Financial report context:
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 .

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

Additional report context:
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Question: what is the growth rate in the balance of equity during 2012?
Answer: 27.4%