Key Takeaways
- • Bridgewater Associates ranks first among the world's largest hedge funds with $78bn in hedge fund assets, based on Pensions Investments data as of June 30, 2025.
- • Millennium ($77.5bn), Elliott ($76.1bn), Citadel ($67.6bn) and Man Group ($66.5bn) follow closely, with only $11.5bn separating the top five.
- • The ranking shows a tightly clustered top tier, with the largest managers holding broadly similar hedge fund asset levels.
Summary
Bridgewater Associates leads the ranking of the world's 20 largest hedge funds, with $78bn in hedge fund assets as of June 30, 2025, according to Pensions Investments data. The firm narrowly edges Millennium, which reported $77.5bn, and Elliott, with $76.1bn.
Citadel, at $67.6bn, and Man Group, at $66.5bn, complete the top five. The spread between first and fifth place is only $11.5bn, indicating a concentrated leadership group among the industry's largest managers. The ranking reflects a snapshot as of mid-2025 and should be read with that date in mind rather than as a measure of current 2026 positions.
For allocators and manager-selection teams, the ranking offers a benchmark of scale across the largest multi-strategy and macro-oriented platforms. Scale of this magnitude bears on capacity, operational infrastructure and the ability to deploy capital across strategies, all factors institutional investors weigh in due diligence.
Citadel, at $67.6bn, and Man Group, at $66.5bn, complete the top five. The spread between first and fifth place is only $11.5bn, indicating a concentrated leadership group among the industry's largest managers. The ranking reflects a snapshot as of mid-2025 and should be read with that date in mind rather than as a measure of current 2026 positions.
For allocators and manager-selection teams, the ranking offers a benchmark of scale across the largest multi-strategy and macro-oriented platforms. Scale of this magnitude bears on capacity, operational infrastructure and the ability to deploy capital across strategies, all factors institutional investors weigh in due diligence.
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