The data for the 2016 Fund of Funds 50 were gathered from questionnaires completed by the fund-of-hedge-funds firms themselves, research in the public record and extensive staff reporting. In some cases, we have included estimates based on our reporting. Only multimanager hedge fund portfolios are included in the capital figures. Assets are stated in millions of dollars and are current as of January 1, 2016 and 2015, unless otherwise noted. Returns are net of management and performance fees, as of December 31 of the relevant year.

Senior Research Editor Jane B. Kenney compiled this ranking with the assistance of Researcher Valentina McKenzie. Inevitably, we will have overlooked some institutions that belong on our list. If we missed yours, please send an e-mail to to request a questionnaire for the 2017 ranking.