Hedge fund commitments among institutional investors with more than $3 billion in assets increased this year by 40% in North America, 65% in Europe and 200% in Japan compared with 2001, according to a Goldman Sachs and Russell Investment Group survey. Overall, global hedge fund commitments by institutional investors exceeded $22 billion. Global participation in hedge funds increased to 25% of all investors from 17% in 2001. Also, 70% of North American investors were committed to private equity in 2003, compared with 43% of Europeans. North American investors reported having a combined $179 billion invested in private equity, and Europeans said they had total investments of $16 billion. In real estate, 56% of North American investors had a total of $73 billion invested in the asset class, while 49% of Europeans used the asset class, investing a combined $16 billion.