notes to consolidated financial statements investments in funds that calculate net asset value per share cash instruments at fair value include investments in funds that are valued based on the net asset value per share ( nav ) of the investment fund . the firm uses nav as its measure of fair value for fund investments when ( i ) the fund investment does not have a readily determinable fair value and ( ii ) the nav of the investment fund is calculated in a manner consistent with the measurement principles of investment company accounting , including measurement of the underlying investments at fair value . the firm 2019s investments in funds that calculate nav primarily consist of investments in firm-sponsored funds where the firm co-invests with third-party investors . the private equity , credit and real estate funds are primarily closed-end funds in which the firm 2019s investments are not eligible for redemption . distributions will be received from these funds as the underlying assets are liquidated and it is estimated that substantially all of the underlying assets of existing funds will be liquidated over the next seven years . the firm continues to manage its existing funds taking into account the transition periods under the volcker rule of the u.s . dodd-frank wall street reform and consumer protection act ( dodd-frank act ) , although the rules have not yet been finalized . the firm 2019s investments in hedge funds are generally redeemable on a quarterly basis with 91 days 2019 notice , subject to a maximum redemption level of 25% ( 25 % ) of the firm 2019s initial investments at any quarter-end . the firm currently plans to comply with the volcker rule by redeeming certain of its interests in hedge funds . the firm redeemed approximately $ 1.06 billion of these interests in hedge funds during the year ended december 2012 . the table below presents the fair value of the firm 2019s investments in , and unfunded commitments to , funds that calculate nav. .

Table:
in millions | as of december 2012 fair value of investments | as of december 2012 unfunded commitments | as of december 2012 fair value of investments | unfunded commitments
private equity funds1 | $ 7680 | $ 2778 | $ 8074 | $ 3514
credit funds2 | 3927 | 2843 | 3596 | 3568
hedge funds3 | 2167 | 2014 | 3165 | 2014
real estatefunds4 | 2006 | 870 | 1531 | 1613
total | $ 15780 | $ 6491 | $ 16366 | $ 8695
1 .
these funds primarily invest in a broad range of industries worldwide in a variety of situations , including leveraged buyouts , recapitalizations and growth investments .
2 .
these funds generally invest in loans and other fixed income instruments and are focused on providing private high-yield capital for mid- to large-sized leveraged and management buyout transactions , recapitalizations , financings , refinancings , acquisitions and restructurings for private equity firms , private family companies and corporate issuers .
3 .
these funds are primarily multi-disciplinary hedge funds that employ a fundamental bottom-up investment approach across various asset classes and strategies including long/short equity , credit , convertibles , risk arbitrage , special situations and capital structure arbitrage .
4 .
these funds invest globally , primarily in real estate companies , loan portfolios , debt recapitalizations and direct property .
goldman sachs 2012 annual report 127 .

Question: what is the growth rate in the fair value of private equity funds in 2012?
Answer: -4.9%
Calculation: subtract(7680, 8074), divide(#0, 8074)