Citibank 2012 Annual Report Download - page 222

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200
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, funds 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 the NAV.
In millions of dollars at December 31, 2012
Fair
value Unfunded commitments
Redemption frequency
(if currently eligible)
monthly, quarterly, annually Redemption notice period
Hedge funds $1,316 $ — Generally quarterly 10–95 days
Private equity funds (1)(2)(3) 837 342 — —
Real estate funds (3)(4) 228 57 — —
Total $2,381(5) $399 — —
(1) Includes investments in private equity funds carried at cost with a carrying value of $6 million.
(2) Private equity funds include funds that invest in infrastructure, leveraged buyout transactions, emerging markets and venture capital.
(3) With respect to the Company’s investments in private equity funds and real estate funds, distributions from each fund will be received as the underlying assets held by these funds are liquidated. It is estimated that the
underlying assets of these funds will be liquidated over a period of several years as market conditions allow. Private equity and real estate funds do not allow redemption of investments by their investors. Investors are
permitted to sell or transfer their investments, subject to the approval of the general partner or investment manager of these funds, which generally may not be unreasonably withheld.
(4) Includes several real estate funds that invest primarily in commercial real estate in the U.S., Europe and Asia.
(5) Included in the total fair value of investments above is $0.4 billion of fund assets that are valued using NAVs provided by third-party asset managers. Amounts exclude investments in funds that are consolidated by Citi.