A summary of
fair value by strategy type alongside the consolidated funds of
hedge funds’ remaining unfunded commitments and ability to
redeem such investments as of June 30, 2012 is presented
below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strategy
|
|
Fair
Value |
|
|
Unfunded
Commitments |
|
|
Redemption
Frequency
(if
currently
eligible) |
|
|
Redemption
Notice
Period |
|
|
Diversified
Instruments
|
|
$ |
145,694 |
|
|
$ |
7,724 |
|
|
|
(a |
) |
|
|
(a |
) |
|
Credit Driven
|
|
|
163,176 |
|
|
|
1,980 |
|
|
|
(b |
) |
|
|
(b |
) |
|
Event Driven
|
|
|
99,340 |
|
|
|
— |
|
|
|
(c |
) |
|
|
(c |
) |
|
Equity
|
|
|
287,075 |
|
|
|
— |
|
|
|
(d |
) |
|
|
(d |
) |
|
Commodities
|
|
|
46,116 |
|
|
|
— |
|
|
|
(e |
) |
|
|
(e |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
741,401 |
|
|
$ |
9,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Diversified Instruments
include investments in hedge funds that invest across multiple
strategies. Investments representing 43% of the value of the
investments in this category may not be redeemed at, or within
three months of, the reporting date. The remaining 57% of
investments within this category represent investments in hedge
funds that are in the process of liquidating. Distributions from
these funds will be received as underlying investments are
liquidated. The time at which this redemption restriction may lapse
cannot be estimated. |
| (b) |
The Credit Driven category
includes investments in hedge funds that invest primarily in
domestic and international bonds. Investments representing 65% of
the value of the investments in this category may not be redeemed
at, or within three months of, the reporting date. Investments
representing 18% of the value in the credit driven category are
subject to redemption restrictions at the discretion of the
investee fund manager who may choose (but may not have exercised
such ability) to side-pocket such investments. The remaining 17% of
investments within this category are redeemable as of the reporting
date. |
| (c) |
The Event Driven category
includes investments in hedge funds whose primary investing
strategy is to identify certain event-driven investments.
Withdrawals are not permitted in this category. Distributions will
be received as the underlying investments are
liquidated. |
| (d) |
The Equity category
includes investments in hedge funds that invest primarily in
domestic and international equity securities. Investments
representing 85% of the total value of investments in this category
may not be redeemed at, or within three months of, the reporting
date. The remaining 15% are subject to redemption restrictions at
the discretion of the investee fund manager who may choose (but may
not have elected such ability) to side-pocket such investments. As
of the reporting date, the investee fund manager had not elected to
side-pocket Blackstone’s investments. |
| (e) |
The Commodities category
includes investments in commodities-focused hedge funds that
primarily invest in futures and physical-based commodity driven
strategies. Withdrawals are not permitted in this category.
Distributions will be received as the underlying investments are
liquidated. |
|