124
160
77
67
70
57
37
40
17
14
10
5

Aug
2024
4,713
3,116
1,995
1,775
1,146
1,099
1,043
531
524
469
320
275
223
224
228
199
154
263
216
72
142
146
145
118
170
79
66
64
69
37
40
17
15
11
5

Sep
2024
4,850
2,798
2,041
1,843
1,150
1,065
1,122
630
542
490
343
282
230
231
236
208
171
187
234
161
164
180
149
130
144
82
70
66
75
39
42
17
14
11
5

Oct
2024
4,651
2,994
1,983
1,814
1,143
1,166
1,078
513
516
459
319
276
250
225
214
193
169
181
221
75
145
199
143
123
149
87
69
66
60
39
40
16
14
11
5

Nov
2024
4,768
3,428
2,007
1,945
1,138
1,276
1,057
516
501
521
323
304
234
227
209
198
180
205
213
76
146
169
153
126
124
94
68
64
58
42
40
16
15
13
5

Dec
2024
4,425
2,557
2,017
1,931
1,077
1,075
936
567
474
447
369
296
233
219
216
211
202
199
198
167
162
160
146
129
116
89
73
67
61
45
42
16
15
13
5

Fourth Calendar Quarter 2024

Analytics Office

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

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

Dec
2023
4,036
1,567
1,259
815
1,804
858
926
4
446
158
5
119
160
71
45
0
***
97
92
***
15
98
2
24
108
55
17
20
27
0
4
0
0
0
0

Jan
2024
4,156
1,772
1,374
810
1,959
849
962
1
452
148
9
113
182
72
49
0
0
107
89
***
15
110
2
23
126
65
18
19
35
0
4
***
0
0
0

Feb
2024
4,241
1,845
1,347
851
1,933
928
995
1
453
147
9
118
177
72
43
0
0
115
92
***
14
121
2
24
151
71
18
17
32
0
4
***
0
0
0

Mar
2024
4,284
1,830
1,348
891
1,836
921
976
1
492
163
9
122
183
74
42
0
0
116
85
***
15
107
2
25
150
84
19
20
31
0
4
***
0
0
0

Apr
2024
4,331
1,920
1,263
879
1,904
946
1,009
1
488
145
8
119
217
76
37
***
0
138
92
***
15
116
2
25
149
77
20
19
25
0
4
0
4
0
0

43

May
2024
4,566
2,039
1,333
909
2,004
1,009
1,032
1
509
158
9
120
225
80
38
***
0
137
92
***
15
114
2
26
155
88
20
15
21
0
4
0
4
0
0

Jun
2024
4,353
1,998
1,372
904
2,013
966
955
1
568
190
9
119
213
77
43
0
0
155
77
***
15
98
2
27
152
75
20
19
22
0
4
***
4
0
0

Jul
2024
4,473
2,307
1,598
906
2,233
1,041
1,125
1
579
161
10
121
216
81
47
***
0
151
90
***
14
64
2
28
180
66
18
21
22
0
4
0
5
0
0

Aug
2024
4,473
2,209
1,632
919
2,292
1,055
1,091
2
573
196
10
129
202
80
52
***
0
177
88
***
15
68
2
28
172
69
19
20
31
0
4
0
6
0
0

Sep
2024
4,566
2,003
1,670
934
2,493
1,036
1,176
4
600
174
11
127
194
81
56
0
0
110
94
***
15
75
2
28
161
73
19
22
33
0
4
***
6
0
0

Oct
2024
4,733
2,031
1,703
891
2,422
1,090
1,179
1
564
172
11
128
204
88
54
0
0
120
104
***
15
78
2
28
176
73
21
23
29
0
4
***
5
0
0

Nov
2024
4,818
2,485
1,608
955
2,358
1,153
1,191
1
583
223
11
146
184
90
55
***
0
144
97
***
15
87
2
28
171
83
21
22
35
0
5
0
5
0
0

Dec
2024
4,491
1,904
1,586
927
2,299
1,069
1,048
2
533
187
12
138
185
93
67
0
0
129
88
***
15
73
2
30
161
80
29
23
37
0
***
0
4
0
0

Fourth Calendar Quarter 2024

8.6

Analytics Office

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

Open Positions
Less than 10
[10,100)
[100,500)
[500,1000)
[1000,2500)
2500 or more

Dec
2023
295
1,053
1,317
331
363
902

Jan
2024
444
1,046
1,309
300
379
929

Feb
2024
438
1,056
1,304
295
383
932

Mar
2024
301
1,098
1,372
305
384
948

Apr
2024
524
1,063
1,273
293
392
918

May
2024
525
1,058
1,274
299
388
919

Jun
2024
378
1,091
1,364
316
389
925

Jul
2024
533
1,104
1,355
284
407
946

Aug
2024
518
1,103
1,373
278
408
951

Sep
2024
362
1,171
1,398
311
435
954

Oct
2024
509
1,080
1,328
289
435
934

Nov
2024
501
1,061
1,338
296
434
946

Dec
2024
346
1,118
1,415
305
431
959

Table 8.19: Number of Qualifying Hedge Funds with Open Positions
As reported on Form PF, Questions 9, 10, and 34. See the appendix for a review of interval notation
used here.

Open Positions
Less than 10
[10,100)
[100,500)
[500,1000)
[1000,2500)
2500 or more

Dec
2023
260
660
669
187
162
173

Jan
2024
324
617
654
174
155
168

Feb
2024
319
624
651
174
154
170

Mar
2024
242
662
686
169
157
176

Apr
2024
320
573
624
160
159
170

May
2024
321
575
620
161
158
171

Jun
2024
233
625
652
168
154
174

Jul
2024
336
589
629
164
159
177

Aug
2024
337
587
638
155
157
181

Sep
2024
245
634
668
159
166
183

Oct
2024
346
574
621
161
173
184

Nov
2024
346
566
619
165
175
187

Dec
2024
256
607
665
168
169
193

Table 8.20: Aggregate Net Assets of Qualifying Hedge Funds with Open
Positions that Represent Five Percent or More of Net Assets
($ Billions)
As reported on Form PF, Questions 9, 10, and 35. See the appendix for a review of interval notation
used here.

Large Open Positions
None
Less than 5
[5,10)
[10,25)
25 or more

Dec
2023
1,100
1,700
916
354
190

Jan
2024
1,376
1,599
916
310
207

Feb
2024
1,358
1,570
957
330
192

Mar
2024
1,121
1,816
929
337
205

Apr
2024
1,386
1,730
858
285
204

May
2024
1,391
1,732
843
285
213

Jun
2024
1,112
1,822
1,000
325
204

Jul
2024
1,443
1,701
1,025
243
217

Aug
2024
1,435
1,727
904
329
234

Sep
2024
1,175
1,812
1,128
280
236

Oct
2024
1,400
1,731
960
287
197

Nov
2024
1,324
1,741
1,033
274
203

Dec
2024
1,045
1,846
1,136
339
209

Table 8.21: Number of Qualifying Hedge Funds with Open Positions that
Represent Five Percent or More of Net Assets
As reported on Form PF, Questions 9, 10, and 35. See the appendix for a review of interval notation
used here.

Large Open Positions
None
Less than 5
[5,10)
[10,25)
25 or more

Dec
2023
550
893
467
152
49

Jan
2024
646
831
429
128
58

Feb
2024
639
811
458
125
59

Mar
2024
526
888
480
135
63

Apr
2024
624
773
418
130
61

May
2024
626
768
419
131
62

44

Jun
2024
501
850
445
151
59

Jul
2024
647
798
420
125
64

Aug
2024
644
800
409
139
63

Sep
2024
523
856
457
155
64

Oct
2024
673
780
401
145
60

Nov
2024
642
807
409
140
60

Dec
2024
520
850
476
155
57

Fourth Calendar Quarter 2024

8.7

Analytics Office

Liquidity
Table 8.22: Investor Liquidity for Qualifying Hedge Funds (Percent of
Aggregate NAV)
As reported on Form PF, Questions 9 and 50.
Liquidation Period
At most 1 day
At most 7 days
At most 30 days
At most 90 days
At most 180 days
At most 365 days

2022Q4
5.6
8.1
18.5
37.8
45.5
58.5

2023Q1
5.4
7.5
18.5
34.5
45.4
56.7

2023Q2
5.6
7.7
17.8
34.1
44.3
56.5

2023Q3
5.4
7.5
17.1
33.3
44.9
55.3

2023Q4
6.0
8.1
17.8
33.5
43.6
55.6

2024Q1
5.9
7.8
17.7
33.3
44.0
56.7

2024Q2
7.3
9.2
18.3
34.1
44.8
57.9

2024Q3
7.4
9.5
18.6
34.5
45.9
57.4

2024Q4
7.4
9.4
18.7
36.9
44.6
57.2

Table 8.23: Portfolio Liquidity for Qualifying Hedge Funds (Percent of
Aggregate NAV)
As reported on Form PF, Questions 9, 26, 30, and 32.
Liquidation Period
At most 1 day
At most 7 days
At most 30 days
At most 90 days
At most 180 days
At most 365 days

2022Q4
32.3
49.5
60.3
66.5
71.8
77.9

2023Q1
31.6
49.1
59.2
65.2
70.8
76.5

2023Q2
31.4
49.2
59.7
65.7
70.7
76.7

2023Q3
30.5
48.5
58.3
64.4
69.5
75.7

2023Q4
30.9
48.9
59.1
65.3
70.0
76.2

2024Q1
31.0
48.9
59.3
65.3
70.0
76.1

2024Q2
31.4
49.1
59.4
65.1
69.8
75.9

2024Q3
31.1
48.8
59.1
65.0
69.6
76.0

2024Q4
31.5
49.5
59.7
65.4
69.9
76.1

Table 8.24: Restrictions on Qualifying Hedge Fund Assets ($ Billions)
As reported on Form PF, Questions 48 and 49.
Type
May Suspend
May Have Gates
Gated
Side-Pocketed
Suspended

2022Q4
2,506
1,735
81
90
20

2023Q1
2,570
1,764
80
87
22

2023Q2
2,582
1,770
82
90
23

2023Q3
2,581
1,765
76
86
20

45

2023Q4
2,558
1,742
84
89
17

2024Q1
2,664
1,823
93
95
16

2024Q2
2,679
1,836
87
89
17

2024Q3
2,784
1,858
102
90
23

2024Q4
2,789
1,829
105
96
25

Fourth Calendar Quarter 2024

Analytics Office

Table 8.25: Aggregate Net Assets of Qualifying Hedge Funds by Percent of
NAV Side-Pocketed ($ Billions)
As reported on Form PF, Questions 9 and 48(a). See the appendix for a review of interval notation
used here.
Percent of NAV
0%
(0%,25%]
(25%,50%]
(50%,100%]

2022Q4
3,382
295
70
57

2023Q1
3,458
307
72
55

2023Q2
3,515
292
89
55

2023Q3
3,554
293
76
55

2023Q4
3,553
295
71
61

2024Q1
3,677
303
73
65

2024Q2
3,699
291
72
57

2024Q3
3,839
313
70
58

2024Q4
3,792
289
84
61

Table 8.26: Number of Qualifying Hedge Funds by Percent of NAV SidePocketed
As reported on Form PF, Questions 9 and 48(a). See the appendix for a review of interval notation
used here.
Percent of NAV
0%
(0%,25%]
(25%,50%]
(50%,100%]

2022Q4
1,941
102
22
13

2023Q1
1,913
105
19
13

2023Q2
1,961
98
23
13

2023Q3
1,966
104
22
13

46

2023Q4
1,969
105
20
17

2024Q1
1,951
104
18
19

2024Q2
1,868
105
19
14

2024Q3
1,921
105
16
13

2024Q4
1,926
98
23
11

Fourth Calendar Quarter 2024

8.8

Analytics Office

Borrowings
Table 8.27: Borrowings of Qualifying Hedge Funds ($ Billions)
As reported on Form PF, Question 43.

Type
Secured
Unsecured
Total

Dec
2023
2,086
1,769
548
4,402
35
4,438

Subtype
Prime Broker
Reverse Repo
Other Secured
Subtotal
Subtotal
Total

Jan
2024
2,077
1,948
509
4,534
29
4,563

Feb
2024
2,190
1,944
505
4,639
29
4,667

Mar
2024
2,312
1,825
550
4,687
43
4,730

Apr
2024
2,257
1,882
509
4,649
23
4,672

May
2024
2,361
1,989
516
4,865
23
4,888

Jun
2024
2,338
1,974
550
4,862
33
4,895

Jul
2024
2,416
2,188
488
5,093
23
5,116

Aug
2024
2,447
2,267
494
5,208
23
5,231

Sep
2024
2,533
2,470
546
5,549
33
5,582

Oct
2024
2,442
2,399
511
5,352
25
5,376

Nov
2024
2,620
2,286
524
5,430
26
5,456

Dec
2024
2,603
2,237
566
5,405
34
5,439

Table 8.28: Percent of Aggregate Qualifying Hedge Fund Prime Broker
Borrowings Reported by Top Qualfiying Hedge Funds Sorted by
Prime Broker Borrowings
As reported on Form PF, Question 43.

Top 10
Top 25
Top 50
Top 100
Top 250

Dec
2023
37.6
57.3
71.9
83.6
95.5

Jan
2024
37.9
56.7
71.4
83.0
95.3

Feb
2024
38.6
57.7
71.4
82.8
95.2

Mar
2024
39.3
58.0
71.5
83.0
95.2

Apr
2024
37.4
56.3
70.4
82.5
95.1

May
2024
37.7
56.0
70.0
82.4
95.1

Jun
2024
38.0
56.1
70.3
82.7
95.1

Jul
2024
36.9
55.2
69.5
82.2
95.0

Aug
2024
37.4
56.1
69.6
82.2
95.1

Sep
2024
37.3
56.0
69.9
82.1
95.0

Oct
2024
37.7
56.4
70.0
82.0
94.8

Nov
2024
37.4
56.0
69.8
81.9
95.0

Dec
2024
37.8
57.0
71.2
82.8
95.2

Table 8.29: Percent of Aggregate Qualifying Hedge Fund Reverse Repo
Borrowing Reported by Top Qualfiying Hedge Funds Sorted by
Reverse Repo Borrowing
As reported on Form PF, Question 43.

Top 10
Top 25
Top 50
Top 100
Top 250

Dec
2023
61.7
85.5
93.8
98.0
99.9

Jan
2024
59.4
85.3
93.8
98.2
100.0

Feb
2024
59.1
84.9
93.7
98.3
100.0

Mar
2024
57.8
83.0
92.9
98.1
100.0

Apr
2024
59.6
84.3
93.7
98.3
100.0

May
2024
60.5
85.0
93.9
98.5
100.0

Jun
2024
59.6
83.8
93.6
98.4
100.0

47

Jul
2024
58.2
82.9
93.6
98.3
100.0

Aug
2024
60.0
84.2
93.9
98.5
100.0

Sep
2024
58.1
82.5
93.6
98.4
100.0

Oct
2024
58.2
82.3
92.8
98.1
100.0

Nov
2024
62.2
84.7
93.4
98.2
100.0

Dec
2024
57.7
81.6
92.5
98.0
100.0

Fourth Calendar Quarter 2024

Analytics Office

Table 8.30: Aggregate Collateral for Secured Borrowings of Qualifying
Hedge Funds ($ Billions)
As reported on Form PF, Question 43.

Borrowing Type
Total Secured

Prime Broker

Reverse Repo

Other Secured

Collateral Type
Non-Cash
Cash
Subtotal
Non-Cash
Cash
Subtotal
Non-Cash
Cash
Subtotal
Non-Cash
Cash
Subtotal

Dec
2023
3,403
1,591
4,994
1,698
766
2,464
1,151
672
1,822
555
153
708

Jan
2024
3,462
1,623
5,086
1,740
760
2,500
1,241
715
1,956
481
149
630

Feb
2024
3,549
1,689
5,238
1,834
810
2,644
1,225
734
1,959
490
145
635

Mar
2024
3,623
1,662
5,285
1,895
840
2,735
1,152
686
1,838
575
136
712

Apr
2024
3,544
1,657
5,201
1,831
808
2,639
1,206
706
1,912
507
144
650

May
2024
3,769
1,725
5,494
1,942
850
2,792
1,289
735
2,024
537
140
677

Jun
2024
3,855
1,664
5,518
1,927
840
2,766
1,304
690
1,994
624
134
758

Jul
2024
3,988
1,788
5,776
2,005
873
2,878
1,434
792
2,226
549
123
672

Aug
2024
4,025
1,861
5,886
2,017
927
2,943
1,473
828
2,300
536
107
642

Sep
2024
4,323
1,943
6,266
2,076
919
2,994
1,608
900
2,509
639
124
763

Oct
2024
4,126
1,893
6,019
2,039
870
2,909
1,531
895
2,426
556
128
684

Nov
2024
4,108
1,989
6,097
2,161
927
3,088
1,397
937
2,334
549
126
676

Dec
2024
4,063
1,950
6,013
2,115
916
3,031
1,364
902
2,265
584
133
718

Table 8.31: Aggregate Borrowing of Qualifying Hedge Funds by Collateral
to Borrowing Ratio ($ Billions)
As reported on Form PF, Question 43. See the appendix for a review of interval notation used here.

Borrowing Type
Prime Broker

Reverse Repo

Other Secured

Total Secured

Ratio
Less than 100%
[100%,105%)
More than 105%
Less than 100%
[100%,105%)
More than 105%
Less than 100%
[100%,105%)
More than 105%
Less than 100%
[100%,105%)
More than 105%

Dec
2023
569
114
1,403
100
1,450
218
326
52
170
1,281
1,382
1,740

Jan
2024
463
87
1,527
187
1,656
105
231
142
136
1,317
1,604
1,613

Feb
2024
515
129
1,547
334
1,502
108
147
216
141
1,521
1,593
1,524

Mar
2024
514
142
1,656
632
1,070
122
236
142
172
1,772
1,217
1,698

Apr
2024
560
213
1,485
801
892
189
200
166
143
1,447
1,654
1,548

May
2024
552
208
1,600
371
1,497
121
202
170
144
1,531
1,565
1,769

Jun
2024
574
182
1,583
484
1,363
127
223
151
176
1,532
1,708
1,622

Jul
2024
549
207
1,661
156
1,944
88
177
172
139
1,490
1,796
1,807

Aug
2024
564
213
1,671
508
1,640
119
270
76
147
1,835
1,497
1,876

Sep
2024
711
421
1,401
650
1,575
245
206
162
178
1,697
1,771
2,080

Oct
2024
665
367
1,410
746
1,452
201
200
161
150
1,705
1,619
2,027

Nov
2024
610
635
1,375
354
1,697
235
232
147
145
1,610
2,019
1,801

Dec
2024
720
404
1,479
570
1,463
203
237
149
180
1,710
1,617
2,079

Table 8.32: Number of Qualifying Hedge Funds by Collateral to Borrowing
Ratio
As reported on Form PF, Question 43. See the appendix for a review of interval notation used here.

Borrowing Type
Prime Broker

Reverse Repo

Other Secured

Total Secured

Ratio
Less than 100%
[100%,105%)
More than 105%
Less than 100%
[100%,105%)
More than 105%
Less than 100%
[100%,105%)
More than 105%
Less than 100%
[100%,105%)
More than 105%

Dec
2023
159
139
392
35
102
181
189
67
256
306
201
665

Jan
2024
135
157
404
51
95
142
131
66
223
241
226
639

Feb
2024
142
142
407
58
91
143
130
67
216
253
200
642

Mar
2024
138
147
408
48
101
142
149
72
249
272
216
666

Apr
2024
139
150
416
60
91
137
136
72
221
255
216
652

48

May
2024
135
147
411
51
99
137
134
75
222
249
223
644

Jun
2024
137
143
424
54
88
137
154
74
248
273
221
674

Jul
2024
148
130
422
50
100
136
136
82
230
261
222
655

Aug
2024
148
139
408
53
95
136
135
78
220
260
227
637

Sep
2024
146
146
415
56
98
136
158
80
248
285
231
667

Oct
2024
156
133
424
70
83
140
152
73
217
282
209
659

Nov
2024
163
133
407
50
102
144
153
73
222
274
218
651

Dec
2024
153
150
409
59
101
135
163
86
249
282
235
681

Fourth Calendar Quarter 2024

Analytics Office

Table 8.33: Financing Liquidity for Qualifying Hedge Funds (Percent of
Available Financing)
As reported on Form PF, Questions 46.
Liquidation Period
At most 1 day
At most 7 days
At most 30 days
At most 90 days
At most 180 days
At most 365 days

2022Q4
25.3
41.4
61.7
75.4
91.9
94.0

2023Q1
28.6
48.0
63.9
76.5
92.8
94.7

2023Q2
28.1
48.6
63.8
77.4
92.8
94.6

2023Q3
25.5
50.0
64.8
78.4
92.6
94.7

2023Q4
26.4
44.7
65.3
78.8
93.5
95.4

2024Q1
31.1
48.6
64.5
78.1
93.6
95.3

2024Q2
37.0
49.5
65.3
78.4
93.7
95.5

2024Q3
39.3
52.0
67.4
78.8
93.2
94.9

2024Q4
25.4
46.3
66.4
78.3
93.3
95.0

Table 8.34: Aggregate Borrowing by Creditor Type (Percent)
As reported on Form PF, Question 43 (Third Month).
Creditor Type
US Financial
Non-US Financial
US Non-Financial
Non-US Non-Financial

2022Q4
63.7
35.2
1.0
0.1

2023Q1
63.2
35.9
0.8
0.0

2023Q2
63.5
35.8
0.7
0.0

2023Q3
62.4
36.9
0.6
0.1

2023Q4
61.1
38.3
0.5
0.0

2024Q1
65.0
34.2
0.7
0.1

2024Q2
64.8
34.4
0.7
0.1

2024Q3
61.8
37.4
0.7
0.1

2024Q4
63.6
35.7
***
***

Table 8.35: Aggregate Borrowing of Qualifying Hedge Funds Reporting
Major Creditors, Bucketed by Number of Creditors to which
the Fund Owes Five Percent or More of Net Assets ($
Billions)
As reported on Form PF, Question 43 and 47. See the appendix for a review of interval notation used
here.
Creditors Reported
None
1
2
3
4
[5,10)
10 or more

2022Q4
234
117
182
316
174
765
1,722

2023Q1
249
125
307
229
164
723
1,993

2023Q2
255
128
370
191
239
752
2,169

2023Q3
239
133
183
367
199
804
2,314

2023Q4
271
131
176
389
254
882
2,575

2024Q1
287
130
171
415
269
884
2,820

2024Q2
114
129
173
466
260
1,195
2,798

2024Q3
129
137
186
368
415
1,043
3,572

2024Q4
141
120
214
458
280
1,066
3,356

Table 8.36: Number of Qualifying Hedge Funds Reporting Major Creditors,
Bucketed by Number of Creditors to which the Fund Owes Five
Percent or More of Net Assets
As reported on Form PF, Question 43 and 47. See the appendix for a review of interval notation used
here.
Creditors Reported
None
1
2
3
4
[5,10)
10 or more

2022Q4
413
301
199
139
83
122
36

2023Q1
405
309
203
128
86
112
40

2023Q2
411
290
224
128
91
110
44

2023Q3
415
316
185
142
94
105
48

49

2023Q4
395
319
179
148
87
107
47

2024Q1
427
295
177
155
89
95
53

2024Q2
413
283
169
147
95
112
50

2024Q3
414
278
174
152
109
114
52

2024Q4
422
274
189
137
105
120
55

Fourth Calendar Quarter 2024

8.9

Analytics Office

Central Clearing
Table 8.37: Qualifying Hedge Funds Using Central Clearing
As reported on Form PF, Questions 9 and 39.
Measure
Percent of Funds
Percent of NAV

2022Q4
12.8
12.2

2023Q1
12.8
12.4

2023Q2
14.0
13.2

2023Q3
14.1
13.2

50

2023Q4
13.8
13.3

2024Q1
13.9
13.0

2024Q2
13.2
11.5

2024Q3
14.0
12.9

2024Q4
13.8
13.4

Fourth Calendar Quarter 2024

8.10

Analytics Office

Value-at-Risk (“VaR”) Reporting
Table 8.38: Number of Qualifying Hedge Funds Using VaR
As reported on Form PF, Questions 40.
VaR Method
VaR (Any Method)
Historical Simulation
Parametric
Monte Carlo Simulation
Other
VaR Not Used

2022Q4
652
280
181
181
54
1,426

2023Q1
626
271
167
181
48
1,424

2023Q2
648
284
171
181
52
1,447

2023Q3
639
285
169
173
52
1,466

2023Q4
630
285
159
172
52
1,481

2024Q1
598
262
157
163
54
1,494

2024Q2
629
258
167
184
56
1,377

2024Q3
648
265
171
187
61
1,407

2024Q4
658
285
176
166
70
1,400

Table 8.39: Aggregate Qualifying Hedge Fund GAV Managed Using VaR ($
Billions)
As reported on Form PF, Questions 8 and 40.
VaR Method
VaR (Any Method)
Historical Simulation
Parametric
Monte Carlo Simulation
Other
VaR Not Used

2022Q4
4,338
2,174
556
945
1,232
3,510

2023Q1
4,448
2,263
560
938
1,246
3,572

2023Q2
4,784
2,500
577
908
1,402
3,678

2023Q3
5,114
2,699
558
922
1,563
3,669

2023Q4
5,422
3,074
535
946
1,574
3,816

2024Q1
5,491
3,074
601
996
1,540
3,977

2024Q2
5,576
3,168
580
1,243
1,340
4,036

2024Q3
6,199
3,573
646
1,093
1,716
4,204

2024Q4
6,077
3,546
639
909
1,824
4,193

Table 8.40: Aggregate Qualifying Hedge Fund NAV Managed Using VaR ($
Billions)
As reported on Form PF, Questions 9 and 40.
VaR Method
VaR (Any Method)
Historical Simulation
Parametric
Monte Carlo Simulation
Other
VaR Not Used

2022Q4
1,363
593
330
373
196
2,443

2023Q1
1,358
595
325
367
205
2,534

2023Q2
1,370
607
329
352
216
2,582

2023Q3
1,369
617
319
341
232
2,609

51

2023Q4
1,343
614
309
338
218
2,639

2024Q1
1,371
614
323
349
231
2,747

2024Q2
1,370
618
318
379
207
2,748

2024Q3
1,420
642
323
372
239
2,860

2024Q4
1,431
671
318
334
272
2,794

Fourth Calendar Quarter 2024

8.11

Analytics Office

Stress Testing and VaR
Table 8.41: Number of Qualifying Hedge Fund Managed Using VaR or Stress
Testing ($ Billions)
As reported on Form PF, Questions 40 and 42.
Risk Tool Used
Stress and VaR
Stress, No VaR
No Stress, VaR
Neither

2022Q4
579
466
73
960

2023Q1
557
469
69
955

2023Q2
578
467
70
980

2023Q3
570
466
69
1,000

2023Q4
554
480
76
1,001

2024Q1
526
433
72
1,061

2024Q2
532
446
97
931

2024Q3
548
456
100
951

2024Q4
556
443
102
957

Table 8.42: Aggregate Qualifying Hedge Fund GAV Managed Using VaR or
Stress Testing ($ Billions)
As reported on Form PF, Questions 8, 40, and 42.
Risk Tool Used
Stress and VaR
Stress, No VaR
No Stress, VaR
Neither

2022Q4
4,111
1,398
227
2,113

2023Q1
4,228
1,386
221
2,186

2023Q2
4,543
1,427
241
2,251

2023Q3
4,798
1,408
316
2,262

2023Q4
5,152
1,486
270
2,330

2024Q1
5,230
1,555
261
2,422

2024Q2
5,308
1,632
268
2,403

2024Q3
5,893
1,759
306
2,445

2024Q4
5,769
1,745
308
2,448

Table 8.43: Aggregate Qualifying Hedge Fund NAV Managed Using VaR or
Stress Testing ($ Billions)
As reported on Form PF, Questions 9, 40, and 42.
Risk Tool Used
Stress and VaR
Stress, No VaR
No Stress, VaR
Neither

2022Q4
1,225
843
138
1,599

2023Q1
1,222
860
136
1,674

2023Q2
1,233
872
137
1,710

2023Q3
1,233
879
136
1,730

52

2023Q4
1,186
913
156
1,725

2024Q1
1,215
953
156
1,794

2024Q2
1,210
997
160
1,751

2024Q3
1,257
1,060
163
1,800

2024Q4
1,269
1,032
163
1,762

Fourth Calendar Quarter 2024

8.12

Analytics Office

Stress Testing
Table 8.44: Number of Qualifying Hedge Funds Stressing Each Market
Factor ($ Billions)
As reported on Form PF, Questions 9 and 42.
Market Factor
Equity Prices
Risk Free Rates
Currency Rates
Credit Spreads
Implied Volatilities
Commodity Prices
Bond Default Rates
ABS Default Rates

2022Q4
858
732
769
657
524
447
288
253

2023Q1
840
718
752
655
512
429
296
258

2023Q2
858
734
772
663
526
441
294
261

2023Q3
845
719
759
653
503
426
276
248

2023Q4
854
722
754
665
512
429
286
266

2024Q1
834
705
673
644
489
409
286
258

2024Q2
849
711
682
645
489
415
276
261

2024Q3
864
722
698
661
489
420
287
263

2024Q4
877
714
705
657
515
438
291
249

Table 8.45: Aggregate GAV of Qualifying Hedge Funds Stressing Each
Market Factor ($ Billions)
As reported on Form PF, Questions 8 and 42.
Market Factor
Equity Prices
Risk Free Rates
Currency Rates
Credit Spreads
Implied Volatilities
Commodity Prices
Bond Default Rates
ABS Default Rates

2022Q4
5,073
4,801
4,531
4,352
3,842
4,002
1,102
938

2023Q1
5,191
4,883
4,622
4,479
3,873
4,078
1,132
1,093

2023Q2
5,538
5,210
4,931
4,775
4,429
4,386
1,240
1,238

2023Q3
5,765
5,441
5,163
4,979
4,591
4,637
1,178
1,134

2023Q4
6,208
5,855
5,536
5,436
5,031
5,039
1,404
1,359

2024Q1
6,379
6,000
5,632
5,523
5,213
5,132
1,547
1,356

2024Q2
6,514
6,122
5,730
5,634
5,331
5,240
1,553
1,503

2024Q3
7,175
6,768
6,369
6,334
5,892
5,806
1,843
1,728

2024Q4
7,070
6,607
6,321
6,170
5,795
5,697
1,935
1,462

Table 8.46: Aggregate NAV of Qualifying Hedge Funds Stressing Each
Market Factor ($ Billions)
As reported on Form PF, Questions 9 and 42.
Market Factor
Equity Prices
Risk Free Rates
Currency Rates
Credit Spreads
Implied Volatilities
Commodity Prices
Bond Default Rates
ABS Default Rates

2022Q4
1,839
1,586
1,596
1,416
1,140
1,115
427
390

2023Q1
1,852
1,593
1,607
1,436
1,124
1,123
443
401

2023Q2
1,876
1,607
1,603
1,447
1,192
1,145
438
415

2023Q3
1,866
1,600
1,608
1,438
1,160
1,139
405
378

53

2023Q4
1,858
1,588
1,593
1,438
1,179
1,127
421
407

2024Q1
1,948
1,642
1,623
1,494
1,215
1,167
459
407

2024Q2
1,979
1,656
1,637
1,505
1,218
1,169
463
416

2024Q3
2,065
1,724
1,726
1,595
1,249
1,214
506
445

2024Q4
2,070
1,707
1,741
1,570
1,285
1,219
529
411

Fourth Calendar Quarter 2024

Analytics Office

Table 8.47: Number of Qualifying Hedge Funds Stressing Market Factors
($ Billions)
As reported on Form PF, Questions 42.
Factors Tested
0
1
2
3
4
5
6
7
8

2022Q4
1,033
206
130
82
100
128
167
82
150

2023Q1
1,024
207
124
81
94
126
159
78
157

2023Q2
1,050
206
124
82
101
134
164
81
153

2023Q3
1,069
209
128
89
101
126
164
73
146

2023Q4
1,077
212
115
85
105
121
165
72
159

2024Q1
1,133
161
110
88
102
123
148
74
153

2024Q2
1,028
167
117
83
110
124
168
62
147

2024Q3
1,051
182
121
83
110
132
155
67
154

2024Q4
1,059
178
123
85
78
131
179
74
151

Table 8.48: Aggregate GAV of Qualifying Hedge Funds Stressing Market
Factors ($ Billions)
As reported on Form PF, Questions 8 and 42.
Factors Tested
0
1
2
3
4
5
6
7
8

2022Q4
2,339
374
417
305
394
778
2,263
346
632

2023Q1
2,407
377
425
308
404
809
2,133
527
632

2023Q2
2,492
385
440
331
406
627
2,458
597
724

2023Q3
2,577
397
448
327
414
663
2,708
598
651

2023Q4
2,600
423
401
331
445
660
2,927
599
852

2024Q1
2,683
425
389
363
364
791
2,952
647
855

2024Q2
2,672
456
413
339
358
825
3,060
504
986

2024Q3
2,751
494
427
370
393
845
3,377
564
1,181

2024Q4
2,756
504
422
404
304
778
3,262
899
940

Table 8.49: Aggregate NAV of Qualifying Hedge Funds Stressing Market
Factors ($ Billions)
As reported on Form PF, Questions 8 and 42.
Factors Tested
0
1
2
3
4
5
6
7
8

2022Q4
1,737
241
262
214
175
264
540
142
232

2023Q1
1,810
246
264
212
168
281
524
149
238

2023Q2
1,847
246
266
217
158
272
553
156
237

2023Q3
1,867
259
277
226
153
274
559
147
218

54

2023Q4
1,882
262
266
217
165
248
566
139
237

2024Q1
1,950
275
252
245
147
275
577
152
243

2024Q2
1,911
299
261
232
159
278
600
131
248

2024Q3
1,963
326
270
245
168
291
597
142
277

2024Q4
1,925
320
263
267
124
273
612
186
257

Fourth Calendar Quarter 2024

Analytics Office

9

Section 3 Liquidity Fund Specific Information6

9.1

Liquidity
Table 9.1: Investor Liquidity for Section 3 Liquidity Funds (Percent of
Aggregate Section 3 Liquidity Fund NAV)
As reported on Form PF, Questions 9 and 61. Reported percentages over 100% are taken as 100%.
Liquidation Period
At most 1 day
At most 7 days
At most 30 days
At most 90 days
At most 180 days
At most 365 days

2022Q4
70.8
93.1
97.2
98.3
99.5
99.7

2023Q1
71.2
92.9
97.3
98.3
99.3
99.7

2023Q2
71.1
92.6
97.0
97.9
99.1
99.8

2023Q3
68.8
93.0
97.0
98.0
99.0
99.8

2023Q4
68.0
93.3
97.3
97.9
98.8
99.8

2024Q1
66.7
92.4
96.9
97.6
98.7
99.7

2024Q2
65.4
92.6
96.9
97.8
99.0
99.6

2024Q3
64.6
92.8
96.9
97.6
98.9
99.7

2024Q4
62.4
92.9
97.1
98.0
98.9
99.7

Table 9.2: Suspensions and Gates of Section 3 Liquidity Funds ($
Billions)
As reported on Form PF, Question 60
Type
May Suspend
May Have Gates
Suspended
Gated

2022Q4
302
275
0
0

2023Q1
294
266
0
0

2023Q2
301
274
0
0

2023Q3
331
299
0
0

2023Q4
334
303
***
***

2024Q1
309
282
0
0

2024Q2
322
291
0
***

2024Q3
345
311
0
0

2024Q4
339
307
0
0

6
Due to revisions effective June 11, 2024, previously published information on Rule 2a-7 compliance has been removed
beginning with the 2024Q2 version of this report. For more information see previously published versions of this report
and Release No. IA-6344.

55

Fourth Calendar Quarter 2024

9.2

Analytics Office

Portfolio Characteristics7
Table 9.3: Weighted-Average Maturity of Section 3 Liquidity Funds
(Days)
As reported on Form PF, Question 53(d).

Statistic
Average WAM
Asset-Weighted WAM

Dec
2023
35.1
44.5

Jan
2024
36.8
48.4

Feb
2024
35.6
47.4

Mar
2024
38.4
50.3

Apr
2024
38.9
44.7

May
2024
39.0
45.3

Jun
2024
38.5
44.6

Jul
2024
39.4
49.6

Aug
2024
35.2
44.8

Sep
2024
34.9
43.5

Oct
2024
39.4
49.1

Nov
2024
36.9
47.0

Dec
2024
28.5
44.6

Table 9.4: Weighted-Average Life of Section 3 Liquidity Funds (Days)
As reported on Form PF, Question 53(e).

Statistic
Average WAL
Asset-Weighted WAL

Dec
2023
44.2
56.1

Jan
2024
52.4
68.3

Feb
2024
52.2
70.2

Mar
2024
54.7
71.9

Apr
2024
54.1
70.6

May
2024
53.8
70.0

Jun
2024
53.3
66.7

Jul
2024
54.1
71.0

Aug
2024
50.2
65.2

Sep
2024
54.3
65.2

Oct
2024
59.5
73.5

Nov
2024
55.9
70.6

Dec
2024
47.2
67.8

Table 9.5: Seven-Day Gross Yield of Section 3 Liquidity Funds (Percent)
As reported on Form PF, Question 53(f).

Statistic
Average Gross Yield
Asset-Weighted Gross Yield

Dec
2023
5.2
5.3

Jan
2024
5.6
5.3

Feb
2024
5.6
5.2

Mar
2024
5.2
5.2

Apr
2024
5.7
5.2

May
2024
5.7
5.2

Jun
2024
5.3
5.2

Jul
2024
5.6
5.2

Aug
2024
5.2
5.2

Sep
2024
5.7
5.0

Oct
2024
4.8
4.8

Nov
2024
4.6
4.5

Dec
2024
4.1
4.5

Table 9.6: Ratio of Daily Liquid Assets to Net Asset Value for Section
3 Liquidity Funds (Percent)
As reported on Form PF, Question 53(g). Ratios are capped at 100%.

Statistic
Average DLA
Asset-Weighted DLA

Dec
2023
51.4
46.8

Jan
2024
53.2
46.7

Feb
2024
54.7
48.4

Mar
2024
53.7
46.8

Apr
2024
57.3
50.0

May
2024
58.3
50.3

Jun
2024
56.4
49.2

Jul
2024
57.4
48.7

Aug
2024
55.8
49.0

Sep
2024
52.0
45.9

Oct
2024
55.3
46.2

Nov
2024
55.4
48.7

Dec
2024
49.7
45.7

Table 9.7: Ratio of Weekly Liquid Assets to Net Asset Value for Section
3 Liquidity Funds (Percent)
As reported on Form PF, Question 53(h). Ratios are capped at 100%.

Statistic
Average WLA
Asset-Weighted WLA

Dec
2023
59.4
60.2

Jan
2024
61.1
58.9

Feb
2024
61.6
59.9

Mar
2024
61.6
61.0

Apr
2024
65.9
63.0

May
2024
66.0
62.4

Jun
2024
64.1
63.7

Jul
2024
62.0
60.1

Aug
2024
61.2
61.4

Sep
2024
58.8
58.5

Oct
2024
64.3
59.1

Nov
2024
65.4
60.3

Dec
2024
60.0
60.6

7
With revisions effective June 11, 2024, Liquidity Fund Advisers are required to calculate WAM and WAL based on
the percentage of each security’s market value in the portfolio. For more information see the Form PF Glossary of Terms
and Release No. IA-6344.

56

Fourth Calendar Quarter 2024

9.3

Analytics Office

Methods of Calculating NAV8
Table 9.8: NAV Calculation Method (Percent of Section 3 Liquidity
Funds)
As reported on Form PF, Question 52. For Form PF filings made prior to June 11, 2024, calculations
were based on responses indicating whether the reporting fund utilized the amortized cost method of
valuation or the penny rounding method of pricing in computing its net asset value. On or after June
11, 2024, calculations are based on responses indicating whether the reporting fund seeks to
maintain a stable price per share.
Type
Stable
Floating

2022Q4
70.6
29.4

2023Q1
70.6
29.4

2023Q2
70.6
29.4

2023Q3
70.6
29.4

2023Q4
70.6
29.4

2024Q1
71.4
28.6

2024Q2
59.6
40.4

2024Q3
53.8
46.2

2024Q4
60.8
39.2

Table 9.9: NAV Calculation Method (Percent of Section 3 Liquidity Fund
Aggregate NAV)
As reported on Form PF, Questions 9 and 52. For Form PF filings made prior to June 11, 2024,
calculations were based on responses indicating whether the reporting fund utilized the amortized
cost method of valuation or the penny rounding method of pricing in computing its net asset value.
On or after June 11, 2024, calculations are based on responses indicating whether the reporting fund
seeks to maintain a stable price per share.
Type
Stable
Floating

2022Q4
65.6
34.4

2023Q1
68.5
31.5

2023Q2
68.8
31.2

2023Q3
63.4
36.6

2023Q4
66.1
33.9

8

2024Q1
65.4
34.6

2024Q2
80.1
19.9

2024Q3
79.4
20.6

2024Q4
83.3
16.7

For Form PF filings made prior to June 11, 2024, calculations were based on responses indicating whether the reporting
fund utilized the amortized cost method of valuation or the penny rounding method of pricing in computing its net asset
value. On or after June 11, 2024, calculations are based on responses indicating whether the reporting fund seeks to
maintain a stable price per share. For more information see Appendix 11.4 and Release No. IA-6344.

57

Fourth Calendar Quarter 2024

9.4

Analytics Office

Aggregate Portfolio Holdings9
Table 9.10: Aggregate Product Exposures of Section 3 Liquidity Funds ($
Billions)
As reported on Form PF, Question 62.

Investment Type
U.S. Treasuries
Deposits
Repo - Govt. Collateral
Commercial Paper
Other
Asset-Backed Securities
Repo - Other Collateral
U.S. Govt. Debt
Municipal Debt

Dec
2023
96.4
78.6
64.8
47.0
22.4
18.6
13.9
4.1
0.6

Jan
2024
86.4
87.2
65.5
48.7
21.8
18.2
14.4
***
***

Feb
2024
93.1
86.4
60.0
46.7
19.7
16.2
***
3.0
***

Mar
2024
89.6
76.6
56.2
45.2
22.8
16.5
***
3.1
***

Apr
2024
81.1
77.7
58.9
47.1
24.6
17.7
15.8
2.0
0.6

May
2024
81.8
83.2
63.4
49.7
23.9
18.3
14.9
2.1
0.6

Jun
2024
82.3
74.7
68.8
51.2
23.8
19.6
***
2.1
***

Jul
2024
82.4
84.3
59.0
50.2
23.9
19.9
***
2.4
***

Aug
2024
85.6
85.9
62.3
51.7
22.6
20.5
***
2.5
***

Sep
2024
90.2
82.1
61.3
58.4
30.0
21.3
***
3.5
***

Oct
2024
87.2
83.2
61.0
50.6
31.3
20.2
***
3.0
***

Nov
2024
90.5
89.5
61.5
46.3
31.3
20.7
***
2.3
***

Dec
2024
86.1
76.2
66.2
44.0
37.0
20.0
***
2.7
***

9
Note that prior to 2016Q2, portfolio holdings were reported on a quarterly, rather than monthly, frequency. For more
information see Appendix 11.4 and Release No. IA-3879.

58

Fourth Calendar Quarter 2024

Analytics Office

10

Section 4 Private Equity Fund Specific Information10

10.1

Portfolio Company Industry Concentration
Table 10.1: Gross Assets, by Portfolio Company Industry (Percent of
Total Section 4 Private Equity Fund GAV)
As reported on Form PF, Questions 8 and 80.

Industry
Software Publishers
Computing Infrastructure...
Custom Computer Programming...
Insurance Agencies and Brokerages
Other Financial Vehicles
Computer Systems Design Services
All Other Professional,...
Other Computer Related Services
Offices of Physicians
Consumer Lending
Engineering Services
Lessors of Nonresidential Buildings
Natural Gas Distribution
Full-Service Restaurants
Offices of Other Holding Companies
Home Health Care Services
Hotels and Motels
Commercial Banking
Other Activities Related to Real...
Lessors of Residential Buildings...
Real Estate Credit
Offices of Dentists
Marketing Research and Public...
Supermarkets and Other Grocery...

2013Q4
2.8
2.9
0.9
0.9
0.4
0.5
0.4
0.4
0.2
0.3
0.3
0.8
0.5
0.5
0.3
0.4
0.7
1.8
0.4
0.3
0.5
0.2
0.2
0.8

2014Q4
3.8
2.3
1.0
1.0
0.4
0.8
0.6
0.4
0.2
0.6
0.2
0.8
0.4
0.9
0.3
0.3
0.7
1.1
0.5
0.4
0.4
0.2
0.2
0.5

2015Q4
4.9
1.8
1.5
1.0
0.6
0.6
0.6
0.5
0.3
0.8
0.4
0.8
0.6
0.7
0.6
0.3
0.6
0.9
0.3
0.4
0.9
0.2
0.2
0.5

2016Q4
6.1
2.0
1.5
1.2
1.8
1.0
0.9
0.9
0.4
0.9
0.3
0.7
0.7
0.5
0.3
0.3
0.7
0.8
0.4
0.4
0.6
0.2
0.2
0.5

2017Q4
6.0
2.3
1.5
1.1
1.6
0.8
0.8
0.9
0.3
0.8
0.3
0.7
1.0
0.5
0.4
0.3
0.4
0.7
0.4
0.3
0.5
0.3
0.2
0.3

2018Q4
8.0
3.5
1.8
1.0
1.3
0.6
1.4
1.0
0.3
0.6
0.3
0.6
1.0
0.3
0.5
0.4
0.2
0.3
0.3
0.3
0.4
0.3
0.1
0.3

2019Q4
10.6
4.2
2.1
1.1
1.2
0.6
1.4
0.8
0.5
0.6
0.3
1.1
0.7
0.4
0.4
0.5
0.4
0.3
0.3
0.3
0.4
0.3
0.2
0.2

2020Q4
9.7
3.6
1.9
1.5
1.8
1.0
1.9
1.2
0.5
0.7
0.3
0.6
0.8
0.3
0.4
0.6
0.4
0.4
0.3
0.2
0.4
0.3
0.2
0.2

2021Q4
11.7
3.4
2.5
1.7
2.2
1.6
1.3
1.5
0.6
0.6
0.4
0.4
0.6
0.2
0.4
0.4
0.4
0.4
0.4
0.3
0.2
0.3
0.2
0.2

2022Q4
12.0
4.2
2.8
1.8
2.9
1.1
1.4
1.0
0.7
0.5
0.7
0.5
0.6
0.5
0.4
0.4
0.5
0.5
0.6
0.2
0.1
0.3
0.2
0.2

2023Q4
12.8
3.9
2.3
2.2
2.5
1.2
1.2
1.0
0.7
0.6
0.5
0.6
0.4
0.5
0.4
0.3
0.4
0.4
0.5
0.2
0.3
0.2
0.2
0.2

2024Q4
13.4
3.9
2.5
2.5
1.7
1.3
1.2
1.1
0.8
0.6
0.6
0.6
0.5
0.5
0.4
0.4
0.4
0.4
0.4
0.3
0.2
0.2
0.2
0.2

10
Due to revisions effective June 11, 2024, previously published information on private equity fund region and country
exposure has been removed beginning with the 2024Q2 version of this report. For more information, see previously
published versions of this report and Release No. IA-6279.

59

Fourth Calendar Quarter 2024

Analytics Office

Table 10.2: Number of Section 4 Private Equity Funds Reporting
Investments in Portfolio Companies, by Industry
As reported on Form PF, Question 80.
Industry
Software Publishers
Computing Infrastructure...
Custom Computer Programming...
Insurance Agencies and Brokerages
Other Financial Vehicles
Computer Systems Design Services
All Other Professional,...
Other Computer Related Services
Offices of Physicians
Consumer Lending
Engineering Services
Lessors of Nonresidential Buildings
Natural Gas Distribution
Full-Service Restaurants
Offices of Other Holding Companies
Home Health Care Services
Hotels and Motels
Commercial Banking
Other Activities Related to Real...
Lessors of Residential Buildings...
Real Estate Credit
Offices of Dentists
Marketing Research and Public...
Supermarkets and Other Grocery...

2013Q4
209
173
82
93
56
62
73
63
42
53
46
37
31
68
29
58
30
87
29
16
33
22
19
20

2014Q4
247
199
98
102
52
63
112
68
54
60
42
38
29
78
22
52
46
83
36
20
32
29
22
42

2015Q4
315
229
130
110
67
90
123
93
64
92
55
44
33
102
28
58
55
75
33
25
31
34
21
32

2016Q4
319
257
148
136
123
111
157
127
78
112
52
38
33
114
59
55
79
78
43
28
38
38
28
41

2017Q4
408
328
153
163
154
140
159
138
114
109
75
34
46
98
61
78
64
87
53
22
29
60
29
47

60

2018Q4

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

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Asec%3Ad501d87068ee8316. Public record. Not legal advice.