Carried Interest Receivable

3 Months Ended

Mar. 31, 2014

Disclosure Carried Interest Receivable Balance [Abstract]

Carried Interest Receivable

CARRIED INTEREST RECEIVABLE

Carried interest receivable from private equity, credit and real estate funds consisted of the following:

	As of   March 31, 2014		As of   December 31, 2013
Private Equity	$	1,574,182	$	1,867,771
Credit	338,695		408,342
Real Estate	10,821		10,962
Total Carried Interest Receivable	$	1,923,698	$	2,287,075

The table below provides a roll-forward of the carried interest receivable balance for the three months ended March 31, 2014:

	Private Equity			Credit			Real Estate			Total
Carried interest receivable, January 1, 2014	$	1,867,771		$	408,342		$	10,962		$	2,287,075
Change in fair value of funds	103,251			62,434			(141		)	165,544
Fund cash distributions to the Company	(396,840		)	(132,081		)	—			(528,921		)
Carried Interest Receivable, March 31, 2014	$	1,574,182		$	338,695		$	10,821		$	1,923,698

The timing of the payment of carried interest due to the general partner or investment manager varies depending on the terms of the applicable fund agreements. Generally, carried interest with respect to the private equity funds and certain credit and real estate funds, is payable and is distributed to the fund's general partner upon realization of an investment if the fund's cumulative returns are in excess of the preferred return. For most credit funds, carried interest is payable based on realizations after the end of the relevant fund's fiscal year or fiscal quarter, subject to high watermark provisions.