For 2018 through 3Q, the number of new hedge fund launches narrowly exceeded liquidations by a margin of 450 to 444, according to the HFR Market Microstructure Report. However, "hedge fund liquidations exceeded launches in 3Q, reversing a four-quarter trend of net growth in the number of funds, with liquidations rising over the prior quarter while launches were essentially flat over 2Q," said a report released by Hedge Fund Research. Hedge fund closures totaled 174 in the third quarter, compared to 125 in the previous quarter and 137 in third quarter 2017, it said.