Study: Hedge Funds by City
Hedge Funds in Chicago
Last updated November 9, 2026
SEC Form ADV, filings through Oct 1, 2026. Chicago ranks number 6 of the eight cities by the number of managers.
- New York603$4.26TN
- San Francisco72$207.0BN
- Miami111$1.39TN
- Chicago67$411.5BN
- Dallas53$98.6BN
- Boston88$522.4BN
- Los Angeles66$89.1BN
- Connecticut137$1.13TN
SEC Form ADV, filings through Oct 1, 2026. Counted on each city's page.
The 50 largest hedge funds in Chicago
Ranked by private fund gross assets as filed on Form ADV. Each name opens the firm's SEC record. A firm that files through more than one adviser is one row, carried by its larger filing; the others are named under it with their own figures and never added.
| Rank | Firm | Private fund gross assets | Regulatory AUM | Main office | Hedge funds | Form ADV filed |
|---|---|---|---|---|---|---|
| 1 | Balyasny Asset Management | $277.6BN | $248.1BN | Chicago, IL | 39 of 43 | Jun 2026 |
| 2 | Alyeska Investment Group | $41.7BN | $41.7BN | Chicago, IL | 1 of 1 | Mar 2026 |
| 3 | Magnetar Financial | $30.7BN | $32.0BN | Evanston, IL | 58 of 58 | Aug 2026 |
| 4 | Wolverine Asset Management | $14.8BN | $14.8BN | Chicago, IL | 1 of 1 | Jun 2026 |
| 5 | Readystate Asset Management | $10.3BN | $10.3BN | Chicago, IL | 2 of 2 | Mar 2026 |
| 6 | Aquatic Capital Management | $7.2BN | $5.4BN | Chicago, IL | 2 of 2 | Jun 2026 |
| 7 | Bluespruce | $4.5BN | $4.5BN | Chicago, IL | 4 of 4 | Jul 2026 |
| 8 | Evanston Capital Management | $4.4BN | $4.5BN | Evanston, IL | 4 of 6 | Mar 2026 |
| 9 | SBB Research Group | $3.1BN | $3.3BN | Northbrook, IL | 7 of 7 | Aug 2026 |
| 10 | Heard Capital | $1.5BN | $2.4BN | Chicago, IL | 1 of 1 | Aug 2026 |
| 11 | Driehaus Capital Management | $1.2BN | $26.1BN | Chicago, IL | 3 of 5 | Sep 2026 |
| 12 | Wishbone Management | $1.1BN | $1.1BN | Chicago, IL | 1 of 1 | Mar 2026 |
| 13 | Dorsey Asset Management | $861MM | $1.4BN | Chicago, IL | 2 of 2 | Mar 2026 |
| 14 | Intrinsic Edge Capital Management | $772MM | $772MM | Chicago, IL | 4 of 4 | Jul 2026 |
| 15 | Warberg Asset Management | $725MM | $806MM | Winnetka, IL | 5 of 5 | Mar 2026 |
| 16 | Rings Capital Management | $653MM | $653MM | Chicago, IL | 3 of 3 | May 2026 |
| 17 | Air Asset Management | $612MM | $754MM | Chicago, IL | 8 of 13 | Jul 2026 |
| 18 | Harris | Oakmark | $563MM | $109.5BN | Chicago, IL | 2 of 2 | Aug 2026 |
| 19 | Logan Stone | $527MM | $664MM | Chicago, IL | 2 of 2 | Mar 2026 |
| 20 | SG Capital Management | $506MM | $1.4BN | Chicago, IL | 3 of 3 | Mar 2026 |
| 21 | Nine Ten Capital Management | $481MM | $481MM | Chicago, IL | 1 of 1 | Sep 2026 |
| 22 | Trigran Investments | $472MM | $533MM | Northbrook, IL | 2 of 2 | Mar 2026 |
| 23 | Pluscios Management | $423MM | $258MM | Evanston, IL | 5 of 6 | Mar 2026 |
| 24 | Lago Asset Management | $398MM | $605MM | Chicago, IL | 6 of 12 | Mar 2026 |
| 25 | Squadron Capital Management | $386MM | $386MM | Oak Brook, IL | 1 of 1 | Jun 2026 |
| 26 | Kabouter Management | $383MM | $993MM | Chicago, IL | 2 of 4 | Mar 2026 |
| 27 | Siena Capital Partners GP | $379MM | $379MM | Evanston, IL | 1 of 1 | Feb 2026 |
| 28 | Chicago Capital Management | $359MM | $203MM | Chicago, IL | 5 of 5 | Mar 2026 |
| 29 | HFR Asset ManagementAlso files: HFR Investments ($326MM) | $326MM | $326MM | Chicago, IL | 2 of 2 | Feb 2026 |
| 30 | Palo Duro Investment Partners | $302MM | $403MM | Chicago, IL | 3 of 3 | Jul 2026 |
| 31 | Praxis Capital Management | $301MM | $301MM | Chicago, IL | 1 of 1 | Mar 2026 |
| 32 | Efficient Capital Management | $291MM | $1.2BN | Warrenville, IL | 1 of 1 | Mar 2026 |
| 33 | Frontaura Capital | $287MM | $257MM | Chicago, IL | 2 of 2 | Mar 2026 |
| 34 | LFL Advisers | $278MM | $507MM | Evanston, IL | 1 of 1 | Mar 2026 |
| 35 | Tradelink Capital | $276MM | $268MM | Chicago, IL | 2 of 2 | Mar 2026 |
| 36 | Roppel Capital Management | $231MM | $231MM | Park Ridge, IL | 2 of 3 | May 2026 |
| 37 | Advisory Research | $214MM | $991MM | Chicago, IL | 2 of 2 | Mar 2026 |
| 38 | Grizzlyrock Capital | $162MM | $193MM | Chicago, IL | 2 of 2 | Mar 2026 |
| 39 | ARB Fund Management | $153MM | None filed | Chicago, IL | 24 of 25 | Mar 2026 |
| 40 | Crystal Rock Capital Management | $152MM | $204MM | Bannockburn, IL | 1 of 1 | Feb 2026 |
| 41 | Sheffield Asset Management | $152MM | $152MM | Chicago, IL | 1 of 1 | Mar 2026 |
| 42 | Centerstar Asset Management | $139MM | $139MM | Chicago, IL | 3 of 3 | Mar 2026 |
| 43 | Great Plains Capital | $138MM | None filed | Oakbrook Terrace, IL | 1 of 1 | Mar 2026 |
| 44 | Goldenstone Investments | $120MM | None filed | Chicago, IL | 1 of 1 | Mar 2026 |
| 45 | Savoie Capital | $119MM | $1.3BN | Chicago, IL | 1 of 1 | Apr 2026 |
| 46 | Teza Capital Management | $114MM | $140MM | Chicago, IL | 1 of 1 | Mar 2026 |
| 47 | New Vernon Investment Management | $113MM | $116MM | Highland Park, IL | 2 of 2 | Apr 2026 |
| 48 | Sumo Investment Management | $100MM | None filed | Chicago, IL | 1 of 1 | Sep 2026 |
| 49 | David Capital Partners | $92MM | None filed | Chicago, IL | 2 of 2 | Mar 2026 |
| 50 | Sfermion | $92MM | None filed | Chicago, IL | 2 of 3 | May 2026 |
Hedge funds by city: the eight places compared
Each place counts the managers whose Form ADV main office is there. Select a city to open its page.
- Hedge funds in New York$4.26TN filed603
- Hedge funds in Connecticut$1.13TN filed137
- Hedge funds in Miami$1.39TN filed111
- Hedge funds in Boston$522.4BN filed88
- Hedge funds in San Francisco$207.0BN filed72
- Hedge funds in Chicago$411.5BN filed67
- Hedge funds in Los Angeles$89.1BN filed66
- Hedge funds in Dallas$98.6BN filed53
Where in Chicago the managers are
The towns of the main offices, as filed. The area is the Chicago metro area (Chicago-Naperville-Elgin, IL-IN, Census CBSA 16980).
- Chicago51
- Evanston5
- Northbrook2
- Bannockburn1
- Highland Park1
- Oak Brook1
- Oakbrook Terrace1
- Park Ridge1
Of the 67 managers in Chicago.
Managers by size
Private fund gross assets as filed. Most managers are small; a few hold most of the assets.
- $10BN and up5 ($375.1BN)
- $1BN to $10BN7 ($23.1BN)
- $100MM to $1BN36 ($12.5BN)
- Under $100MM19 ($872MM)
Of the 67 managers in Chicago; 14 of them are exempt reporting advisers, which file Form ADV without registering.
How this research is used
These listsRaise CapitalMap the Market
Raise Capital
For managers raising a fund: we find the investors who can write your check, and get you in the room with them.
Map the Market
A market map of the managers in one strategy or one place, with a short list.
How this study is made
- Who counts. A hedge fund manager here is an adviser whose private funds are half or more hedge funds by its own Form ADV (Schedule D), with its main office in the Chicago metro area (Chicago-Naperville-Elgin, IL-IN, Census CBSA 16980). An exempt reporting adviser counts only when its filing lists a website.
- How they are ranked. By the private fund gross assets each manager files; regulatory AUM is shown and does not set the rank. Figures are as filed, with the month of the filing.
- One kind per firm. A firm our other lists or rankings already place as another kind of investor is not counted here. Left out: 10 whose kind on our lists or rankings is another kind (2 credit managers, 2 real estate managers, 2 traditional managers, 2 wealth managers, 1 other business and 1 platform); 2 that file 100 or more individual clients with financial planning and that we have not read; 1 whose latest Form ADV is more than 15 months old; 1 whose filed name names another kind of business (such as credit, lending, real estate, infrastructure, wealth or venture).
- One business, one row. Advisers of one business (the same website or company page on Form ADV, a name their own site carries in one town, or a pair we read by hand) are one row, carried by the larger filing and its figure, never added, and shown once, in the place of that filing; 1 folded on this page.
- Names. Firm names only, as the firm trades; no person, contact or street address is shown.
The rows are free to use with credit under CC BY 4.0. Download the rows as CSV.
Cite as: Praxis Rock Advisors, "Hedge Funds in Chicago," updated November 9, 2026, praxisrock.com/insights/hedge-funds-chicago.
| Figure | Source | Period, read |
|---|---|---|
| Firms, main offices, regulatory AUM, private fund gross assets, fund counts by type, filing dates | SEC Form ADV monthly file, registered advisers | Filings through Oct 1, 2026; read Oct 31, 2026 |
| The same fields for exempt reporting advisers | SEC Form ADV monthly file, exempt reporting advisers | Filings through Oct 1, 2026; read Oct 31, 2026 |
| Each row's filing | SEC Investment Adviser Public Disclosure, linked on each row | As filed |
| The kind of each firm (one kind per firm across our lists) | Our lists, rankings and the firm reads behind them, and each firm's own site where we read it | As read by Nov 9, 2026 |
| The place of each main office | HUD ZIP code to county file and the Census metro area definitions (July 2023) | As our place lists use them |
Frequently Asked Questions
How many hedge funds are in Chicago?
67 hedge fund managers with a main office in the Chicago metro area file Form ADV with the SEC and run private funds that are half or more hedge funds (SEC monthly adviser files, filings through October 1, 2026). Together they report $411.5BN of private fund gross assets. Managers that file only with a state, and offices of managers based elsewhere, are not in this count.
What is the largest hedge fund in Chicago?
Balyasny Asset Management, with $277.6BN of private fund gross assets on its Form ADV filed Jun 2026. The next largest are Alyeska Investment Group ($41.7BN) and Magnetar Financial ($30.7BN).
How are the hedge funds on this list ranked?
By the private fund gross assets each manager reports on Form ADV (Schedule D). Gross assets count what the funds borrow, so they run above the money investors put in. Regulatory AUM is shown beside it and does not set the rank.