Top 15 U.S. Hedge Funds
The hedge fund industry has grown significantly over the past few decades and it is now a major player in the global financial markets. The industry has a reputation for being highly competitive and innovative. Today, there are approximately 30,000 active hedge funds around the world. The United States is key player in the hedge fund industry accounting for approximately 70% of hedge fund assets. Here's a list of the biggest hedge fund firms in the U.S. ranked by assets under management (AUM).
Who are the Largest Hedge Funds?
The largest hedge funds are Bridgewater, Renaissance and AQR Capital.
| Rank | Hedge Fund | AUM ($B) * | Launch year |
| 1 | Bridgewater Associates | $124.0 | 1975 |
| 2 | Renaissance Technologies | $106.0 | 1982 |
| 3 | AQR Capital Management | $99.0 | 1998 |
| 4 | Elliott Investment Management | $65.5 | 1977 |
| 5 | Millennium Management | $61.1 | 1989 |
| 6 | Two Sigma Investments ^ | $60.0 | 2001 |
| 7 | D. E. Shaw & Co | $60.0 | 1988 |
| 8 | Tiger Global Management | $58.5 | 2001 |
| 9 | Citadel LLC ^ | $56.0 | 1990 |
| 10 | Viking Global Investors | $46.0 | 1999 |
| 11 | Davidson Kempner | $37.1 | 1983 |
| 12 | Farallon Capital Management | $36.0 | 1987 |
| 13 | Sculptor Capital Management ^^ | $32.8 | 1994 |
| 14 | Point72 * | $32.3 | 1992 |
| 15 | Anchorage Capital Group | $26.4 | 2003 |
* Assets under management (AUM) as of 2023, unless otherwise noted.
^ Data as of January 2024
^^ Sculptor Capital Management was formerly known as Och-Ziff Capital Management Group.
Bridgewater Associates
Bridgewater Associates, headquartered in Westport, Connecticut, is the largest hedge fund in the world with about $124 billion in assets under management (AUM). It offers three core strategies: Pure Alpha, All Weather and Optimal Portfolio. The company serves institutional clients including pension funds, supranational organizations, endowments, sovereign investment funds, central banks and foreign governments. Bridgewater was founded in 1975 by Ray Dalio and employs about 1,300 people.
Renaissance Technologies
Renaissance Technologies is a New York-based hedge fund that uses quantitative techniques and algorithms to trade financial instruments. It was founded in 1982 by Jim Simons and Howard Morgan. The firm is known for its high returns and secretive approach to investing. It has been a pioneer in the use of machine learning and artificial intelligence in finance. Renaissance Technologies manages a number of investment funds including the Medallion Fund, one of the most successful hedge funds in history.
AQR Capital Management
AQR Capital Management is a global quantitative investment manager founded in 1998 by Cliff Asness, David Kabiller, Robert Krail and John Liew. In April 2018, AQR launched its first fixed-income mutual fund in the U.S. Today, the company employs around 1,000 people and operates offices in Greenwich, Los Angeles, Boston, Chicago, London, Sydney, Hong Kong, Tokyo and Frankfurt.
Elliott Investment
Elliott Investment Management is a privately owned hedge fund firm established by billionaire Paul Singer in 1977. The company invests in public equity, fixed income, real estate related and distressed securities and alternative investment markets. With over 490 employees, Elliott is a leading multi-strategy private investment firm and one of the world's largest and most successful activist hedge funds with over $65 billion in assets under management (AUM). The firm is based in West Palm Beach, Florida.
Millennium Management
Millennium Management is an alternative investment management company founded in 1989. The firm is headquartered in New York City and has offices around the world including London, Geneva, Dublin and Paris. It is one of the largest and most successful hedge funds with more than $61 billion in assets under management. The company's investment approach is based on a combination of traditional financial analysis and advanced technology, including machine learning and data science.
Two Sigma Investments
Two Sigma Investments is one of the largest quantitative hedge funds in the world. The company offers scientific methods to investment management. Two Sigma was established in 2001 by John Overdeck, David Siegel and Mark Pickard, and today employs over 1,600 people. The company is headquartered in New York with additional offices in the UK, Hong Kong and Japan.
D.E. Shaw
D.E. Shaw & Co, a pioneer in computational finance, is an investment and technology development firm founded in 1988 by David E. Shaw, a computer scientist and former Columbia University professor. The firm has a diverse range of investment strategies and is known for using sophisticated mathematical and computational techniques in its trading and investment activities. D. E. Shaw manages assets for a variety of clients including pension funds, endowments and other institutional investors. In addition, the firm is involved in research and development of new technologies and has a venture capital arm that invests in early-stage companies.
Citadel
Citadel, headquartered in Chicago, is one of the most respected hedge funds in the world. The firm's investment strategies include equities, commodities, fixed income, credit and quantitative analysis. The company maintains offices in Boston, New York, San Francisco, Houston and Dallas, Toronto, Zurich, Shenzhen, Shanghai, London and Sydney. Citadel had $65 billion in assets under management (AUM) as of January 2025.
Davidson Kempner
Davidson Kempner is a global hedge fund headquartered in New York. It manages assets for institutional investors including pension funds, endowments, foundations and sovereign wealth funds. The company invests in a variety of credit and equity strategies as well as real estate, shipping, aircraft, infrastructure and renewables. It was founded in 1983 by Marvin Davidson and today employs over 500 people. Currently, it has over $37 billion in assets under management.
Farallon Capital
Farallon Capital Management is a global institutional investment management firm. The company’s strategies include long/short equity, credit, merger arbitrage, risk arbitrage, real estate and direct investments. Headquartered in San Francisco, California, it primarily manages funds on behalf of college endowments, charitable organizations, and high-net-worth individuals. Farallon has made a number of successful investments over the years, including investments in Yahoo, eBay and MCI. Farallon Capital was founded in 1986 by Tom Steyer.
Anchorage Capital
Anchorage Capital Group LLC is a New York-based investment advisory firm. It was established in 2003 and currently has over $26 billion in assets under management (AUM). The Group is one of the leading hedge fund investors in distressed debt. It serves customers in North America and Europe.
Related article: What is a Hedge Fund?
Other Major Hedge Funds in the World
Man Group plc is a British investment manager offering alternative and mix of long-only strategies across liquid and private markets. It is the world's biggest publicly-traded hedge fund, with a market capitalization of over $3.5 billion as of February 5, 2024. Headquartered in London, it maintains offices in New York, Boston, Charlotte, Stamford, Liechtenstein, Switzerland, Hong Kong, Tokyo and Sydney.
TCI Fund Management Ltd (or Children's Investment Fund Management) is a hedge fund company known for its activist approach to investing. It manages a number of investment funds that use a variety of quantitative and fundamental techniques to make investment decisions. The firm was established by Christopher Hohn in 2003 and is headquartered in London.
Marshall Wace is a British hedge fund established in 1997. With over 570 employees, it is a global alternative asset manager with a focus on global long/short equity. The company manages a number of fundamental long short equity funds as well as runs a proprietary MW TOPS Alpha Capture System, a computer system that has been tracking and ranking trading ideas. Marshall Wace combines fundamental investment strategies with systematic and quantitative equity strategies.
Ruffer LLP is a UK-based investment management firm founded in 1994. The company manages a range of investment funds and portfolios for private clients, institutions, charities and financial planners, with a focus on providing diversified investment solutions that balance risk and reward. The firm's investment approach involves investing in a variety of asset classes including equities, fixed income, commodities and real estate. Ruffer serves clients globally and has offices in London, Paris, Edinburgh and Guernsey.
Capula Investment Management is a global investment firm managing absolute return, enhanced fixed income, macro and crisis alpha strategies. The company was established in 2005 and has affiliated entities in the United States, Hong Kong, Singapore and Japan.
Baupost Group is an American hedge fund controlled by billionaire Seth Klarman. As of December 2023, the Group had approximately $24 billion in assets under management (AUM). The company does not manage assets on a non-discretionary basis. Baupost was established in May 1982 and is located in Boston, Massachusetts, with an additional office in London.
Last updated February 1, 2025