we have consistently produced attractive long-term investment returns in our traditional private equity funds , generating a 39 % gross irr and a 25 % net irr on a compound annual basis from inception through december 31 , 2014 . for further detail related to fund performance metrics across all of our businesses , see “ —the historical investment performance of our funds . ” holding company structure the diagram below depicts our current organizational structure : note : the organizational structure chart above depicts a simplified version of the apollo structure . it does not include all legal entities in the structure . ownership percentages are as of the date of the filing of this annual report on form 10-k. ( 1 ) the strategic investors hold 26.79 % of the class a shares outstanding and 11.53 % of the economic interests in the apollo operating group . the class a shares held by investors other than the strategic investors represent 35.59 % of the total voting power of our shares entitled to vote and 31.51 % of the economic interests in the apollo operating group . class a shares held by the strategic investors do not have voting rights . however , such class a shares will become entitled to vote upon transfers by a strategic investor in accordance with the agreements entered into in connection with the investments made by the strategic investors . ( 2 ) our managing partners own brh holdings gp , ltd. , which in turn holds our only outstanding class b share . the class b share represents 64.41 % of the total voting power of our shares entitled to vote but no economic interest in apollo global management , llc . our managing partners ' economic interests are instead represented by their indirect beneficial ownership , through holdings , of 50.48 % of the limited partner interests in the apollo operating group . ( 3 ) through brh holdings , l.p. , our managing partners indirectly beneficially own through estate planning vehicles , limited partner interests in holdings . ( 4 ) holdings owns 56.99 % of the limited partner interests in each apollo operating group entity ( `` aog units `` ) . the aog units held by holdings are exchangeable for class a shares . our managing partners , through their interests in brh and holdings , beneficially own 50.48 % of the aog units . our contributing partners , through their ownership interests in holdings , beneficially own 6.51 % of the aog units . - 69 - ( 5 ) brh holdings gp , ltd. is the sole member of agm management , llc , our manager . the management of apollo global management , llc is vested in our manager as provided in our operating agreement . ( 6 ) represents 43.01 % of the limited partner interests in each apollo operating group entity , held through intermediate holding companies . apollo global management , llc , also indirectly owns 100 % of the general partner interests in each apollo operating group entity . each of the apollo operating group partnerships holds interests in different businesses or entities organized in different jurisdictions . our structure is designed to accomplish a number of objectives , the most important of which are as follows : we are a holding company that is qualified as a partnership for u.s. federal income tax purposes . our intermediate holding companies enable us to maintain our partnership status and to meet the qualifying income exception . we have historically used multiple management companies to segregate operations for business , financial and other reasons . going forward , we may increase or decrease the number of our management companies or partnerships within the apollo operating group based on our views regarding the appropriate balance between ( a ) administrative convenience and ( b ) continued business , financial , tax and other optimization . business environment as a global investment manager , we are affected by numerous factors , including the condition of financial markets and the economy . price fluctuations within equity , credit , commodity , foreign exchange markets , as well as interest rates , which may be volatile and mixed across geographies , can significantly impact the valuation of our funds ' portfolio companies and related income we may recognize . in terms of equity markets , in the u.s. , the s & p 500 index rose 4.4 % in the fourth quarter of 2014 , bringing the full year appreciation to 11.4 % . outside the u.s. , global equity markets depreciated in the fourth quarter of 2014 . the msci all country world ex usa index was down 4.2 % in the fourth quarter of 2014 , bringing the full year depreciation to 6.3 % . importantly , we believe that the generally positive momentum in the u.s. equity markets is conducive for continued equity capital markets activity , including ipos and secondary offerings of the portfolio companies within our funds . conditions in the credit markets also have a significant impact on our business . credit indices declined in the fourth quarter of 2014 , with the bofaml hy master ii index down 1.1 % and the s & p/lsta leveraged loan index down 0.5 % . for the full year , however , the bofaml hy master ii index was up 2.5 % and the s & p/lsta leveraged loan index was up 1.6 % . benchmark interest rates continued the year 's bearish descent in the fourth quarter . the u.s. 10-year treasury yield finished the quarter down 35 basis points and the year down more than 85 basis points from its starting point to 2.2 % . commodities generally saw price declines for the full year after a particularly weak fourth quarter that was driven by depreciation in oil . story_separator_special_tag the following table presents total aum and fee-generating aum amounts for our real estate segment by strategy : replace_table_token_12_th - 75 - the following tables summarize changes in total aum for each of apollo 's three segments for years ended december 31 , 2014 , 2013 and 2012 : replace_table_token_13_th ( 1 ) as of december 31 , 2014 , 2013 and 2012 , includes $ 0.8 billion , $ 1.1 billion , and $ 2.3 billion of commitments , respectively , that have yet to be deployed to an apollo fund within apollo 's three segments . ( 2 ) for the year ended december 31 , 2014 , includes $ 2.5 billion of aum from co-investment vehicles that was raised in prior periods . ( 3 ) represents changes in used and available leverage , and includes the changes in nav on aum managed by athene asset management that is not sub-advised by apollo . ( 4 ) represents release of unfunded commitments primarily related to fund iii in our private equity segment and two legacy cpi real estate funds in our real estate segment that were past their investment periods . - 76 - private equity during the year ended december 31 , 2014 , total aum in our private equity segment decreased by $ 8.9 billion , or 17.8 % . this decrease was a result of distributions of $ 11.4 billion primarily attributable to fund vii and apollo investment fund vi , l.p. ( `` fund vi `` ) of $ 6.4 billion and $ 3.7 billion , respectively . in addition there were transfers out of $ 1.2 billion . these decreases were offset by $ 0.6 billion of income that was primarily attributable to unrealized gains in fund vii of $ 1.6 billion offset by unrealized losses in fund vi and co-investment vehicles , of $ 0.6 billion and $ 0.6 billion , respectively , and an increase in subscriptions of $ 3.0 billion primarily attributable to co-investment vehicles that were raised in prior periods . during the year ended december 31 , 2013 , the aum in our private equity segment increased by $ 12.1 billion , or 31.9 % . this increase was a result of subscriptions of $ 17.5 billion in fund viii and $ 10.7 billion of income from improved unrealized gains , including $ 5.9 billion from fund vii and $ 4.3 billion from fund vi . offsetting this increase was $ 15.6 billion of distributions , including $ 8.7 billion from fund vii and $ 5.8 billion from fund vi , and $ 2.5 billion of decreased leverage . during the year ended december 31 , 2012 , the total aum in our private equity segment increased by $ 2.4 billion , or 6.9 % . this increase was primarily a result of income of $ 8.1 billion attributable to improved unrealized gains in our private equity funds , including $ 4.5 billion from fund vii and $ 3.1 billion from fund vi . in addition , contributing to this increase was an additional $ 0.7 billion in subscriptions from aion and anrp . offsetting this increase was $ 6.5 billion in distributions , including $ 3.7 billion from fund vii and $ 2.1 billion from fund vi . credit during the year ended december 31 , 2014 , total aum in our credit segment increased by $ 7.6 billion , or 7.5 % . this increase was a result of subscriptions of $ 6.1 billion , $ 3.5 billion of leverage , $ 1.7 billion of income and $ 0.2 billion in net segment transfers . included in subscriptions was $ 2.5 billion in cof iii , $ 0.5 billion in fci ii , $ 0.4 billion in apollo structured credit recovery master fund iii , l.p. ( `` acrf iii `` ) and $ 0.4 billion from apollo investment europe iii , l.p. ( “ aie iii ” ) . these increases were offset by $ 3.5 billion of distributions including $ 1.1 billion and $ 0.4 billion from apollo european principal finance fund , l.p. ( `` epf i `` ) and apollo credit opportunity fund i , l.p. ( `` cof i `` ) , respectively and $ 0.6 billion in redemptions . during the year ended december 31 , 2013 , aum in our credit segment increased by $ 36.5 billion , or 56.6 % . this increase consisted of $ 43.8 billion in acquisitions related to the acquisition of aviva usa by athene holding , $ 4.1 billion in unrealized gains , subscriptions of $ 3.4 billion , including $ 0.9 billion in fci ii and $ 0.6 billion in cof iii . this increase in aum was partially offset by a decrease in leverage of $ 6.3 billion , including $ 1.0 billion in the u.s. performing credit strategy from net clo vehicle wind-downs , $ 1.3 billion in apollo credit opportunity fund ii , l.p. ( `` cof ii `` ) , and $ 0.8 billion in amtg , and $ 5.5 billion in distributions , including $ 1.9 billion from cof i , $ 0.6 billion from epf i and $ 1.1 billion from cof ii . during the year ended december 31 , 2012 , total aum in our credit segment increased by $ 32.5 billion , or 102.1 % . this increase was primarily attributable to $ 18.5 billion in acquisitions related to stone tower capital llc and its related management companies ( `` stone tower `` ) , $ 5.1 billion in other inflows related to athene and $ 5.3 billion in increased leverage , including $ 3.4 billion from amtg . the increase was also a result of $ 5.5 billion of additional subscriptions , including $ 3.0 billion by epf ii , $ 0.6 billion by apollo centre street partnership , l.p. ( “ acsp ” ) and $ 0.4 billion by amtg

liquidity and capital resources historical although we have managed our historical liquidity needs by looking at deconsolidated cash flows , our historical consolidated statements of cash flows reflects the cash flows of apollo , as well as those of the consolidated apollo funds . the primary cash flow activities of apollo are : generating cash flow from operations ; making investments in apollo funds ; meeting financing needs through credit agreements ; and distributing cash flow to equity holders and non-controlling interests . primary cash flow activities of the consolidated apollo funds and vies are : raising capital from their investors , which have been reflected historically as non-controlling interests of the consolidated subsidiaries in our financial statements ; using capital to make investments ; generating cash flow from operations through distributions , interest and the realization of investments ; distributing cash flow to investors ; and issuing debt to finance investments ( clos ) . while primarily met by cash flows generated through fee income and carried interest income received , working capital needs have also been met ( to a limited extent ) through borrowings as follows : replace_table_token_37_th ( 1 ) includes impact of any amortization of note discount and interest rate hedge . ( 2 ) on july 3 , 2014 , apollo management international llp ( “ ami ” ) , a subsidiary of the company , entered into a 13.4 million five year credit agreement ( the “ 2014 ami term facility ” ) . proceeds from the borrowing were used to fund the company 's investment in a clo . ( 3 ) on december 9 , 2014 , ami entered into a 15.5 million five year credit agreement ( the `` 2014 ami term facility ii '' ) . proceeds from the borrowing were used to fund the company 's investment in a clo . additionally the 2013 amh credit facilities provide for a $ 500 million revolving credit facility , which was undrawn as of december 31 , 2014 . see note 14 of our consolidated financial statements for information regarding the company 's debt arrangements .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources historical although we have managed our historical liquidity needs by looking at deconsolidated cash flows , our historical consolidated statements of cash flows reflects the cash flows of apollo , as well as those of the consolidated apollo funds . the primary cash flow activities of apollo are : generating cash flow from operations ; making investments in apollo funds ; meeting financing needs through credit agreements ; and distributing cash flow to equity holders and non-controlling interests . primary cash flow activities of the consolidated apollo funds and vies are : raising capital from their investors , which have been reflected historically as non-controlling interests of the consolidated subsidiaries in our financial statements ; using capital to make investments ; generating cash flow from operations through distributions , interest and the realization of investments ; distributing cash flow to investors ; and issuing debt to finance investments ( clos ) . while primarily met by cash flows generated through fee income and carried interest income received , working capital needs have also been met ( to a limited extent ) through borrowings as follows : replace_table_token_37_th ( 1 ) includes impact of any amortization of note discount and interest rate hedge . ( 2 ) on july 3 , 2014 , apollo management international llp ( “ ami ” ) , a subsidiary of the company , entered into a 13.4 million five year credit agreement ( the “ 2014 ami term facility ” ) . proceeds from the borrowing were used to fund the company 's investment in a clo . ( 3 ) on december 9 , 2014 , ami entered into a 15.5 million five year credit agreement ( the `` 2014 ami term facility ii '' ) . proceeds from the borrowing were used to fund the company 's investment in a clo . additionally the 2013 amh credit facilities provide for a $ 500 million revolving credit facility , which was undrawn as of december 31 , 2014 . see note 14 of our consolidated financial statements for information regarding the company 's debt arrangements .
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 Suspicious Activity Report : we have consistently produced attractive long-term investment returns in our traditional private equity funds , generating a 39 % gross irr and a 25 % net irr on a compound annual basis from inception through december 31 , 2014 . for further detail related to fund performance metrics across all of our businesses , see “ —the historical investment performance of our funds . ” holding company structure the diagram below depicts our current organizational structure : note : the organizational structure chart above depicts a simplified version of the apollo structure . it does not include all legal entities in the structure . ownership percentages are as of the date of the filing of this annual report on form 10-k. ( 1 ) the strategic investors hold 26.79 % of the class a shares outstanding and 11.53 % of the economic interests in the apollo operating group . the class a shares held by investors other than the strategic investors represent 35.59 % of the total voting power of our shares entitled to vote and 31.51 % of the economic interests in the apollo operating group . class a shares held by the strategic investors do not have voting rights . however , such class a shares will become entitled to vote upon transfers by a strategic investor in accordance with the agreements entered into in connection with the investments made by the strategic investors . ( 2 ) our managing partners own brh holdings gp , ltd. , which in turn holds our only outstanding class b share . the class b share represents 64.41 % of the total voting power of our shares entitled to vote but no economic interest in apollo global management , llc . our managing partners ' economic interests are instead represented by their indirect beneficial ownership , through holdings , of 50.48 % of the limited partner interests in the apollo operating group . ( 3 ) through brh holdings , l.p. , our managing partners indirectly beneficially own through estate planning vehicles , limited partner interests in holdings . ( 4 ) holdings owns 56.99 % of the limited partner interests in each apollo operating group entity ( `` aog units `` ) . the aog units held by holdings are exchangeable for class a shares . our managing partners , through their interests in brh and holdings , beneficially own 50.48 % of the aog units . our contributing partners , through their ownership interests in holdings , beneficially own 6.51 % of the aog units . - 69 - ( 5 ) brh holdings gp , ltd. is the sole member of agm management , llc , our manager . the management of apollo global management , llc is vested in our manager as provided in our operating agreement . ( 6 ) represents 43.01 % of the limited partner interests in each apollo operating group entity , held through intermediate holding companies . apollo global management , llc , also indirectly owns 100 % of the general partner interests in each apollo operating group entity . each of the apollo operating group partnerships holds interests in different businesses or entities organized in different jurisdictions . our structure is designed to accomplish a number of objectives , the most important of which are as follows : we are a holding company that is qualified as a partnership for u.s. federal income tax purposes . our intermediate holding companies enable us to maintain our partnership status and to meet the qualifying income exception . we have historically used multiple management companies to segregate operations for business , financial and other reasons . going forward , we may increase or decrease the number of our management companies or partnerships within the apollo operating group based on our views regarding the appropriate balance between ( a ) administrative convenience and ( b ) continued business , financial , tax and other optimization . business environment as a global investment manager , we are affected by numerous factors , including the condition of financial markets and the economy . price fluctuations within equity , credit , commodity , foreign exchange markets , as well as interest rates , which may be volatile and mixed across geographies , can significantly impact the valuation of our funds ' portfolio companies and related income we may recognize . in terms of equity markets , in the u.s. , the s & p 500 index rose 4.4 % in the fourth quarter of 2014 , bringing the full year appreciation to 11.4 % . outside the u.s. , global equity markets depreciated in the fourth quarter of 2014 . the msci all country world ex usa index was down 4.2 % in the fourth quarter of 2014 , bringing the full year depreciation to 6.3 % . importantly , we believe that the generally positive momentum in the u.s. equity markets is conducive for continued equity capital markets activity , including ipos and secondary offerings of the portfolio companies within our funds . conditions in the credit markets also have a significant impact on our business . credit indices declined in the fourth quarter of 2014 , with the bofaml hy master ii index down 1.1 % and the s & p/lsta leveraged loan index down 0.5 % . for the full year , however , the bofaml hy master ii index was up 2.5 % and the s & p/lsta leveraged loan index was up 1.6 % . benchmark interest rates continued the year 's bearish descent in the fourth quarter . the u.s. 10-year treasury yield finished the quarter down 35 basis points and the year down more than 85 basis points from its starting point to 2.2 % . commodities generally saw price declines for the full year after a particularly weak fourth quarter that was driven by depreciation in oil . story_separator_special_tag the following table presents total aum and fee-generating aum amounts for our real estate segment by strategy : replace_table_token_12_th - 75 - the following tables summarize changes in total aum for each of apollo 's three segments for years ended december 31 , 2014 , 2013 and 2012 : replace_table_token_13_th ( 1 ) as of december 31 , 2014 , 2013 and 2012 , includes $ 0.8 billion , $ 1.1 billion , and $ 2.3 billion of commitments , respectively , that have yet to be deployed to an apollo fund within apollo 's three segments . ( 2 ) for the year ended december 31 , 2014 , includes $ 2.5 billion of aum from co-investment vehicles that was raised in prior periods . ( 3 ) represents changes in used and available leverage , and includes the changes in nav on aum managed by athene asset management that is not sub-advised by apollo . ( 4 ) represents release of unfunded commitments primarily related to fund iii in our private equity segment and two legacy cpi real estate funds in our real estate segment that were past their investment periods . - 76 - private equity during the year ended december 31 , 2014 , total aum in our private equity segment decreased by $ 8.9 billion , or 17.8 % . this decrease was a result of distributions of $ 11.4 billion primarily attributable to fund vii and apollo investment fund vi , l.p. ( `` fund vi `` ) of $ 6.4 billion and $ 3.7 billion , respectively . in addition there were transfers out of $ 1.2 billion . these decreases were offset by $ 0.6 billion of income that was primarily attributable to unrealized gains in fund vii of $ 1.6 billion offset by unrealized losses in fund vi and co-investment vehicles , of $ 0.6 billion and $ 0.6 billion , respectively , and an increase in subscriptions of $ 3.0 billion primarily attributable to co-investment vehicles that were raised in prior periods . during the year ended december 31 , 2013 , the aum in our private equity segment increased by $ 12.1 billion , or 31.9 % . this increase was a result of subscriptions of $ 17.5 billion in fund viii and $ 10.7 billion of income from improved unrealized gains , including $ 5.9 billion from fund vii and $ 4.3 billion from fund vi . offsetting this increase was $ 15.6 billion of distributions , including $ 8.7 billion from fund vii and $ 5.8 billion from fund vi , and $ 2.5 billion of decreased leverage . during the year ended december 31 , 2012 , the total aum in our private equity segment increased by $ 2.4 billion , or 6.9 % . this increase was primarily a result of income of $ 8.1 billion attributable to improved unrealized gains in our private equity funds , including $ 4.5 billion from fund vii and $ 3.1 billion from fund vi . in addition , contributing to this increase was an additional $ 0.7 billion in subscriptions from aion and anrp . offsetting this increase was $ 6.5 billion in distributions , including $ 3.7 billion from fund vii and $ 2.1 billion from fund vi . credit during the year ended december 31 , 2014 , total aum in our credit segment increased by $ 7.6 billion , or 7.5 % . this increase was a result of subscriptions of $ 6.1 billion , $ 3.5 billion of leverage , $ 1.7 billion of income and $ 0.2 billion in net segment transfers . included in subscriptions was $ 2.5 billion in cof iii , $ 0.5 billion in fci ii , $ 0.4 billion in apollo structured credit recovery master fund iii , l.p. ( `` acrf iii `` ) and $ 0.4 billion from apollo investment europe iii , l.p. ( “ aie iii ” ) . these increases were offset by $ 3.5 billion of distributions including $ 1.1 billion and $ 0.4 billion from apollo european principal finance fund , l.p. ( `` epf i `` ) and apollo credit opportunity fund i , l.p. ( `` cof i `` ) , respectively and $ 0.6 billion in redemptions . during the year ended december 31 , 2013 , aum in our credit segment increased by $ 36.5 billion , or 56.6 % . this increase consisted of $ 43.8 billion in acquisitions related to the acquisition of aviva usa by athene holding , $ 4.1 billion in unrealized gains , subscriptions of $ 3.4 billion , including $ 0.9 billion in fci ii and $ 0.6 billion in cof iii . this increase in aum was partially offset by a decrease in leverage of $ 6.3 billion , including $ 1.0 billion in the u.s. performing credit strategy from net clo vehicle wind-downs , $ 1.3 billion in apollo credit opportunity fund ii , l.p. ( `` cof ii `` ) , and $ 0.8 billion in amtg , and $ 5.5 billion in distributions , including $ 1.9 billion from cof i , $ 0.6 billion from epf i and $ 1.1 billion from cof ii . during the year ended december 31 , 2012 , total aum in our credit segment increased by $ 32.5 billion , or 102.1 % . this increase was primarily attributable to $ 18.5 billion in acquisitions related to stone tower capital llc and its related management companies ( `` stone tower `` ) , $ 5.1 billion in other inflows related to athene and $ 5.3 billion in increased leverage , including $ 3.4 billion from amtg . the increase was also a result of $ 5.5 billion of additional subscriptions , including $ 3.0 billion by epf ii , $ 0.6 billion by apollo centre street partnership , l.p. ( “ acsp ” ) and $ 0.4 billion by amtg

