Market Microstructure Report

LATEST REPORT: Q1 2026

HFR Market Microstructure Hedge Fund Industry Reports provide an extensive and sophisticated cross-sectional analysis of the hedge fund industry, examining some of the most relevant and interesting structural and performance dynamics.

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Analysis of Trends in the Industry’s Newest Hedge Funds

Insights into the dynamics currently reshaping the landscape of the industry. The report includes an analysis of performance by fund management fee and estimation of hedge fund industry launches and liquidations.

HEDGE FUND LAUNCHES, LIQUIDATIONS RISE TO BEGIN VOLATILE 2026

Liquidations spike to highest in 2 years;
Goldman Sachs, UBS, Citco, SS&C lead service providers;
HFR launches Tender Offer Index

CHICAGO, (July 14, 2026) – Both new hedge fund launches and liquidations jumped to begin 2026, with liquidations rising off near historic lows to the highest quarterly total in two (2) years, as investors positioned for the powerful performance drivers which have defined recent quarters: ongoing geopolitical risk, AI and cryptocurrency volatility, and uncertain economic growth and inflation in 2026. The estimated number of new funds launched in 1Q26 rose to 166, an increase of 30 over the prior quarter and 45 over 1Q25. This increase follows the FY 2025 launch total of 561, the highest annual total since 2021, according to the latest HFR Market Microstructure Report, released by HFR®, the established global leader in the indexation, analysis and research of the global hedge fund industry. Hedge fund liquidations jumped from historically low levels in 2025 to a total of 129 liquidations in 1Q26, an increase of 45 over the prior quarter and the highest quarterly total since 2Q24. For the FY 2025, fund closures totaled an estimated 287 liquidations, far below the 406 funds that shut down in 2024, which was the lowest level since 2004. As previously reported by HFR, total hedge fund industry capital reached another record level through 1Q 2026, surging to an estimated $5.22 trillion.

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Expanded Diversity Indices of Women-owned Hedge Funds

The HFR Diversity Universe delivers the industry’s essential database of women & minority owned hedge funds. Our research now includes an overview of HFRI Women Index and HFRX Diversity Women Index.

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Stay up-to-date on key trends affecting the hedge fund industry. HFR’s specially-priced bundled subscription includes quarterly publications of HFR Global, Asian, Emerging Markets, and Market Microstructure Reports. The ultimate resource available for the industry insider.

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