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AQR Capital Management
AQR Capital Management, founded by Cliff Asness in 1998, manages $109 billion using quantitative factor-based strategies across global markets.
AQR Capital Management
Cliff Asness, David Kabiller, John Liew, and Robert Krail launched AQR out of Goldman Sachs’ Quantitative Strategies Group in 1998, bringing academic rigor to institutional asset management. The firm derived its name from Applied Quantitative Research and initially focused on value and momentum factors derived from academic finance literature. AQR deploys capital across liquid alternatives, including long/short equity, global macro, managed futures, and risk-parity strategies, as well as private credit and infrastructure. The firm manages both commingled funds and bespoke separate accounts for pension funds, endowments, and sovereign wealth funds. Geographic exposure spans North America, Europe, Asia, and Australia, with portfolio construction driven by factor-based models rather than company-level bottom-up analysis. The Greenwich-based manager employs over 1,100 professionals and maintains offices in London, New York, Sydney, San Francisco, and Hong Kong. AQR’s team includes over 100 PhDs, and the firm has spun out vehicles such as the AQR Systematic Total Return Fund and the AQR Diversified Arbitrage Fund. May 2024: AQR reported AUM of $109 billion, up roughly 15% year-over-year driven by institutional inflows and strong factor performance (per the firm, May 2024). AQR’s structural differentiator is its fusion of academic financial theory with large-scale technology infrastructure. The firm publishes extensively in peer-reviewed journals and operates a dedicated research group that vets each strategy against decades of historical data before deployment. Unlike many quantitative firms, AQR also offers tax-optimized custom portfolios and ESG-integrated factor strategies, reflecting a governance model that emphasizes transparency and systematic risk control.
General information
Firm type
Asset Manager
Year founded
1998
AUM
$109 billion (per the firm, 2024)
Location
Region
North America
Country
United States
City
Greenwich
Corporate office
Greenwich, CT, United States
Additional offices
London · New York · Sydney · San Francisco · Hong Kong
Principals
Cliff Asness
Co-Founder, CIO
David Kabiller
Co-Founder, Head of Business Strategy
John Liew
Co-Founder, CIO
Robert Krail
Co-Founder, COO
Dan Villalon
Co-Head, Portfolio Solutions Group
Sector focus
Frequently asked questions
Who runs investment decisions at AQR?
Investment decisions are governed by a four-person CIO committee including co-founders Cliff Asness and John Liew, who set factor exposures and risk parameters. Day-to-day portfolio management is handled by dedicated strategy teams within AQR's 100-plus PhD research group.
How does AQR source proprietary deal flow?
AQR does not rely on proprietary sourcing in the traditional PE sense. Its deal flow is derived from systematic factor models that scan public markets globally for mispricings in value, momentum, carry, and defensive factors, alongside quantitative credit and macro strategies.
Is AQR structured as a hedge fund or an asset manager?
AQR is structured as an SEC-registered investment adviser operating both hedge fund vehicles (e.g., AQR Diversified Arbitrage Fund) and long-only UCITS and institutional separate accounts. It functions as a multi-strategy asset manager with a strong alternatives tilt.
Does AQR participate in fund commitments or only direct deals?
AQR primarily manages commingled funds and separate accounts for institutional investors, making direct investments in liquid securities globally. It does not operate a direct private equity or venture capital platform, though it has private credit and infrastructure vehicles.
What investment stages does AQR typically target?
AQR focuses on liquid public markets across equities, fixed income, currencies, and commodities, with both long/short and long-only strategies. It targets systematic factor-driven returns rather than stage-specific venture or growth equity investing.
Which sectors does AQR explicitly avoid?
AQR does not avoid sectors by mandate but avoids securities ill-suited to systematic factor models, such as micro-cap stocks, distressed debt, and early-stage private companies. Its strategies are designed to be sector-neutral or risk-balanced across sectors.
Where does the underlying wealth come from?
AQR is an asset manager, not a family office; its capital comes from institutional clients including pension funds, endowments, foundations, and sovereign wealth funds. The founding partners' personal wealth derives from their equity in the firm and carried interest.
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