Delaware | 001-34516 | 27-0423711 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
May 1, 2017 (f) | Net Flows/Performance | June 1, 2017 (f) | ||||||||||
Platform | (dollars in millions) | |||||||||||
Hedge Funds (a) (b) (c) | $ | 6,852 | $ | 73 | $ | 6,926 | ||||||
Real Estate (a)(e) | 1,734 | — | 1,735 | |||||||||
Healthcare Royalty Partners (d) (e) | 2,206 | (13 | ) | 2,193 | ||||||||
Structured Finance (g) | — | 165 | 165 | |||||||||
Healthcare Venture Capital (h) | — | 58 | 58 | |||||||||
Other (i) | $ | — | $ | 44 | $ | 44 | ||||||
Total | $ | 10,793 | $ | 327 | $ | 11,119 |
(a) | The Company owns between 20% and 55% of the general partners, investment managers or managing members of the real estate business, the activist business, the global macro business and the equity long/short business. We do not possess unilateral control over any of the foregoing business. The Company owns 100% of the investment manager of the event-driven business. |
(b) | Includes approximately $572 million of committed but undrawn capital that will only be charged fees when invested. |
(c) | These amounts include the Company's invested capital of approximately $181.9 million and $179.7 million as of June 1, 2017, and May 1, 2017, respectively (including interests in both a registered investment company and an “Undertakings for Collective Investment Trust” (or UCITs fund), each of which pursues a hedge fund-style strategy). |
(d) | These amounts include the Company's invested capital of approximately $10.1 million and $10.4 million as of June 1, 2017, and May 1, 2017, respectively. |
(e) | This amount includes unfunded committed capital commitments. |
(f) | Net performance is realized and unrealized profit (loss), net of all management and incentive fees, and includes the effect of any foreign exchange translation adjustments and leverage in certain funds. |
(g) | The Company began managing the assets of a collateralized debt obligation (CDO) on May 4, 2017. This amount reflects the outstanding face amount of the assets such CDO. The Company owns 100% of the investment manager of the structured finance business. |
(h) | The Company began managing a healthcare venture capital fund in September 2015. This amount includes unfunded capital commitments, as well as the Company’s investment of $14.1 million as of June 1, 2017. The Company owns 100% of the investment manager of the healthcare venture capital business. |
(i) | Includes the assets of separate accounts managed by the Company for non-institutional clients that had been managed prior to June 1, 2017 but had not previously been included in the Company’s calculation of its assets under management. |