in 2012 , investments held by consolidated sponsored investment funds reduced the company's investment exposure by what percent?
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. .

total_investments = 1211 + 524
net_exposure = 524
percent_exposure = net_exposure / total_investments
answer = percent_exposure * 100