in 2012 , what net exposure amounted to consolidated investment funds amounted to what percent of the investments held by consolidated sponsored investment funds?
the company further presents total net 201ceconomic 201d investment exposure , net of deferred compensation investments and hedged investments , to reflect another gauge for investors as the economic impact of investments held pursuant to deferred compensation arrangements is substantially offset by a change in compensation expense and the impact of hedged investments is substantially mitigated by total return swap hedges . carried interest capital allocations are excluded as there is no impact to blackrock 2019s stockholders 2019 equity until such amounts are realized as performance fees . finally , the company 2019s regulatory investment in federal reserve bank stock , which is not subject to market or interest rate risk , is excluded from the company 2019s net economic investment exposure . ( dollar amounts in millions ) december 31 , december 31 .

| <i>(Dollar amounts in millions)</i> | December 31, 2012 | December 31, 2011 |
| :--- | :--- | :--- |
| Total investments, GAAP | $1,750 | $1,631 |
| Investments held by consolidated sponsored investmentfunds<sup>(1)</sup> | (524) | (587) |
| Net exposure to consolidated investment funds | 430 | 475 |
| Total investments, as adjusted | 1,656 | 1,519 |
| Federal Reserve Bank stock<sup>(2)</sup> | (89) | (328) |
| Carried interest | (85) | (21) |
| Deferred compensation investments | (62) | (65) |
| Hedged investments | (209) | (43) |
| Total “economic” investment exposure | $1,211 | $1,062 |

total 201ceconomic 201d investment exposure . . . $ 1211 $ 1062 ( 1 ) at december 31 , 2012 and december 31 , 2011 , approximately $ 524 million and $ 587 million , respectively , of blackrock 2019s total gaap investments were maintained in sponsored investment funds that were deemed to be controlled by blackrock in accordance with gaap , and , therefore , are consolidated even though blackrock may not economically own a majority of such funds . ( 2 ) the decrease of $ 239 million related to a lower holding requirement of federal reserve bank stock held by blackrock institutional trust company , n.a . ( 201cbtc 201d ) . total investments , as adjusted , at december 31 , 2012 increased $ 137 million from december 31 , 2011 , resulting from $ 765 million of purchases/capital contributions , $ 185 million from positive market valuations and earnings from equity method investments , and $ 64 million from net additional carried interest capital allocations , partially offset by $ 742 million of sales/maturities and $ 135 million of distributions representing return of capital and return on investments. .

net_exposure_2012 = 430
total_investments_2012 = 524
percent_2012 = net_exposure_2012 / total_investments_2012
answer = percent_2012 * 100