Accumulated unrealized carried interest totalled $318 million at December 31, 2013. This represents an increase of $195 million  compared to last year, prior to the $566 million realized in the year. We estimate that direct expenses of approximately $118 million  will arise on the realization of the income accumulated to date. The amount of unrealized carried interests and associated costs  are shown in the following table: The following table summarizes our fee bearing capital: 1.  Includes Brookfield capital of $6.0 billion in private funds and $19.7 billion in listed issuers Fee bearing capital includes all capital on which we receive some form of asset management revenue and includes capital  committed or invested by us. For example, we include 100% of the market capitalization of listed issuers such as BIP and private  funds such as our private equity funds because we are entitled to earn fees on all of this capital, including our own. We do not,  however, include the capital invested or committed by one Brookfield managed entity into another because the fees otherwise  payable to us on this capital are credited against the fees payable to us by the other.  Listed issuer capital includes the market capitalization of our listed issuers: BPY, BREP, BIP, Brookfield Canada Office Properties,  Acadian Timber Corp. and several smaller listed entities. Fee bearing capital also includes corporate debt and preferred shares  issued by these entities to the extent these are included in determining base management fees. The private fund capital includes $16.6 billion of invested capital and $9.0 billion of capital that has not been invested to  date but which is available to pursue acquisitions within each fund’s specific mandate. Of the total “dry powder,” $2.8 billion  relates to property funds, $5.3 billion relates to infrastructure funds and $0.9 billion relates to private equity funds. The invested  capital has an average term of 10 years and the uncalled capital has an average term during which it can be called of approximately  four years.  We manage fixed income and equity securities within our public securities operations, with a particular focus on real estate and  infrastructure, including high yield and distress securities. 2013 2012 AS AT DECEMBER 31  (MILLIONS) Unrealized  Carried  Interest Direct  Costs Net Unrealized  Carried  Interest Direct  Costs Net Unrealized balance, beginning  of year  $ 689 $ (57) $ 632 $ 379 $ (51) $ 328 In-period change Generated  195 (62) 133 327 (9) 318 Less: realized  (566) 1 (565) (17) 3 (14) Unrealized balance, end of year  $ 318 $ (118) $ 200 $ 689 $ (57) $ 632 AS AT DECEMBER 31  (MILLIONS) Listed  Issuers 1 Private  Funds 1 Public  Securities Total 2012 Property  $ 15,396 $ 12,185 $ 2,732 $ 30,313 $ 18,133 Renewable energy  9,325 2,169 — 11,494 10,559 Infrastructure  8,276 8,588 4,853 21,717 16,497 Private equity  — 2,683 — 2,683 2,720 Other  — — 13,086 13,086 12,160 December 31, 2013 $ 32,997 $ 25,625 $ 20,671 $ 79,293 n/a December 31, 2012  $ 21,301 $ 23,244 $ 15,524 n/a $ 60,069 2013 ANNUAL REPORT 39 Fee Bearing Capital