product management , business development and client service .
our alternatives products fall into two main categories 2013 core , which includes hedge funds , funds of funds ( hedge funds and private equity ) and real estate offerings , and currency and commodities .
the products offered under the bai umbrella are described below .
2022 hedge funds ended the year with $ 26.6 billion in aum , down $ 1.4 billion as net inflows into single- strategy hedge funds of $ 1.0 billion were more than offset by return of capital on opportunistic funds .
market valuation gains contributed $ 1.1 billion to aum growth .
hedge fund aum includes a variety of single-strategy , multi-strategy , and global macro , as well as portable alpha , distressed and opportunistic offerings .
products include both open-end hedge funds and similar products , and closed-end funds created to take advantage of specific opportunities over a defined , often longer- term investment horizon .
2022 funds of funds aum increased $ 6.3 billion , or 28% ( 28 % ) , to $ 29.1 billion at december 31 , 2012 , including $ 17.1 billion in funds of hedge funds and hybrid vehicles and $ 12.0 billion in private equity funds of funds .
growth largely reflected $ 6.2 billion of assets from srpep as we expanded our fund of funds product offerings and further engage in european and asian markets .
2022 real estate and hard assets aum totaled $ 12.7 billion , down $ 0.1 billion , or 1% ( 1 % ) , reflecting $ 0.6 billion in client net redemptions and distributions and $ 0.5 billion in portfolio valuation gains .
offerings include high yield debt and core , value-added and opportunistic equity portfolios and renewable power funds .
we continued to expand our real estate platform and product offerings with the launch of our first u.s .
real estate investment trust ( 201creit 201d ) mutual fund and addition of an infrastructure debt team to further increase and diversify our offerings within global infrastructure investing .
currency and commodities .
aum in currency and commodities strategies totaled $ 41.4 billion at year-end 2012 , flat from year-end 2011 , reflecting net outflows of $ 1.5 billion , primarily from active currency and currency overlays , and $ 0.8 billion of market and foreign exchange gains .
claymore also contributed $ 0.9 billion of aum .
currency and commodities products include a range of active and passive products .
our ishares commodities products represented $ 24.3 billion of aum , including $ 0.7 billion acquired from claymore , and are not eligible for performance fees .
cash management cash management aum totaled $ 263.7 billion at december 31 , 2012 , up $ 9.1 billion , or 4% ( 4 % ) , from year-end 2011 .
cash management products include taxable and tax-exempt money market funds and customized separate accounts .
portfolios may be denominated in u.s .
dollar , euro or british pound .
at year-end 2012 , 84% ( 84 % ) of cash aum was managed for institutions and 16% ( 16 % ) for retail and hnw investors .
the investor base was also predominantly in the americas , with 69% ( 69 % ) of aum managed for investors in the americas and 31% ( 31 % ) for clients in other regions , mostly emea-based .
we generated net inflows of $ 5.0 billion during 2012 , reflecting continued uncertainty around future regulatory changes and a challenging investing environment .
to meet investor needs , we sought to provide new solutions and choices for our clients by launching short duration products in the united states , which both immediately address the challenge of a continuing low interest rate environment and will also be important investment options should regulatory changes occur .
in the emea business , and in particular for our euro product set , we have taken action to ensure that we can provide effective cash management solutions in the face of a potentially negative yield environment by taking steps to launch new products and re-engineer our existing product set .
ishares our industry-leading u.s .
and international ishares etp suite is discussed below .
component changes in aum 2013 ishares ( dollar amounts in millions ) 12/31/2011 net new business acquired market /fx app ( dep ) 12/31/2012 .

( dollar amounts in millions )
12/31/2011
net new business
net acquired
market /fx app ( dep )
12/31/2012
equity
$ 419651
$ 52973
$ 3517
$ 58507
$ 534648
fixed income
153802
28785
3026
7239
192852
multi-asset class
562
178
78
51
869
alternatives
19341
3232
701
1064
24338
long-term
$ 593356
$ 85168
$ 7322
$ 66861
$ 752707

.

Question: what is the growth rate in the balance of equity during 2012?
Answer: 27.4%
Calculation: subtract(534648, 419651), divide(#0, 419651)