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Strategy

Multi-strategy hedge funds

Multi-strategy hedge funds allocate capital across several internal teams or external sleeves, often including equity relative value, credit, macro, commodities, quantitative trading, and event-driven books.

578fund profiles

$901.7Breported gross assets

$1.6Baverage gross assets

Strategypage type

SEO research brief

What multi-strategy hedge funds means

A central risk team allocates capital to portfolio managers and can increase or cut books quickly.

Diversification across teams is meant to reduce reliance on one market regime.

Data caveat

What the filings show

The data is best read as a disclosure map. Reported gross asset value is not the same as performance, net assets, investor capital, or a recommendation. Fund rows can include offshore master funds, Delaware vehicles, feeders, and internal sleeves.

Verition Multi-Strategy Master Fund Ltd. is the largest sampled vehicle on this page at $139.0B.

Visual snapshot

Concentration and mix

Largest funds

Verition Multi-Strategy Master Fund Ltd. $139.0B Lmr Multi-Strategy Master Fund Limited $134.6B Citadel Multi-Strategy Equities Master Fund Ltd. $92.0B Two Sigma Absolute Return Portfolio, LLC $38.3B Mariner Atlantic Multi-Strategy Master Fund, Ltd. $34.4B Eagle Harbor Multi-Strategy Master Fund Limited $30.0B

Manager concentration

Verition Fund Management LLC $139.0B

Lmr Partners LLC $134.6B

Citadel Advisors LLC $92.0B

Two Sigma Investments, LP $71.5B

Pacific Investment Management Company LLC $49.0B

Mariner Investment Group, LLC $43.0B

Office clusters

New York, New York, United States $370.1B

Greenwich, Connecticut, United States $148.0B

Miami, Florida, United States $92.0B

Newport Beach, California, United States $49.0B

Boston, Massachusetts, United States $47.6B

Boca Raton, Florida, United States $19.6B

Strategy guide

How the strategy works

A central risk team allocates capital to portfolio managers and can increase or cut books quickly.

Diversification across teams is meant to reduce reliance on one market regime.

Large platforms often use shared infrastructure for financing, risk, compliance, technology, and recruiting.

History and context

Multi-strategy platforms became a dominant hedge fund model as investors favored diversified return streams and institutional infrastructure. The pod-shop model grew rapidly as firms competed for portfolio-manager talent.

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Find funds inside Multi-strategy hedge funds

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Fund	Manager	Location	Gross assets

Ranked profiles

Largest funds in this group

60 rows shown

Fund	Manager	Location	Gross assets	Minimum
Verition Multi-Strategy Master Fund Ltd. Multi-strategy	Verition Fund Management LLC	Greenwich, Connecticut, United States	$139.0B	$0
Lmr Multi-Strategy Master Fund Limited Multi-strategy	Lmr Partners LLC	New York, New York, United States	$134.6B	$500K
Citadel Multi-Strategy Equities Master Fund Ltd. Multi-strategy	Citadel Advisors LLC	Miami, Florida, United States	$92.0B	$0
Two Sigma Absolute Return Portfolio, LLC Multi-strategy	Two Sigma Investments, LP	New York, New York, United States	$38.3B	$0
Mariner Atlantic Multi-Strategy Master Fund, Ltd. Multi-strategy	Mariner Investment Group, LLC	New York, New York, United States	$34.4B	$5.0M
Eagle Harbor Multi-Strategy Master Fund Limited Multi-strategy	Pacific Way Capital Management, LLC	New York, New York, United States	$30.0B	$100K
Davidson Kempner Multi-Strategy Master Fund LP Multi-strategy	Davidson Kempner Capital Management LP	New York, New York, United States	$27.8B	$3.0M
Pimco Absolute Return Strategy V Master Fund Ldc Multi-strategy	Pacific Investment Management Company LLC	Newport Beach, California, United States	$17.5B	$5.0M
III Absolute Return Fund LLC Multi-strategy	III Capital Management	Boca Raton, Florida, United States	$15.3B	$1.0M
Two Sigma Absolute Return Master Fund, Ltd. Multi-strategy	Two Sigma Investments, LP	New York, New York, United States	$15.2B	$0
Boothbay Absolute Return Strategies, LP Multi-strategy	Boothbay Fund Management	New York, New York, United States	$14.0B	$10.0M
Pimco Absolute Return Strategy IV Master Fund Ldc Multi-strategy	Pacific Investment Management Company LLC	Newport Beach, California, United States	$12.3B	$5.0M
Drawbridge Special Opportunities Fund LP Multi-strategy	Fortress Investment Group	New York, New York, United States	$10.5B	$10.0M
Voya Global Multi-Strategy Master Qualifying Investor Fund - Voya Mortgage Investment Master Fund Multi-strategy	Voya Alternative Asset Management LLC	New York, New York, United States	$10.2B	$2.0M
Windwise Ig Beta Fund Series 2023 A Series Trust Of Multi Manager Global Investment Trust Multi-strategy	Ssga Funds Management, Inc.	Boston, Massachusetts, United States	$9.6B	$100K
Concordia Institutional Multi-Strategy LTD Multi-strategy	Mariner Investment Group, LLC	New York, New York, United States	$8.6B	$1.0M
Two Sigma Absolute Return Enhanced Cayman Fund, Ltd. Multi-strategy	Two Sigma Investments, LP	New York, New York, United States	$8.3B	$1.0M
Pimco Absolute Return Strategy 3d Offshore Fund Ltd. Multi-strategy	Pacific Investment Management Company LLC	Newport Beach, California, United States	$7.3B	$100K
Two Sigma Absolute Return Enhanced Fund, LP Multi-strategy	Two Sigma Investments, LP	New York, New York, United States	$6.4B	$1.0M
Whitebox Multi-Strategy Partners, L.P. Multi-strategy	Whitebox Advisors LLC	Minneapolis, Minnesota, United States	$6.4B	$5.0M
Pimco Volatility Absolute Return Fund Sp Multi-strategy Volatility	Pacific Investment Management Company LLC	Newport Beach, California, United States	$6.2B	$1.0M
Pine River Multi-Strategy Master Fund Ltd. Multi-strategy	Pine River Capital Management L.P.	Minnetonka, Minnesota, United States	$5.9B	$1.0M
Wellington Trust Company, Na Multiple Common Trust Funds Trust, Opportunistic Fixed Income Allocation Portfolio Credit Multi-strategy	Wellington Management Company Llp	Boston, Massachusetts, United States	$5.8B	$1.0M
Capula Multi Strategy Master Fund Limited Multi-strategy	Capula Investment Management Llp	London, United Kingdom	$5.7B	$5.0M
Windwise Ig Beta Fund Series 2024 A Series Trust Of Multi Manager Global Investment Trust Multi-strategy	Ssga Funds Management, Inc.	Boston, Massachusetts, United States	$5.7B	$100K
Aqr Absolute Return Master Account, L.P. Multi-strategy	Aqr Capital Management, LLC	Greenwich, Connecticut, United States	$5.7B	$5.0M
Wellington Trust Company, National Association Multiple Common Trust Funds Trust, Global Credit Absolute Return Portfolio Credit Multi-strategy	Wellington Management Company Llp	Boston, Massachusetts, United States	$5.6B	$1.0M
Nineteen77 Global Multi-Strategy Alpha Master Limited Multi-strategy	O'connor Alternative Investments, LLC	New York, New York, United States	$4.8B	$5.0M
Windwise European Ig Beta Fund Series 2021 A Series Trust Of Multi Manager Global Investment Trust Multi-strategy	Ssga Funds Management, Inc.	Boston, Massachusetts, United States	$4.7B	$100K
Kl Special Opportunities Master Fund LTD Multi-strategy	Kite Lake Capital Management (UK) Llp	London, United Kingdom	$4.6B	$100K
III Volga Multi-Strategy Fund L.P. Multi-strategy	III Capital Management	Boca Raton, Florida, United States	$4.3B	$1.0M
Ares Special Opportunities Fund II, L.P. Multi-strategy	Ares Management LLC	Los Angeles, California, United States	$4.1B	$25.0M
Windwise Ig Beta Fund Series 2025 A Series Trust Of Multi Manager Global Investment Trust Multi-strategy	Ssga Funds Management, Inc.	Boston, Massachusetts, United States	$4.0B	$100K
Hg Vora Special Opportunities Master Fund, Ltd. Multi-strategy	Hg Vora Capital Management, LLC	New York, New York, United States	$3.9B	$5.0M
Btg Pactual Absolute Return Master Fund, LP Multi-strategy	Btg Pactual Asset Management US , LLC	New York, New York, United States	$3.6B	$1.0M
Ares Special Opportunities Fund II (offshore), L.P. Multi-strategy	Ares Management LLC	Los Angeles, California, United States	$3.5B	$25.0M
Windwise Ig Beta Fund Series 2021 A Series Trust Of Multi Manager Global Investment Trust Multi-strategy	Ssga Funds Management, Inc.	Boston, Massachusetts, United States	$3.5B	$100K
Ares Special Opportunities Fund III LP Multi-strategy	Ares Management LLC	Los Angeles, California, United States	$3.4B	$10.0M
Two Sigma Absolute Return Allocator Fund, LLC Multi-strategy	Two Sigma Investments, LP	New York, New York, United States	$3.3B	$0
Prana Absolute Return Fund LP Multi-strategy	Prana Capital Management LP	Greenwich, Connecticut, United States	$3.3B	$5.0M
Blue Owl Asset Special Opportunities Fund Ix LP Credit Multi-strategy	Blue Owl Credit Private Fund Advisors LLC	New York, New York, United States	$3.2B	$10.0M
Benefit Street Partners Real Estate Opportunistic Debt Fund II L.P. Credit Multi-strategy	Benefit Street Partners LLC	New York, New York, United States	$3.2B	$5.0M
Windwise Ig Beta Fund Series 2022 A Series Trust Of Multi Manager Global Investment Trust Multi-strategy	Ssga Funds Management, Inc.	Boston, Massachusetts, United States	$3.1B	$100K
Windwise European Ig Beta Fund Series 2023 A Series Trust Of Multi Manager Global Investment Trust Multi-strategy	Ssga Funds Management, Inc.	Boston, Massachusetts, United States	$3.1B	$100K
Dymon Asia Multi-Strategy Investment Master Fund Multi-strategy Emerging markets	Dymon Asia Capital (singapore) Pte. Ltd.	Singapore, Singapore	$3.1B	$1.0M
Apollo Credit Strategies Absolute Return Offshore Fund, L.P. Credit Multi-strategy	Apollo Capital Management, L.P.	New York, New York, United States	$3.0B	$1
Brandytrust Multi-Strategy Partners, LP Multi-strategy	Brandywine Managers, LLC	Hockessin, Delaware, United States	$2.9B	$0
Pimco Absolute Return Strategy IV Idf LLC Multi-strategy	Pacific Investment Management Company LLC	Newport Beach, California, United States	$2.9B	$5.0M
Apollo Credit Strategies Absolute Return Aggregator A, L.P. Credit Multi-strategy	Apollo Capital Management, L.P.	New York, New York, United States	$2.8B	$1
Pimco Multi-Asset Absolute Return Systematic Master Fund L.P. Multi-strategy Quantitative	Pacific Investment Management Company LLC	Newport Beach, California, United States	$2.7B	$5.0M
Gp Opportunistic Growth Strategies, L.P. Multi-strategy	Gresham Partners, LLC	Chicago, Illinois, United States	$2.7B	$250K
Wellington Blended Opportunistic Emd, L.P. Multi-strategy	Wellington Funds (US) LLC	Boston, Massachusetts, United States	$2.7B	$0
Jericho Capital Special Opportunities Master LP Multi-strategy	Jericho Capital Asset Management L.P.	Los Angeles, California, United States	$2.6B	$1.0M
Ares Special Opportunities Fund III Offshore (d) LP Multi-strategy	Ares Management LLC	Los Angeles, California, United States	$2.5B	$10.0M
Taiga Special Opportunities Dac Multi-strategy	Orchard Global Asset Management Llp	London, United Kingdom	$2.4B	$25.0M
Brevan Howard Emerging Markets Multi-Strategy Master Fund Limited Multi-strategy Emerging markets	Brevan Howard Capital Management, LP	St Helier, Jersey	$2.3B	$10.0M
Oaktree Broadgate Multi-Strategy Fund, L.P. Multi-strategy	Oaktree Capital Management, L.P.	Los Angeles, California, United States	$2.1B	$0
Cerberus Sfr Opportunistic Qf Partners, L.P. Multi-strategy	Cerberus Capital Management, L.P.	New York, New York, United States	$2.1B	$5.0M
Srs Special Opportunities Master II, LP Multi-strategy	Srs Investment Management, LLC	New York, New York, United States	$2.0B	$1.0M
Multi-Strategy Trading Portfolio Limited Multi-strategy	Winton Capital Management Ltd.	London, United Kingdom	$1.9B	$1.0M

FAQ

Questions about this page

Why do multi-strategy managers have many fund vehicles?

Platforms often maintain master funds, feeders, regional vehicles, share classes, and strategy-specific sleeves, which creates many disclosed entities in Form ADV data.

Are multi-strategy funds lower risk?

They can be more diversified than a single-strategy fund, but diversification does not remove leverage, liquidity, operational, or model risks.

Which managers appear in the Multi-strategy hedge funds sample?

The largest sampled managers include Verition Fund Management LLC, Lmr Partners LLC, Citadel Advisors LLC, and Two Sigma Investments, LP. This is based on reported gross asset value in the generated Form ADV dataset.