Note: segments may not add to total due to rounding.
In early 2018, our Global Market Strategies business was renamed to Global Credit. Total AUM refers to the assets we manage or advise. Fee-earning AUM refers to the assets we manage or advise from which we derive recurring fund management fees. Fundraising excludes acquisitions; funds denominated in a currency other than U.S. Dollars have been converted at the spot rate as of the date of closing of such commitment. Invested Capital and Realized Proceeds represent carry fund transactions only (including related coinvestments and separately managed accounts); for purposes of aggregation, transactions denominated in a currency other than U.S. Dollars have been converted at the average rate for the period presented. Invested Capital and Realized Proceeds do not include hedge funds, mutual funds, structured credit funds, business development companies, and NGP Predecessor funds. Appreciation/(Depreciation) represents unrealized gain/(loss) for the period on a total return basis before fees and expenses; fund only, does not include coinvestment; the percentage of return is calculated as: ending remaining investment fair market value plus net investment outflow (sales proceeds minus net purchases) minus beginning remaining investment fair market value divided by beginning remaining investment fair market value. As of 12/31/2016, investment funds and vehicles advised by AlpInvest Partners B.V. and Metropolitan Real Estate Equity Management, LLC, which comprise our Investment Solutions segment, are included in our ""carry funds"" definition. Accordingly, they are included in our Invested Capital, Realized Proceeds and Fund Appreciation metrics.
For detailed definitions of the operating metrics above, please see The Carlyle Group Inc's filings with the U.S. Securities and Exchange Commission.