NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES

3 Months Ended

Mar. 31, 2012

NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES

NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES

3. NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES

Net Gains (Losses) from Investment Activities in the condensed consolidated statements of operations consist primarily of the realized and unrealized gains and losses on investments (including foreign exchange gains and losses attributable to foreign denominated investments and related activities) and other financial instruments, including those for which the fair value option has been elected. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments during a period. Upon disposition of an investment or financial instrument, previously recognized unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period.

The following table summarizes total Net Gains (Losses) from Investment Activities for the three months ended March 31, 2012 and 2011, respectively.

	Three Months Ended March 31, 2012						Three Months Ended March 31, 2011
	Net Realized Gains (Losses)			Net Unrealized Gains (Losses)			Net Realized Gains (Losses)			Net Unrealized Gains (Losses)
Private Equity Investments (a)	$	527,976		$	2,481,140		$	1,477,472		$	1,035,588
Fixed Income and Other (a)	50,613			133,574			35,437			35,755
Foreign Exchange Forward Contracts (b)	14,830			(66,440		)	7,887			(93,986		)
Foreign Currency Options (b)	(10,740		)	7,830			—			(8,259		)
Securities Sold Short (b)	(26,829		)	(12,381		)	(7,247		)	3,752
Other Derivative Liabilities	(3,063		)	(201		)	(112		)	(499		)
Contingent Carried Interest Repayment Guarantee (c)	—			(8,687		)	—			—
Foreign Exchange Gains (Losses) on Debt Obligations	233			(873		)	—			—
Foreign Exchange Gains (Losses) on Cash and Cash Equivalents held at Consolidated Entities	—			(117		)	1,421			—
Total Net Gains (Losses) from Investment Activities	$	553,020		$	2,533,845		$	1,514,858		$	972,351

(a)See Note 4 “Investments.”

(b)See Note 7 “Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities.”

(c)See Note 13 “Commitments and Contingencies.”