the company further presents total net 201ceconomic 201d investment exposure , net of deferred compensation investments and hedged investments , to reflect another gauge for investors as the economic impact of investments held pursuant to deferred compensation arrangements is substantially offset by a change in compensation expense and the impact of hedged investments is substantially mitigated by total return swap hedges . carried interest capital allocations are excluded as there is no impact to blackrock 2019s stockholders 2019 equity until such amounts are realized as performance fees . finally , the company 2019s regulatory investment in federal reserve bank stock , which is not subject to market or interest rate risk , is excluded from the company 2019s net economic investment exposure . ( dollar amounts in millions ) december 31 , december 31 .
total 201ceconomic 201d investment exposure . . . $ 1211 $ 1062 ( 1 ) at december 31 , 2012 and december 31 , 2011 , approximately $ 524 million and $ 587 million , respectively , of blackrock 2019s total gaap investments were maintained in sponsored investment funds that were deemed to be controlled by blackrock in accordance with gaap , and , therefore , are consolidated even though blackrock may not economically own a majority of such funds . ( 2 ) the decrease of $ 239 million related to a lower holding requirement of federal reserve bank stock held by blackrock institutional trust company , n.a . ( 201cbtc 201d ) . total investments , as adjusted , at december 31 , 2012 increased $ 137 million from december 31 , 2011 , resulting from $ 765 million of purchases/capital contributions , $ 185 million from positive market valuations and earnings from equity method investments , and $ 64 million from net additional carried interest capital allocations , partially offset by $ 742 million of sales/maturities and $ 135 million of distributions representing return of capital and return on investments. .
<i>(Dollar amounts in millions)</i> December 31, 2012 December 31, 2011
Total investments, GAAP $1,750 $1,631
Investments held by consolidated sponsored investmentfunds<sup>(1)</sup> (524) (587)
Net exposure to consolidated investment funds 430 475
Total investments, as adjusted 1,656 1,519
Federal Reserve Bank stock<sup>(2)</sup> (89) (328)
Carried interest (85) (21)
Deferred compensation investments (62) (65)
Hedged investments (209) (43)
Total “economic” investment exposure $1,211 $1,062
( dollar amounts in millions ) december 31 2012 december 31 2011
total investments gaap $ 1750 $ 1631
investments held by consolidated sponsored investmentfunds ( 1 ) -524 ( 524 ) -587 ( 587 )
net exposure to consolidated investment funds 430 475
total investments as adjusted 1656 1519
federal reserve bank stock ( 2 ) -89 ( 89 ) -328 ( 328 )
carried interest -85 ( 85 ) -21 ( 21 )
deferred compensation investments -62 ( 62 ) -65 ( 65 )
hedged investments -209 ( 209 ) -43 ( 43 )
total 201ceconomic 201d investment exposure $ 1211 $ 1062
what is the percentage change in the balance of total 201ceconomic 201d investment exposure from 2011 to 2012?