Study: Hedge Funds by City
Hedge Funds in San Francisco
Last updated November 9, 2026
SEC Form ADV, filings through Oct 1, 2026. San Francisco ranks number 5 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 San Francisco
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 | Farallon Capital Management | $64.5BN | $52.1BN | San Francisco, CA | 50 of 50 | Sep 2026 |
| 2 | Woodline Partners | $36.7BN | $36.7BN | San Francisco, CA | 2 of 2 | Mar 2026 |
| 3 | Freestone Grove Partners | $16.5BN | $16.5BN | San Francisco, CA | 2 of 2 | Sep 2026 |
| 4 | Valueact Capital Management | $11.3BN | $11.3BN | San Francisco, CA | 6 of 6 | Mar 2026 |
| 5 | Situational Awareness | $9.3BN | $9.3BN | San Francisco, CA | 1 of 1 | Jun 2026 |
| 6 | Generation Investment Management US | $7.9BN | $10.5BN | San Francisco, CA | 3 of 3 | May 2026 |
| 7 | Dorsal Capital Management | $6.2BN | $6.6BN | Redwood City, CA | 2 of 2 | Sep 2026 |
| 8 | Parallax Volatility Advisers | $6.0BN | $6.0BN | San Francisco, CA | 1 of 1 | Mar 2026 |
| 9 | BVF Partners | $6.0BN | $6.1BN | San Francisco, CA | 4 of 4 | Mar 2026 |
| 10 | Route One Investment Company | $4.7BN | $4.7BN | San Francisco, CA | 3 of 3 | Mar 2026 |
| 11 | Think Investments | $4.3BN | $4.3BN | San Francisco, CA | 2 of 2 | Apr 2026 |
| 12 | Ecor1 Capital | $3.4BN | $3.4BN | San Francisco, CA | 2 of 3 | Mar 2026 |
| 13 | Park West Asset Management | $2.9BN | $2.9BN | San Francisco, CA | 2 of 3 | Aug 2026 |
| 14 | No Street GPFiled as NO Street GP | $2.5BN | $2.5BN | San Francisco, CA | 4 of 4 | Mar 2026 |
| 15 | HMI Capital Management | $2.2BN | $2.2BN | San Francisco, CA | 2 of 2 | Mar 2026 |
| 16 | Ironwood Capital Management | $2.1BN | $8.2BN | San Francisco, CA | 1 of 1 | Mar 2026 |
| 17 | Soma Equity Partners | $1.9BN | $1.9BN | San Francisco, CA | 2 of 2 | Mar 2026 |
| 18 | Nipun Capital | $1.3BN | $2.0BN | Foster City, CA | 4 of 4 | Mar 2026 |
| 19 | PFM Health Sciences | $1.2BN | $1.3BN | San Francisco, CA | 2 of 4 | Mar 2026 |
| 20 | Numerai | $1.0BN | $1.9BN | San Francisco, CA | 3 of 3 | Sep 2026 |
| 21 | Fivespan Partners | $1.0BN | $1.0BN | San Francisco, CA | 2 of 2 | Mar 2026 |
| 22 | One Fin Capital Management | $831MM | $831MM | San Francisco, CA | 1 of 1 | Oct 2026 |
| 23 | Divisar Capital Management | $813MM | $813MM | San Francisco, CA | 2 of 2 | Sep 2026 |
| 24 | Coastlands Capital | $785MM | $785MM | San Francisco, CA | 1 of 1 | Apr 2026 |
| 25 | Philadelphia Financial | $730MM | $730MM | San Francisco, CA | 3 of 3 | Mar 2026 |
| 26 | Keenan Capital | $688MM | $688MM | Burlingame, CA | 1 of 1 | Mar 2026 |
| 27 | Yiheng Capital Management | $676MM | $676MM | San Francisco, CA | 1 of 1 | Mar 2026 |
| 28 | Avalon Global Asset Management | $554MM | $554MM | San Francisco, CA | 2 of 2 | Mar 2026 |
| 29 | Park Presidio Capital | $550MM | $1.6BN | San Francisco, CA | 2 of 2 | Mar 2026 |
| 30 | Cable Car CapitalFiled as Cable CAR Capital | $547MM | $548MM | San Francisco, CA | 1 of 1 | Mar 2026 |
| 31 | Verso Partners | $522MM | $522MM | San Francisco, CA | 3 of 3 | Feb 2026 |
| 32 | Reflow Services | $521MM | $521MM | San Francisco, CA | 1 of 1 | Jun 2026 |
| 33 | Westerly Capital Management | $489MM | $489MM | San Francisco, CA | 2 of 2 | Mar 2026 |
| 34 | Meson Quantitative Management | $441MM | $1.1BN | San Francisco, CA | 1 of 1 | Mar 2026 |
| 35 | Foreword Capital | $431MM | $431MM | San Francisco, CA | 1 of 1 | Sep 2026 |
| 36 | Ogborne Capital Management | $410MM | $410MM | San Francisco, CA | 1 of 1 | Mar 2026 |
| 37 | Seldon Capital | $402MM | $518MM | San Francisco, CA | 1 of 1 | Mar 2026 |
| 38 | Potrero Capital Research | $397MM | $420MM | San Francisco, CA | 3 of 3 | Mar 2026 |
| 39 | Braeswood Carbon Management | $387MM | $387MM | San Francisco, CA | 2 of 2 | Jul 2026 |
| 40 | Flight Deck Capital | $359MM | $359MM | San Francisco, CA | 1 of 1 | Mar 2026 |
| 41 | Islander Capital Partners | $345MM | $345MM | San Francisco, CA | 1 of 1 | Aug 2026 |
| 42 | Checkpoint Capital | $334MM | $334MM | San Francisco, CA | 1 of 1 | Mar 2026 |
| 43 | Toronado Partners | $254MM | $254MM | San Francisco, CA | 1 of 1 | Mar 2026 |
| 44 | Sea Cliff Partners Management | $239MM | $239MM | San Francisco, CA | 1 of 1 | Apr 2026 |
| 45 | Ampersand Capital Group | $224MM | $235MM | Burlingame, CA | 1 of 1 | Mar 2026 |
| 46 | Incision Capital Management | $220MM | $220MM | San Francisco, CA | 1 of 1 | Jun 2026 |
| 47 | Open Door Investment Management | $183MM | $183MM | San Francisco, CA | 2 of 2 | Mar 2026 |
| 48 | Acuta Capital Partners | $173MM | $173MM | Redwood City, CA | 2 of 2 | Jun 2026 |
| 49 | Marathon Resource Advisors | $149MM | None filed | San Francisco, CA | 1 of 1 | Mar 2026 |
| 50 | Tenzing Global | $144MM | $228MM | San Francisco, CA | 1 of 1 | Mar 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 San Francisco the managers are
The towns of the main offices, as filed. The area is San Francisco and San Mateo counties (Census metropolitan division 41884), which take in Menlo Park's neighbors on Sand Hill Road in San Mateo County.
- San Francisco57
- Burlingame5
- Menlo Park4
- Redwood City2
- South San Francisco2
- Foster City1
- San Mateo1
Of the 72 managers in San Francisco.
Managers by size
Private fund gross assets as filed. Most managers are small; a few hold most of the assets.
- $10BN and up4 ($128.9BN)
- $1BN to $10BN17 ($63.9BN)
- $100MM to $1BN33 ($13.3BN)
- Under $100MM18 ($962MM)
Of the 72 managers in San Francisco; 12 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 San Francisco and San Mateo counties (Census metropolitan division 41884), which take in Menlo Park's neighbors on Sand Hill Road in San Mateo County. 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: 15 whose kind on our lists or rankings is another kind (4 credit managers, 3 family offices, 3 venture firms, 2 wealth managers, 1 other business, 1 real estate manager and 1 traditional manager); 2 whose filed name names another kind of business (such as credit, lending, real estate, infrastructure, wealth or venture); 1 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.
- 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.
- 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 San Francisco," updated November 9, 2026, praxisrock.com/insights/hedge-funds-san-francisco.
| 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 San Francisco?
72 hedge fund managers with a main office in San Francisco and San Mateo counties 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 $207.0BN 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 San Francisco?
Farallon Capital Management, with $64.5BN of private fund gross assets on its Form ADV filed Sep 2026. The next largest are Woodline Partners ($36.7BN) and Freestone Grove Partners ($16.5BN).
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.