On December 10, 2020, the SEC released the quarterly Private Funds Statistics report, a broadened set of data and analyses of recent private fund industry trends and statistics. First published by the Division of Investment Management’s Analytics Office in October 2015, this recurring report has been offering investors and other market participants beneficial insights on fund activity.
The report reports and analyzes data submitted by private fund advisers on the following forms:
Form PF is used by investment advisers to register with the SEC and/or with particular state securities authorities. Advisers are required to report on Form ADV general information pertaining to the private funds they manage, for example, fund size and ownership as well as basic organizational and operational information.
Form ADV is filed by those investment advisers registered with the SEC – with at least $150 million in private funds assets under management – to submit information related to the private funds they manage. The majority of advisers submit Form PF annually to report general information such as the types of private funds they advise (namely, hedge funds or private equity) and each fund's size, leverage, liquidity and types of investors. Some larger advisers report more data more frequently, which is often additional detailed information on certain larger funds.
This recent report reflects data collected from Second Calendar Quarter 2018 through First Calendar Quarter 2020 for Form PF filers. To avoid potential leaks of proprietary information of individual Form PF filers, Form PF data provided in this report is rounded, aggregated, and/or masked.
The report offers new analysis of private funds’ borrowing, use of stress testing, and beneficial ownership. For certain hedge funds, this version of the report also incorporates new statistics that provide more specific reporting of the aggregate investment exposures by asset type. The report now incorporates upwards of 100 separate figures and tables that offer a complete evaluation of private fund industry practices, including numbers of funds by type, gross and net assets, investment strategies, collateralization of borrowings, and investment category exposures.
In addition, the new data in the report provides further details on the following matters:
borrowing by all private funds
beneficial ownership of private funds
hedge funds that pursue a single strategy
open positions reported by hedge funds
hedge fund advisers' use of stress testing
For inquiries or comments about this report, contact Tim Dulaney at FormPF@sec.gov with subject line: “First Calendar Quarter 2020-Private Funds Statistics”.