Methodology

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Unless otherwise noted, all hedge fund investment data is sourced and licensed from Preqin’s alternative asset database as of March 2021 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, Endowments, & 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 for pensions and nonprofits 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 Q4 2020 estimate for aggregate hedge fund investment, the U.S. Securities and Exchange Commission’s Q2 2020 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 Q4 2020 estimate for aggregate hedge fund investment, the U.S. Securities and Exchange Commission’s Q2 2020 estimate for total hedge fund investment by non-profits, and the state’s share of all national nonprofit investment assets.

For these purposes, non-profit higher education institutions were classified as Colleges & Universities and excluded from the imputation process. Student enrollment information, which is derived from the U.S. News and World Report or individual institutions, is aggregated for university systems.