The largest fund of hedge funds (FoHF) and dedicated third-party multi-manager firms saw a second consecutive year of asset growth in 2025, supported by strong performance.
Aggregate assets of our latest FoHF Billion Dollar Club (BDC) grew by 12.3% over the year to $564 billion, while the number of firms in the ranking edged up from 50 to 52.
The growth was driven mainly by performance, as BDC FoHFs had their best year since at least 2020, according to With Intelligence data. A representative basket of $1+ billion FoHF tracked by us was up around 10% in 2025, having gained more than 9% in 2024. Net allocation activity was also positive.
Nine in ten BDC firms grew assets over the year, with the $1 billion – $5 billion segment of the BDC growing at the fastest pace.
However, BDC assets are increasingly concentrated among larger managers. Firms with less than $5 billion in AuM account for only 11% of BDC assets, down from 15% two years ago, while managers with more than $10 billion in AuM hold over 70% of assets.
The FoHF/dedicated third-party multi-manager industry continues to evolve as allocators increasingly seek hedge fund exposure through alternative structures, including multi-strategy multi-manager platforms. Despite these ongoing competitive pressures, several firms have reported notable fundraising success.
Sources at a number of BDC FoHFs indicate that investor interest has picked up in recent months. One factor may be the growing number of larger hedge funds that have restricted new subscriptions or limited capacity. In this environment, established FoHFs with longstanding manager relationships and access rights can provide investors with an attractive route to otherwise capacity-constrained strategies.
Among the largest listed firms, New York-based Blackstone’s Multi-Asset Investing business (BXMA), which houses the firm’s hedge fund solutions and FoHF capabilities, grew AuM by more than 14% in 2025 to $96.2 billion at year-end.
The $12.1 billion increase was driven by both investor demand and investment performance, with the business generating an estimated $6.3 billion of net inflows during the year.
Blackstone’s Absolute Return Composite strategy, a representative benchmark for the firm’s diversified hedge fund portfolio, returned 11.9% in 2025, ahead of the average gain for BDC FoHFs.
BlackRock, meanwhile, reported liquid alternative net inflows of $1.3 billion across its nearly $32 billion hedge fund solutions business and $2.5 billion of performance-based growth. London-based Man Group‘s multi-manager business assets were meanwhile broadly flat YoY.
FoHF Billion Dollar Club: At-a-glance 12-month growth
| No./Name Firm | AuM Dec-25 ($bn) | AuM Dec-24 ($bn) | Growth ($bn) | Growth (%) | % of $1bn Industry | |
|---|---|---|---|---|---|---|
|
All BDC FoHFs |
52 |
564 |
503 |
61.7 |
12.3 |
100 |
|
Top 10 by assets |
10 |
373 |
326 |
46.4 |
14.2 |
66 |
|
Super League ($10bn+) |
12 |
399 |
353 |
46.5 |
13.2 |
71 |
|
Largest firm |
BXMA |
96 |
84 |
12.1 |
14.3 |
17 |
|
$5bn-$10bn |
14 |
104 |
97 |
7 |
7.3 |
18 |
|
$1bn-$5bn |
26 |
61 |
53 |
8.2 |
15.5 |
11 |
|
Positive growth |
42 |
516 |
449 |
66.9 |
14.9 |
92 |
|
Negative or flat growth |
10 |
48 |
53 |
-5.2 |
-9.8 |
9 |
|
US-based firms |
7 |
90 |
83 |
7.2 |
8.8 |
16 |
|
Non US-based firms |
45 |
474 |
420 |
54.5 |
13 |
84 |
AuM adjusted to avoid double counting advisers on $1.6 billion Haussmann fund.
Source: With Intelligence data.
FoHF Billion Dollar Club ranking 2025
| Rank | Firm name | City/state | Country | Region | Dec-25 FoHF AuM ($bn) | Dec-24 FoHF AuM ($bn) | 12-mnth AuM change ($bn) |
|---|---|---|---|---|---|---|---|
|
1 |
Blackstone Multi-Asset Investing |
NY |
US |
North America |
96.2 |
84.2 |
12.1 |
|
2 |
Unified Global Alternatives |
CT |
US |
North America |
74.4 |
68.5 |
5.9 |
|
3 |
JP Morgan Asset Management |
NY |
US |
North America |
38.9 |
15.5 |
23.4 |
|
4 |
HSBC Alternative Investments |
London |
UK |
Europe |
36.1 |
29.3 |
6.8 |
|
5 |
BlackRock |
NY |
US |
North America |
31.6 |
27.6 |
4 |
|
6 |
Morgan Stanley Investment Management |
NY |
US |
North America |
29.4 |
27.7 |
1.7 |
|
7 |
GCM Grosvenor |
IL |
US |
North America |
25.3 |
22.1 |
3.3 |
|
8 |
Wilshire |
CA |
US |
North America |
25 |
22.8 |
2.2 |
|
9 |
UBP Alternative Investments |
London |
UK |
Europe |
19 |
15.8 |
3.2 |
|
10 |
aberdeen |
Edinburgh |
UK |
Europe |
17.5 |
15.7 |
1.8 |
