# kaal:claim:2739479-005

**Claim.** Growth in the private fund industry has been concentrated among the largest advisers: assets managed by advisers with more than $5 billion in AUM grew 141 percent, compared with 53 percent for firms below $5 billion.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- private fund advisers
- growth measured through 2015

**Source quote.**

> The larger private fund advisers have generated most of the private fund industry's growth. Assets managed by private fund ad- visers with more than $5 billion AUM have grown 141%, compared to 53% for firms with less than $5 billion.

**From.** Wulf A. Kaal, *The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2* (2016), II.1. Private Fund Industry Trends, page 16

**Cite as.** Wulf A. Kaal, The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2 (2016). SSRN: https://ssrn.com/abstract=2739479

**Verify.** sha256 of source PDF `b2e7b81a16ab01c73478b62e85068f9dadc5cdd18427241e8bc5e8216a967730` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202016%20-%20The%20Post%20Dodd-Frank%20Act%20Evolution%20of%20the%20Private%20Fund%20Industry%20Comparative%20Evidence%20from%202012%20and%202.pdf

**Topics.** private-funds, economics

**Keywords.** industry-concentration, assets-under-management, scale-effects, private-funds, market-trends

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