Citibank 2010 Annual Report Download - page 216

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214
Investments in Alternative Investment Funds that
Calculate Net Asset Value per Share
The Company holds investments in certain alternative investment funds that
calculate net asset value (NAV) per share, including hedge funds, private
equity funds, fund of funds and real estate funds. The Company’s investments
include co-investments in funds that are managed by the Company and
investments in funds that are managed by third parties. Investments in
funds are generally classified as non-marketable equity securities carried at
fair value.
The fair values of these investments are estimated using the 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, 2010
Fair
value Unfunded commitments
Redemption frequency
(if currently eligible)
Monthly, quarterly, annually
Redemption notice
period
Hedge funds $ 946 $ 9 10–95 days
Private equity funds (1)(2) 3,405 2,667 — —
Real estate funds (3) 357 164 — —
Total $4,708 (4) $2,840 — —
(1) Includes investments in private equity funds carried at cost with a carrying value of $220 million.
(2) Private equity funds include funds that invest in infrastructure, leveraged buyout transactions, emerging markets and venture capital.
(3) 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 NAV 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.
(4) Included in the total fair value of investments above is $2.2 billion of fund assets that are valued using NAVs provided by third-party asset managers.