INVESTMENTS

Investments consist of the following:




	March 31, 2017		December 31, 2016
Private Equity	$	3,360,415	$	2,915,667
Credit	5,931,557		4,847,936
Investments of Consolidated CFEs	14,526,323		13,950,897
Real Assets	2,045,587		1,807,128
Equity Method	2,830,603		2,728,995
Carried Interest	2,495,992		2,384,177
Other	3,034,847		2,774,965
Total Investments	$	34,225,324	$	31,409,765

As of March 31, 2017 and December 31, 2016, there were no investments which represented greater than 5% of total investments. In addition, as of March 31, 2017 and December 31, 2016, investments totaling $17.2 billion and $16.1 billion, respectively, were pledged as direct collateral against various financing arrangements. See Note 10 “Debt Obligations.” The majority of the securities underlying private equity investments represent equity securities.

Carried Interest

Carried interest allocated to the general partner in respect of performance of investment funds that are not consolidated were as follows:




Balance at December 31, 2016	$	2,384,177
Carried Interest Allocated as a result of Changes in Fund Fair Value	335,773
Cash Proceeds Received	(223,958		)
Balance at March 31, 2017	$	2,495,992