an institution rated single-a by the credit rating agencies . given the illiquid nature of many of these types of investments , it can be a challenge to determine their fair values . see note 7 fair value in the notes to consolidated financial statements in item 8 of this report for additional information . various pnc business units manage our equity and other investment activities . our businesses are responsible for making investment decisions within the approved policy limits and associated guidelines . a summary of our equity investments follows : table 48 : equity investments summary in millions december 31 december 31 .
what was the change in private equity investments carried at estimated fair value between december 31 , 2015 and december 31 , 2014 , in billions?
blackrock pnc owned approximately 35 million common stock equivalent shares of blackrock equity at december 31 , 2015 , accounted for under the equity method . the primary risk measurement , similar to other equity investments , is economic capital . the business segments review section of this item 7 includes additional information about blackrock . tax credit investments included in our equity investments are direct tax credit investments and equity investments held by consolidated partnerships which totaled $ 2.3 billion at december 31 , 2015 and $ 2.6 billion at december 31 , 2014 . these equity investment balances include unfunded commitments totaling $ 669 million and $ 717 million at december 31 , 2015 and december 31 , 2014 , respectively . these unfunded commitments are included in other liabilities on our consolidated balance sheet . note 2 loan sale and servicing activities and variable interest entities in the notes to consolidated financial statements in item 8 of this report has further information on tax credit investments . private equity the private equity portfolio is an illiquid portfolio comprised of mezzanine and equity investments that vary by industry , stage and type of investment . private equity investments carried at estimated fair value totaled $ 1.4 billion at december 31 , 2015 and $ 1.6 billion at december 31 , 2014 . as of december 31 , 2015 , $ 1.1 billion was invested directly in a variety of companies and $ .3 billion was invested indirectly through various private equity funds . included in direct investments are investment activities of two private equity funds that are consolidated for financial reporting purposes . the noncontrolling interests of these funds totaled $ 170 million as of december 31 , 2015 . the interests held in indirect private equity funds are not redeemable , but pnc may receive distributions over the life of the partnership from liquidation of the underlying investments . see item 1 business 2013 supervision and regulation and item 1a risk factors of this report for discussion of the potential impacts of the volcker rule provisions of dodd-frank on our interests in and of private funds covered by the volcker rule . in 2015 , pnc invested with six other banks in early warning services ( ews ) , a provider of fraud prevention and risk management solutions . ews then acquired clearxchange , a network through which customers send and receive person-to- person payments . integrating these businesses will enable us to , among other things , create a secure , real-time payments network . our unfunded commitments related to private equity totaled $ 126 million at december 31 , 2015 compared with $ 140 million at december 31 , 2014 . see note 7 fair value , note 20 legal proceedings and note 21 commitments and guarantees in the notes to consolidated financial statements in item 8 of this report for additional information regarding the october 2007 visa restructuring , our involvement with judgment and loss sharing agreements with visa and certain other banks , the status of pending interchange litigation , the sales of portions of our visa class b common shares and the related swap agreements with the purchasers . during 2015 , we sold 2.0 million visa class b common shares , in addition to the 16.5 million shares sold in previous years . we have entered into swap agreements with the purchasers of the shares as part of these sales . see note 7 fair value in the notes to consolidated financial statements in item 8 of this report for additional information . at december 31 , 2015 , our investment in visa class b common shares totaled approximately 4.9 million shares and had a carrying value of $ 31 million . based on the december 31 , 2015 closing price of $ 77.55 for the visa class a common shares , the fair value of our total investment was approximately $ 622 million at the current conversion rate . the visa class b common shares that we own are transferable only under limited circumstances until they can be converted into shares of the publicly traded class of stock , which cannot happen until the settlement of all of the specified litigation . 90 the pnc financial services group , inc . 2013 form 10-k .