The SEC published its latest quarterly "Private Funds Statistics" report recently, which summarizes Form PF reporting and includes some data on "Liquidity Funds," or pools which are similar to but not money market funds. The publication shows overall Liquidity fund assets were higher in the latest reported quarter (Q2'25) at $389 billion (up from $374 billion in Q1'25 and up from $343 billion in Q2'24). We also again briefly review the SEC's "Amendments to Form PF Reporting Requirements for Large Liquidity Fund Advisers" which went into effect a year and a half ago, below. (Note: We're still looking for sponsors and speakers for our upcoming Bond Fund Symposium, which is March 19-20 in Boston, Mass.)
The SEC's "Introduction" tells us, "This report provides a summary of recent private fund industry statistics and trends, reflecting data collected from Form PF and Form ADV filings received through January 02, 2026, for the reporting periods from Second Calendar Quarter 2023 through Second Calendar Quarter 2025... Form PF information provided in this report are anonymized, and are aggregated, rounded, and/or masked to avoid potential disclosure of proprietary information of individual Form PF filers." (Note: Crane Data believes the largest portion of these liquidity fund assets are securities lending reinvestment pools.)
The tables in the SEC's "Private Funds Statistics: Second Calendar Quarter 2025," with the most recent data available, show 73 Liquidity Funds (most of which are "Section 3 Liquidity Funds," which are Liquidity Funds from advisers with over $1 billion total in cash), unchanged from last quarter and down 3 from a year ago. (There are 50 Section 3 Liquidity Funds out of the 73 Liquidity Funds.) The SEC receives Form PF reports from 33 Liquidity Fund advisers (22 of which are Section 3 Liquidity Fund advisers), down 1 from last quarter and down 6 from a year ago.
The SEC's table on "Aggregate Private Fund Net Asset Value" shows total Liquidity Fund assets at $389 billion, up $15 billion from Q1'25 and up $46 billion from a year ago (Q2'24). Of this total, $387 billion is in Section 3 (large manager) Liquidity Funds. The SEC's table on "Aggregate Private Fund Gross Asset Value" shows total Liquidity Fund assets at $402 billion, up $18 billion from Q1'25 and up $49 billion from a year ago (Q2'24). Of this total, $401 billion in is Section 3 (large manager) Liquidity Funds.
A table on "Beneficial Ownership for Section 3 Liquidity Funds" shows $78 billion is held by Other (20.2%), $94 billion is held by Unknown Non-U.S. Investors (24.3%), $53 billion is held by Private Funds (13.7%), $15 billion is held by Insurance Companies (3.9%) and $4 billion is held by Non-Profits (1.0%).
The tables also show that 62.0% of Section 3 Liquidity Funds have a liquidation period of one day, $363 billion of these funds may suspend redemptions, and $327 billion of these funds may have gates. WAMs average a short 32.6 days (46.2 days when weighted by assets), WALs are 52.9 days (68.6 days when asset-weighted), and 7-Day Gross Yields average 4.2% (4.3% asset-weighted). Daily Liquid Assets average about 53.2% (47.1% asset-weighted) while Weekly Liquid Assets average about 59.4% (60.6% asset-weighted).
As we've mentioned before, in July 2023, when the SEC's Money Market Fund Reforms were passed, these also included "Amendments to Form PF Reporting Requirements for Large Liquidity Fund Advisers." The release explains, "Separately, the amendments will also modify certain reporting forms that are applicable to money market funds and large private liquidity funds advisers."
The "Fact Sheet" explains, "In addition, the Commission adopted amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds, to require additional information regarding the liquidity funds they advise that is generally aligned with the amended reporting for money market funds. These amendments were proposed by the Commission in January 2022."
The full final rules tell us, "The Commission is also amending Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds to require additional information regarding the liquidity funds they advise. Liquidity funds are private funds that seek to maintain a stable NAV (or minimize fluctuations in their NAVs) and thus can resemble money market funds. The amendments to section 3 of Form PF will provide a more complete picture of the short-term financing markets in which liquidity funds invest and enhance the Commission's and the Financial Stability Oversight Council's ('FSOC') ability to assess short-term financing markets and facilitate our oversight of those markets and their participants. This, in turn, is designed to enhance investor protection efforts and systemic risk assessment. `We have consulted with FSOC to gain input on these amendments to help ensure that Form PF continues to provide FSOC with information it can use to assess systemic risk."
It adds, "In a January 2022 release proposing amendments to Form PF, the Commission proposed changes to section 3 of Form PF that were intended to require large liquidity fund advisers to report substantially the same information that the Commission had proposed money market funds to report on Form N-MFP. The proposed amendments to section 3 of Form PF included requirements for additional and more granular information regarding large liquidity fund operational information and assets, portfolio holdings, financing, and investor information as well as a new item concerning the disposition of portfolio securities. Consistent with the final amendments to Form N-MFP, we are adopting largely as proposed the amendments to section 3 of Form PF, with some modifications to better tailor the reporting to private liquidity funds and remain consistent with the final requirements for money market funds under amended Form N-MFP."
