Private Equity Funds: Gross Assets on Form ADV (SEC statistics, annual, $ trillions)

## What this measures

The SEC's Division of Investment Management publishes Investment Adviser Statistics each year from Form ADV: counts of SEC-registered advisers and exempt reporting advisers, regulatory assets under management, clients and the private funds advisers report. For each year the SEC uses the most recent Form ADV figure available for each adviser or fund; a private fund reported by several advisers is counted once, at the largest gross asset value reported. Each edition carries the full history (2000 onward for advisers and assets, 2012 onward for private funds) and restates earlier years, so Palanor rewrites every year from the newest edition. Readings are dated December 31 of the year. This is the aggregate gross asset value of private equity funds advised by SEC-registered or exempt reporting advisers (table 5.1), in trillions of U.S. dollars. Annual, from 2012.

## Why it matters

It is the most complete official measure of the size of private equity funds managed by U.S.-regulated advisers, small managers included (Form PF covers only the larger ones).

## How to read it

Higher means more gross assets. Gross assets include borrowed money. A fund reported as two types by different advisers counts in both, so types can sum to more than the total.

## What it does not say

Form ADV figures are self-reported and mostly updated once a year, so a year's value mostly reflects positions at advisers' fiscal year ends. State-registered advisers are not included. The SEC restates past years when late or amended filings arrive, so earlier values can change between editions.

## 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.