Securities and Exchange Commission (SEC) : Private Funds Statistics 2014 Q4 2015

Division of Investment Management
Risk and Examinations Oce
Private Funds Statistics
Fourth Calendar Quarter 2014
October 16, 2015
This is a report of the Sta of the Division of Investment Managements Risk and Examinations Oce
(REO) of the U.S. Securities and Exchange Commission. The Commission has expressed no view
regarding the analysis, ndings, or conclusions contained herein.
October 16, 2015
Introduction
This report provides a summary of recent private fund industry statistics and trends, reecting
data collected through Form PF and Form ADV lings.1 Form PF information provided in this
report is aggregated, rounded, and/or masked to avoid potential disclosure of proprietary
information of individual Form PF lers.
This report reects data from First Calendar Quarter 2013 through Fourth Calendar Quarter
2014 as reported by Form PF lers.2 Please see the Appendix for information on the categories of
Form PF lers, the denitions of capitalized terms, a description of the boxplots used in several
gures, as well as other technical descriptions.
Form PF is still a relatively new reporting requirement for advisers to private funds.
The Sta continues to work with the data and lers to identify and correct ling errors.
In some instances, the Sta has made adjustments to the summary statistics presented
here to correct what appear to be clear ling errors. In addition, the Sta has employed
certain assumptions in aggregating the data. Future adjustments to these methodologies
could lead to changes in reported statistics.
If you have any questions or comments about Fourth Quarter 2014 Private Funds
Statistics, please contact:
Tim Dulaney, PhD, FRM or Tim Husson, PhD, FRM at FormPF@sec.gov with sub ject line Fourth
Quarter 2014-Private Funds Statistics.
1
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 with less than $150 million in private fund assets under
management, SEC exempt reporting advisers, and state-registered investment advisers are not required to le Form PF,
but report general information about the private funds they manage on Form ADV.
2
The Commission began receiving Form PF lings from Large Hedge Fund Advisers in July 2012. A full data set was
not received until March 2013. This report relies upon the Form PF database constructed and maintained by the Oce
of Research and Data Services in the Division of Economic and Risk Analysis.
October 16, 2015
Contents
I
Number of Funds and Advisers
II
Gross and Net Assets

A Aggregate Assets by Fund Type over Time . . . . . . . . . . . . . . . . . . . . . . . .
B Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C Parallel Managed Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
III
Fund Domiciles and Adviser Main Oces
10
IV
Benecial Ownership
12
Derivatives
16
VI
High Frequency Trading
17
VII Information Reported by Large Hedge

A Economic Leverage . . . . . . . . . . . .
B Industry Concentration . . . . . . . . . .
C Portfolio Turnover . . . . . . . . . . . . .
D Region and Country Exposure . . . . . .
Fund Advisers
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IX
Section 3 Liquidity Fund Specic Information

A Liquidity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B Rule 2a-7 Compliance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C Methods of Calculating NAV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
29
30
30
Section 4 Private Equity Fund Specic

A CPC Industry Concentration . . . . . . .
B CPC Financial Leverage . . . . . . . . . .
C CPC Investments by Region and Country
Information
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31
31
32
33
XI
Appendices
A Form PF Filer Categories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 All Private Fund Advisers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
35
35
VIII Qualifying Hedge Fund Specic Information

A Gross Exposure by Strategy . . . . . . . . . . .
B Liquidity . . . . . . . . . . . . . . . . . . . . . .
C Borrowings . . . . . . . . . . . . . . . . . . . . .
D Central Clearing . . . . . . . . . . . . . . . . . .
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October 16, 2015
B
C
D
E
2 Large Hedge Fund Advisers . . . .

3 Large Liquidity Fund Advisers . . .
4 Large Private Equity Fund Advisers
5 Other Private Fund Advisers . . . .
Handling Annual and Quarterly Data
How to Read a Boxplot . . . . . . . .
Mitigating the Eects of Outliers . . .
Denitions . . . . . . . . . . . . . . .
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36
36
36
37
37
38
39
October 16, 2015
Number of Funds and Advisers3

Table 1: Number of Funds
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
Hedge Fund
Private Equity Fund
Other Private Fund
Section 4 Private Equity Fund
Real Estate Fund
Qualifying Hedge Fund
Securitized Asset Fund
Venture Capital Fund
Liquidity Fund
Section 3 Liquidity Fund
Total
2013Q1
7,512
6,910
3,404
1,873
1,375
1,228
982
369
74
49
20,573
2013Q2
7,697
6,977
3,491
1,878
1,376
1,266
987
369
74
46
20,893
2013Q3
7,906
7,078
3,556
1,889
1,400
1,320
1,012
379
74
46
21,319
2013Q4
8,412
7,603
3,709
2,201
1,547
1,369
1,172
434
71
46
22,882
2014Q1
8,495
7,632
3,753
2,197
1,546
1,415
1,191
435
71
46
23,052
2014Q2
8,606
7,664
3,758
2,201
1,546
1,462
1,208
435
70
44
23,188
2014Q3
8,678
7,629
3,752
2,209
1,534
1,471
1,196
438
70
44
23,171
2014Q4
8,635
8,407
4,058
2,386
1,789
1,541
1,327
504
69
45
24,725
Table 2: Number of Advisers Advising Each Fund Type

Fund Type
Hedge Fund
Private Equity Fund
Other Private Fund
Real Estate Fund
Liquidity Fund
Total
2013Q1
1,469
815
506
173
238
437
133
65
37
25
2,433
2013Q2
1,479
821
515
174
239
442
133
65
37
24
2,449
2013Q3
1,496
826
530
175
242
461
137
66
37
24
2,480
2013Q4
1,594
863
524
195
245
469
138
68
35
24
2,571
2014Q1
1,593
862
527
195
245
470
141
69
35
24
2,574
2014Q2
1,593
866
525
196
245
494
143
69
34
23
2,580
2014Q3
1,597
867
526
195
244
503
141
70
34
23
2,581
2014Q4
1,649
919
552
209
260
525
152
84
35
24
2,694
3
In this report, Funds means all private funds reported on Form PF and Advisers means all SEC-registered
investment advisers that le a Form PF to report private funds. Please see Appendix E for denitions of other capitalized
terms used in this report.
October 16, 2015
II
A
Gross and Net Assets

Aggregate Assets by Fund Type over Time
Table 3: 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
Liquidity Fund
Total
2013Q1
4,779
3,891
1,604
1,094
731
330
299
258
255
24
8,005
2013Q2
4,945
3,986
1,615
1,099
765
330
299
257
249
24
8,206
2013Q3
5,093
4,135
1,628
1,107
779
338
301
249
241
24
8,383
2013Q4
5,392
4,357
1,842
1,271
935
351
334
248
241
30
9,112
2014Q1
5,656
4,583
1,835
1,265
950
356
334
250
247
30
9,397
2014Q2
5,892
4,827
1,845
1,270
955
362
334
274
262
30
9,667
2014Q3
6,115
4,941
1,838
1,274
957
357
334
286
281
30
9,878
2014Q4
6,059
4,925
1,887
1,352
991
377
350
274
272
39
9,956
Table 4: Aggregate Private Fund Net Asset Value (NAV) ($ Billions)

Fund Type
Hedge Fund
Private Equity Fund
Other Private Fund
Real Estate Fund
Liquidity Fund
Total
2013Q1
2,612
2,051
1,471
1,037
621
114
235
256
253
21
5,316
2013Q2
2,685
2,084
1,479
1,042
653
114
235
255
247
21
5,420
2013Q3
2,815
2,194
1,494
1,049
667
116
237
247
239
22
5,573
2013Q4
3,078
2,397
1,702
1,206
816
117
266
246
239
28
6,232
2014Q1
3,161
2,470
1,695
1,200
823
122
266
249
246
28
6,329
2014Q2
3,308
2,627
1,702
1,205
827
126
266
273
261
28
6,511
2014Q3
3,359
2,606
1,694
1,209
830
126
265
283
279
28
6,548
2014Q4
3,399
2,672
1,744
1,274
883
114
279
272
271
37
6,708
October 16, 2015
Figure 1: GAV and NAV Distributions for Qualifying Hedge Funds and Section 4 Private
Equity Funds
See Appendix C for an explanation of boxplots.
13
20
20
3Q
20 1
13
Q
20 2
13
Q
20 3
13
Q
20 4
14
Q
20 1
14
Q
20 2
14
Q
20 3
14
Q4
1600
1400
1200
1000
800
600
400
200
0
20
1
3Q
20 1
13
Q
20 2
13
Q
20 3
13
Q
20 4
14
Q
20 1
14
Q
20 2
14
Q
20 3
14
Q4
NAV ($Millions)
(b) Qualifying Hedge Fund NAV
20
1
GAV ($Millions)
(a) Qualifying Hedge Fund GAV
1600
1400
1200
1000
800
600
400
200
0
Q
20 2
13
Q
20 3
13
Q
20 4
14
Q
20 1
14
Q
20 2
14
Q
20 3
14
Q4
NAV ($Billions)
Q1
8
7
6
5
4
3
2
1
0
13
Q
20 2
13
Q
20 3
13
Q
20 4
14
Q
20 1
14
Q
20 2
14
Q
20 3
14
Q4
13
20
20
13
Q1
GAV ($Billions)
As reported on Form PF, Questions 8 and 9.
8
7
6
5
4
3
2
1
0
(c) Section 4 Private Equity Fund GAV
(d) Section 4 Private Equity Fund NAV
October 16, 2015
Borrowings
Table 5: Aggregate Borrowings (Percent of Aggregate GAV)
As reported on Form PF, Questions 12 and 43 (Month 3).
Fund Type
Hedge Fund
Real Estate Fund
Private Equity Fund
Other Private Fund
Liquidity Fund
2013Q1
46.6
41.8
38.8
15.2
3.7
6.4
2.8
1.4
0.0
0.0
2013Q2
46.6
44.4
41.2
15.2
3.8
6.2
2.8
1.4
0.0
0.0
2013Q3
46.1
41.4
39.0
15.1
3.8
6.0
2.8
1.4
0.0
0.0
2013Q4
47.6
39.3
37.3
12.9
2.3
4.2
2.1
0.9
0.0
0.0
2014Q1
47.2
39.2
37.0
12.9
2.4
4.1
2.1
0.9
0.0
0.0
2014Q2
46.7
37.9
36.8
12.9
2.5
4.1
2.1
0.9
0.0
0.0
2014Q3
47.3
37.6
37.4
12.9
2.5
4.0
2.1
0.9
0.0
0.0
2014Q4
48.0
38.3
36.9
13.7
4.0
2.8
2.3
0.6
0.0
0.0
Figure 2: Distribution of Total Borrowings for All Private Funds
and Qualifying Hedge Funds
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
12
Q
20 4
13
Q
20 1
13
Q
20 2
13
Q
20 3
13
Q
20 4
14
Q
20 1
14
Q
20 2
14
Q
20 3
14
Q4
Total Borrowings ($Billions)
700
600
500
400
300
200
100
0
20
12
Q
20 4
13
Q
20 1
13
Q
20 2
13
Q
20 3
13
Q
20 4
14
Q
20 1
14
Q
20 2
14
Q
20 3
14
Q4
Total Borrowings ($Millions)
20
(a) All Private Funds
(b) Qualifying Hedge Funds
October 16, 2015
Parallel Managed Accounts4

Table 6: Number of Funds with Parallel Managed Accounts
Type
Hedge Fund
Other Private Fund
Private Equity Fund
Real Estate Fund
Liquidity Fund
Total
2013Q1
630
290
193
181
73
33
***
19
18
***
1,157
2013Q2
646
324
190
184
76
33
***
19
16
***
1,209
2013Q3
648
332
199
187
76
33
***
18
15
***
1,222
2013Q4
667
336
202
190
62
46
***
18
15
***
1,286
2014Q1
683
342
211
188
57
46
***
17
15
***
1,305
2014Q2
696
342
227
195
57
46
***
17
14
***
1,324
2014Q3
710
340
218
197
57
46
***
17
15
***
1,338
2014Q4
710
399
230
210
60
51
***
16
14
***
1,418
Table 7: Aggregate Value in Parallel Managed Accounts ($ Billions)

Type
Hedge Fund
Other Private Fund
Private Equity Fund
Real Estate Fund
Liquidity Fund
Total
2013Q1
539
837
392
115
22
8
***
376
371
***
1,873
2013Q2
594
925
344
115
23
8
***
371
314
***
2,011
2013Q3
600
1,132
418
115
23
8
***
384
327
***
2,237
2013Q4
620
1,446
451
123
18
11
***
392
335
***
2,656
2014Q1
612
1,455
431
122
17
11
***
334
330
***
2,596
2014Q2
910
1,450
737
124
17
11
***
326
321
***
2,880
2014Q3
834
1,272
441
124
17
11
***
339
335
***
2,638
2014Q4
754
1,417
532
107
16
11
***
349
345
***
2,731
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 lers.
October 16, 2015
Figure 3: Parallel Managed Account Value Distributions
3Q
20 1
13
Q
20 2
13
Q
20 3
13
Q
20 4
14
Q
20 1
14
Q
20 2
14
Q
20 3
14
Q4
Parallel Managed Assets ($Billions)
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
20
1
3Q
20 1
13
Q
20 2
13
Q
20 3
13
Q
20 4
14
Q
20 1
14
Q
20 2
14
Q
20 3
14
Q4
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
20
1
Parallel Managed Assets ($Billions)
October 16, 2015
III
Fund Domiciles and Adviser Main Oces

Table 8: Fund Domicile (Percent of NAV)
As reported on Form PF, Question 9 and Form ADV.
Country
United States
Cayman Islands
Ireland
Virgin Islands, British
Bermuda
Luxembourg
United Kingdom
Other
2013Q1
50.5
36.5
4.3
2.7
1.3
1.0
1.2
2.4
Country
Cayman Islands
United States
Virgin Islands, British
Ireland
Bermuda
Luxembourg
Other
2013Q1
53.8
33.0
6.3
1.6
1.8
1.7
1.1
Country
Ireland
United States
Cayman Islands
Other
2013Q1
***
32.6
8.0
***
Country
United States
Cayman Islands
United Kingdom
Canada
Bermuda
Other
2013Q1
66.5
28.3
1.6
***
***
1.0
All Private Funds

2013Q2 2013Q3 2013Q4 2014Q1
50.0
49.8
51.5
50.7
36.8
37.0
36.5
37.1
4.3
4.2
4.1
4.2
2.8
2.8
2.7
2.7
1.3
1.3
1.2
1.2
1.1
1.2
1.2
1.2
1.1
1.1
0.7
0.7
2.7
2.6
2.1
2.1
Qualifying Hedge Funds
2013Q2 2013Q3 2013Q4 2014Q1
53.7
53.9
54.3
55.4
32.5
32.3
32.5
31.3
5.8
5.7
6.2
6.2
1.8
2.0
2.1
2.2
1.8
1.8
1.4
1.3
1.7
1.8
1.5
1.6
1.4
1.3
0.6
0.6
Section 3 Liquidity Funds
2013Q2 2013Q3 2013Q4 2014Q1
***
***
***
***
32.9
34.4
35.9
33.2
8.7
8.1
7.9
8.8
***
***
***
***
Section 4 Private Equity Funds
2013Q2 2013Q3 2013Q4 2014Q1
66.2
66.5
66.6
66.3
28.6
28.4
28.2
28.3
1.6
1.6
1.3
1.3
***
***
1.3
1.3
***
***
0.9
0.9
1.0
1.0
0.9
1.1
10
2014Q2
50.3
37.4
4.5
2.7
1.2
1.2
0.7
2.1
2014Q3
50.3
37.3
4.6
2.7
1.2
1.2
0.7
2.0
2014Q4
49.7
37.5
4.7
2.6
1.3
1.2
1.0
1.9
2014Q2
55.3
31.6
6.1
2.2
1.4
1.6
0.6
2014Q3
54.9
32.2
6.0
2.2
1.4
1.5
0.5
2014Q4
55.4
31.5
6.1
2.4
1.4
1.3
0.6
2014Q2
***
34.1
***
***
2014Q3
***
32.3
8.2
***
2014Q4
***
30.6
***
***
2014Q2
66.4
28.2
1.3
1.3
0.9
1.1
2014Q3
66.5
28.2
1.3
1.3
0.9
1.1
2014Q4
63.3
30.7
2.3
1.3
1.0
0.8
October 16, 2015
Table 9: Adviser Main Oce Location (Percent of NAV)

As reported on Form PF, Question 9 and Form ADV.
Country
United States
United Kingdom
Other
2013Q1
89.8
6.7
2.0
Country
United States
United Kingdom
Hong Kong
Australia
Other
2013Q1
90.4
5.3
***
***
1.4
Country
United States
United Kingdom
France
2013Q1
66.3
***
***
Country
United States
Canada
Other
2013Q1
98.1
***
***
All Private Funds

2013Q2 2013Q3 2013Q4 2014Q1
89.4
89.3
89.9
89.2
6.9
6.9
6.4
6.7
2.3
2.4
2.5
2.8
Qualifying Hedge Funds
2013Q2 2013Q3 2013Q4 2014Q1
89.6
89.4
89.5
89.3
5.7
5.8
5.6
5.7
***
***
***
***
***
***
***
***
1.5
1.4
1.3
1.2
Section 3 Liquidity Funds
2013Q2 2013Q3 2013Q4 2014Q1
66.4
66.9
66.8
67.2
***
***
***
***
***
***
***
***
Section 4 Private Equity Funds
2013Q2 2013Q3 2013Q4 2014Q1
98.0
98.0
97.3
97.4
***
***
***
***
***
***
***
***
11
2014Q2
88.8
7.1
2.8
2014Q3
88.7
7.3
2.8
2014Q4
89.8
6.5
2.5
2014Q2
89.4
5.8
***
***
1.2
2014Q3
89.7
5.6
***
***
1.2
2014Q4
89.9
5.0
***
***
1.3
2014Q2
68.5
***
***
2014Q3
65.3
***
***
2014Q4
63.6
***
***
2014Q2
97.4
***
***
2014Q3
97.4
***
***
2014Q4
97.8
***
***
October 16, 2015
IV
Benecial Ownership
Table 10: Benecial Ownership for All Private Funds($ Billions)
Type
Private Funds
State Or Muni. Govt. Pension Plans
Pension Plans
Other
U.S. Individuals
Non-Prots
Sov. Wealth Funds and For. Ocial Inst.
Insurance Companies
Non-U.S. Individuals
Unknown Non-U.S. Investors
Banking/Thrift Inst.
Broker-Dealers
State Or Muni. Govt. Entities
SEC-Registered Investment Companies
2013Q1
1,168
694
661
559
588
524
278
193
169
162
145
23
59
77
2013Q2
1,187
705
669
565
600
565
284
199
184
154
143
21
59
72
2013Q3
1,213
724
694
580
616
580
295
206
176
168
144
24
61
78
2013Q4
1,276
820
796
652
696
633
340
245
183
174
151
90
68
88
2014Q1
1,286
835
804
664
699
645
341
248
192
177
154
103
69
86
2014Q2
1,315
839
819
692
716
669
350
253
214
174
156
109
83
98
2014Q3
1,326
835
819
714
717
678
347
254
198
196
157
112
84
88
2014Q4
1,355
858
839
765
740
689
361
263
194
185
142
116
89
88
2014Q3
20.2
12.8
12.5
10.9
10.9
10.4
5.3
3.9
3.0
3.0
2.4
1.7
1.3
1.3
2014Q4
20.2
12.8
12.5
11.4
11.0
10.3
5.4
3.9
2.9
2.8
2.1
1.7
1.3
1.3
Table 11: Benecial Ownership for All Private Funds

(Percent of Aggregate NAV)
Type
Private Funds
Pension Plans
Other
U.S. Individuals
Non-Prots
Insurance Companies
Broker-Dealers
2013Q1
22.0
13.1
12.4
10.5
11.1
9.9
5.2
3.6
3.2
3.0
2.7
0.4
1.1
1.4
2013Q2
21.9
13.0
12.4
10.4
11.1
10.4
5.2
3.7
3.4
2.8
2.6
0.4
1.1
1.3
12
2013Q3
21.8
13.0
12.4
10.4
11.1
10.4
5.3
3.7
3.2
3.0
2.6
0.4
1.1
1.4
2013Q4
20.5
13.2
12.8
10.5
11.2
10.2
5.4
3.9
2.9
2.8
2.4
1.4
1.1
1.4
2014Q1
20.3
13.2
12.7
10.5
11.0
10.2
5.4
3.9
3.0
2.8
2.4
1.6
1.1
1.4
2014Q2
20.2
12.9
12.6
10.6
11.0
10.3
5.4
3.9
3.3
2.7
2.4
1.7
1.3
1.5
October 16, 2015
Table 12: Benecial Ownership for Qualifying Hedge Funds ($ Billions)

Type
Private Funds
Non-Prots
Pension Plans
U.S. Individuals
Other
Broker-Dealers
Insurance Companies
2013Q1
489
277
262
264
195
207
107
7
52
50
47
35
23
34
2013Q2
497
295
263
270
194
209
111
5
51
53
49
33
22
32
2013Q3
504
305
276
283
209
224
118
7
57
57
55
39
23
34
2013Q4
509
322
293
307
238
242
127
71
60
59
58
49
25
34
2014Q1
526
323
308
303
242
253
129
85
62
61
61
48
26
36
2014Q2
547
349
323
322
271
254
137
89
68
65
66
58
38
36
2014Q3
554
358
312
321
268
242
133
91
69
65
68
50
38
36
2014Q4
558
357
334
321
300
256
133
93
68
65
61
49
41
33
2014Q3
21.3
13.7
12.0
12.3
10.3
9.3
5.1
3.5
2.6
2.5
2.6
1.9
1.5
1.4
2014Q4
20.9
13.4
12.5
12.0
11.2
9.6
5.0
3.5
2.5
2.4
2.3
1.8
1.5
1.3
Table 13: Benecial Ownership for Qualifying Hedge Funds

Type
Private Funds
Non-Prots
Pension Plans
U.S. Individuals
Other
Broker-Dealers
Insurance Companies
2013Q1
23.8
13.5
12.8
12.9
9.5
10.1
5.2
0.3
2.5
2.4
2.3
1.7
1.1
1.6
2013Q2
23.8
14.1
12.6
12.9
9.3
10.0
5.3
0.3
2.4
2.5
2.4
1.6
1.1
1.5
13
2013Q3
23.0
13.9
12.6
12.9
9.5
10.2
5.4
0.3
2.6
2.6
2.5
1.8
1.1
1.5
2013Q4
21.2
13.4
12.2
12.8
9.9
10.1
5.3
3.0
2.5
2.5
2.4
2.1
1.1
1.4
2014Q1
21.3
13.1
12.5
12.3
9.8
10.3
5.2
3.4
2.5
2.5
2.5
2.0
1.1
1.5
2014Q2
20.8
13.3
12.3
12.3
10.3
9.7
5.2
3.4
2.6
2.5
2.5
2.2
1.5
1.4
October 16, 2015
Table 14: Benecial Ownership for Section 3 Liquidity Funds ($ Billions)

Type
Private Funds
Other
Broker-Dealers
Insurance Companies
Pension Plans
Non-Prots
U.S. Individuals
2013Q1
65
47
49
***
23
10
***
***
7
7
***
***
***
***
2013Q2
69
45
35
***
19
9
***
***
7
7
***
***
***
***
2013Q3
68
39
47
***
18
9
***
10
8
8
***
***
***
***
2013Q4
68
35
46
***
18
13
***
10
9
8
***
***
***
***
2014Q1
67
37
46
22
17
16
***
***
9
7
***
***
***
0
2014Q2
75
37
37
38
18
17
***
11
7
***
***
***
***
0
2014Q3
80
43
58
20
17
19
***
***
9
6
***
***
***
0
2014Q4
75
63
40
20
15
14
***
11
10
5
***
***
***
0
2014Q3
28.7
15.5
20.9
7.3
6.2
6.8
***
***
3.3
2.1
***
***
***
0.0
2014Q4
27.7
23.4
14.9
7.3
5.6
5.2
***
4.1
3.5
1.9
***
***
***
0.0
Table 15: Benecial Ownership for Section 3 Liquidity Funds

Type
Private Funds
Other
Broker-Dealers
Insurance Companies
Pension Plans
Non-Prots
U.S. Individuals
2013Q1
25.8
18.6
19.5
***
9.3
3.9
***
***
2.6
2.8
***
***
***
***
2013Q2
28.0
18.1
14.4
***
7.8
3.6
***
***
2.8
2.9
***
***
***
***
14
2013Q3
28.5
16.2
19.6
***
7.4
3.8
***
4.4
3.3
3.3
***
***
***
***
2013Q4
28.5
14.7
19.3
***
7.4
5.6
***
4.4
3.6
3.4
***
***
***
***
2014Q1
27.4
15.0
18.6
9.0
6.8
6.4
***
***
3.7
2.9
***
***
***
0.0
2014Q2
28.8
14.2
14.3
14.7
7.0
6.5
***
4.1
2.8
***
***
***
***
0.0
October 16, 2015
Table 16: Benecial Ownership for Section 4 Private Equity Funds ($ Billions)
Type
Private Funds
Pension Plans
Other
Non-Prots
U.S. Individuals
Insurance Companies
Broker-Dealers
2013Q1
245
230
90
103
82
66
62
61
45
23
14
16
3
1
2013Q2
246
230
90
104
83
66
62
61
45
23
14
16
3
1
2013Q3
247
230
91
107
83
68
63
61
45
23
14
16
3
1
2013Q4
285
266
112
119
95
78
72
72
46
31
15
14
2
1
2014Q1
283
266
112
116
95
77
72
71
45
33
15
14
2
1
2014Q2
284
266
113
118
95
77
72
71
45
33
15
14
2
1
2014Q3
286
268
113
119
96
76
72
72
45
33
15
14
2
1
2014Q4
300
277
124
123
110
80
79
75
35
33
16
11
3
1
Table 17: Benecial Ownership for Section 4 Private Equity Funds

Type
Private Funds
Pension Plans
Other
Non-Prots
U.S. Individuals
Insurance Companies
Broker-Dealers
2013Q1
23.6
22.2
8.7
9.9
7.9
6.4
6.0
5.9
4.4
2.2
1.3
1.5
0.2
0.1
2013Q2
23.6
22.1
8.7
10.0
8.0
6.4
6.0
5.9
4.3
2.2
1.3
1.5
0.3
0.1
15
2013Q3
23.5
22.0
8.7
10.2
7.9
6.5
6.0
5.8
4.3
2.2
1.3
1.5
0.2
0.1
2013Q4
23.6
22.1
9.3
9.9
7.9
6.4
6.0
5.9
3.8
2.6
1.3
1.1
0.2
0.1
2014Q1
23.6
22.1
9.4
9.6
7.9
6.4
6.0
5.9
3.8
2.8
1.2
1.1
0.2
0.1
2014Q2
23.6
22.1
9.4
9.8
7.9
6.4
6.0
5.9
3.8
2.7
1.2
1.1
0.2
0.1
2014Q3
23.7
22.1
9.3
9.8
8.0
6.3
5.9
5.9
3.7
2.7
1.2
1.1
0.2
0.1
2014Q4
23.6
21.8
9.7
9.6
8.6
6.3
6.2
5.9
2.8
2.6
1.2
0.9
0.2
0.1
October 16, 2015
Derivatives
Table 18: Aggregate Derivative Notional ($ Billions)
Type
Hedge Fund
Other Private Fund
Private Equity Fund
Real Estate Fund
Liquidity Fund
Total
2013Q1
13,330
11,776
75
49
45
72
12
0
***
***
13,586
2013Q2
13,792
11,667
78
49
45
70
12
0
***
***
13,999
2013Q3
13,885
12,671
76
49
45
70
12
0
***
***
14,090
2013Q4
13,151
11,995
88
47
43
45
12
0
***
***
13,341
2014Q1
14,382
13,264
101
47
43
45
12
0
***
***
14,583
2014Q2
16,984
15,889
102
47
43
45
12
0
***
***
17,185
2014Q3
15,929
14,713
101
48
43
45
12
0
***
***
16,114
2014Q4
14,591
13,316
127
66
60
27
13
0
***
***
14,807
Table 19: Aggregate Derivative Notional (Percent of Aggregate NAV)

As reported on Form PF, Questions 9, 13, and 44 (Month 3).
Type
Hedge Fund
Other Private Fund
Private Equity Fund
Real Estate Fund
Liquidity Fund
Total
2013Q1
510.4
574.2
12.0
3.3
4.3
63.2
5.0
0.3
***
***
255.6
2013Q2
513.7
559.7
11.9
3.3
4.3
61.9
5.0
0.3
***
***
258.3
2013Q3
493.3
577.6
11.4
3.3
4.2
60.8
5.0
0.3
***
***
252.8
16
2013Q4
427.3
500.4
10.8
2.8
3.5
38.8
4.4
0.2
***
***
214.1
2014Q1
454.9
536.9
12.2
2.8
3.6
37.3
4.4
0.2
***
***
230.4
2014Q2
513.4
604.9
12.3
2.8
3.5
35.9
4.4
0.2
***
***
264.0
2014Q3
474.2
564.6
12.2
2.8
3.5
35.6
4.4
0.2
***
***
246.1
2014Q4
429.3
498.4
14.4
3.8
4.7
23.4
4.6
0.1
***
***
220.8
October 16, 2015
Figure 4: Distribution of Derivative Notional Values
See Appendix C and Appendix D for an explanation of boxplots and winsorization.
Total Derivative Value ($Billions)

20 Winsorized (limits=[1%,99%])
1
12
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
10
8
3Q
20 1
13
Q
20 2
13
Q
20 3
13
Q
20 4
14
Q
20 1
14
Q
20 2
14
Q
20 3
14
Q4
13
Q
20 1
13
Q
20 2
13
Q
20 3
13
Q
20 4
14
Q
20 1
14
Q
20 2
14
Q
20 3
14
Q4
20
Total Derivative Value ($Billions)

Winsorized (limits=[1%,99%])
VI
High Frequency Trading

Table 20: Number of Hedge Funds Using
High Frequency Trading (HFT) Strategies
Fraction of NAV
0%
Less than 100%
100% or More
2013Q1
5,919
53
15
2013Q2
6,080
53
15
2013Q3
6,257
54
15
2013Q4
6,714
59
13
2014Q1
6,795
57
27
2014Q2
6,928
55
24
2014Q3
6,994
53
28
2014Q4
7,155
45
28
2014Q3
3,258
37
30
2014Q4
3,298
35
32
Table 21: Hedge Fund Assets Managed Using
High Frequency Trading Strategies ($ Billions)
High Frequency Trading Strategies
Fraction of NAV
0%
Less than 100%
100% or More
2013Q1
2,510
55
17
2013Q2
2,574
64
16
2013Q3
2,705
67
16
2013Q4
2,946
65
35
17
2014Q1
3,044
78
19
2014Q2
3,205
54
31
October 16, 2015
VII Information Reported by Large Hedge

Fund Advisers
A
Economic Leverage
Figure 5: Ratio of Hedge Fund Gross Notional Exposure to Net Asset Value
-0
20 3
13
-0
20 6
13
-0
20 9
13
-1
20 2
14
-0
20 3
14
-0
20 6
14
-0
20 9
14
-12
14
12
10
8
6
4
2
0
20
13
Ratio of GNE (w/o IRDs) to NAV

14
12
10
8
6
4
2
0
20
13
-0
20 3
13
-0
20 6
13
-0
20 9
13
-1
20 2
14
-0
20 3
14
-0
20 6
14
-0
20 9
14
-12
Ratio of GNE to NAV

As reported on Form PF, Questions 3(a) and 26.
(a) Gross Exposure with Interest Rate Derivatives (IRDs)
18
(b) Gross Exposure without IRDs
10
(c) Short Exposure with IRDs
19
-0
20 3
13
-0
20 6
13
-0
20 9
13
-1
20 2
14
-0
20 3
14
-0
20 6
14
-0
20 9
14
-12
13
20
20
13
-0
20 3
13
-0
20 6
13
-0
20 9
13
-1
20 2
14
-0
20 3
14
-0
20 6
14
-0
20 9
14
-12
Ratio of LNE (w/o IRDs) to NAV

-0
20 3
13
-0
20 6
13
-0
20 9
13
-1
20 2
14
-0
20 3
14
-0
20 6
14
-0
20 9
14
-12
13
20
Ratio of LNE to NAV

10
Ratio of SNE (w/o IRDs) to NAV

20
13
-0
20 6
13
-0
20 9
13
-1
20 2
14
-0
20 3
14
-0
20 6
14
-0
20 9
14
-12
3-0
3
20
1
Ratio of SNE to NAV

October 16, 2015

Figure 6: Ratio of Hedge Fund Long Notional Exposure (LNE) and
Short Notional Exposure (SNE) to Net Asset Value Distribution

10
8
4
2
0
(a) Long Exposure with IRDs

(b) Long Exposure without IRDs
10
(d) Short Exposure without IRDs
October 16, 2015
Industry Concentration
Table 22: Large Hedge Fund Adviser Asset and Exposure Concentration
(Percent of Total Reported)
Top 10 Advisers (NAV)

Month
19.3
2013-01
18.0
2013-02
17.8
2013-03
17.0
2013-04
17.2
2013-05
17.2
2013-06
18.4
2013-07
17.1
2013-08
17.1
2013-09
17.9
2013-10
17.6
2013-11
17.6
2013-12
17.8
2014-01
18.0
2014-02
18.0
2014-03
17.7
2014-04
17.7
2014-05
17.7
2014-06
16.4
2014-07
16.4
2014-08
16.4
2014-09
20.6
2014-10
20.6
2014-11
20.8
2014-12
Top 20 Advisers (NAV)

29.2
28.1
27.9
27.1
27.5
27.5
28.0
26.8
26.8
27.8
27.5
27.5
27.6
27.9
27.9
27.1
27.1
27.1
25.9
25.9
25.9
30.0
30.0
30.2
20
Top 10 Advisers (GNE)

50.5
51.9
49.2
47.1
47.4
47.5
47.2
46.7
45.3
43.9
45.5
43.0
45.4
45.8
43.3
40.7
41.7
40.3
41.0
42.2
41.4
41.6
42.1
41.9
Top 20 Advisers (GNE)

62.0
63.2
61.5
60.9
60.0
59.7
59.3
59.1
58.6
56.9
58.5
56.4
57.7
58.0
56.2
54.0
54.7
53.4
54.0
55.0
53.7
54.2
54.5
53.7
October 16, 2015
Portfolio Turnover
Table 23: Aggregate Portfolio Turnover ($ Billions)
Month
2013-01
2013-02
2013-03
2013-04
2013-05
2013-06
2013-07
2013-08
2013-09
2013-10
2013-11
2013-12
2014-01
2014-02
2014-03
2014-04
2014-05
2014-06
2014-07
2014-08
2014-09
2014-10
2014-11
2014-12
Futures
8,419
7,899
10,887
9,293
11,444
18,097
8,136
8,340
12,356
8,299
8,852
11,533
10,957
9,985
17,827
9,899
11,116
20,520
9,105
9,177
12,784
12,662
8,427
11,347
Sov. and muni. bonds

2,174
2,121
2,262
2,415
2,717
2,604
2,025
2,043
2,157
2,171
1,942
1,934
2,357
2,190
2,395
2,319
2,276
2,341
2,347
2,220
2,572
2,760
1,983
2,134
Listed equities
1,583
1,535
1,414
1,758
1,740
1,605
1,563
4,956
1,461
1,826
1,553
1,443
1,968
1,886
1,860
2,357
2,077
2,200
1,720
1,430
1,509
2,304
1,534
1,655
Corporate bonds
127
67
80
89
102
66
62
46
94
97
91
66
99
92
109
108
100
100
89
66
107
118
88
73
Convertible bonds
23
18
23
21
26
19
16
17
21
33
28
22
30
29
55
20
23
29
19
14
23
20
17
17
Total
12,230
11,555
14,593
13,501
15,912
22,287
11,725
15,314
15,979
12,322
12,356
14,898
15,248
14,077
22,094
14,613
15,546
25,126
13,205
12,840
16,899
17,766
12,019
15,183
Figure 7: Distributions of Portfolio Turnover
60
50
40
30
20
10
20
20
1
13
3-0
20 3
13
-0
20 6
13
-0
20 9
13
-1
20 2
14
-0
20 3
14
-0
20 6
14
-0
20 9
14
-12
18
16
14
12
10
8
6
4
2
0
-0
20 3
13
-0
20 6
13
-0
20 9
13
-1
20 2
14
-0
20 3
14
-0
20 6
14
-0
20 9
14
-12
Ratio of Turnover to NAV

Total Turnover ($Billions)

(a) Total Turnover
(b) Total Turnover to NAV Ratio
21
October 16, 2015
Region and Country Exposure

Table 24: Large Hedge Fund Adviser Hedge Fund
Region Exposure ($ Billions)
Region
North America
Europe EEA
Asia
South America
Europe Other
Supranational
Africa
Middle East
2013Q1
3,212
1,042
522
77
82
29
19
9
2013Q2
3,237
1,163
577
99
80
33
18
9
2013Q3
3,323
1,128
619
69
81
27
21
10
2013Q4
3,537
1,243
605
76
78
27
17
10
2014Q1
3,539
1,323
557
76
71
41
22
13
2014Q2
3,840
1,354
687
90
86
42
26
12
2014Q3
3,970
1,290
632
100
83
41
25
13
2014Q4
3,954
1,129
612
92
71
39
20
14
Region Exposure (Percent of Aggregate NAV)
Region
North America
Europe EEA
Asia
South America
Europe Other
Supranational
Africa
Middle East
2013Q1
147.2
47.7
23.9
3.5
3.7
1.3
0.9
0.4
2013Q2
143.6
51.6
25.6
4.4
3.6
1.5
0.8
0.4
2013Q3
142.2
48.2
26.5
3.0
3.4
1.2
0.9
0.4
2013Q4
135.0
47.4
23.1
2.9
3.0
1.0
0.7
0.4
22
2014Q1
132.5
49.5
20.8
2.8
2.7
1.5
0.8
0.5
2014Q2
134.3
47.4
24.0
3.1
3.0
1.5
0.9
0.4
2014Q3
140.8
45.8
22.4
3.6
2.9
1.5
0.9
0.5
2014Q4
129.9
37.1
20.1
3.0
2.3
1.3
0.7
0.5
October 16, 2015
Country Exposure ($ Billions)
Country
United States
Japan
China (Inc. Hong Kong)
Brazil
India
Russia
2013Q1
3,045
271
84
35
26
22
2013Q2
3,048
278
99
57
25
17
2013Q3
3,091
282
119
29
20
22
2013Q4
3,330
258
90
29
20
18
2014Q1
3,360
234
112
31
22
14
2014Q2
3,635
266
202
43
27
17
2014Q3
3,769
244
134
39
25
16
2014Q4
3,757
237
142
41
27
10
2014Q3
133.7
8.7
4.8
1.4
0.9
0.6
2014Q4
123.4
7.8
4.7
1.3
0.9
0.3
Country Exposure (Percent of Aggregate NAV)
Country
United States
Japan
China (Inc. Hong Kong)
Brazil
India
Russia
2013Q1
139.5
12.4
3.9
1.6
1.2
1.0
2013Q2
135.2
12.3
4.4
2.5
1.1
0.8
2013Q3
132.2
12.1
5.1
1.2
0.8
1.0
23
2013Q4
127.1
9.9
3.4
1.1
0.8
0.7
2014Q1
125.8
8.8
4.2
1.2
0.8
0.5
2014Q2
127.1
9.3
7.1
1.5
0.9
0.6
October 16, 2015
VIII
A
Qualifying Hedge Fund Specic Information
Gross Exposure by Strategy5

Table 28: Exposures of Hedge Funds ($ Billions)
Category
Equity
Other
Relative Value
Macro
Event Driven
Credit
Managed Futures/CTA
Investment in other funds
Total
Strategy
Subtotal
Long/Short
Market Neutral
Long Bias
Short Bias
Subtotal
Subtotal
F.I. Sov.
F.I. Asset Backed
F.I. Corp.
F.I. Conv. Arb.
Volatility Arb.
Subtotal
Global Macro
Commodity
Currency
Active Trading
Subtotal
Distressed/Restruct.
Equity
Risk Arb./Merger Arb.
Subtotal
Long/Short
Asset Based Lending
Subtotal
Quantitative
Fundamental
Subtotal
Total
2013Q1
1,006
681
154
168
3
550
395
207
86
42
40
20
320
231
58
28
2
261
161
60
41
230
207
23
54
***
***
25
2,840
2013Q2
1,083
691
218
170
3
554
422
230
87
44
40
21
336
244
61
30
1
278
169
64
45
233
211
22
49
45
4
25
2,979
2013Q3
1,164
752
222
187
3
584
442
229
105
45
43
20
509
412
65
31
1
298
179
69
50
244
220
24
51
***
***
28
3,318
2013Q4
1,306
854
239
209
5
646
628
387
112
54
48
28
384
275
65
42
1
343
188
93
62
266
243
23
63
***
***
45
3,681
2014Q1
1,338
867
254
209
8
667
654
414
114
54
46
25
403
291
65
46
1
365
196
109
60
278
254
24
58
***
***
47
3,810
2014Q2
1,453
909
275
263
5
712
689
433
128
59
48
21
438
306
79
53
1
412
192
140
80
299
273
25
67
***
***
49
4,119
2014Q3
1,432
904
294
232
2
728
774
520
133
54
47
19
384
297
40
***
***
427
185
145
97
291
264
27
70
***
***
52
4,158
2014Q4
1,508
924
309
270
5
750
717
470
128
51
49
19
441
333
59
48
1
403
178
138
88
299
272
27
90
***
***
49
4,256
5
Form PF Question 20 requires advisers to indicate which strategies best describe the reporting funds strategies
including a good faith estimate of the reporting funds allocation among strategies, and provides a list of investment
strategies for this purpose. Form PF does not dene the investment strategies listed by Question 20.
24
October 16, 2015
Table 29: Exposures of Hedge Funds (Percent of NAV)

Category
Equity
Other
Relative Value
Macro
Event Driven
Credit
Managed Futures/CTA
Investment in other funds
Total
Strategy
Subtotal
Long/Short
Market Neutral
Long Bias
Short Bias
Subtotal
Subtotal
F.I. Sov.
F.I. Asset Backed
F.I. Corp.
F.I. Conv. Arb.
Volatility Arb.
Subtotal
Global Macro
Commodity
Currency
Active Trading
Subtotal
Distressed/Restruct.
Equity
Risk Arb./Merger Arb.
Subtotal
Long/Short
Asset Based Lending
Subtotal
Quantitative
Fundamental
Subtotal
Total
2013Q1
49.1
33.2
7.5
8.2
0.1
26.8
19.3
10.1
4.2
2.0
1.9
1.0
15.6
11.3
2.8
1.4
0.1
12.7
7.8
2.9
2.0
11.2
10.1
1.1
2.7
***
***
1.2
138.5
2013Q2
49.8
31.8
10.1
7.8
0.1
25.5
19.4
10.6
4.0
2.0
1.8
1.0
15.4
11.2
2.8
1.4
0.0
12.8
7.8
2.9
2.1
10.7
9.7
1.0
2.3
2.1
0.2
1.1
137.1
25
2013Q3
51.2
33.1
9.7
8.2
0.1
25.7
19.5
10.1
4.6
2.0
1.9
0.9
22.4
18.1
2.9
1.4
0.0
13.1
7.9
3.0
2.2
10.7
9.7
1.0
2.2
***
***
1.2
146.0
2013Q4
52.0
34.0
9.5
8.3
0.2
25.7
25.0
15.4
4.4
2.1
1.9
1.1
15.3
10.9
2.6
1.7
0.1
13.7
7.5
3.7
2.5
10.6
9.7
0.9
2.5
***
***
1.8
146.4
2014Q1
51.5
33.4
9.8
8.0
0.3
25.7
25.2
15.9
4.4
2.1
1.8
1.0
15.5
11.2
2.5
1.8
0.0
14.1
7.6
4.2
2.3
10.7
9.8
0.9
2.2
***
***
1.8
146.7
2014Q2
52.6
33.0
10.0
9.5
0.2
25.8
25.0
15.7
4.6
2.1
1.8
0.8
15.9
11.1
2.9
1.9
0.0
14.9
7.0
5.1
2.9
10.8
9.9
0.9
2.4
***
***
1.8
149.3
2014Q3
52.4
33.0
10.8
8.5
0.1
26.6
28.3
19.0
4.9
2.0
1.7
0.7
14.0
10.8
1.5
***
***
15.6
6.8
5.3
3.5
10.6
9.6
1.0
2.5
***
***
1.9
152.0
2014Q4
53.9
33.0
11.1
9.6
0.2
26.8
25.6
16.8
4.6
1.8
1.7
0.7
15.8
11.9
2.1
1.7
0.0
14.4
6.3
4.9
3.1
10.7
9.7
1.0
3.2
***
***
1.8
152.0
October 16, 2015
Liquidity
Table 30: Investor Liquidity for Qualifying Hedge Funds (Percent of Aggregate NAV)
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
2013Q1
6.2
8.5
23.7
43.6
57.9
75.3
2013Q2
6.8
8.9
22.9
43.1
58.4
75.8
2013Q3
6.5
8.7
22.3
44.0
59.8
74.8
2013Q4
7.7
11.3
24.5
48.5
57.9
75.5
2014Q1
9.9
11.9
26.2
44.8
59.5
76.0
2014Q2
7.8
11.0
24.3
44.2
58.4
75.6
2014Q3
6.0
9.7
23.7
44.9
61.4
75.3
2014Q4
7.6
11.4
25.9
49.8
59.0
75.5
Table 31: Portfolio Liquidity for Qualifying Hedge Funds (Percent of Aggregate NAV)
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
2013Q1
28.0
56.2
74.2
82.3
86.5
90.6
2013Q2
28.6
56.5
74.1
82.3
85.8
89.9
2013Q3
28.3
56.2
74.5
82.7
86.5
90.4
2013Q4
28.6
57.0
75.1
83.4
87.1
90.8
2014Q1
29.4
58.1
75.5
83.2
87.1
90.5
2014Q2
29.7
57.9
75.1
82.8
86.7
90.4
2014Q3
29.0
57.3
74.7
83.0
87.4
90.8
2014Q4
29.2
56.6
74.3
83.3
87.5
90.8
Figure 8: Asset Weighted-Average Qualifying Hedge Fund
Investor and Portfolio Liquidity Reported on Form PF as of Fourth Quarter 2014
Portfolio Liquidity
100
Investor Liquidity
80
60
40
20
26
day
s
mo
st 3
65
day
s
At
At
mo
st 1
80
0d
ays
st 9
At
mo
0d
ays
st 3
mo
ost
mo
st
At
m
At
ay
7d
ays
1d
Percent of Fund Net Assets (%)
As reported on Form PF, Questions 9, 32, and 50.
At
October 16, 2015
Table 32: Restrictions on Qualifying Hedge Fund Assets ($ Billions)

Type
May Suspend
May Have Gates
Gated
Side Pocketed
Suspended
2013Q1
1,612
1,064
32
40
21
2013Q2
1,647
1,089
25
41
16
2013Q3
1,747
1,144
34
39
19
2013Q4
1,919
1,229
28
37
10
2014Q1
1,987
1,279
29
37
10
2014Q2
2,105
1,365
32
42
9
2014Q3
2,087
1,395
30
39
8
2014Q4
2,143
1,409
41
39
13
20
20
1
C
13
Q
20 2
13
Q
20 3
13
Q
20 4
14
Q
20 1
14
Q
20 2
14
Q
20 3
14
Q4
45
40
35
30
25
20
15
10
5
0
3Q
1
NAV in Side-Pocket (%)
Figure 9: Distribution of the Ratio of Qualifying Hedge Fund

Assets Held in Side Pockets to NAV
Borrowings
Table 33: Borrowings of Qualifying Hedge Funds ($ Billions)
As reported on Form PF, Question 43 (Month 3).
Type
Secured
Unsecured
Total
Subtype
Subtotal
Prime Broker
Reverse Repo
Other Secured
Subtotal
Total
2013Q1
1,602
794
591
217
3
1,605
2013Q2
1,755
835
695
225
5
1,760
2013Q3
1,700
846
598
256
7
1,706
27
2013Q4
1,698
926
508
265
7
1,705
2014Q1
1,777
997
500
279
10
1,787
2014Q2
1,807
990
547
270
11
1,818
2014Q3
1,847
985
576
286
11
1,858
2014Q4
1,874
1,039
555
280
9
1,883
October 16, 2015
Central Clearing
Figure 10: Qualifying Hedge Funds Using Central Clearing

Percent of Funds
30
Percent of NAV
25
20
15
10
5
28
Q4
14
20
Q3
14
20
Q2
14
20
Q1
14
20
Q4
13
20
Q3
13
20
Q2
13
20
13
Q1
0
20
October 16, 2015
IX
A
Section 3 Liquidity Fund Specic Information

Liquidity
Table 34: Investor Liquidity For Section 3 Liquidity Funds (Percent of Aggregate NAV)
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
2013Q1
68.7
90.1
99.3
100.0
100.0
100.0
2013Q2
70.8
90.7
99.3
100.0
100.0
100.0
2013Q3
70.2
91.0
99.6
100.0
100.0
100.0
2013Q4
72.3
91.5
99.7
100.0
100.0
100.0
2014Q1
70.3
91.0
99.6
100.0
100.0
100.0
2014Q2
68.7
90.6
99.2
100.0
100.0
100.0
2014Q3
70.8
91.4
99.3
100.0
100.0
100.0
2014Q4
71.9
91.4
99.3
100.0
100.0
100.0
Table 35: Suspensions and Gates of Section 3 Liquidity Funds ($ Billions)

Type
May Suspend
May Have Gates
Suspended
Gated
2013Q1
234
221
0
0
2013Q2
229
220
0
0
2013Q3
221
198
0
0
2013Q4
220
198
0
0
29
2014Q1
229
202
0
0
2014Q2
243
214
0
0
2014Q3
265
234
0
0
2014Q4
255
223
0
0
October 16, 2015
Rule 2a-7 Compliance

Table 36: Rule 2a-7 Compliance (Percent of Funds)
Compliance Type
Credit Quality
Diversication
Liquidity
Maturity
Fully
None
2013Q1
65.3
63.3
63.3
63.3
51.0
32.7
2013Q2
63.0
60.9
60.9
60.9
54.3
34.8
2013Q3
60.9
58.7
58.7
58.7
52.2
37.0
2013Q4
60.9
58.7
58.7
58.7
52.2
37.0
2014Q1
63.0
60.9
60.9
60.9
54.3
34.8
2014Q2
63.6
61.4
61.4
61.4
56.8
34.1
2014Q3
65.9
63.6
63.6
63.6
56.8
31.8
2014Q4
60.0
57.8
57.8
57.8
51.1
37.8
Table 37: Rule 2a-7 Compliance (Percent of Aggregate NAV)

Compliance Type
Credit Quality
Diversication
Liquidity
Maturity
Fully
None
2013Q1
32.4
32.4
31.9
31.9
28.9
67.5
2013Q2
29.1
29.1
28.6
28.6
27.6
70.8
2013Q3
27.9
27.9
27.5
27.5
26.4
71.9
2013Q4
27.3
27.3
26.9
26.9
26.0
72.5
2014Q1
28.1
28.0
27.6
27.6
26.6
71.8
2014Q2
27.6
27.5
27.0
27.0
26.2
72.3
2014Q3
24.9
24.9
24.5
24.5
23.8
74.9
2014Q4
24.7
24.7
24.3
24.3
23.8
75.2
Methods of Calculating NAV

Table 38: NAV Calculation Method (Percent of Funds)
Type
Stable
Floating
2013Q1
85.7
14.3
2013Q2
84.8
15.2
2013Q3
84.8
15.2
2013Q4
84.8
15.2
2014Q1
84.8
15.2
2014Q2
***
***
2014Q3
***
***
2014Q4
84.4
15.6
Table 39: NAV Calculation Method (Percent of Aggregate NAV)

Type
Stable
Floating
2013Q1
75.0
25.0
2013Q2
72.0
28.0
2013Q3
71.7
28.3
2013Q4
71.0
29.0
30
2014Q1
72.4
27.6
2014Q2
***
***
2014Q3
***
***
2014Q4
71.9
28.1
October 16, 2015
X
A
Section 4 Private Equity Fund Specic Information

CPC Industry Concentration
Table 40: Gross Assets in CPC Industries (Percent of Total)
Type
Oil & Gas Extraction
Electric Power Generation, Transmission & Distribution
Software Publishers
Pipeline Transportation
Telecommunications Data Processing Services
Data Processing, Hosting, & Related Services
Other Information Services
Other Financial Investment Activities
Support Activities for Mining
Electronic Shopping & Mail-Order Houses
Limited-Service Eating Places
Water Transportation
Pharmaceutical & Medicine Mfg
Medical Equipment & Supplies Mfg
Activities Related to Credit Intermediation
Management, Scientic, & Technical Consulting Services
Commercial Banking
Educational Services
Special Food Services
31
2013Q4
7.8
3.8
2.8
2.4
2.6
2.8
2.0
1.9
1.3
0.8
1.0
1.1
1.0
1.1
1.2
1.0
1.8
1.1
1.3
2014Q4
7.5
3.7
3.7
2.5
2.4
2.2
2.0
1.7
1.5
1.4
1.4
1.3
1.3
1.2
1.2
1.2
1.1
1.0
1.0
October 16, 2015
CPC Financial Leverage

Figure 11: Distribution of Ratio of Aggregate CPC Current Liabilities
to Total Liabilities of Section 4 Private Equity Funds
60
50
40
30
20
10
4
14
Q
20
13
Q
0
20
Ratio of Portfolio Company Current

Liabilities to Total Liabilities (%)
Figure 12: Distribution of CPC Payment-in-Kind or
Zero Coupon Borrowings to Total Borrowings Ratio
Q4
14
20
13
Q4
40
35
30
25
20
15
10
5
0
20
CPC Payment-in-Kind Borrowings

to Total Borrowings Ratio (%)
32
October 16, 2015
CPC Investments by Region and Country

Table 41: Aggregate Gross Value of Private Equity
Investments by Region ($ Billions)
Region
North America
Europe EEA
Asia
South America
Supranational
Middle East
Africa
Europe Other
2013Q4
5,275
1,423
571
75
65
8
20
25
2014Q4
4,501
1,259
462
85
67
12
12
9
Table 42: Private Equity CPC Investments by Region

(Percent of Aggregate CPC Gross Asset Value)
Region
North America
Europe Eea
Asia
South America
Supranational
Middle East
Africa
Europe Other
2013Q4
70.7
19.1
7.6
1.0
0.9
0.1
0.3
0.3
33
2014Q4
70.2
19.6
7.2
1.3
1.0
0.2
0.2
0.1
October 16, 2015
Table 43: Aggregate Gross Asset Value of Private Equity
CPC Investments by Country ($ Billions)
Country
United States
China and Hong Kong
Japan
India
Brazil
Russia
2013Q4
5,035
171
233
63
45
3
2014Q4
4,300
186
98
83
58
2
Table 44: Private Equity CPC Investments by Country

(Percent of Aggregate CPC Gross Asset Value)
Country
United States
China and Hong Kong
Japan
India
Brazil
Russia
34
2013Q4
67.5
2.3
3.1
0.8
0.6
0.0
2014Q4
67.1
2.9
1.5
1.3
0.9
0.0
October 16, 2015
XI
A
Appendices
Form PF Filer Categories
The amount of information an adviser must report and the frequency with which it must report
on Form PF depends on the amount of the advisers private fund assets and the types of private
funds managed. Reporting advisers must identify the types of private funds they manage on Form
PF.
1
All Private Fund Advisers
SEC-registered investment advisers with at least $150 million in private fund assets under
management are required to le Form PF. Registered investment advisers with less than $150 million
in private funds assets under management, exempt reporting advisers, and state-registered advisers
report general private fund data on Form ADV, but do not le Form PF.6 Not all Form PF lers
report on a quarterly basis. Smaller private fund advisers and all private equity fund advisers le
Form PF on an annual basis, while larger hedge fund advisers and larger liquidity fund advisers le
the form quarterly.7 As a result of the dierence in reporting frequency, information in this report
related to funds that are reported annually may be dated by several months.8
2
Large Hedge Fund Advisers
Large Hedge Fund Advisers have at least $1.5 billion in hedge fund assets under management.
A Large Hedge Fund Adviser is required to le Form PF quarterly and provide data about each
hedge fund it managed during the reporting period (irrespective of the size of the fund).
Large Hedge Fund Advisers must report more information on Form PF about Qualifying Hedge
Funds than other hedge funds they manage during the reporting period. A Qualifying Hedge Fund is
any hedge fund advised by a Large Hedge Fund Adviser that had a NAV (individually or in
combination with any feeder funds, parallel funds, and/or dependent parallel managed accounts) of
at least $500 million as of the last day of any month in the scal quarter immediately preceding the
advisers most recently completed scal quarter. This report provides information about all hedge
funds reported by Large Hedge Fund Advisers, including Qualifying Hedge Funds and smaller hedge
funds. This report also provides an overview of certain data reported solely for Qualifying Hedge
Funds.
6
Note that these thresholds are on a gross basis. Exempt reporting advisers are advisers that rely on the exemptions
from SEC registration in Advisers Act section 203(l) for venture capital fund advisers and section 203(m) for advisers
managing less than $150 million in private fund assets in the U.S.
7
An adviser may be a large hedge fund adviser that must le quarterly to report data about the hedge funds it manages
as well as a private equity fund adviser that must le only annually to report data about the private equity funds it
manages.
8
In addition, because some Form PF lers have scal year ends that are not December 31, not all Form PF data is led
as of a single date.
35
October 16, 2015
Large Liquidity Fund Advisers
Large Liquidity Fund Advisers have at least $1 billion in combined liquidity fund and money
market fund assets under management. On a quarterly basis, such advisers report on Form PF data
about the liquidity funds they managed during the reporting period (irrespective of the size of the
fund). This report contains information about all liquidity funds reported by Large Liquidity Fund
Advisers (referred to in this report as Section 3 Liquidity Funds).
4
Large Private Equity Fund Advisers
Large Private Equity Fund Advisers have at least a $2 billion in private equity fund assets
under management. These advisers are required to le Form PF annually in connection with the
private equity funds they managed during the reporting period. Smaller Private Equity Fund
Advisers must le annually as well, but provide less detail regarding the private equity funds they
manage. This report provides information about private equity funds managed by Large Private
Equity Fund Advisers (referred to in this report as Section 4 Private Equity Funds).
5
Other Private Fund Advisers
All advisers required to le Form PF that are not Large Hedge Fund Advisers or Large
Liquidity Fund Advisers must le Form PF annually to report data about each private fund
managed by the adviser.9 These annual ling advisers include smaller fund advisers, Large Private
Equity Fund advisers, and venture capital fund advisers. Annual lers must provide specic
information about each of the private funds they manage on an annual basis.
9
This includes other private funds, which are private funds that do not meet the Form PF denition of hedge fund,
liquidity fund, private equity fund, real estate fund, securitized asset fund, or venture capital fund.
36
October 16, 2015
Handling Annual and Quarterly Data
Only a subset of lers (Large Hedge Fund Advisers and Large Liquidity Fund Advisers) are
required to le Form PF quarterly; all other lings are made annually. Annual lings are typically,
but not always, made at the end of the calendar year, as Form PF allows lings to be made at the
end of an advisers scal year. In order to present the most complete and recent data possible, while
accounting for dierences in ling dates, we use the following procedure for determining which data
to consider in any given quarter:
First, lings are grouped by their report date within their reported year:
(Q1): February 15 to May 14
(Q2): May 15 to August 14
(Q3): August 15 to November 14
(Q4): November 15 to February 14
Then, responses for funds that have no information are lled forward essentially, copied
from last reported values up to a maximum of three quarters. Any fund that has no data four
quarters after its most recent date is no longer counted or included in any calculations.10
How to Read a Boxplot
In these gures, the boxes extend from the twenty-fth percentile to the seventy-fth percentile,
while the levels (the dashed vertical lines) extend from the tenth to the twenty-fth percentile as well
as the seventy-fth to the ninetieth percentile. Also shown as a red line within the box is the median
(the ftieth percentile) and the horizontal dashed line is mean of the distribution. See Figure 13 for
an explanation of each feature.
Figure 13: How to Read a Boxplot
10
Form PF has no requirement to inform the SEC if a fund liquidates or otherwise terminates operations. Therefore,
liquidations or terminations may not be reected on this report for up to one year after ceasing operations.
37
October 16, 2015
Mitigating the Eects of Outliers
Form PF data occasionally contains spurious outliers. While REO sta actively engages in
outreach to identify and correct such values, not all aberrant values have been corrected as of this
writing. To reduce the eect of these outliers on the aggregate measures reported here, we have
chosen to winsorize or trim some data sets.
Winsorization is a technique for reducing the eect of outliers by reducing the size of the largest
and smallest values in a distribution.11 For example, to calculate a 95%/5% Winsorized data set, all
the values above the ninety-fth percentile are set to the value of the ninety-fth percentile, and all
the values below the fth percentile are set to the value of the fth percentile. Eectively, this
procedure makes the very largest values smaller (but still large), and all the smallest values larger
(but still small). This approach can be more eective than trimming (simply removing the largest
and/or smallest values) because it does not change the number of data points and does not change
the median or other percentile values within the 95%/5% range. All instances of winsorization or
trimming have been noted and include the aected percentiles.
11
Such techniques are known as robust statistics, reviewed for example in Wilcox (2012), Introduction to Robust
Estimation & Hypothesis Testing, 3rd Edition.
38
October 16, 2015
Denitions
Included by reference are all denitions included in the glossary of Form PF.
Aggregate Exposure
A dollar value for long and short positions as of the last day in each
month of the reporting period, by sub-asset class, including all exposure
whether held physically, synthetically or through derivatives. Includes
closed out and OTC forward positions that have not expired, as well as
positions in side-pockets.
Borrowing
In Form PF, borrowings include secured borrowings, unsecured borrow

ings, as well as synthetic borrowings (e.g., total return swaps that meet
the failed sale accounting requirements).
CPC
Controlled portfolio company, as dened in Form PF.
Gross Notional Exposure (GNE) The gross nominal or notional value of all transactions that have been
entered into but not yet settled as of the data reporting date. For
contracts with variable nominal or notional principal amounts, the basis
for reporting is the nominal or notional principal amounts as of the data
reporting date.
Hedge Fund
Any private fund (other than a securitized asset fund): (a) with respect
to which one or more investment advisers (or related persons of invest
ment advisers) may be paid a performance fee or allocation calculated
by taking into account unrealized gains (other than a fee or allocation
the calculation of which may take into account unrealized gains solely
for the purpose of reducing such fee or allocation to reect net unre
alized losses); (b) that may borrow an amount in excess of one-half of
its net asset value (including any committed capital) or may have gross
notional exposure in excess of twice its net asset value (including any
committed capital); or (c) that may sell securities or other assets short
or enter into similar transactions (other than for the purpose of hedg
ing currency exposure or managing duration). The denition of a hedge
fund for Form PF purposes also includes any commodity pool an adviser
reports on Form PF.
IRDs
Interest rate derivatives, including foreign exchange derivatives used for

either investment or hedging.
Large Hedge Fund Adviser
An adviser that has at least $1.5 billion in hedge fund assets under
management.
39
October 16, 2015
Large Liquidity Fund Adviser
An adviser that has at least $1 billion in combined liquidity fund and

money market fund assets under management.
Large Private Equity Fund Adviser
An adviser that has at least a $2 billion in private equity fund assets

under management.
Parallel Managed Account
An account advised by an adviser that pursues substantially the same in

vestment objective and strategy and invests side by side in substantially
the same positions as the reporting fund.
A hedge fund advised by a Large Hedge Fund Adviser that has a net asset
value (individually or in combination with any feeder funds, parallel
funds, and/or dependent parallel managed accounts) of at least $500
million as of the last day of any month in the scal quarter immediately
preceding the advisers most recently completed scal quarter.
A liquidity fund advised by a Large Liquidity Fund Adviser.
A private equity fund advised by a Large Private Equity Fund Adviser.
Value
For derivatives (other than options), value means gross notional value;
for options, value means delta adjusted notional value; for all other
investments and for all borrowings where the reporting fund is the credi
tor, value means market value or, where there is not a readily available
market value, fair value; for borrowings where the reporting fund is the
debtor, value means the value you report internally and to current
and prospective investors.
40

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Division of Investment Management

Risk and Examinations Oce

Private Funds Statistics

Fourth Calendar Quarter 2014

October 16, 2015

October 16, 2015

Risk and Examinations Oce

October 16, 2015

Risk and Examinations Oce

Number of Funds and Advisers

Gross and Net Assets

Fund Domiciles and Adviser Main Oces

High Frequency Trading

VII Information Reported by Large Hedge

Section 3 Liquidity Fund Specic Information

Section 4 Private Equity Fund Specic

VIII Qualifying Hedge Fund Specic Information

October 16, 2015

2 Large Hedge Fund Advisers . . . .

Risk and Examinations Oce

October 16, 2015

Risk and Examinations Oce

Number of Funds and Advisers3

Table 2: Number of Advisers Advising Each Fund Type

October 16, 2015

Risk and Examinations Oce

Gross and Net Assets

Table 4: Aggregate Private Fund Net Asset Value (NAV) ($ Billions)

because the rows are not mutually exclusive.

October 16, 2015

Risk and Examinations Oce

See Appendix C for an explanation of boxplots.

(b) Qualifying Hedge Fund NAV

(a) Qualifying Hedge Fund GAV

As reported on Form PF, Questions 8 and 9.

(c) Section 4 Private Equity Fund GAV

(d) Section 4 Private Equity Fund NAV

October 16, 2015

Figure 2: Distribution of Total Borrowings for All Private Funds

and Qualifying Hedge Funds

See Appendix C for an explanation of boxplots.

Total Borrowings ($Billions)

Total Borrowings ($Millions)

As reported on Form PF, Questions 12 and 43 (Month 3).

Risk and Examinations Oce

(a) All Private Funds

(b) Qualifying Hedge Funds

October 16, 2015

Risk and Examinations Oce

Parallel Managed Accounts4

because the rows are not mutually exclusive.

Table 7: Aggregate Value in Parallel Managed Accounts ($ Billions)

because the rows are not mutually exclusive.

October 16, 2015

Risk and Examinations Oce

Figure 3: Parallel Managed Account Value Distributions

See Appendix C for an explanation of boxplots.