On October 16, 2015, the Securities and Exchange Commission (SEC) staff published a report that provides private fund industry statistics and trends, reflecting aggregated data reported by private fund advisers on Form ADV and Form PF. Most of the data in the more than 50 separate tables and figures is being made public for the first time and can be found here.
Investment advisers are aware that Form ADV is used to register with the SEC and/or certain state securities authorities. Advisers must report on Form ADV general information about private funds that they manage, such as basic organizational and operational information, fund size, and ownership.
Form PF is filed by SEC-registered investment advisers with at least $150 million in private funds assets under management to report information about the private funds that they manage. Most advisers file Form PF annually to report general information such as the types of private funds advised (e.g., hedge funds or private equity), each fund’s size, leverage, liquidity, and types of investors. Certain larger advisers provide more information on a more frequent basis (including more detailed information on certain larger funds).
The report reflects information reported from the first calendar quarter of 2013 through the fourth calendar quarter of 2014. The staff intends to update the private fund statistics report periodically. The report includes statistics about the distribution of borrowings, an analysis of hedge fund gross notional exposure to net asset value, and a comparison of average hedge fund investor and hedge fund portfolio liquidity.