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Private Funds Audited by the Big Four
Share of private funds, and of their gross assets, whose auditor is PwC, Deloitte, EY or KPMG, by fiscal year, %
Plays the chart through its history. Pauses are where the data set a record or moved most.
Share of gross assets · Continuation · the recent trend, flattening · 3 years
Share of funds · Continuation · the recent trend, flattening · 3 years
Dashed: the projection from the latest reading. Shaded: the range about two in three outcomes land in. A projection, not a promise.
Palanor calculation from Form ADV Schedule D, each adviser’s annual amendment for the fiscal year: the SEC’s FOIA Form ADV files, then from 2025 BrokerCheck data from the SEC’s adviser disclosure site (adviserinfo.sec.gov, FINRA), whose use is subject to the BrokerCheck Terms of Use. Auditor names are as filed; any member firm of the four counts. Gross asset values that are evident typing errors are left out.
The four largest audit firms check most of the money in private funds but a shrinking share of the funds themselves, as small venture vehicles that are unaudited or use smaller auditors multiply.
What this chart reads
- Private Fund Assets Audited by a Big Four Firm (share of gross assets, Form ADV)as “Share of gross assets”latest 2025-12-31
- Private Funds Audited by a Big Four Firm (share, Form ADV)as “Share of funds”latest 2025-12-31
Sources
Private Fund Assets Audited by a Big Four Firm (share of gross assets, Form ADV). Source: Palanor calculation from the SEC FOIA Form ADV data (www.sec.gov/foia-services/frequently-requested-documents/form-adv-data), Form ADV Part 1A and Schedule D for registered and exempt reporting advisers, filings 2011-11-05 to 2024-12-31 (U.S. government work in the public domain), and the monthly Form ADV filing data files on adviserinfo.sec.gov for filings 2025-01-01 to 2026-09-30, retrieved 2026-10-19: BrokerCheck data (FINRA, brokercheck.finra.org), used for investor protection; use is subject to the BrokerCheck Terms of Use (brokercheck.finra.org/terms). Report errors to support@palanor.com. Reloaded by Palanor once a year.
Private Funds Audited by a Big Four Firm (share, Form ADV). Source: Palanor calculation from the SEC FOIA Form ADV data (www.sec.gov/foia-services/frequently-requested-documents/form-adv-data), Form ADV Part 1A and Schedule D for registered and exempt reporting advisers, filings 2011-11-05 to 2024-12-31 (U.S. government work in the public domain), and the monthly Form ADV filing data files on adviserinfo.sec.gov for filings 2025-01-01 to 2026-09-30, retrieved 2026-10-19: BrokerCheck data (FINRA, brokercheck.finra.org), used for investor protection; use is subject to the BrokerCheck Terms of Use (brokercheck.finra.org/terms). Report errors to support@palanor.com. Reloaded by Palanor once a year.
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.