Largest Hedge Fund Firms in the US (2026)

Citadel Advisors is the largest hedge fund firm in the SEC's data, reporting $1.09 trillion in private fund gross assets. Millennium Management and Qube Research & Technologies follow. The largest ten firms account for 34.6% of the gross assets reported to the SEC by the 2,890 advisers whose private funds are mostly hedge funds.

Every figure is the one the adviser reported to the SEC on Form ADV, in the SEC's data as of September 1, 2026.

The 50 largest hedge fund firms

A hedge fund firm here is an adviser at least two-thirds of whose private funds are hedge funds, as the SEC's form defines them. Firms are ranked by the gross assets of all their private funds; the hedge fund count is shown beside the total so the mix is visible.

Rank	Firm	Headquarters	Private fund gross assets	Hedge funds	All private funds	Source
1	Citadel Advisors LLC	Miami, FL	$1.09 trillion	37	37	SEC
2	Millennium Management LLC	New York, NY	$713 billion	10	10	SEC
3	Qube Research & Technologies Limited	London, United Kingdom	$580 billion	9	9	SEC
4	Capula Investment Management LLP	London, United Kingdom	$569 billion	7	7	SEC
5	Symmetry Investments LP	St Helier, Jersey	$395 billion	3	3	SEC
6	LMR Partners LLC	New York, NY	$374 billion	4	4	SEC
7	Point72 Asset Management, L.P.	Stamford, CT	$324 billion	13	18	SEC
8	Marshall Wace LLP	London, United Kingdom	$316 billion	74	77	SEC
9	Two Sigma Investments, LP	New York, NY	$311 billion	62	62	SEC
10	Schonfeld Strategic Advisors LLC	New York, NY	$297 billion	39	39	SEC
11	Brevan Howard Capital Management, LP	St Helier, Jersey	$296 billion	30	30	SEC
12	Pacific Investment Management Company LLC	Newport Beach, CA	$279 billion	195	208	SEC
13	Balyasny Asset Management L.P.	Chicago, IL	$278 billion	39	43	SEC
14	Rokos Capital Management LLP	London, United Kingdom	$219 billion	2	2	SEC
15	D. E. Shaw & Co., L.P.	New York, NY	$213 billion	13	13	SEC
16	Garda Capital Partners	Wayzata, MN	$207 billion	1	1	SEC
17	Squarepoint OPS LLC	New York, NY	$206 billion	11	11	SEC
18	ExodusPoint Capital Management, LP	New York, NY	$182 billion	6	6	SEC
19	Arrowstreet Capital, Limited Partnership	Boston, MA	$173 billion	39	39	SEC
20	Alphadyne Asset Management LP	New York, NY	$165 billion	3	3	SEC
21	Taula Capital Management (Jersey) LP	St Helier, Jersey	$161 billion	2	2	SEC
22	AQR Capital Management, LLC	Greenwich, CT	$157 billion	304	304	SEC
23	BlackRock Capital Management, Inc.	Wilmington, DE	$149 billion	6	8	SEC
24	Verition Fund Management LLC	Greenwich, CT	$139 billion	5	5	SEC
25	OQ Funds Management	Central, Hong Kong	$130 billion	1	1	SEC
26	Bridgewater Associates, LP	Westport, CT	$127 billion	37	38	SEC
27	Mariner Investment Group, LLC	New York, NY	$123 billion	16	17	SEC
28	Bracebridge Capital, LLC	Boston, MA	$115 billion	12	12	SEC
29	Oaktree Capital Management, L.P.	Los Angeles, CA	$109 billion	221	284	SEC
30	TPG Angelo Gordon	New York, NY	$107 billion	176	237	SEC
31	Tudor Investment Corporation	Stamford, CT	$106 billion	8	10	SEC
32	Kedalion Capital Management LLP	London, London, United Kingdom	$104 billion	1	1	SEC
33	Fortress Investment Group	New York, NY	$99.4 billion	273	347	SEC
34	Cerberus Capital Management, L.P.	New York, NY	$97.7 billion	148	178	SEC
35	Capstone Investment Advisors, LLC	New York, NY	$91.3 billion	16	16	SEC
36	Renaissance Technologies LLC	New York, NY	$87.2 billion	4	4	SEC
37	Blackstone Infrastructure Advisors LLC	New York, NY	$82.2 billion	41	41	SEC
38	Adage Capital Management, L.P.	Boston, MA	$70.4 billion	1	1	SEC
39	Lighthouse Investment Partners, LLC	Palm Beach Gardens, FL	$70.1 billion	139	139	SEC
40	Davidson Kempner Capital Management LP	New York, NY	$66.1 billion	56	56	SEC
41	Bayview Asset Management, LLC	Coral Gables, FL	$65.3 billion	22	23	SEC
42	Farallon Capital Management, LLC	San Francisco, CA	$64.5 billion	50	50	SEC
43	Elan Capital Management (London) Ltd.	London, Greater London, United Kingdom	$59.5 billion	1	1	SEC
44	Tenaron Capital Management LP	New York, NY	$56.4 billion	2	2	SEC
45	TA Associates	Boston, MA	$55.6 billion	30	30	SEC
46	AHL Partners LLP	London, United Kingdom	$53.5 billion	48	48	SEC
47	Walleye Capital LLC	Wayzata, MN	$53.3 billion	5	5	SEC
48	Holocene Advisors, LP	New York, NY	$50.4 billion	2	2	SEC
49	Caxton Associates LLP	London, United Kingdom	$47.9 billion	5	5	SEC
50	III Capital Management	Boca Raton, FL	$47.6 billion	7	8	SEC

Download this table (CSV), free. The full dataset, every adviser that meets the rule with its fund counts by type, is one email away.

Why gross assets run so high

Gross asset value counts what a fund holds before its borrowing is subtracted. A multi-manager or relative-value fund that runs a large book on a modest base of investor capital therefore reports far more in gross assets than it manages for investors. 15 of the firms in the table report five or fewer funds on Form ADV and more than $50 billion each.

• The 2,890 firms report $14.38 trillion in private fund gross assets, 37.2% of the total reported by all 11,864 private fund advisers.
• The 50 firms in the table report 69.1% of it on Form ADV; the smallest of them reports $47.6 billion.

What this means for technology buyers

A hedge fund's operating stack is built around trading, financing and the books of record. These guides compare the options:

• Execution management systems for hedge funds: getting orders to market.
• Hedge fund operations platforms for emerging managers: the stack for a manager's first funds.
• Transaction cost analysis tools: measuring what trading costs.
• Counterparty credit risk platforms: watching exposure to prime brokers and dealers.

Mapping the business before choosing systems? The Hedge Funds Capability Model sets out what a hedge fund manager does, and the Hedge Funds Value Streams show how that work runs end to end.

More from Finantrix Atlas

• Which prime brokers hedge funds use
• Who administers private funds
• Largest private fund managers

How this list was built

The universe is every adviser in the SEC's monthly Form ADV files, registered and exempt reporting, that reports private funds and for which hedge funds are at least two-thirds of its private funds by count. Firms are ranked by the total gross asset value of their private funds. Every adviser in the table meets the rule.

Limits

• A rule, not a census of hedge fund assets. The SEC's monthly data gives each adviser's total private fund assets and its count of funds by type, not assets by type. Managers whose hedge funds are a minority of their funds are left out, and the total for a firm in the table can include a few funds of other types.
• Gross, not net. Gross asset value includes borrowing, so it is not the same as assets under management or investor capital.
• Advisers, not groups. A firm that files through several advisers appears once per adviser.
• When the figures date from. Each adviser updates these figures at least once a year, so a row reflects that adviser's latest filing.

Cite this

Free to quote, cite and republish, including the chart, with credit to Finantrix Atlas and a link to this page.

Citadel Advisors is the largest hedge fund firm by the private fund gross assets it reports to the SEC, $1.09 trillion, according to a Finantrix Atlas analysis of Form ADV data as of September 1, 2026.

The ten largest hedge fund firms report 34.6% of hedge fund firms' private fund gross assets to the SEC, according to Finantrix Atlas.

Suggested citation: Finantrix Atlas, "Largest Hedge Fund Firms in the US," data as of September 1, 2026, from SEC Form ADV. https://www.finantrix.com/articles/largest-hedge-fund-advisers

Embed the chart:

<a href="https://www.finantrix.com/articles/largest-hedge-fund-advisers"><img src="https://www.finantrix.com/atlas/largest-hedge-fund-advisers.png" alt="The largest hedge fund firms by gross assets, from Finantrix Atlas"></a>
<p>Chart: <a href="https://www.finantrix.com/articles/largest-hedge-fund-advisers">Finantrix Atlas</a>, from SEC Form ADV data.</p>

Frequently asked questions

Q: What is the largest hedge fund firm? A: Citadel Advisors, with $1.09 trillion in private fund gross assets reported to the SEC as of September 1, 2026, among advisers whose funds are mostly hedge funds.

Q: Why is a hedge fund's gross asset value larger than its assets under management? A: Gross asset value counts everything a fund holds before its borrowing is subtracted, so a fund that uses leverage reports more in gross assets than its investors have put in.

Q: How many hedge fund firms report to the SEC? A: According to SEC data, 2,890 advisers report private funds that are at least two-thirds hedge funds.