Citibank 2009 Annual Report Download - page 192
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182
Investments in Alternative Investment Funds
The Company holds investments in certain hedge funds, private equity
funds, fund of funds and real estate funds, and includes both funds that
are managed by the Company and funds managed by third parties. These
investments are generally classified as non-marketable equity securities
carried at fair value. The fair value of these investments has been estimated
using the net asset value (NAV) per share of the Company’s ownership
interest in the funds, where it is not probable that the Company will sell an
investment at a price other than NAV.
In millions of dollars at December 31, 2009
Fair
value Unfunded commitments
Redemption frequency
(if currently eligible)
Monthly, quarterly,
annually
Redemption notice
period
Hedge funds $ 80 $ — 10–95 days
Private equity funds 1,516 702 — —
Real estate funds (1) 123 37 — —
Total $1,719 $739
(1) This category includes several real estate funds that invest primarily in commercial real estate in the U.S., Europe and Asia. These investments can never be redeemed with the funds. Distributions from each fund
will be received as the underlying investments in the funds are liquidated. It is estimated that the underlying assets of the fund will be liquidated over a period of several years as market conditions allow. While certain
assets within the portfolio may be sold, no specific assets have been identified for sale. Because it is not probable that any individual investment will be sold, the fair value of each individual investment has been
estimated using the net asset value of the Company’s ownership interest in the partners’ capital. There is no standard redemption frequency nor is a prior notice period required. The investee fund’s management
must approve of the buyer before the sale of the investments can be completed.