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If you look back in history in just a little bit, taking you backwards, company was started in 2013 with $1 billion of equity capital. I believe performancefees typically occur end of year. So now to Page 3. This slide demonstrates the kind of the power of the overall franchise. Today we have $7.3 billion of permanent capital.
billion of net income, CPP Investments directly and indirectly incurred $1,617 million of operating expenses, $1,449 million in investment management fees and $2,067 million in performancefees paid to external managers, as well as $427 million of transaction-related expenses. Our original investment was made in 2013.
Management fees increased by $165 million, due to an increase in average assets managed by external fund managers. Performancefees decreased by $621 million driven by fewer realization events in the private equity portfolio given the low transaction activity through the year, partially offset by strong performance of hedge funds.
The premium tier of Netflix will now cost $23 a month, which is almost a double from 2013. Blackstone is in the business of investing capital, and earning management and performancefees on that invested capital. It really does seem like they're making this all work. You mentioned the ad-supported tier.
billion was 7% higher year over year, driven by the impact of higher markets on average AUM and higher performancefees. Fourth quarter and full year performancefees of 311 million and 554 million, respectively, increased from a year ago, reflecting higher revenue from liquid alternatives and long-only mandates.
We've done this before while building new residential at Fortress going back to 2013, and we'll do it again. Michael, as the third quarter went through, I believe we typically get some annual performancefees that hit in Q4. Can you maybe try to quantify that?
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