Florida's Share of New Hedge Funds Has Nearly Doubled Since 2023
Florida is taking a growing share of new hedge funds. Of the U.S.-based hedge funds that made their first sale in 2026, 14.9% are based in Florida, up from 7.8% of 2023 launches and 8.1% of 2024 launches, according to a HedgeMountain analysis of SEC Form D filings. New York's share of launches fell to 23.9% in 2026 from 35.1% in 2024.
New York is still far larger. It is home to 2,399 hedge funds on file against Florida's 716, and New York managers launched about 1.6 times as many funds as Florida managers this year. But the gap is narrowing among new funds.
Florida's share of new U.S. hedge funds, by launch year
| Year of first sale | U.S. hedge funds launched | Florida share | New York share |
|---|---|---|---|
| 2020 | 385 | 9.6% | 32.7% |
| 2021 | 527 | 7.2% | 29.8% |
| 2022 | 480 | 11.5% | 31.5% |
| 2023 | 450 | 7.8% | 32.7% |
| 2024 | 592 | 8.1% | 35.1% |
| 2025 | 653 | 12.6% | 30.0% |
| 2026 (through Oct. 28) | 397 | 14.9% | 23.9% |
Counts exclude "series" vehicles, the near-identical sub-funds that a few large managers file separately. Totals for 2026 will rise as funds that have filed but not yet made a first sale begin raising.
Miami leads, but launches are spread along the coast
Miami has the most hedge funds in Florida with 195, followed by Miami Beach (49), Naples (43), West Palm Beach (42), Boca Raton (33), Tampa (32), Palm Beach Gardens (29), Coral Gables (26) and Palm Beach (23).
The state's largest funds by amount raised are in Miami, led by Citadel Kensington Global Strategies Fund, which reports $26.2 billion sold on its latest Form D, and Citadel Wellington at $16.3 billion. Citadel moved its headquarters to Miami in 2022.
Florida's new funds are smaller
Since January 2025, 141 Florida hedge funds have made their first sale. The median Florida fund in that group has raised $2.5 million so far, compared with $20.8 million for the 291 New York funds launched over the same period. Across all funds on file, the median Florida fund has raised $21.6 million and the median New York fund $100 million.
Florida funds also ask less of investors. The median minimum investment is $100,000 in Florida and $250,000 in New York. And 42% of Florida funds are limited to qualified purchasers under Section 3(c)(7), the structure for wealthier investors, compared with 69% in New York.
Florida funds are three times as likely to advertise
14.9% of Florida hedge funds use Rule 506(c), the exemption that lets a fund advertise publicly as long as every investor is verified as accredited. Only 5.2% of New York funds do. The SEC staff made 506(c) easier to use in March 2025, when it said a high minimum investment can help a fund verify that investors are accredited.
The largest Florida launches since 2025
| Fund | City | First sale | Raised so far | Investors |
|---|---|---|---|---|
| Kawa Plus Offshore | Hallandale Beach | Aug 2026 | $482M | 11 |
| Occudo Beacon Cayman Fund | Fort Lauderdale | Oct 2025 | $452M | 30 |
| Mission Crest Macro Dynamic Fund | Palm Beach Gardens | Jun 2025 | $194M | 12 |
| Point Break US Feeder | Miami | Jan 2026 | $146M | 13 |
| III Convexity Strategies Fund | Boca Raton | Aug 2026 | $125M | 2 |
"Raised" is the cumulative amount sold reported on Form D. It is not assets under management or performance.
Methodology
HedgeMountain analyzed Form D notices filed with the SEC from October 1, 2024 through October 28, 2026 by issuers that identify themselves as hedge funds. A fund's launch year is the year of first sale on its most recent Form D. Shares are of U.S.-based funds and exclude series vehicles. Earlier years include only funds that have filed or amended a Form D since October 2024. See all hedge funds in Florida and our 2026 hedge fund launch report.
Information only. HedgeMountain reports public SEC filings. Nothing here is an offer, solicitation or recommendation of any security or fund, and HedgeMountain has not reviewed any fund mentioned. Form D data is self-reported and not verified by the SEC. Disclosures