June 2, 2026MFA Report
Report: Private credit & hedge fund contributions to the U.S. economy
All Industry Research
Report: Private credit & hedge fund contributions to the U.S. economy
Foreword:
Alternative asset managers benefit retirement savers, local communities, and businesses of all sizes by strengthening investment portfolios and providing critical capital that supports the real economy. Over the past five years, MFA research has demonstrated the industry’s impact by compiling state-by-state data on investments in alternative asset funds and how much capital managers deploy to businesses across the U.S.
This year’s report covers two of the industry’s most consequential strategies: hedge funds and private credit. It shows how hedge funds generate returns for pension systems, university endowments, and nonprofits that serve millions of Americans. For the first time, the report also includes new data estimating the GDP contribution and jobs created by private credit. Taken together, the findings underscore the importance of a policy environment that recognizes and sustains these economic contributions.
Both alternative assets strategies are mapped at the state level for all 50 states and Washington, D.C., giving policymakers and regulators a clear picture of how the industry supports their communities. The report ranks the top 10 states for each asset class — by GDP contribution from private credit and by institutional investments in hedge funds — to show where the impact is strongest.
I encourage you to explore the report and the interactive map. Look up your home state; the state where you went to college; the state where you now live or soon hope to move and see the data yourself.
— Bryan Corbett, MFA President and CEO
How does your state benefit?
Explore how hedge fund investments support institutions and communities in your state.
Key findings
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Private credit helped generate an estimated $897 billion in U.S. gross domestic product (GDP) and 6 million jobs over the past three years, reaching businesses of every size and sector.
- These estimates reflect approximately $560 billion in private credit deployed in the U.S. since 2023 and capture:
- Direct benefits: Jobs, output and economic activity at businesses receiving loans.
- Indirect benefits: Activity generated when those borrowers purchase goods and services from partners and suppliers.
- Induced benefits: Consumer spending tied to increased economic activity.
- These estimates reflect approximately $560 billion in private credit deployed in the U.S. since 2023 and capture:
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Institutional investors allocate roughly $1.6 trillion to hedge funds on behalf of firefighters, teachers, nurses, and other essential workers. The breakdown includes:
- $940 billion in pension fund assets
- $510 billion in nonprofit assets
- $111 billion in university endowment assets
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The report’s appendix includes state-level fact sheets on these investments that are also accessible through the interactive map.
