Incentive-creating assets under management
Incentive-creating assets under management (“incentive-creating AUM”) were $36.0 billion as of June 30, 2012, as compared with $36.6 billion as of March 31, 2012 and $37.3 billion as of June 30, 2011. The $0.6 billion decrease in the quarter primarily reflected the excess of distributions over drawn capital by closed-end funds. As compared to June 30, 2011, incentive-creating AUM decreased $1.3 billion, due to closed-end fund distributions exceeding drawdowns. Of the $36.0 billion in incentive-creating AUM as of June 30, 2012, $22.0 billion, or 61.1%, was generating incentives at the fund level.
Accrued incentives (fund level) and incentives created (fund level)
Accrued incentives (fund level) amounted to $1.8 billion as of June 30, 2012, as compared with $1.9 billion as of March 31, 2012 and $2.3 billion as of June 30, 2011. The $0.1 billion decrease in the quarter resulted from the recognition of a nearly equal amount of segment incentive income. The $0.5 billion decrease from June 30, 2011 reflected $0.2 billion of segment incentive income recognized and $(0.3) billion of incentives created (fund level), with the negative direction of the latter reflecting the sharp downturn in financial markets in the third quarter of 2011.Net of incentive income compensation expense, accrued incentives (fund level) amounted to $1.1 billion, $1.1 billion and $1.3 billion as of June 30, 2012, March 31, 2012 and June 30, 2011, respectively. Uncalled capital commitments Uncalled capital commitments amounted to $13.7 billion as of June 30, 2012, as compared with $12.1 billion as of March 31, 2012 and $12.7 billion as of June 30, 2011. Segment Results Revenues Total segment revenues increased $40.8 million, or 13.6%, to $341.1 million for the second quarter of 2012 from $300.3 million for the second quarter of 2011, as a result of growth of $9.4 million in management fees, $21.7 million in incentive income and $9.7 million in investment income.
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