Assets Under Management (AUM) is the aggregate market value of all capital that a fund manager — or general partner — currently manages across all of its funds and vehicles. AUM is the most widely cited measure of a manager's scale, and is used by investors to benchmark managers against peers.
AUM figures change continuously as capital is called, invested, marked up or down, and returned to investors. For private market managers, AUM is typically measured as the sum of net asset values across all active funds, though some managers include committed but uncalled capital (dry powder) in their reported figures. AUM date and currency should always be checked when comparing managers, as reporting conventions differ.