I'd like to step back for a moment and remind everybody about our approach to Private Equity and the power of the model over time, which we've demonstrated repeatedly over the past 26 years. We approach all of our investment opportunities as a problem-solver, not a passive investor like people in the public markets. In Private Equity, this means partnering with a management team to identify and correct underperforming assets, working with the team to inject capital and provide expertise in support of growth or hiring an outstanding manager to build the company from scratch. Depending on the type of asset, the region and market conditions, this could take 4 to 5 years or could take longer. Given the long-term nature of our funds with their typical 10-year maturities, sometimes 12, we are in no rush to sell. And when the time is right, we'll realize the value we've created and built over several years for both our limited partners and our publisher holders.

A more extreme example of this is Universal Orlando, the giant theme park down in Orlando, Florida, which we sold to a strategic buyer last year after holding it for 11 years. We completed this sale at a multiple of original invested capital of 3.2x our money and at 16% IRR. I remember one point in time after this investment was made, we had this investment marked at only 10% of original cost. So from that mark until we sold it, this investment was only up 32x. So, this is just to counsel you to not get overly focused on any of these marks from quarter to quarter and recognize that we're in the business of building this massive value, which, over time, we can pick our moment to exit and realize on that.

Looking at our historical exits in general, our average exit price is 20% to 25% higher than the prior quarter's mark to market as we cannot factor things in on our accounting treatment like acquisition premiums into our valuations. As such, you should expect sharply higher increases in value during periods of greater realizations generally.

During the second quarter, challenging capital market conditions and ongoing subdued M&A activity limited our opportunity for exits. One of our peers announced the partial sale of a European drugstore business to a strategic partner, which we believe is a good example of a 2007 buyout done at the absolute top of the cycle that ended with a very favorable result that at other times, as you were monitoring that investment, the market may have dismissed. This is how our industry works and you should see more of this across the sector as markets heal and M&A volumes improve.

For example, late in the quarter, we did sell a portion of our interest in TeamHealth, which we had initially bought, brought public in late 2009. The TeamHealth sale generated a multiple of investment capital of 3.1x our money and a 19% IRR and that's $33 million distributable earnings contribution for our public investors. Our patient capital and superior returns over time drive our fundraising success. We have the largest pool of dry powder in the Private Equity area available at $16 billion and there is a real advantage to this scale and flexibility, allowing us to move in size and with certainty anywhere in the world we see opportunities for value creation.

As a last note on our Private Equity business, as we announced yesterday, we've completed the leadership transaction, transition begun a couple of years ago by naming Joe Baratta, Head of Private Equity globally. Several of you met Joe at our European Investor Day last year. We sent him to London a decade ago to help launch our European business and he will return to New York next month.