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Stacked area

Private Fund Assets by Type

Gross assets of private funds advised by SEC-registered and exempt reporting advisers, by fund type, $ trillions, yearly

Total $35.68T in 2025the highest in data back to 2012+$26.10T since 2012
YTD1y2y5y10y20yAll
Current·Data to 2025

Plays the chart through its history. Pauses are where the data set a record or moved most.

SEC Division of Investment Management, Investment Adviser Statistics, from Form ADV filed by SEC-registered and exempt reporting advisers. Each year uses the latest figure for each fund; a fund reported by several advisers is counted once. Gross assets include borrowed money. A fund that two advisers classify differently counts in both types, so the bands can add up to slightly more than the total.

How big the private fund industry run by U.S.-regulated advisers has grown, and what it is made of. Each band is one type of fund as the advisers classify it; hedge funds and private equity are the two largest.

What this chart reads·7 series

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Sources·7 sources

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Hedge Funds: Gross Assets on Form ADV (SEC statistics, annual, $ trillions). Source: U.S. Securities and Exchange Commission, Division of Investment Management, Analytics Office: Investment Adviser Statistics and supporting data (www.sec.gov/data-research/investment-management-data), U.S. government work in the public domain; the SEC asks for citation as the source.

Private Equity Funds: Gross Assets on Form ADV (SEC statistics, annual, $ trillions). Source: U.S. Securities and Exchange Commission, Division of Investment Management, Analytics Office: Investment Adviser Statistics and supporting data (www.sec.gov/data-research/investment-management-data), U.S. government work in the public domain; the SEC asks for citation as the source.

Real Estate Funds: Gross Assets on Form ADV (SEC statistics, annual, $ trillions). Source: U.S. Securities and Exchange Commission, Division of Investment Management, Analytics Office: Investment Adviser Statistics and supporting data (www.sec.gov/data-research/investment-management-data), U.S. government work in the public domain; the SEC asks for citation as the source.

Venture Capital Funds: Gross Assets on Form ADV (SEC statistics, annual, $ trillions). Source: U.S. Securities and Exchange Commission, Division of Investment Management, Analytics Office: Investment Adviser Statistics and supporting data (www.sec.gov/data-research/investment-management-data), U.S. government work in the public domain; the SEC asks for citation as the source.

Other Private Funds: Gross Assets on Form ADV (SEC statistics, annual, $ trillions). Source: U.S. Securities and Exchange Commission, Division of Investment Management, Analytics Office: Investment Adviser Statistics and supporting data (www.sec.gov/data-research/investment-management-data), U.S. government work in the public domain; the SEC asks for citation as the source.

Securitized Asset Funds: Gross Assets on Form ADV (SEC statistics, annual, $ trillions). Source: U.S. Securities and Exchange Commission, Division of Investment Management, Analytics Office: Investment Adviser Statistics and supporting data (www.sec.gov/data-research/investment-management-data), U.S. government work in the public domain; the SEC asks for citation as the source.

Liquidity Funds: Gross Assets on Form ADV (SEC statistics, annual, $ trillions). Source: U.S. Securities and Exchange Commission, Division of Investment Management, Analytics Office: Investment Adviser Statistics and supporting data (www.sec.gov/data-research/investment-management-data), U.S. government work in the public domain; the SEC asks for citation as the source.

Charts are drawn from Palanor's signal library and recomputed from source data on every view. Transformations (changes, indexing, year-on-year rates) are Palanor's.

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