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']]
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Question: what is the growth rate in the balance of equity during 2012?
Answer: 27.4%