The SEC’s “Private Funds Statistics” report, published October 16, 2016, reveals that the number of private funds and private fund assets has grown significantly over the past two years. The data show that private funds, as a whole, may not be as leveraged as generally believed.

The report, published by the Division of Investment Management’s Risk and Examinations Office (REO), summarizes a treasure trove of private fund statistics and trends based on data mined from Form PF and Form ADV filings from the first quarter of 2013 through the fourth quarter of 2014.