What is Form PF? The private-fund report
Form PF is the confidential report that SEC-registered investment advisers to private funds file with the US Securities and Exchange Commission about the private funds they manage. It exists so regulators can watch for systemic risk in the private-fund industry, and it is not public. That is the key thing to understand about Form PF: unlike a 13F, which anyone can read, its contents stay with the regulators. This guide explains who files it, how often, and why it stays confidential. It is not investment advice.
Definition
Form PF
is a confidential report that an SEC-registered investment adviser to private funds files about those funds, so regulators can monitor systemic risk. Advisers with at least $150 million in private-fund assets under management must file. It was created under the Dodd-Frank Act and is not public. Source: SEC.
Who has to file Form PF?
Form PF is filed by an investment adviser that is registered with the SEC and advises one or more private funds, such as a hedge fund, a private equity fund, or a liquidity fund. The trigger is the size of its private-fund book.
$150 million
Private-fund assets under management that trigger a Form PF filing for an SEC-registered adviser
Source: SEC
In April 2026 the SEC and the CFTC jointly proposed raising that threshold to $1 billion, which would end the filing obligation for a large share of current filers. That is a proposal, not the current rule, so the $150 million line still applies until any change is adopted.
Why is Form PF confidential?
Form PF was created under the 2010 Dodd-Frank Act after the 2008 financial crisis, when regulators wanted a clearer view of leverage and risk across private funds. The SEC collects it and shares the data with the Financial Stability Oversight Council (FSOC). Because it can contain sensitive positioning, it is filed confidentially rather than published. This is the opposite of a 13F, which is a public quarterly snapshot of a manager's US equity holdings.
How often is Form PF filed?
Frequency scales with size. Smaller private-fund advisers file annually, while large hedge fund advisers (broadly, those with at least $1.5 billion in hedge fund assets) file quarterly. A 2023 amendment also requires large hedge fund advisers to file current reports within 72 hours of certain events, and large private equity advisers to report certain events. Joint SEC and CFTC amendments adopted on 2024-02-08 changed how master-feeder and parallel fund structures report, with a compliance date extended to 2026-10-01.
How does Form PF fit with other adviser filings?
An adviser that files Form PF also registers publicly on Form ADV, which discloses its business, fees, and disciplinary history. Form ADV is public and Form PF is not, so the two sit on different sides of the disclosure line, as the Form ADV vs Form PF comparison sets out. If the adviser also manages large US equity positions, it may file a public 13F too.
So Form PF is how private-fund advisers report risk data to regulators, quietly. Flock reads the public disclosure filings, such as the 13F, and keeps each one dated and linked to its source. What any of it means for your money is your call to make.
Frequently asked questions
What is Form PF?
Form PF is a confidential report that SEC-registered investment advisers to private funds file about those funds. Regulators use it to monitor systemic risk. It is not public, unlike a 13F. It was created under the Dodd-Frank Act. Source: SEC.
Who has to file Form PF?
An SEC-registered investment adviser must file Form PF if it advises private funds, such as hedge funds or private equity funds, and has at least $150 million in private-fund regulatory assets under management. Source: SEC.
Is Form PF public?
No. Form PF is filed confidentially with the SEC and shared with the Financial Stability Oversight Council for systemic-risk monitoring. Unlike a public 13F, its contents are not published for investors to read. Source: SEC.
How often is Form PF filed?
It depends on size. Smaller private-fund advisers file annually, while large hedge fund advisers file quarterly. Large hedge fund advisers also file current reports within 72 hours of certain events. Source: SEC.
Flock tracks these filings, sourced, dated, and linked back to the original. See what smart-money entities disclosed, without the guesswork about what it means.
Disclosures shown are public regulatory filings. Data may be delayed or incomplete. Smart-money entities may no longer hold positions shown. Not investment advice.