Largest Private Fund Managers in the US (2026)

Ten managers report 14.5% of the gross assets in private funds overseen by SEC-registered and exempt reporting advisers. Citadel Advisors reports the most, $1.09 trillion across 37 funds, ahead of Millennium Management and Qube Research & Technologies. In all, 11,864 advisers report 126,864 private funds to the SEC, holding $38.67 trillion in gross assets.

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

private fund managers by gross assets, September 1, 2026, led by Citadel Advisors at $1.09 trillion">

The 50 largest private fund managers

Ranked by the gross asset value of the private funds each adviser reports. Each row is one SEC filing entity; a group with several advisers appears once per adviser.

Rank	Adviser	Headquarters	Private fund gross assets	Private funds	Largest fund types	Source
1	Citadel Advisors LLC	Miami, FL	$1.09 trillion	37	37 hedge	SEC
2	Millennium Management LLC	New York, NY	$713 billion	10	10 hedge	SEC
3	Qube Research & Technologies Limited	London, United Kingdom	$580 billion	9	9 hedge	SEC
4	Capula Investment Management LLP	London, United Kingdom	$569 billion	7	7 hedge	SEC
5	Goldman Sachs Asset Management, L.P.	New York, NY	$551 billion	1,286	924 other, 239 private equity, more	SEC
6	Kohlberg Kravis Roberts & Co. L.P.	New York, NY	$518 billion	630	553 private equity, 34 real estate, more	SEC
7	Ares Management LLC	Los Angeles, CA	$418 billion	682	255 hedge, 157 private equity, more	SEC
8	Apollo Capital Management, L.P.	New York, NY	$406 billion	712	220 other, 214 private equity, more	SEC
9	Symmetry Investments LP	St Helier, Jersey	$395 billion	3	3 hedge	SEC
10	LMR Partners LLC	New York, NY	$374 billion	4	4 hedge	SEC
11	Point72 Asset Management, L.P.	Stamford, CT	$324 billion	18	13 hedge, 4 private equity, more	SEC
12	Marshall Wace LLP	London, United Kingdom	$316 billion	77	74 hedge, 3 private equity	SEC
13	Two Sigma Investments, LP	New York, NY	$311 billion	62	62 hedge	SEC
14	Schonfeld Strategic Advisors LLC	New York, NY	$297 billion	39	39 hedge	SEC
15	Brevan Howard Capital Management, LP	St Helier, Jersey	$296 billion	30	30 hedge	SEC
16	Pacific Investment Management Company LLC	Newport Beach, CA	$279 billion	208	195 hedge, 9 securitized asset, more	SEC
17	Balyasny Asset Management L.P.	Chicago, IL	$278 billion	43	39 hedge, 3 private equity, more	SEC
18	Rokos Capital Management LLP	London, United Kingdom	$219 billion	2	2 hedge	SEC
19	D. E. Shaw & Co., L.P.	New York, NY	$213 billion	13	13 hedge	SEC
20	BlackRock Financial Management, Inc.	New York, NY	$209 billion	352	180 hedge, 73 private equity, more	SEC
21	Garda Capital Partners	Wayzata, MN	$207 billion	1	1 hedge	SEC
22	Squarepoint OPS LLC	New York, NY	$206 billion	11	11 hedge	SEC
23	Goldman Sachs Asset Management International	London, United Kingdom	$205 billion	31	15 other, 10 hedge, more	SEC
24	HarbourVest Partners, LLC	Boston, MA	$201 billion	311	285 private equity, 26 other	SEC
25	Thoma Bravo	Chicago, IL	$183 billion	151	146 private equity, 5 hedge	SEC
26	ExodusPoint Capital Management, LP	New York, NY	$182 billion	6	6 hedge	SEC
27	The Carlyle Group	Washington, DC	$174 billion	314	167 private equity, 109 securitized asset, more	SEC
28	Arrowstreet Capital, Limited Partnership	Boston, MA	$173 billion	39	39 hedge	SEC
29	J.P. Morgan Investment Management Inc.	New York, NY	$166 billion	239	169 other, 27 private equity, more	SEC
30	Alphadyne Asset Management LP	New York, NY	$165 billion	3	3 hedge	SEC
31	Taula Capital Management (Jersey) LP	St Helier, Jersey	$161 billion	2	2 hedge	SEC
32	AQR Capital Management, LLC	Greenwich, CT	$157 billion	304	304 hedge	SEC
33	BlackRock Investment Management (UK) Limited	London, United Kingdom	$157 billion	24	12 hedge, 6 liquidity, more	SEC
34	CIBC Global Asset Management	Toronto, Canada	$156 billion	156	156 other	SEC
35	HPS Investment Partners, LLC	New York, NY	$151 billion	253	142 private equity, 58 hedge, more	SEC
36	iCapital Advisors, LLC	New York, NY	$150 billion	1,144	1139 other, 3 hedge, more	SEC
37	BlackRock Capital Management, Inc.	Wilmington, DE	$149 billion	8	6 hedge, 2 liquidity	SEC
38	Blackstone Management Partners LLC	New York, NY	$146 billion	36	36 private equity	SEC
39	TPG Capital Advisors, LLC	Fort Worth, TX	$141 billion	127	127 private equity	SEC
40	Verition Fund Management LLC	Greenwich, CT	$139 billion	5	5 hedge	SEC
41	Hamilton Lane	Conshohocken, PA	$138 billion	553	534 private equity, 19 other	SEC
42	Blackstone Real Estate Advisors L.P.	New York, NY	$131 billion	53	53 real estate	SEC
43	OQ Funds Management	Central, Hong Kong	$130 billion	1	1 hedge	SEC
44	PGIM, Inc.	Newark, NJ	$130 billion	171	70 securitized asset, 38 hedge, more	SEC
45	Coatue Management, LLC	New York, NY	$129 billion	146	120 private equity, 23 hedge, more	SEC
46	Elliott Investment Management L.P.	West Palm Beach, FL	$129 billion	13	8 other, 3 private equity, more	SEC
47	GC Opal Advisors LLC	Chicago, IL	$128 billion	92	71 securitized asset, 21 hedge	SEC
48	Bridgewater Associates, LP	Westport, CT	$127 billion	38	37 hedge, 1 liquidity	SEC
49	General Atlantic Service Company, L.P.	New York, NY	$124 billion	334	323 private equity, 9 other, more	SEC
50	Mariner Investment Group, LLC	New York, NY	$123 billion	17	16 hedge, 1 other	SEC

Download this table (CSV), free. The full dataset, every adviser reporting private funds with its fund counts by type, is one email away.

What private fund managers run

• According to SEC data, the 11,864 advisers report 42,822 private equity funds, 14,826 hedge funds, 6,976 real estate funds and 47,091 venture capital funds, among others.
• The largest manager reports 2.8% of all private fund gross assets reported to the SEC, and the largest ten report 14.5%.
• 66 advisers report more than $100 billion on Form ADV. The 50 in the table report 33.7% of the SEC total; the smallest of them reports $123 billion.
• 6,090 of the advisers are exempt reporting advisers, which file parts of Form ADV without registering.
• The median adviser on the full list reports 3 private funds; the largest report hundreds.

What this means for technology buyers

These guides compare the systems a private fund manager runs on:

• Hedge fund operations platforms for emerging managers: the operating stack for a manager's first funds.
• NAV calculation and waterfall distribution systems: for private equity and venture capital funds.
• Subscription and capital call management: onboarding investors and calling capital.
• Investor relations and reporting platforms: what limited partners see.

Mapping the business before choosing systems? The Private Equity Capability Model and the Hedge Funds Capability Model set out what each kind of manager does.

More from Finantrix Atlas

• Largest hedge fund firms
• Who administers private funds
• Which prime brokers hedge funds use
• Largest registered investment advisers, ranked by assets

How this list was built

The universe is every adviser in the SEC's monthly Form ADV files, registered advisers as of September 1, 2026 and exempt reporting advisers from the same month's release, that reports private fund gross assets in Schedule D, Section 7.B.(1). Advisers are ranked by the total gross asset value of the private funds they report. No adviser appears in both files, and each adviser's counts of funds by type add up to its total.

Limits

• Gross, not net. Gross asset value is reported before borrowing is subtracted, so a leveraged fund reports more than its investors' capital, and a fund that invests through a master fund can be reported at both levels. The figures are as the advisers report them.
• Advisers, not groups. A firm that files through several advisers appears once per adviser, and its total is split across rows.
• When the figures date from. Advisers update these figures at least once a year, in their annual amendment, so a row reflects that adviser's latest filing rather than a single common date.
• One publisher. Every figure is from Form ADV; no second source publishes private fund assets adviser by adviser.

Cite this

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

The ten largest private fund managers report 14.5% of private fund gross assets overseen by SEC-registered and exempt reporting advisers, according to a Finantrix Atlas analysis of SEC Form ADV data as of September 1, 2026.

11,864 advisers report 126,864 private funds with $38.67 trillion in gross assets to the SEC, according to Finantrix Atlas.

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

Embed the chart:

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

Frequently asked questions

Q: Which manager has the most private fund assets? A: Citadel Advisors, with $1.09 trillion in gross assets across 37 private funds, according to its Form ADV in the SEC's data as of September 1, 2026.

Q: How many private funds are there? A: According to SEC data, 11,864 advisers report 126,864 private funds on Form ADV.

Q: Why are some figures larger than the firm's assets under management? A: Private fund gross asset value is reported before borrowing is subtracted, so a fund that uses leverage reports more in gross assets than its investors put in.