As we evaluate and manage risk on an integrated basis, we will take a holistic approach to overseeing our global investment strategy, our development program and our exposure to foreign currency. We plan to lower the company's currency exposure by holding assets outside the United States primarily in co-investment ventures that also generate private capital revenue. In addition, we expect that new development projects, particularly in emerging markets such as Brazil, China and Mexico, will be completed in collaboration with our private capital partners—an approach that allows us to stretch our capital to meet the needs of customers around the world while further mitigating risk.
In terms of results, since the close of the merger, we completed more than $1.6 billion of debt financings and refinancings, with approximately $1.3 billion of that on behalf of our co-investment ventures, and the balance related directly to Prologis. To further advance our goal of achieving a top balance sheet in the industry, in June 2011, we raised capital through the issuance of 34.5 million shares of common equity. The offering generated net proceeds of approximately $1.1 billion, which was used to reduce our leverage and provide us with greater flexibility around the timing of asset sales and fund formations. Additionally, we bought back more than $200 million of the company's convertible debt and Prologis European Properties Fund (PEPR) bonds.
These transactions, in combination with our fourth-quarter disposition and capital deployment activity, enabled us to lower our look-through debt by more than $905 million, reduce our share of 2012 maturities by approximately $400 million and improve our credit metrics across the board. As we've previously stated, it is our goal to become eligible for an "A" rating in 2013. To that end, Moody's Investors Service upgraded PEPR's corporate credit rating to Baa3 in August 2011, and Fitch upgraded Prologis to BBB- with a positive outlook in February 2012. While we are pleased with this progress and exceeded our 2011 de-levering objectives, we remain laser focused on achieving the company's long-term leverage and credit rating targets.
STREAMLINING OUR PRIVATE CAPITAL BUSINESS
Prologis' private capital business raised a record $1.8 billion in 2011. At year-end, we had approximately $25 billion of assets under management in 20 co-investment ventures around the world, with more than $2 billion of available investment capacity.
As we reviewed our co-investment ventures post-merger, we recognized that not all of the funds were profitable or were based on workable governance policies. For example, some provided fee structures that fell short of the costs of managing the assets, while others included unworkable operating and decision-making requirements, making it difficult for us to be responsive in the marketplace. We are currently working in concert