Methodology

Unless otherwise noted, all hedge fund investment data is sourced and licensed from Preqin’s alternative asset database as of February 2026 or publicly available, federal datasets. Sources for additional information included on this website are noted where the data appears.

Hedge fund investors are grouped into three categories: pension & retirement funds; colleges & universities; and foundations & non-profits. The pension & retirement funds category comprises both private and public sector funds. Where noted, multiple endowments for a single institution are consolidated.

The aggregate amount of hedge fund investment in each state includes investments in pensions, non-profits, colleges and universities, and private debt. Total investment in pensions, non-profits, and private debt in each state is calculated from the sum of investor-level Preqin data and an imputation of hedge fund investment not represented in Preqin’s data set.

For pension & retirement funds, average supplemental hedge fund investment by state was imputed using Preqin’s Q2 2025 estimate for aggregate hedge fund investment, the U.S. Securities and Exchange Commission’s Q2 2025 estimate for total hedge fund investment by private pensions, and each state’s share of national pension beneficiaries. In the pension & retirement funds category, private sector funds are allocated to the state in which the plan sponsor is headquartered.

For foundations, endowments, and non-profits, average supplemental hedge fund investment by state was imputed using Preqin’s Q2 2025 estimate for aggregate hedge fund investment, the U.S. Securities and Exchange Commission’s Q2 2025 estimate for total hedge fund investment by non-profits, and the state’s share of all national nonprofit investment assets.

The national private credit lending totals for years 2023-2026 were sourced from Preqin as of February 2026. Median loan values were used for purposes of imputation. Private credit GDP and job estimates are calculated using the IMPLAN 2025 Model Year for the United States. Sources for additional information displayed are noted where the data appears.