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In forcePrivate fundsLast checked 13 November 2026

Private fund reporting (Form PF)

A regulatory return listed by the U.S. Securities and Exchange Commission (SEC), United States.

Form PF is the confidential reporting form certain SEC-registered investment advisers to private funds (including those also registered with the CFTC as a commodity pool operator or commodity trading adviser) file about the private funds they manage. The Commission and the Financial Stability Oversight Council use it to monitor systemic risk in the private fund industry and to support the SEC's own regulatory oversight and investor-protection work. Source

Official title: Form PF: Reporting Form for Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors

The facts

Who files
An investment adviser registered, or required to be registered, with the SEC under section 203 of the Investment Advisers Act that acts as adviser to one or more private funds and that, together with its related persons, managed private fund assets of at least $150 million as of the end of its most recently completed fiscal year. Large hedge fund advisers (at least $1.5 billion in hedge fund assets under management) and large private equity fund advisers (at least $2 billion in private equity fund assets under management) have extra reporting obligations. Source
How often
Most advisers update Form PF at least annually. Large hedge fund advisers file quarterly updates. Certain large hedge fund advisers and large private equity fund advisers must also file a current report as soon as practicable, but no later than 72 hours, after specified triggering events. Source
Deadline
An annual update is due no later than 120 calendar days after the end of the adviser's fiscal year. A large hedge fund adviser's quarterly update is due within 60 calendar days after the end of the calendar quarter. A current report required of certain large hedge fund advisers (on specified fund events) must be filed as soon as practicable but no later than 72 hours after the event. Source
Format
Web form, XML. Filed online with the Form PF filing system on the Private Fund Reporting Depository (PFRD), itself a subsystem of the Investment Adviser Registration Depository (IARD): either through a fillable form on the PFRD website or by an XML submission built to the Form PF XML schema, which the PFRD's operator (not the SEC) publishes on iard.com. Source
How it is filed
Filing routes recorded for the SEC: EDGAR (Electronic Data Gathering, Analysis, and Retrieval); Investment Adviser Registration Depository (IARD) and Private Fund Reporting Depository (PFRD); Central Registration Depository (CRD). See how firms file with the SEC.
Status
In forceForm PF has been amended twice recently. The 2023 amendments (Release IA-6297, adding current and quarterly event reporting for large hedge fund and private equity fund advisers) took effect on 11 June 2024 and are in force. The broader 2024 amendments (Release IA-6546, which among other things move large hedge fund advisers to calendar-quarter reporting) have had their compliance date delayed four times since being adopted; a Commission order issued 31 August 2026 (Release IA-6992) delays compliance with the 2024 amendments until 1 July 2027, so advisers currently still file the pre-2024-amendment version of the form. Source
Legal basis
Group
Private funds

Templates (0)

The library lists no templates for this return.

Form PF is organised into numbered sections that depend on the adviser's and its funds' type (every filer completes a general section; large hedge fund, liquidity fund and private equity fund advisers complete further sections; a temporary hardship exemption is requested on Section 1a and Section 7). This library read that structure only from the rule text (17 CFR 275.204(b)-1(f), which names Section 1a and Section 7) and from SEC staff FAQs that refer to sections by topic, not from the form's own PDF, so the full numbered list is not given here. Source

Validation rules

The SEC publishes the checks it runs on this return. They could not be counted from the published material. Software can run them exactly as published. Source

How they are written: An XML schema for Form PF submissions, published by the PFRD's operator (FINRA) on iard.com rather than on sec.gov..

The SEC's own PFRD page names the schema and says where it is published (iard.com), but this library did not fetch iard.com, so the schema itself and any SEC-published edit checks were not read.

How they were counted

Not counted here.

Counts are in the SEC's own unit, so they are not comparable with other regulators' counts.

Public data

No published data from this return was found. Form PF is confidential. The rule itself requires electronic filing with the PFRD and the Commission's own rulemaking pages repeatedly describe Form PF as 'the confidential reporting form' for private fund advisers; no firm-level or aggregate public dataset built from Form PF was found on sec.gov. Source

Official documents (7)

The SEC's own files, with the size and SHA-256 fingerprint of each as downloaded on 13 November 2026, so anyone can tell whether a copy is the same version.

Sources

Every page and document this return's facts were read from.

Knowing exactly what is collected, in what format and under which rules is the first step to real-time supervision. Line4 builds SupTech software for financial regulators that runs checks like these as each return arrives.

Line4's own text, and the way Line4 has collected and arranged these records, are free to reuse under CC BY 4.0. Please credit: “Source: Line4 regulatory submissions library (CC BY 4.0), https://www.line4.ai”. The facts themselves belong to no one. The regulators' document titles, template names, quoted terms and documents belong to them and are not covered by this licence: see SEC's reuse terms. This describes what regulators publish. It is not legal or regulatory advice: always rely on the regulator's own text. Not affiliated with or endorsed by any regulator.

Last checked 13 November 2026.