during the volatile economic environment , which we believe began in the third quarter of 2007 , we have been relying on our deep industry , credit and financial structuring experience , coupled with our strengths as value-oriented , distressed investors , to deploy a significant amount of new capital . as examples of this , from the beginning of the third quarter of 2007 and through december 31 , 2011 , we have deployed approximately $ 28.5 billion of gross invested capital across our private equity and certain capital markets funds , focused on control , distressed and buyout investments , leveraged loan portfolios and mezzanine , non-control distressed and non-performing loans . in addition , from the beginning of the fourth quarter of 2007 through december 31 , 2011 , the funds managed by apollo have acquired approximately $ 15.6 billion in face value of distressed debt at discounts to par value and purchased approximately $ 37.4 billion in face value of leveraged senior loans at discounts to par value from financial institutions . since we purchased these leveraged loan portfolios from highly motivated sellers , we were able to secure , in certain cases , attractive long-term , low cost financing . in addition to deploying capital in new investments , we have been depending on our over 20 years of experience to enhance value in the current investment portfolio of the funds to which we serve as an investment manager . we have been relying on our restructuring and capital markets experience to work proactively with our funds ' portfolio company management teams to generate cost and working capital savings , reduce capital expenditures , and optimize capital structures through several means such as debt exchange offers and the purchase of portfolio company debt at discounts to par value . for example , as of december 31 , 2011 , fund vi and its underlying portfolio companies purchased or retired approximately $ 19.4 billion in face value of debt and captured approximately $ 9.6 billion of discount to par value of debt in portfolio companies such as ceva logistics , caesars entertainment , realogy and momentive performance materials . in certain situations , such as ceva logistics , funds managed by apollo are the largest owner of the total outstanding debt of the portfolio company . in addition to the attractive return profile associated with these portfolio company debt purchases , we believe that building positions as senior creditors within the existing portfolio companies is strategic to the existing equity ownership positions . additionally , the portfolio companies of fund vi have implemented approximately $ 3.1 billion of cost savings programs on an aggregate basis from the date fund vi invested in them through december 31 , 2011 , which we believe will positively impact their operating profitability . regardless of the market or economic environment at any given time , we rely on our contrarian , value-oriented approach to consistently invest capital on behalf of our investors throughout economic cycles by focusing on opportunities that we believe are often overlooked by other investors . we believe that our expertise in capital markets , focus on nine core industry sectors and investment experience allow us to respond quickly to changing environments . for example , in our private equity business , our private equity funds have had success investing in buyouts and credit opportunities during both expansionary and recessionary economic periods . market considerations our revenues consist of the following : management fees , which are calculated based upon any of net asset value ,  gross assets ,  adjusted costs of all unrealized portfolio investments ,  capital commitments ,  adjusted assets ,  invested capital or stockholders ' equity ,  each as defined in the applicable management agreement of the unconsolidated funds ; advisory and transaction fees relating to the investments our funds make , or individual monitoring agreements with individual portfolio companies of the private equity funds and capital markets funds as well as advisory services provided to a capital markets fund ; and carried interest with respect to our private equity funds and our capital markets funds . our ability to grow our revenues depends in part on our ability to attract new capital and investors , which in turn depends on our ability to appropriately invest our funds ' capital , and on the conditions in the financial 77 markets , including the availability and cost of leverage , and economic conditions in the united states , western europe , asia , and to some extent , elsewhere in the world . the market factors that impact this include the following : the strength of the alternative investment management industry , including the amount of capital invested and withdrawn from alternative investments . allocations of capital to the alternative investment sector are dependent , in part , on the strength of the economy and the returns available from other investments relative to returns from alternative investments . our share of this capital is dependent on the strength of our performance relative to the performance of our competitors . the capital we attract and our returns are drivers of our assets under management , which , in turn , drive the fees we earn . in light of the current volatile conditions in the financial markets , our funds ' returns may be lower than they have been historically and fundraising efforts may be more challenging . the strength and liquidity of the u.s. and relevant global equity markets generally , and the initial public offering market specifically . the strength of these markets affects the value of , and our ability to successfully exit , our equity positions in our private equity portfolio companies in a timely manner . the strength and liquidity of the u.s. and relevant global debt markets . story_separator_special_tag management fees are normally based on net asset value ,  gross assets ,  adjusted par asset value ,  adjusted cost of all unrealized portfolio investments ,  capital commitments ,  adjusted assets ,  stockholders ' equity ,  invested capital or capital contributions ,  each as defined in the applicable management agreement . monitoring fees for aum purposes are based on the total value of certain structured portfolio vehicle investments , which normally include leverage , less any portion of such total value that is already considered in fee-generating aum . non-fee generating aum consists of assets that do not produce management fees or monitoring fees . these assets generally consist of the following : ( a ) fair value above invested capital for those funds that earn management fees based on invested capital , ( b ) net asset values related to general partner and co-investment ownership , ( c ) unused credit facilities , ( d ) available commitments on those funds that generate management fees on invested capital , ( e ) structured portfolio vehicle investments that do not generate monitoring fees and ( f ) the difference between gross assets and net asset value for those funds that earn management fees based on net asset value . we use non-fee generating aum combined with fee-generating aum as a performance measurement of our investment activities , as well as to monitor fund size in relation to professional resource and infrastructure needs . non-fee generating aum includes assets on which we could earn carried interest income . 82 the table below displays fee-generating and non-fee generating aum by segment as of december 31 , 2011 , 2010 and 2009. the changes in market conditions , additional funds raised and acquisitions have had significant impacts to our aum : replace_table_token_4_th during the year ended december 31 , 2011 , our total fee-generating aum increased primarily due to acquisitions in our capital markets segment , as well as increases in subscriptions across our three segments . the fee-generating aum of our capital markets funds increased primarily due to acquisitions in 2011 by athene and agm 's gulf stream acquisition , as well as increased subscriptions . the fee-generating aum of our real estate segment increased due to net segment transfers from other segments , subscriptions and increases in leverage , partially offset by losses and distributions . the fee-generating aum of our private equity funds increased due to subscriptions , partially offset by distributions . when the fair value of an investment exceeds invested capital , we are normally entitled to carried interest income on the difference between the fair value once realized and invested capital after also considering certain expenses and preferred return amounts , as specified in the respective partnership agreements ; however , we do not earn management fees on such excess . as a result of the growth in both the size and number of funds that we manage , we have experienced an increase in our management fees and advisory and transaction fees . to support this growth , we have also experienced an increase in operating expenses , resulting from hiring additional personnel , opening new offices to expand our geographical reach and incurring additional professional fees . with respect to our private equity funds and certain of our capital markets and real estate funds , we charge management fees on the amount of committed or invested capital and we generally are entitled to realized carried interest on the realized gains on the dispositions investments . certain funds may have current fair values below invested capital , however , the management fee would still be computed on the invested capital for such funds . with respect to ari and amtg , we receive management fees on stockholders equity as defined in its management agreement . in addition , our fee-generating aum reflects leverage vehicles that generate monitoring fees on value in excess of fund commitments . as of december 31 , 2011 , our total fee-generating aum is comprised of approximately 88 % of assets that earn management fees and the remaining balance of assets earn monitoring fees . 83 the company 's entire fee-generating aum is subject to management or monitoring fees . the components of fee-generating aum by segment as of december 31 , 2011 and 2010 are presented below : replace_table_token_5_th ( 1 ) monitoring fees are normally based on the total value of certain special purpose vehicle investments , which includes leverage , less any portion of such total value that is already considered for fee-generating aum . monitoring fees are typically calculated using a 0.5 % annual rate . ( 2 ) the weighted average remaining life of the private equity funds excluding permanent capital vehicles at december 31 , 2011 is 65 months . ( 3 ) the fee-generating aum for the capital markets funds has no concentration across the investment strategies . ( 4 ) the fee-generating aum for our real estate entities is based on an adjusted equity amount as specified by the respective management agreements . replace_table_token_6_th ( 1 ) monitoring fees are normally based on the total value of certain special purpose vehicle investments , which includes leverage , less any portion of such total value that is already considered for fee-generating aum . monitoring fees are typically calculated using a 0.5 % annual rate . ( 2 ) the weighted average remaining life of the private equity funds excluding permanent capital vehicles at december 31 , 2010 is 76 months . ( 3 ) the fee-generating aum for the capital markets funds has no concentration across the investment strategies . 84 aum as of december 31 , 2011 , 2010 and 2009 was as follows : replace_table_token_7_th the following table presents total assets under management and fee generating assets under management amounts for our private equity segment by strategy : replace_table_token_8_th the following table presents total assets

liquidity and capital resources historical although we have managed our historical liquidity needs by looking at deconsolidated cash flows , our historical consolidated statement of cash flows reflects the cash flows of apollo , as well as those of our 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 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 ; and distributing cash flow to investors . 129 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_36_th ( 1 ) includes the effect of interest rate swaps . we determine whether to make capital commitments to our private equity funds in excess of our minimum required amounts based on a variety of factors , including estimates regarding our liquidity resources over the estimated time period during which commitments will have to be funded , estimates regarding the amounts of capital that may be appropriate for other funds that we are in the process of raising or are considering raising , and our general working capital requirements . we have made one or more distributions to our managing partners and contributing partners , representing all of the undistributed earnings generated by the businesses contributed to the apollo operating group prior to the private offering transactions .


 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 statement of cash flows reflects the cash flows of apollo , as well as those of our 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 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 ; and distributing cash flow to investors . 129 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_36_th ( 1 ) includes the effect of interest rate swaps . we determine whether to make capital commitments to our private equity funds in excess of our minimum required amounts based on a variety of factors , including estimates regarding our liquidity resources over the estimated time period during which commitments will have to be funded , estimates regarding the amounts of capital that may be appropriate for other funds that we are in the process of raising or are considering raising , and our general working capital requirements . we have made one or more distributions to our managing partners and contributing partners , representing all of the undistributed earnings generated by the businesses contributed to the apollo operating group prior to the private offering transactions .
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 Suspicious Activity Report : during the volatile economic environment , which we believe began in the third quarter of 2007 , we have been relying on our deep industry , credit and financial structuring experience , coupled with our strengths as value-oriented , distressed investors , to deploy a significant amount of new capital . as examples of this , from the beginning of the third quarter of 2007 and through december 31 , 2011 , we have deployed approximately $ 28.5 billion of gross invested capital across our private equity and certain capital markets funds , focused on control , distressed and buyout investments , leveraged loan portfolios and mezzanine , non-control distressed and non-performing loans . in addition , from the beginning of the fourth quarter of 2007 through december 31 , 2011 , the funds managed by apollo have acquired approximately $ 15.6 billion in face value of distressed debt at discounts to par value and purchased approximately $ 37.4 billion in face value of leveraged senior loans at discounts to par value from financial institutions . since we purchased these leveraged loan portfolios from highly motivated sellers , we were able to secure , in certain cases , attractive long-term , low cost financing . in addition to deploying capital in new investments , we have been depending on our over 20 years of experience to enhance value in the current investment portfolio of the funds to which we serve as an investment manager . we have been relying on our restructuring and capital markets experience to work proactively with our funds ' portfolio company management teams to generate cost and working capital savings , reduce capital expenditures , and optimize capital structures through several means such as debt exchange offers and the purchase of portfolio company debt at discounts to par value . for example , as of december 31 , 2011 , fund vi and its underlying portfolio companies purchased or retired approximately $ 19.4 billion in face value of debt and captured approximately $ 9.6 billion of discount to par value of debt in portfolio companies such as ceva logistics , caesars entertainment , realogy and momentive performance materials . in certain situations , such as ceva logistics , funds managed by apollo are the largest owner of the total outstanding debt of the portfolio company . in addition to the attractive return profile associated with these portfolio company debt purchases , we believe that building positions as senior creditors within the existing portfolio companies is strategic to the existing equity ownership positions . additionally , the portfolio companies of fund vi have implemented approximately $ 3.1 billion of cost savings programs on an aggregate basis from the date fund vi invested in them through december 31 , 2011 , which we believe will positively impact their operating profitability . regardless of the market or economic environment at any given time , we rely on our contrarian , value-oriented approach to consistently invest capital on behalf of our investors throughout economic cycles by focusing on opportunities that we believe are often overlooked by other investors . we believe that our expertise in capital markets , focus on nine core industry sectors and investment experience allow us to respond quickly to changing environments . for example , in our private equity business , our private equity funds have had success investing in buyouts and credit opportunities during both expansionary and recessionary economic periods . market considerations our revenues consist of the following : management fees , which are calculated based upon any of net asset value ,  gross assets ,  adjusted costs of all unrealized portfolio investments ,  capital commitments ,  adjusted assets ,  invested capital or stockholders ' equity ,  each as defined in the applicable management agreement of the unconsolidated funds ; advisory and transaction fees relating to the investments our funds make , or individual monitoring agreements with individual portfolio companies of the private equity funds and capital markets funds as well as advisory services provided to a capital markets fund ; and carried interest with respect to our private equity funds and our capital markets funds . our ability to grow our revenues depends in part on our ability to attract new capital and investors , which in turn depends on our ability to appropriately invest our funds ' capital , and on the conditions in the financial 77 markets , including the availability and cost of leverage , and economic conditions in the united states , western europe , asia , and to some extent , elsewhere in the world . the market factors that impact this include the following : the strength of the alternative investment management industry , including the amount of capital invested and withdrawn from alternative investments . allocations of capital to the alternative investment sector are dependent , in part , on the strength of the economy and the returns available from other investments relative to returns from alternative investments . our share of this capital is dependent on the strength of our performance relative to the performance of our competitors . the capital we attract and our returns are drivers of our assets under management , which , in turn , drive the fees we earn . in light of the current volatile conditions in the financial markets , our funds ' returns may be lower than they have been historically and fundraising efforts may be more challenging . the strength and liquidity of the u.s. and relevant global equity markets generally , and the initial public offering market specifically . the strength of these markets affects the value of , and our ability to successfully exit , our equity positions in our private equity portfolio companies in a timely manner . the strength and liquidity of the u.s. and relevant global debt markets . story_separator_special_tag management fees are normally based on net asset value ,  gross assets ,  adjusted par asset value ,  adjusted cost of all unrealized portfolio investments ,  capital commitments ,  adjusted assets ,  stockholders ' equity ,  invested capital or capital contributions ,  each as defined in the applicable management agreement . monitoring fees for aum purposes are based on the total value of certain structured portfolio vehicle investments , which normally include leverage , less any portion of such total value that is already considered in fee-generating aum . non-fee generating aum consists of assets that do not produce management fees or monitoring fees . these assets generally consist of the following : ( a ) fair value above invested capital for those funds that earn management fees based on invested capital , ( b ) net asset values related to general partner and co-investment ownership , ( c ) unused credit facilities , ( d ) available commitments on those funds that generate management fees on invested capital , ( e ) structured portfolio vehicle investments that do not generate monitoring fees and ( f ) the difference between gross assets and net asset value for those funds that earn management fees based on net asset value . we use non-fee generating aum combined with fee-generating aum as a performance measurement of our investment activities , as well as to monitor fund size in relation to professional resource and infrastructure needs . non-fee generating aum includes assets on which we could earn carried interest income . 82 the table below displays fee-generating and non-fee generating aum by segment as of december 31 , 2011 , 2010 and 2009. the changes in market conditions , additional funds raised and acquisitions have had significant impacts to our aum : replace_table_token_4_th during the year ended december 31 , 2011 , our total fee-generating aum increased primarily due to acquisitions in our capital markets segment , as well as increases in subscriptions across our three segments . the fee-generating aum of our capital markets funds increased primarily due to acquisitions in 2011 by athene and agm 's gulf stream acquisition , as well as increased subscriptions . the fee-generating aum of our real estate segment increased due to net segment transfers from other segments , subscriptions and increases in leverage , partially offset by losses and distributions . the fee-generating aum of our private equity funds increased due to subscriptions , partially offset by distributions . when the fair value of an investment exceeds invested capital , we are normally entitled to carried interest income on the difference between the fair value once realized and invested capital after also considering certain expenses and preferred return amounts , as specified in the respective partnership agreements ; however , we do not earn management fees on such excess . as a result of the growth in both the size and number of funds that we manage , we have experienced an increase in our management fees and advisory and transaction fees . to support this growth , we have also experienced an increase in operating expenses , resulting from hiring additional personnel , opening new offices to expand our geographical reach and incurring additional professional fees . with respect to our private equity funds and certain of our capital markets and real estate funds , we charge management fees on the amount of committed or invested capital and we generally are entitled to realized carried interest on the realized gains on the dispositions investments . certain funds may have current fair values below invested capital , however , the management fee would still be computed on the invested capital for such funds . with respect to ari and amtg , we receive management fees on stockholders equity as defined in its management agreement . in addition , our fee-generating aum reflects leverage vehicles that generate monitoring fees on value in excess of fund commitments . as of december 31 , 2011 , our total fee-generating aum is comprised of approximately 88 % of assets that earn management fees and the remaining balance of assets earn monitoring fees . 83 the company 's entire fee-generating aum is subject to management or monitoring fees . the components of fee-generating aum by segment as of december 31 , 2011 and 2010 are presented below : replace_table_token_5_th ( 1 ) monitoring fees are normally based on the total value of certain special purpose vehicle investments , which includes leverage , less any portion of such total value that is already considered for fee-generating aum . monitoring fees are typically calculated using a 0.5 % annual rate . ( 2 ) the weighted average remaining life of the private equity funds excluding permanent capital vehicles at december 31 , 2011 is 65 months . ( 3 ) the fee-generating aum for the capital markets funds has no concentration across the investment strategies . ( 4 ) the fee-generating aum for our real estate entities is based on an adjusted equity amount as specified by the respective management agreements . replace_table_token_6_th ( 1 ) monitoring fees are normally based on the total value of certain special purpose vehicle investments , which includes leverage , less any portion of such total value that is already considered for fee-generating aum . monitoring fees are typically calculated using a 0.5 % annual rate . ( 2 ) the weighted average remaining life of the private equity funds excluding permanent capital vehicles at december 31 , 2010 is 76 months . ( 3 ) the fee-generating aum for the capital markets funds has no concentration across the investment strategies . 84 aum as of december 31 , 2011 , 2010 and 2009 was as follows : replace_table_token_7_th the following table presents total assets under management and fee generating assets under management amounts for our private equity segment by strategy : replace_table_token_8_th the following table presents total assets

