Stats › Active, passive and flows › AIF leverage
European law defines alternative fund leverage two ways and the supervisor publishes neither of them
| Fund type | Net asset value, end 2022 | Share | Gross leverage | Adjusted leverage |
|---|---|---|---|---|
| All alternative funds | 6,770 billion euro | 100 per cent | 145 per cent | 123 per cent |
| Other funds | 3,467 billion euro | 51 per cent | 152 per cent | 124 per cent |
| Funds of funds | 1,152 billion euro | 17 per cent | 117 per cent | 109 per cent |
| Real estate | 1,074 billion euro | 16 per cent | 141 per cent | 133 per cent |
| Private equity | 752 billion euro | 11 per cent | 116 per cent | 110 per cent |
| Hedge funds | 113 billion euro | 2 per cent | 396 per cent | 265 per cent |
From the supervisor's statistical report on European alternative investment funds published 30 January 2024, the most recent edition covering reference year 2022. Leverage is expressed as a percentage of net asset value and the averages are weighted by net asset value. Adjusted leverage excludes interest rate derivatives and hedging foreign exchange. No significance statistic is published with any figure. The executive summary of the same report prints 725 billion euro for private equity against 752 in its table, and the five fund types sum to 6,558 billion against the printed total of 6,770, a shortfall of 212 billion or 3.13 per cent.
The gross and commitment methods are set out in law, and substantial leverage means three times net asset value. The markets supervisor publishes gross and adjusted leverage instead, and no count of funds above the threshold exists.
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