AUM, or Assets Under Management, refers to the total market value of the assets that an investment adviser manages on behalf of clients. It gives an idea of the size and reach of the adviser’s business. While different firms might calculate AUM slightly differently, the SEC’s Form ADV lays out the official guidelines for how advisers must report their regulatory assets under management.

Building Blocks: Private Funds, Building Blocks: Starting a Private Fund, Form ADV General Instructions and Glossary