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1、DivisionofInvestmentManagementRiskandExaminationsOfficePrivateFundsStatisticsFourthCalendarQuarter2014December30,2015ThisisareportoftheStaffoftheDivisionofInvestmentManagement’sRiskandExaminationsOffice(REO)oftheU.S.SecuritiesandExchangeCommission.TheCommissionhase
2、xpressednoviewregardingtheanalysis,findings,orconclusionscontainedherein.December30,2015RiskandExaminationsOfficeIntroductionThisreportprovidesasummaryofrecentprivatefundindustrystatisticsandtrends,reflectingdatacollectedthroughFormPFandFormADVfilings.1FormPFinform
3、ationprovidedinthisreportisaggregated,rounded,and/ormaskedtoavoidpotentialdisclosureofproprietaryinformationofindividualFormPFfilers.ThisreportreflectsdatafromFirstCalendarQuarter2013throughFourthCalendarQuarter2014asreportedbyFormPFfilers.2PleaseseetheAppendixfo
4、rinformationonthecategoriesofFormPFfilers,thedefinitionsofcapitalizedterms,adescriptionoftheboxplotsusedinseveralfigures,aswellasothertechnicaldescriptions.FormPFisstillarelativelynewreportingrequirementforadviserstoprivatefunds.TheStaffcontinuestoworkwiththedataa
5、ndfilerstoidentifyandcorrectfilingerrors.Insomeinstances,theStaffhasmadeadjustmentstothesummarystatisticspresentedheretocorrectwhatappeartobeclearfilingerrors.Inaddition,theStaffhasemployedcertainassumptionsinaggregatingthedata.Futureadjustmentstothesemethodologies
6、couldleadtochangesinreportedstatistics.IfyouhaveanyquestionsorcommentsaboutFourthCalendarQuarter2014PrivateFundsStatistics,pleasecontact:TimDulaney,PhD,FRMorTimHusson,PhD,FRMatFormPF@sec.govwithsubjectline“FourthCalendarQuarter2014-PrivateFundsStatistics”.1Onl
7、ySEC-registeredadviserswithatleast$150millioninprivatefundassetsundermanagementmustreporttotheCommissiononFormPF.SEC-registeredinvestmentadviserswithlessthan$150millioninprivatefundassetsundermanagement,SECexemptreportingadvisers,andstate-registeredinvestmenta
8、dvisersarenotrequiredtofileFormPF,butreportgeneralinformationabouttheprivatefundstheymanageonFormADV.2TheCommissionbeganreceivingFormPFfilingsfromLargeHedgeFundAdvisersinJuly2012.Afu
