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Matthias Knab, Opalesque for New Managers: Highest launch quarter since 1Q22 as industry capital surges to record
Liquidations remain near lowest levels in 20 years
Goldman Sachs, UBS, JPM, Morgan Stanley lead prime brokerage
New hedge fund launches accelerated into year - end while liquidations remained near historic lows, as investors positioned for evolving geopolitical risk, strong economic growth, and uncertainty about inflation heading into 2026. The estimated number of new funds launched in 3Q25 rose to 165, bringing the YTD 2025 total to 427 through the third quarter, on strong pace for the highest annual total since 2021, according to the latest HFR Market Microstructure Report, released by HFR, the established global leader in the indexation, analysis and research of the global hedge fund industry. Hedge fund liquidations remained at historically low levels in 3Q, as only an estimated 77 funds closed during the quarter, bringing the YTD 2025 total to 215, far below the estimated 406 liquidations in 2024, which was the lowest level since 2004. As previously reported by HFR, total hedge fund industry capital reached another record level to begin 4Q25, surging to an estimated $4.98 trillion.
By strategy, in a trend shift from prior quarter, Relative Value Arbitrage led new launches in 3Q25, with an estimated 70 new RVA funds launching, followed by Equity Hedge and ...................... To view our full article Click here
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