Largest Alternative Asset Managers
The 100 largest alternative asset managers by the private fund gross assets they report to the SEC on Form ADV, across every fund type: hedge, private equity, venture, credit, real estate and infrastructure. Gross assets count what the funds borrow, which lifts hedge funds. Citadel Advisors is the largest: $1,094.3 billion through Citadel Advisors LLC (filed ).
Millennium Management follows with $712.7 billion. The 100 managers counted report $15,673.2 billion together; the ten largest hold 34% of it, and half report less than $103.5 billion.
Updated . Rechecked quarterly; next check . Figures read , as filed to .
- $25BN and over100%100 managers
Latest Form ADV of each, filed Mar 2026 to Oct 2026. Read ; sources at the end of the page.
- Alternative asset managers listedList of October 2026; 41 are hedge fund managers, 24 are private equity firms, 13 are multi-strategy alternative asset managers and 22 are of other kinds
- 100
- Combined fund assets100 counted; as filed to Oct 2026
- $15,673.2BN
- Median managerHalf of the 100 report less
- $103.5BN
- Held by the ten largestOf the $15,673.2BN combined
- 34%
Citadel Advisors, Millennium Management and Qube Research & Technologies lead the Worldwide alternative asset managers by fund assets
The ten largest by private fund gross assets on their latest Form ADV. Together they report $5,391.6BN, 34% of the $15,673.2BN the 100 counted report.
- 1
Citadel Advisors
Hedge fund manager, Miami, FL
- 2
Millennium Management
Hedge fund manager, New York, NY
- 3
Qube Research & Technologies
Hedge fund manager, London, United Kingdom
- 4
Capula Investment Management
Hedge fund manager, London, United Kingdom
- 5
KKR
Private equity firm, New York, NY
- 6
Ares Management
Multi-strategy alternative asset manager, Los Angeles, CA
- 7
Apollo
Multi-strategy alternative asset manager, New York, NY
- 8
Symmetry Investments
Hedge fund manager, St Helier, Jersey
- 9
LMR Partners
Hedge fund manager, New York, NY
- 10
Point72 Asset Management
Hedge fund manager, Stamford, CT
Gross assets of the private funds each adviser reported in its latest Form ADV. Each pin opens the filing behind the figure; the ranking rule and sources are at the end of the page. Read .
The ten largest hold 34% of the fund assets
How the 100 managers counted spread by size: most are small, the dollars sit at the top.
One dot per manager counted. Read .
Fund assets each reported in its latest filing; shares are of the $15,673.2BN combined, one row per manager. Read .
7%
of the fund assets reported sits with one manager, Citadel Advisors. The five largest hold 22%; 0 of 100 report under $1 billion.
- Hedge fund managers41
- Private equity firms24
- Multi-strategy alternative asset managers13
- Private credit managers7
- Funds of funds manager6
- Infrastructure managers5
Kind of each, from its own website and filings, checked October 2026.
- New York32
- London9
- Boston8
- Chicago6
- San Francisco4
- Greenwich3
Main office on each firm's Form ADV.
Leaders beyond the ranking
Figures the main ranking does not compare: the largest holdings of US listed stocks, most active in private offerings, most private funds.
| Rank | Name | Figure |
|---|---|---|
| 1 | Citadel Advisors | $875.1BNQ2 2026 |
| 2 | AQR Capital Management | $286.8BNQ2 2026 |
| 3 | Millennium Management | $276.3BNQ2 2026 |
| 4 | Arrowstreet Capital, Limited Partnership | $225.4BNQ2 2026 |
| 5 | Two Sigma Investments | $138.1BNQ2 2026 |
| 6 | Marshall Wace | $126.7BNQ2 2026 |
| 7 | Qube Research & Technologies | $107.6BNQ2 2026 |
| 8 | Point72 Asset Management | $90.7BNQ2 2026 |
48 managers counted here report listed stocks for a 2026 quarter.
| Rank | Name | Figure |
|---|---|---|
| 1 | Marshall Wace | 7842 issuers |
| 2 | Golub Capital | 4123 issuers |
| 3 | GCM Grosvenor | 2217 issuers |
| 4 | Stonepeak | 2215 issuers |
| 5 | Blackstone Private Equity | 173 issuers |
| 6 | Hamilton Lane | 1513 issuers |
| 7 | HarbourVest Partners | 1414 issuers |
| 8 | DigitalBridge | 107 issuers |
Counts notices, new and amended, filed by issuers whose name begins with the name; offering amounts are not shown.
| Rank | Name | Figure |
|---|---|---|
| 1 | Apollo | 712Oct 2026 |
| 2 | Ares Management | 682Aug 2026 |
| 3 | KKR | 630Sep 2026 |
| 4 | Hamilton Lane | 553Jun 2026 |
| 5 | StepStone Group | 409Jul 2026 |
| 6 | Fortress Investment Group | 347Aug 2026 |
| 7 | General Atlantic | 334Aug 2026 |
| 8 | Adams Street Partners | 327Jun 2026 |
The list is public. The warm path is not. Schedule a conversation
All 100 on the list
Largest first, with each manager's private fund gross assets, private funds, listed stocks and fund offerings, each with a pin to its filing; managers with no figure show the interests they state on their own sites.
Showing all 100 managers
The first 30 are shown here; find, a kind or a size shows every match.
No row matches. Clear the find field or choose All.
Fund assets are the gross assets of the private funds in the adviser's latest Form ADV (solid bar; grey when the manager is not in the totals). Listed stocks are the US listed securities a firm reports each quarter; fund offerings count the private offering notices of funds named for the manager in two years. Each pin opens the filing behind the figure. The square beside a name opens every figure with its filing and notes.
A few large advisers hold most of the money
Six findings from the filings of the 100 managers counted.
- 7%
of the $15,673.2 billion the 100 managers counted report is one manager's: Citadel Advisors. Without it, the other 99 report $14,578.8 billion.
Fund assets, latest Form ADV of each; sums of filed figures
- $103.5BN
is the median: half of the 100 report less, and the smallest reports $53.5 billion.
Fund assets, latest Form ADV of each
- 10,909
private funds are advised by the managers counted; Apollo advises the most, 712.
Private funds on each Form ADV (Schedule D); sums of filed figures
- $2,838.0BN
of US listed stocks reported by 48 managers counted for a 2026 quarter; the largest, Citadel Advisors, reported $875.1 billion.
Quarterly listed stock reports (Form 13F), 2026
- 270
private offering notices in two years were filed by funds and vehicles named for 20 managers; Marshall Wace leads with 78.
Private offering notices, to
- 32
of the 100 have their main office in New York; the next place is California, with 12.
Main office on each Form ADV
Questions
How many alternative asset managers file with the SEC?
10,614 advisers report private fund gross assets on Form ADV (the SEC files of October 1, 2026), 8,438 of them with a main office in the United States. This list ranks the largest 100 alternative asset managers among them, leaving out wealth managers, family offices, consultants, bank platforms, traditional asset managers and fund access platforms.
What are the largest alternative asset managers?
By the private fund gross assets they report: Citadel Advisors $1,094.3 billion, Millennium Management $712.7 billion, Qube Research & Technologies $580.4 billion, Capula Investment Management $568.9 billion, KKR $518.1 billion.
How much do the largest alternative asset managers manage?
Of the 100 on this list, the median reports $103.5 billion in private fund gross assets; the largest reports $1,094.3 billion and the smallest $53.5 billion.
How do you start a relationship with alternative asset managers?
Each manager on this page links to its own website, and each figure carries a pin that opens the public filing it comes from. For fund managers and companies raising capital, Praxis Rock runs capital formation programs; see Raise Capital.
Sources and method
- Who is listed
- The 100 largest by private fund gross assets of the 10,614 advisers that file Form ADV with the SEC (files of October 1, 2026). 78 of the 100 have their main office in the United States. Left out: 17 whose own sites, filings or an earlier verdict of this site describe another business (traditional and diversified asset managers 13, wealth managers 1, fund platforms and fund services firms 1, family offices 1 and bank platforms 1); 1495 exempt reporting advisers with no website on file. 16 sister advisers folded into the row of their business; 11 on the filing alone, their sites missing, unreachable or too thin to judge.
- Ranking rule
- The top 10, every total, share and median, the charts and the answers to the questions use one set: the 100 advisers that report private fund gross assets in their latest SEC Form ADV, that the filing itself ties to the row (the CRD the list cites, or the row's own website in Item 1.I), one figure per adviser. A name match with no such tie is shown in the row's detail only, never ranked or counted.
- Our arithmetic
- The $15,673.2BN, the median, shares, charts and boards are sums and medians of filed numbers over that one set; 0 managers with a figure outside it stay listed with the figure and the reason.
- Pins
- Each figure's pin opens the filing it comes from: the adviser's Form ADV as filed, or the SEC filing index of its 13F report or of the latest private offering notice (Form D). The pin's label names the source and its date.
- What we searched
- On we searched every manager by its website against the websites advisers list on Form ADV, by the CRD the list cites, by name for Form ADV, and by every CIK found for 13F reports, and searched private offering notices for funds named for it. Of the 100, 100 report on a current Form ADV, 63 file 13F reports (48 for a 2026 quarter with a value), 20 have funds named for them in private offering notices, and 0 more show a possible match by name only in their detail, not counted.
- Words
- Kinds and interests are each manager's own, from its website. No person names are shown.
| Figure | Source | Period, read |
|---|---|---|
| Assets, private funds, client types, main office, employees | SEC Form ADV adviser data, October 2026 report, and each adviser's Form ADV as filed, 100 advisers | Filings to 2026-10-01; read 2026-10-31 |
| Listed stocks | SEC EDGAR Form 13F, 63 filers | Latest quarter; read 2026-10-31 |
| Private offering notices of funds named for a firm | SEC EDGAR full text search, Form D and D/A | 2024-10-30 to 2026-10-30 |
| Kind, interests and website | Each manager's own website, as researched for this list | Checked 2026-10-31 |
| Logos | Each manager's own website; a monogram where none checks | Read 2026-10-31 |
Cite as: Praxis Rock Advisors, "Largest Alternative Asset Managers," updated October 31, 2026, praxisrock.com/resources/investors/largest-alternative-asset-managers