4. INVESTMENTS

Investments consist of the following:

	Fair Value				Cost
	March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012
Private Equity	$	34,495,418	$	34,114,623	$	27,701,310	$	28,336,315
Fixed Income	3,777,531		3,396,067		3,652,707		3,266,846
Real Assets	1,995,970		1,775,683		4,046,344		3,861,792
Equity Method	336,737		200,831		134,143		20,847
Other	1,172,080		1,210,644		1,095,172		1,161,569
Total Investments	$	41,777,736	$	40,697,848	$	36,629,676	$	36,647,369

As of March 31, 2013, investments which represented greater than 5% of total investments consisted of Alliance Boots GmbH of $3.7 billion. As of December 31, 2012, investments which represented greater than 5% of the total investments consisted of Alliance Boots GmbH of $3.5 billion and HCA, Inc. of $2.1 billion. In addition, as of March 31, 2013 and December 31, 2012, investments totaling $2.1 billion were pledged as direct collateral against various financing arrangements. See Note 8 “Debt Obligations.”

The following table represents private equity investments by industry as of March 31, 2013 and December 31, 2012, respectively:

	Fair Value
	March 31, 2013		December 31, 2012

Health Care	$	7,516,025	$	7,708,080
Retail	4,995,804		4,970,092
Technology	4,522,933		4,566,236
Consumer Products	3,549,119		3,557,963
Other	13,911,537		13,312,252

Total	$	34,495,418	$	34,114,623

In the table above, Other represents private equity investments in the following industries: Chemicals, Education, Financial Services, Forestry, Manufacturing, Media, Services, Technology, Telecommunications, Transportation and Recycling. None of these industries represents more than 10% of total private equity investments as of March 31, 2013.

The majority of the securities underlying private equity investments represent equity securities. As of March 31, 2013 and December 31, 2012, the fair value of investments that were other than equity securities amounted to $469.7 million and $364.5 million, respectively.

Equity Method

Equity method investments include certain investments in private equity and real assets funds, funds of hedge funds, and alternative credit funds, which are not consolidated, but in which KKR is deemed to exert significant influence for accounting purposes. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these investments.

KKR evaluates each of its equity method investments to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission (“SEC”). As of and for the three months ended March 31, 2013 and 2012, KKR’s equity method investments did not meet the significance criteria either on an individual or group basis. As such, presentation of separate financial statements for any of its equity method investments or summarized financial information on an individual or group basis is not required.