notes to consolidated financial statements sumitomo mitsui financial group , inc .( smfg ) provides the firm with credit loss protection on certain approved loan commitments ( primarily investment-grade commercial lending commitments ) .the notional amount of such loan commitments was $ 32.41 billion and $ 31.94 billion as of december 2012 and december 2011 , respectively .the credit loss protection on loan commitments provided by smfg is generally limited to 95% ( 95 % ) of the first loss the firm realizes on such commitments , up to a maximum of approximately $ 950 million .in addition , subject to the satisfaction of certain conditions , upon the firm 2019s request , smfg will provide protection for 70% ( 70 % ) of additional losses on such commitments , up to a maximum of $ 1.13 billion , of which $ 300 million of protection had been provided as of both december 2012 and december 2011 .the firm also uses other financial instruments to mitigate credit risks related to certain commitments not covered by smfg .these instruments primarily include credit default swaps that reference the same or similar underlying instrument or entity or credit default swaps that reference a market index .warehouse financing .the firm provides financing to clients who warehouse financial assets .these arrangements are secured by the warehoused assets , primarily consisting of commercial mortgage loans .contingent and forward starting resale and securities borrowing agreements/forward starting repurchase and secured lending agreements the firm enters into resale and securities borrowing agreements and repurchase and secured lending agreements that settle at a future date .the firm also enters into commitments to provide contingent financing to its clients and counterparties through resale agreements .the firm 2019s funding of these commitments depends on the satisfaction of all contractual conditions to the resale agreement and these commitments can expire unused .investment commitments the firm 2019s investment commitments consist of commitments to invest in private equity , real estate and other assets directly and through funds that the firm raises and manages .these commitments include $ 872 million and $ 1.62 billion as of december 2012 and december 2011 , respectively , related to real estate private investments and $ 6.47 billion and $ 7.50 billion as of december 2012 and december 2011 , respectively , related to corporate and other private investments .of these amounts , $ 6.21 billion and $ 8.38 billion as of december 2012 and december 2011 , respectively , relate to commitments to invest in funds managed by the firm , which will be funded at market value on the date of investment .leases the firm has contractual obligations under long-term noncancelable lease agreements , principally for office space , expiring on various dates through 2069 .certain agreements are subject to periodic escalation provisions for increases in real estate taxes and other charges .the table below presents future minimum rental payments , net of minimum sublease rentals .in millions december 2012 .
[['in millions', 'as of december 2012'], ['2013', '$ 439'], ['2014', '407'], ['2015', '345'], ['2016', '317'], ['2017', '306'], ['2018 - thereafter', '1375'], ['total', '$ 3189']]
rent charged to operating expense for the years ended december 2012 , december 2011 and december 2010 was $ 374 million , $ 475 million and $ 508 million , respectively .operating leases include office space held in excess of current requirements .rent expense relating to space held for growth is included in 201coccupancy . 201d the firm records a liability , based on the fair value of the remaining lease rentals reduced by any potential or existing sublease rentals , for leases where the firm has ceased using the space and management has concluded that the firm will not derive any future economic benefits .costs to terminate a lease before the end of its term are recognized and measured at fair value on termination .goldman sachs 2012 annual report 175 .

Question: in billions as of december 2012 and december 2011 , what was the average amount of commitments to invest in funds managed by the firm , which will be funded at market value on the date of investment?
Answer: 7.295