The European Securities and Markets Authority (ESMA) reported that the EU alternative investment funds (AIF) sector in 2017, as measured by net asset value (NAV), amounted to €4.9tn (US$5.56tn) or nearly one third of the total EU fund industry - based on data from 26,378 AIFs, or 80% of the market. This is ESMA's first such report and it will be updated annually.