Investment funds span retail mutual funds, regulated open-end vehicles, private funds, hedge funds, and other structures. The statistics below separate the measurement periods and geographies so that fund counts, assets, flows, and private-fund exposures are not treated as interchangeable measures.
Contents
- Regulated investment companies in the United States
- Worldwide fund flows and household ownership
- Euro area investment fund assets and issuance
- Private-fund advisers and aggregate value
- Private-fund net asset value by strategy
- Borrowing and derivative exposure
- Private-fund ownership and hedge-fund geography
Regulated investment companies in the United States
The SEC’s Registered Investment Companies Statistics show a large US regulated-fund market in both 2024 and 2025. The number of SEC-registered investment companies was 13,702 in 2024, a 2.8% year-over-year decline. Aggregate average total net assets reached $41.5 trillion, up 5.4% year over year.
In 2025, the same source counted 14,130 SEC-registered investment companies. That was a 2.1% year-over-year decrease, while aggregate average total net assets rose to $46.7 trillion, a 12.8% year-over-year increase. The count and asset series therefore moved in different directions in both reported years: fewer funds than the prior year, alongside higher aggregate average total net assets.
| Measure | 2024 | 2025 |
|---|---|---|
| SEC-registered investment companies | 13,702 | 14,130 |
| Aggregate average total net assets | $41.5 trillion | $46.7 trillion |
| Year-over-year fund-count change | -2.8% | -2.1% |
| Year-over-year asset change | +5.4% | +12.8% |
These figures describe SEC-registered investment companies and aggregate average total net assets. They are not a count of every fund worldwide and should not be read as a measure of private-fund assets or hedge-fund assets alone. The source label for these figures is SEC Registered Investment Companies Statistics.
Worldwide fund flows and household ownership
The ICI 2024 Fact Book release reported that worldwide regulated long-term open-end funds recorded $781 billion in net sales in 2023. The corresponding 2022 result was net redemptions of $156 billion. These are different directions of net flow: sales exceeded redemptions in 2023, while redemptions exceeded sales in 2022.
Household ownership varied across generations in 2023. Mutual funds were owned by 48% of Millennial households and 35% of Generation Z households. The percentages describe household ownership, not the percentage of household wealth invested in mutual funds.
Retirement savings provide another view of fund-market scale. Individual account-based retirement savings represented 63% of total US retirement market assets at year-end 2023. Mutual funds managed about half of those account-based retirement assets at the same year-end measurement point. The 63% figure refers to the share of the total US retirement market represented by individual account-based savings; the “about half” figure applies within that account-based segment.
Together, the ICI figures cover global regulated long-term open-end fund flows, household mutual-fund ownership in the United States, and the composition of US retirement assets. They should not be combined into one asset total because they use different populations and measures. The source is the ICI 2024 Fact Book release.
Euro area investment fund assets and issuance
The ECB Data Portal reported total assets of EUR 21,930 billion for euro area investment funds in December 2025. During that month, net issuance/redemption was EUR 173 billion, with EUR 876 billion of gross issuance and EUR 703 billion of redemptions.
| Euro area measure | December 2025 |
|---|---|
| Total investment-fund assets | EUR 21,930 billion |
| Net issuance/redemption | EUR 173 billion |
| Gross issuance | EUR 876 billion |
| Redemptions | EUR 703 billion |
The ECB investment-fund dataset covers equity funds, bond funds, mixed funds, real estate funds, hedge funds, and other funds. It includes both open-end and closed-end funds. It does not cover money market funds or pension funds. Those coverage limits matter when comparing the EUR 21,930 billion total with other fund-market statistics: the total is broad across included investment-fund categories, but it is not a complete measure of every savings or pooled-investment vehicle in the euro area.
The December 2025 figures are a monthly snapshot. Total assets are a stock measured at the period end, whereas issuance, redemptions, and net issuance/redemption describe activity during the month. The source is the ECB Data Portal.
Private-fund advisers and aggregate value
SEC Form PF private-fund reporting counted 3,988 advisers reporting private funds in 2024Q4. The adviser population was distributed across reporting-size bands: 1,740 advisers reported fewer than five private funds; 914 reported five to fewer than 10; 842 reported 10 to fewer than 25; 433 reported 25 to fewer than 100; and 59 reported 100 or more private funds.
| Private-fund advisers by reported fund count | 2024Q4 advisers |
|---|---|
| Fewer than 5 private funds | 1,740 |
| 5 to fewer than 10 | 914 |
| 10 to fewer than 25 | 842 |
| 25 to fewer than 100 | 433 |
| 100 or more | 59 |
| All reporting advisers | 3,988 |
The same SEC Fourth Calendar Quarter 2024 Private Fund Statistics reported $24,944 billion in aggregate private-fund gross asset value for funds of large filers. Within that reporting, qualifying hedge funds accounted for $10,270 billion of aggregate GAV, Section 4 private equity funds for $6,303 billion, and Section 3 liquidity funds for $367 billion.
GAV and NAV answer different questions. Gross asset value describes the reported value before the deductions reflected in net asset value, while NAV is a net measure. The figures should therefore be kept labeled rather than treated as additive market totals. The source is SEC Fourth Calendar Quarter 2024 Private Fund Statistics.
Private-fund net asset value by strategy
For 2024Q4, the SEC private-fund statistics reported $7,245 billion of NAV for private equity funds and $5,334 billion for hedge funds. Other private funds held $1,641 billion of NAV, real estate funds held $879 billion, and venture capital funds held $427 billion.
| Private-fund category | NAV in 2024Q4 |
|---|---|
| Private equity funds | $7,245 billion |
| Hedge funds | $5,334 billion |
| Other private funds | $1,641 billion |
| Real estate funds | $879 billion |
| Venture capital funds | $427 billion |
These strategy figures are NAV measures for 2024Q4. They are distinct from the $24,944 billion aggregate GAV figure for funds of large filers and from the qualifying-hedge-fund GAV of $10,270 billion. In particular, the hedge-fund NAV of $5,334 billion should not be substituted for qualifying hedge-fund GAV.
The strategy breakdown also shows why “investment fund assets” needs a defined scope. A headline can refer to registered companies, euro area investment funds, private-fund GAV, or private-fund NAV, each of which has its own population and accounting measure. The source for this section is SEC Fourth Calendar Quarter 2024 Private Fund Statistics.
Borrowing and derivative exposure
The SEC’s 2024Q4 private-fund statistics grouped aggregate holdings by borrowing-to-NAV ratio. All private funds with a borrowing-to-NAV ratio of 0 held $8,500 billion. Funds with a ratio between 0 and 1 held $6,688 billion; those with a ratio from 1 to less than 4 held $721 billion; those from 4 to less than 9 held $218 billion; and those with a ratio of 9 or more held $165 billion.
| Borrowing-to-NAV ratio | Holdings in 2024Q4 |
|---|---|
| 0 | $8,500 billion |
| Between 0 and 1 | $6,688 billion |
| From 1 to less than 4 | $721 billion |
| From 4 to less than 9 | $218 billion |
| 9 or more | $165 billion |
The same release reported net assets by derivative-to-NAV ratio. All private funds with a ratio of 0 held $10,467 billion of net assets. The range between 0 and 1 corresponded to $4,410 billion; 1 to less than 5 to $772 billion; 5 to less than 10 to $196 billion; and 10 or more to $459 billion.
Borrowing-to-NAV and derivative-to-NAV are separate classifications. A borrowing ratio is not a derivative ratio, and the dollar figures in the two distributions are not interchangeable. Both are 2024Q4 private-fund statistics reported by the SEC Fourth Calendar Quarter 2024 Private Fund Statistics.
Private-fund ownership and hedge-fund geography
Beneficial ownership from private funds themselves represented 20.2% of aggregate NAV in 2024Q4. State and municipal government pension plans represented 12.8%, US individuals 9.6%, non-profits 8.7%, pension plans 8.1%, and sovereign wealth funds and foreign official institutions 7.7%.
| Beneficial-owner category | Share of aggregate NAV in 2024Q4 |
|---|---|
| Private funds themselves | 20.2% |
| State and municipal government pension plans | 12.8% |
| US individuals | 9.6% |
| Non-profits | 8.7% |
| Pension plans | 8.1% |
| Sovereign wealth funds and foreign official institutions | 7.7% |
The ownership percentages identify selected beneficial-owner categories; they are not a complete standalone ownership allocation in this summary. They also describe shares of aggregate NAV, not shares of GAV.
Finally, large hedge-fund advisers reported $8,207 billion of North America exposure in 2024Q4. This is a geographic exposure measure for large hedge-fund advisers, not a total of all hedge-fund NAV and not a measure of the entire North American investment-fund market. It should be read alongside the strategy, leverage, derivative, and ownership definitions above. The source is SEC Fourth Calendar Quarter 2024 Private Fund Statistics.