Fund Industry data has kept getting bigger and more concentrated, with global ETF assets reaching $11.5 trillion by the end of 2023 and U.S. ETFs holding $8.3 trillion, up 12 percent year over year. Meanwhile, the hedge fund and private equity corners of the market are moving on very different terms, from $120 billion of hedge fund net inflows to $2.6 trillion of private equity dry powder. Put these together with shifting passive versus active flows and tens of thousands of funds under management, and the contrast starts to matter more than the headline totals.
Key Takeaways
- Global ETF assets under management hit $11.5 trillion by end of 2023.
- U.S. ETFs held $8.3 trillion in AUM as of December 2023, up 12% YoY.
- The number of U.S.-listed ETFs reached 2,600 in 2023.
- Global hedge fund AUM reached $4.3 trillion in 2023.
- U.S. hedge funds managed $2.1 trillion AUM end of 2023.
- Hedge fund industry net inflows were $120 billion in 2023.
- Global fund industry AUM totaled $120 trillion in 2023.
- Passive funds overtook active funds with 48% market share in 2023.
- Fund industry net flows were $2.5 trillion globally in 2023.
- In 2023, U.S. mutual fund total net assets reached $18.9 trillion, a 5.1% increase from 2022.
- Equity mutual funds in the U.S. held $13.1 trillion in assets as of year-end 2023, representing 69% of total mutual fund assets.
- U.S. bond mutual funds accounted for $5.2 trillion in assets at the end of 2023, down 2% from the previous year.
- Global private equity AUM reached $4.5 trillion in 2023.
- Dry powder in private equity hit $2.6 trillion end 2023.
- Private equity buyout deal value was $650 billion in 2023.
Global funds surged in 2023 with ETF growth leading passive expansion, alongside rising hedge fund and private equity assets.
Related reading
01 · Category
Etfs25 stats
01
Global ETF assets under management hit $11.5 trillion by end of 2023.
02
U.S. ETFs held $8.3 trillion in AUM as of December 2023, up 12% YoY.
03
The number of U.S.-listed ETFs reached 2,600 in 2023.
04
Equity ETFs accounted for 72% of U.S. ETF AUM in 2023.
05
Fixed income ETFs grew to $1.7 trillion AUM in U.S. by end 2023.
06
U.S. ETF net inflows totaled $785 billion in 2023.
07
Actively managed ETFs reached $400 billion AUM in 2023, up 40%.
08
The SPDR S&P 500 ETF (SPY) had $500 billion AUM in 2023.
09
Commodity ETFs held $120 billion in U.S. in 2023.
10
Average U.S. ETF expense ratio fell to 0.37% in 2023.
11
Multi-asset ETFs grew 25% in AUM to $250 billion in 2023.
12
U.S. equity ETFs saw $550 billion inflows in 2023.
13
Smart beta ETFs managed $1.2 trillion globally in 2023.
14
45% of U.S. ETF assets were in broad market equity ETFs in 2023.
15
Bond ETFs had average 1-year return of 6.2% in 2023.
16
The number of active ETFs launched in U.S. was 150 in 2023.
17
ESG ETFs reached $300 billion AUM in U.S. end 2023.
18
U.S. ETF trading volume averaged 3.5 billion shares daily in 2023.
19
Leveraged and inverse ETFs totaled $90 billion AUM in 2023.
20
International equity ETFs held $1.1 trillion in U.S. 2023.
21
U.S. ETF industry share of total fund assets was 42% in 2023.
22
Crypto ETFs launched with $10 billion inflows in late 2023.
23
Average daily AUM for U.S. ETFs was $7.8 trillion in 2023.
24
Fixed income ETF inflows hit $250 billion in 2023.
25
65% of U.S. advisors recommended ETFs over mutual funds in 2023.
Interpretation
Etfs Interpretation
As ETF adoption accelerates with U.S. ETFs reaching $8.3 trillion in assets by December 2023 and drawing $785 billion in net inflows over the year, the category is clearly consolidating around equities, which made up 72% of U.S. ETF AUM.
02 · Category
Hedge Funds21 stats
01
Global hedge fund AUM reached $4.3 trillion in 2023.
02
U.S. hedge funds managed $2.1 trillion AUM end of 2023.
03
Hedge fund industry net inflows were $120 billion in 2023.
04
Equity long/short strategies held 28% of hedge fund AUM in 2023.
05
Global macro hedge funds returned 8.5% average in 2023.
06
Number of hedge funds worldwide was 11,200 in 2023.
07
Credit strategies in hedge funds grew 15% AUM to $450 billion in 2023.
08
Multi-strategy hedge funds AUM hit $600 billion in 2023.
09
Hedge fund average management fee was 1.4% in 2023.
10
Event-driven hedge funds returned 10.2% in 2023.
11
42% of hedge fund assets were managed by top 50 firms in 2023.
12
Relative value arbitrage strategies AUM was $350 billion in 2023.
13
Hedge funds outperformed public markets by 2.1% in 2023.
14
Emerging markets hedge funds grew 12% in AUM to $200 billion.
15
Average hedge fund incentive fee was 16.5% in 2023.
16
CTA/managed futures hedge funds returned 7.8% in 2023.
17
Institutional investors allocated 15% to hedge funds in 2023.
18
Hedge fund liquidations numbered 450 in 2023.
19
Equity hedge strategies returned 12.4% average in 2023.
20
65% of hedge funds had positive returns in 2023.
21
Hedge fund industry jobs totaled 350,000 globally in 2023.
Interpretation
Hedge Funds Interpretation
With global hedge funds reaching $4.3 trillion in assets in 2023 and drawing $120 billion in net inflows, the industry appears to be not only large but also actively attracting capital, even as equity long short remains the biggest slice at 28% of AUM.
03 · Category
Industry Overview20 stats
01
Global fund industry AUM totaled $120 trillion in 2023.
02
Passive funds overtook active funds with 48% market share in 2023.
03
Fund industry net flows were $2.5 trillion globally in 2023.
04
Number of global funds exceeded 130,000 in 2023.
05
U.S. fund industry AUM was $32 trillion end 2023.
06
Europe fund AUM reached $20 trillion in 2023.
07
Asia-Pacific fund assets grew 10% to $15 trillion in 2023.
08
Average fund expense ratio dropped to 0.55% globally in 2023.
09
ETFs and index funds captured 85% of new inflows in 2023.
10
60% of fund assets held by institutional investors in 2023.
11
Robo-advisors managed $1.5 trillion in funds by 2023.
12
ESG funds AUM hit $4 trillion globally in 2023.
13
Fund industry revenue was $250 billion in 2023.
14
75% of millennials prefer sustainable funds in 2023 surveys.
15
Active fund closures numbered 1,200 globally in 2023.
16
Fund industry tech spending reached $15 billion in 2023.
17
40% of funds used AI for portfolio management in 2023.
18
Global fund launches totaled 5,000 in 2023.
19
Women represented 22% of fund managers in 2023.
20
Fund industry AUM growth averaged 8% annually 2018-2023.
Interpretation
Industry Overview Interpretation
With global fund assets reaching $120 trillion in 2023 and net flows of $2.5 trillion, the industry is clearly being reshaped by passive growth as it took a 48% market share, even as the total count of funds climbed above 130,000 and major regions like the US at $32 trillion and Europe at $20 trillion continue to scale.
More related reading
04 · Category
Mutual Funds30 stats
01
In 2023, U.S. mutual fund total net assets reached $18.9 trillion, a 5.1% increase from 2022.
02
Equity mutual funds in the U.S. held $13.1 trillion in assets as of year-end 2023, representing 69% of total mutual fund assets.
03
U.S. bond mutual funds accounted for $5.2 trillion in assets at the end of 2023, down 2% from the previous year.
04
The number of U.S. mutual fund accounts grew to 330 million in 2023, up 1.2% from 2022.
05
Long-term mutual funds saw net inflows of $147 billion in 2023, primarily driven by equity funds.
06
Target-date mutual funds held $3.1 trillion in assets in 2023, comprising 16% of long-term fund assets.
07
Actively managed U.S. equity mutual funds averaged a 1-year return of 18.4% in 2023.
08
Passively managed U.S. equity mutual funds returned 21.2% on average over one year ending 2023.
09
U.S. mutual fund expense ratios averaged 0.44% in 2023, down from 0.52% in 2020.
10
56% of U.S. mutual fund assets were in retirement-related accounts in 2023.
11
U.S. money market funds held $6.3 trillion in assets at year-end 2023.
12
Retail investors held 42% of U.S. mutual fund assets in 2023, while institutions held 58%.
13
Actively managed bond mutual funds had net outflows of $210 billion in 2023.
14
The largest U.S. mutual fund, Vanguard Total Stock Market Index, managed $1.6 trillion in 2023.
15
U.S. mutual fund sales reached $8.5 trillion in 2023, with redemptions at $8.3 trillion.
16
Equity mutual funds represented 45% of new sales in U.S. mutual funds in 2023.
17
12b-1 fees accounted for 12% of total mutual fund expenses in 2023.
18
U.S. hybrid mutual funds held $1.4 trillion in assets end of 2023.
19
78% of U.S. mutual fund shareholders owned equity funds in 2023.
20
Average U.S. mutual fund turnover rate was 63% in 2023.
21
Municipal bond mutual funds had $0.7 trillion AUM in 2023.
22
U.S. mutual funds paid out $450 billion in dividends in 2023.
23
65% of mutual fund assets were passively managed by end of 2023.
24
Index mutual funds grew 15% in AUM in 2023.
25
U.S. balanced mutual funds returned 12.5% in 2023.
26
23 million U.S. households owned mutual funds in 2023, 42% of all households.
27
Foreign equity mutual funds held $1.2 trillion in U.S. in 2023.
28
U.S. mutual fund industry employed over 180,000 people in 2023.
29
Sector equity mutual funds made up 18% of equity fund assets in 2023.
30
U.S. mutual fund net issuance was positive $120 billion for equities in 2023.
Interpretation
Mutual Funds Interpretation
In 2023, U.S. mutual funds grew to $18.9 trillion in total net assets, with equity funds holding $13.1 trillion or 69% of the category, showing how equities remain the dominant driver of mutual fund growth.
05 · Category
Private Equity20 stats
01
Global private equity AUM reached $4.5 trillion in 2023.
02
Dry powder in private equity hit $2.6 trillion end 2023.
03
Private equity buyout deal value was $650 billion in 2023.
04
Number of PE firms worldwide exceeded 7,500 in 2023.
05
Venture capital investment totaled $340 billion globally in 2023.
06
PE exits generated $400 billion in proceeds in 2023.
07
Average PE fund IRR was 15.2% net for vintages 2018-2023.
08
Secondaries market volume reached $120 billion in 2023.
09
Growth equity deals made up 25% of PE activity in 2023.
10
U.S. PE AUM was $3.2 trillion in 2023.
11
PE fundraising totaled $700 billion in 2023.
12
Median PE holding period was 5.8 years in 2023.
13
Infrastructure PE AUM grew to $1.1 trillion in 2023.
14
55% of PE capital went to buyouts in 2023.
15
VC dry powder was $350 billion end 2023.
16
PE distributions to LPs were $500 billion in 2023.
17
Late-stage VC deals averaged $150 million in 2023.
18
PE multiple on invested capital (MOIC) averaged 2.1x in 2023.
19
Asia PE markets saw $180 billion invested in 2023.
20
PE fund sizes averaged $1.2 billion for new funds in 2023.
Interpretation
Private Equity Interpretation
In 2023, private equity dominated with $4.5 trillion in global AUM and $2.6 trillion of dry powder, while buyouts totaled $650 billion and exits produced $400 billion, signaling strong capital reserves ready to convert into deals.
report visual · Breakdown
Fund industry scale & growth
Global fund assets under management are at $120T, with strong net inflows of $2.5T in 2023.
72%
Equity ETFs accounted for 72% of U.S. ETF AUM in 2023.
28%
Equity long/short strategies held 28% of hedge fund AUM in 2023.
Reference
Cite This Report
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APA
Lukas Bauer. (2026, February 13). Fund Industry Statistics. Gitnux. https://gitnux.org/fund-industry-statistics
MLA
Lukas Bauer. "Fund Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/fund-industry-statistics.
Chicago
Lukas Bauer. 2026. "Fund Industry Statistics." Gitnux. https://gitnux.org/fund-industry-statistics.
Sources & references
22 datasets cited across this report · attribution is report-level