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JPMorgan Chase & Co./2013 Annual Report 111
Private Equity portfolio
Selected income statement and balance sheet data
Year ended December 31,
(in millions) 2013 2012 2011
Private equity gains/(losses)
Realized gains $ (170) $ 17 $ 1,842
Unrealized gains/(losses)(a) 734 639 (1,305)
Total direct investments 564 656 537
Third-party fund investments 137 134 417
Total private equity gains/
(losses)(b) $ 701 $ 790 $ 954
(a) Includes reversals of unrealized gains and losses that were
recognized in prior periods and have now been realized.
(b) Included in principal transactions revenue in the Consolidated
Statements of Income.
Private equity portfolio information(a)
Direct investments
December 31, (in millions) 2013 2012 2011
Publicly held securities
Carrying value $ 1,035 $ 578 $ 805
Cost 672 350 573
Quoted public value 1,077 578 896
Privately held direct securities
Carrying value 5,065 5,379 4,597
Cost 6,022 6,584 6,793
Third-party fund investments(b)
Carrying value 1,768 2,117 2,283
Cost 1,797 1,963 2,452
Total private equity portfolio
Carrying value $ 7,868 $ 8,074 $ 7,685
Cost 8,491 8,897 9,818
(a) For more information on the Firm’s policies regarding the valuation of
the private equity portfolio, see Note 3 on pages 195–215 of this
Annual Report.
(b) Unfunded commitments to third-party private equity funds were
$215 million, $370 million and $789 million at December 31, 2013,
2012 and 2011, respectively.
2013 compared with 2012
The carrying value of the private equity portfolio at
December 31, 2013 was $7.9 billion, down from $8.1
billion at December 31, 2012. The decrease in the portfolio
was predominantly driven by sales of investments, partially
offset by new investments and unrealized gains.
2012 compared with 2011
The carrying value of the private equity portfolio at
December 31, 2012 was $8.1 billion, up from $7.7 billion
at December 31, 2011. The increase in the portfolio was
predominantly driven by new investments and unrealized
gains, partially offset by sales of investments.