Hedge funds are heading for $4 trillion despite a slowdown in asset growth, according to a new survey.

The industry managed about $3.8 trillion in assets as of March 31, Carbon360 Research said. Funds of funds—including private equity strategies—managed $1.32 trillion. But asset growth will slow to between 8% to 9% this year, bringing total assets in the industry to about $4 trillion by the end of the year. Hedge funds have grown by an annualized 28.5% over the last three calendar years, according to Carbon360’s figures.

“Continued merger action and private equity-backed liquidity events are expected among fund administrators as many start to experience technology and personnel limitations, requiring fresh capital to keep growing,” said Brian Shapiro, Carbon360’s president.

“This is also a case of getting while the getting is good, with the majority of smaller players all hanging out ‘for sale’ signs.”

Carbon360’s estimate of hedge fund size is significantly larger than most. The firm bases its numbers on a survey of 103 hedge fund administrators, as well as $438 billion managed by self-administered funds.