While much has been written about the growth of the registered investment adviser ("RIA") market, often overlooked is the even more impressive growth of the exempt reporting adviser ("ERA") market. Today, there are 3,464 private fund advisers registered with the Securities and Exchange Commission ("SEC") as ERAs. This new private fund registration exemption first came into existence in 2012 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank"). Since then, the number of private fund advisers registered as ERAs has grown steadily each month. The growth in ERAs can serve as a partial proxy for tracking the the number of new and emerging private fund advisers established each month.