The largest US hedge fund managers by gross private-fund assets on Form ADV, borrowed money included.
Hedge fund list
In the SEC's Form ADV data file of 2026-10-02, ~2,700 SEC-registered and exempt reporting advisers that report hedge funds have a main office in the 50 states or DC. These are the managers, the adviser firms that run the funds, not the funds. Each row of the list is one manager's main office, with its Form ADV identifiers, the private fund types it reports, its website and the email it publishes there, the page where we found it and the date we last verified it. No row names a portfolio manager or employee. You can order it now, nationwide or by state.
What's in the list
| Column | What it holds | Format |
|---|---|---|
| firm_name, legal_name | The business name and legal name the manager files on Form ADV | text |
| crd_number, registration_type | The firm's CRD number, and whether it is an SEC-registered adviser or an exempt reporting adviser | CRD number; SEC-registered adviser or exempt reporting adviser |
| address, city, state, zip | The main office on Form ADV. Managers whose main office is a private residence are left out | main office; state as 2 letters, ZIP as 5 digits |
| phone | The main office number on Form ADV | text |
| website | The firm's own site, from Form ADV or found by us | URL |
| email, email_type | An email the firm publishes on its own website, marked role (info@, ir@) or personal (a named inbox at the firm's own domain). No free-mail addresses | email address; type is role or personal |
| email_status | valid, catch-all or unknown. Catch-all means the mailbox can't be confirmed; invalid emails are removed | valid, catch-all or unknown |
| email_source_url | The page or official register where the email was published | URL |
| email_last_verified | Date of the latest verification check | date, ISO 8601 (year-month-day) |
| fund_types | The private fund types the firm reports in Form ADV Item 7.B: private equity, hedge, venture capital, real estate or other | private equity, hedge, venture capital, real estate, other (Form ADV Item 7.B) |
| private_funds, gross_private_fund_assets | How many private funds the firm reports and their gross assets, from Schedule D. Gross assets include borrowed money and are not fund size | whole numbers; gross assets of reported private funds in US dollars, not fund size |
| adv_filing_date | Date of the firm's latest Form ADV filing in the SEC file | date, ISO 8601 (year-month-day) |
One row per adviser firm that reports at least one hedge fund on Form ADV, at its main office in the 50 states or DC.
The data dictionary in every download describes each column in full.
In the public register
SEC-registered and exempt reporting advisers that report hedge funds~2,700
Rounded count in SEC Form ADV, file of 2026-10-02: SEC-registered and exempt reporting advisers that report hedge funds, with a main office in the 50 states or DC, minus suspect filings. It runs low, because the SEC withholds the address of advisers whose office is a private residence, and state-registered advisers are not in the SEC file.
States and DC47
States plus DC with at least one entry in the register.
Register file date2026-10-02
The date of the public file we counted.
How many hedge funds are there?
SEC staff count 9,940 hedge funds reported on Form PF for the third quarter of 2025, managed by 1,834 advisers (SEC Private Fund Statistics, Tables 1.1 and 1.3, filings through March 13, 2026). Those figures cover only the advisers that file Form PF: SEC-registered advisers with at least $150 million in private fund assets. Smaller registered advisers, exempt reporting advisers and state-registered advisers don't file it.
Form ADV reaches further. Its data file of 2026-10-02 has ~2,700 SEC-registered and exempt reporting advisers that report hedge funds and have a main office in the 50 states or DC. Of these, ~2,200 are registered with the SEC and ~500 are exempt reporting advisers, which file parts of Form ADV without registering. Form ADV's glossary gives two routes to exempt status: advising only venture capital funds, or advising only private funds with less than $150 million of assets under management in the US. An adviser that reports a hedge fund can't use the first, so the exempt advisers here are managers of that smaller size.
| Registration | Advisers |
|---|---|
| SEC-registered adviser | ~2,200 |
| Exempt reporting adviser | ~500 |
Counts are rounded.
A hedge fund, on Form ADV, is a private fund that the adviser classifies as one under the form's definition. That definition is wide. It covers any private fund (other than a securitized asset fund) whose adviser may earn a performance fee calculated on unrealized gains, that may borrow more than half its net asset value, or that may sell short. Commodity pools are filed as hedge funds too. So some managers better known for credit, infrastructure or private equity file part of their funds as hedge funds.
What the count leaves out, and what it takes in:
- Left out: advisers registered only with a state, which are not in the SEC file; ~320 advisers whose main office address the SEC withholds because it is a private residence, so they can't be placed in a state; ~750 advisers based outside the 50 states and DC; and 15 exempt filings we removed as suspect in the file of 2026-10-02. The methodology explains the filter.
- Taken in: every adviser that reports at least one hedge fund, even when most of its private funds are of another type. Our ranking of the largest hedge fund managers keeps only advisers whose hedge funds are at least half of the private funds they report.
We publish no total of the assets these advisers report. Feeder funds, master funds and funds of hedge funds all report the same money, so a total would count it more than once.
Advisers reporting hedge funds, by state
New York has ~940 advisers that report hedge funds, more than California, Florida and Connecticut together, and most of them have a New York City main office. Connecticut ranks number 4 by count, with ~190, but has the most per resident (5.1 per 100,000, against New York's 4.7): Greenwich, Stamford and Westport hold most of them. Florida ranks number 3, led by Miami.
| State | In the public register | Per 100,000 residents | Share of US total |
|---|---|---|---|
| New York | ~940 | 4.7 | 34% |
| California | ~350 | 0.9 | 13% |
| Florida | ~230 | 1.0 | 8.3% |
| Connecticut | ~190 | 5.1 | 6.8% |
| Texas | ~190 | 0.6 | 6.8% |
| Massachusetts | ~150 | 2.1 | 5.4% |
| Illinois | ~120 | 0.9 | 4.3% |
| New Jersey | ~80 | 0.9 | 3% |
| Pennsylvania | ~70 | 0.5 | 2.6% |
| Virginia | ~50 | 0.5 | 1.6% |
| Colorado | ~40 | 0.6 | 1.4% |
| Georgia | ~30 | 0.3 | 1.1% |
| North Carolina | ~30 | 0.3 | 1% |
| Tennessee | ~30 | 0.4 | 0.98% |
| Minnesota | ~30 | 0.4 | 0.91% |
| Washington | ~20 | 0.3 | 0.87% |
| Maryland | ~20 | 0.4 | 0.84% |
| Utah | ~20 | 0.5 | 0.69% |
| Ohio | ~20 | 0.1 | 0.62% |
| Missouri | ~20 | 0.2 | 0.55% |
| Delaware | ~10 | 1.3 | 0.51% |
| Alabama | ~10 | 0.2 | 0.36% |
| South Carolina | ~10 | 0.2 | 0.36% |
| District of Columbia | 9 | 1.3 | 0.33% |
| Kansas | 9 | 0.3 | 0.33% |
| Nevada | 9 | 0.3 | 0.33% |
| Wisconsin | 9 | 0.2 | 0.33% |
| Kentucky | 8 | 0.2 | 0.29% |
| Oregon | 7 | 0.2 | 0.25% |
| Arizona | 6 | 0.1 | 0.22% |
| Indiana | 6 | 0.1 | 0.22% |
| Michigan | 6 | 0.1 | 0.22% |
| Wyoming | 5 | 0.8 | 0.18% |
| Arkansas | 4 | 0.1 | 0.15% |
| Hawaii | 4 | 0.3 | 0.15% |
| Idaho | 4 | 0.2 | 0.15% |
| Louisiana | 4 | 0.1 | 0.15% |
| Oklahoma | 4 | 0.1 | 0.15% |
| Vermont | 4 | 0.6 | 0.15% |
| Nebraska | 3 | 0.1 | 0.11% |
| New Hampshire | 3 | 0.2 | 0.11% |
| Rhode Island | 3 | 0.3 | 0.11% |
| Iowa | 2 | 0.1 | 0.07% |
| Montana | 2 | 0.2 | 0.07% |
| Alaska | 1 | 0.1 | 0.04% |
| New Mexico | 1 | 0.0 | 0.04% |
| South Dakota | 1 | 0.1 | 0.04% |
| Maine | 0 | 0.0 | 0% |
| Mississippi | 0 | 0.0 | 0% |
| North Dakota | 0 | 0.0 | 0% |
| West Virginia | 0 | 0.0 | 0% |
Counts are rounded.
These are register counts, rounded, by the state of each adviser's main office. Branch offices are not counted. The list will hold fewer rows, because our checks leave out firms we can't confirm as current.
Largest hedge fund managers
The largest hedge fund managers in the US ranks the top 100 focused advisers by the gross assets of the private funds they report on Form ADV. That measure includes borrowed money and is not fund size, net asset value or assets raised.
Who buys a hedge fund list
We expect most buyers to sell services to fund managers. These are our assumptions about the market, not a list of customers:
- Prime brokers, futures brokers and trading desks, who look for new and growing managers.
- Fund administrators, auditors and fund lawyers, who price their work by fund count and registration type.
- Market data, research and trading software vendors, who sell by the seat to investment teams.
- Capital introduction teams and third-party marketers, who connect managers with allocators.
- Office, technology and compliance providers, who serve smaller managers in New York, Connecticut and Florida.
The fund_types column will let you keep managers that report only hedge funds, or include those that also run private equity, credit or real estate funds.
Free sample
Leave your email. Our first email asks you to confirm your address, then we send you 25 rows from this list, usually within one business day.
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Where the data comes from
The list starts from the SEC's monthly Form ADV data, file of 2026-10-02: the registered adviser file and the exempt reporting adviser file. We take the advisers that report a hedge fund in Item 7.B and have a main office in the 50 states or DC, remove suspect filings, match each firm to its own website and record the emails published there, with the page URL. For each order we check each email with the receiving mail server before it goes into your file.
Full methodologySEC Form ADV
Questions about the hedge fund list
Can I buy the hedge fund list now?
Yes. Choose nationwide or up to 10 states in the order panel on this page. It costs $499 nationwide, and state files start from $39. Delivered within 24 hours, usually much sooner. Nationwide files are verified and sent within 48 hours.
How many hedge fund managers are in New York?
~940 SEC-registered and exempt reporting advisers that report hedge funds have a New York State main office in the SEC's Form ADV file of 2026-10-02, more than any other state. Most of them are in New York City. Managers in Greenwich, Stamford and the rest of Connecticut are counted under Connecticut.
Does the list include the funds themselves?
No. Each row will be a manager, the adviser firm. One manager can run dozens of funds, often a master fund with onshore and offshore feeders, and each is listed under its adviser in Form ADV Schedule D, Section 7.B.(1). The row will carry the number of private funds the manager reports.
Are smaller and emerging managers included?
Yes, if they file with the SEC. Exempt reporting advisers will be in the list, and each row will say whether the firm is SEC-registered or exempt. Managers registered only with a state are not in the SEC file, so they will not be in the list.
Does it include portfolio managers or traders?
No. The list will have one row per firm, with the firm's own contact details and the emails published on its website. It will name no individuals.
Is there a free hedge fund database?
The SEC's Investment Adviser Public Disclosure site shows each adviser's Form ADV for free, one firm at a time, and the SEC publishes the monthly data files. Our list will add the firm's website, the emails it publishes there with their source pages, and an email check, in one file with a column for each field.
Can I send email to hedge fund managers legally?
In the US, CAN-SPAM allows commercial email to businesses if you identify yourself, include a postal address and an opt-out, and honor opt-outs. This is general information, not legal advice. Read is buying an email list legal?
Sources
- SEC, Information About Registered Investment Advisers and Exempt Reporting Advisers, Form ADV data files ia100226.zip and ia100226-exempt.zip (file of 2026-10-02), https://www.sec.gov/data-research/sec-markets-data/information-about-registered-investment-advisers-exempt-reporting-advisers (accessed 2026-10-04)
- SEC Division of Investment Management, Analytics Office, Private Fund Statistics: Form PF and Form ADV Data, Third Calendar Quarter 2025, Tables 1.1 and 1.3 (filings through 2026-03-13), https://www.sec.gov/files/investment/private-funds-statistics-2025-q3.pdf (accessed 2026-10-04)
- SEC, Form ADV General Instructions and Instructions for Part 1A, Instruction 6 (private fund types) and Glossary term 19 (exempt reporting adviser), https://www.sec.gov/about/forms/formadv-instructions.pdf (accessed 2026-10-04)