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We expect these private market assets to positively impact BlackRock's overall effective fee rate by 0.5 Performancefees of $388 million increased significantly from a year ago, primarily reflecting strong alpha generation over the last 12 months from a hedge fund with an annual lock in the third quarter. to 1 full basis point.
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.
But I would add, we had just gone public at the time, 2017. So that was in 2017, we went public on Euronext Paris. We launched our very first growth private equity strategy in 2017-2018, way before it has, as I said, become a must-have strategy for many managers and for many allocators. Is it just the size of the US market?
There's also a variable around the sort of the level of dealflow a year ago and the benefit that comes from buying those funds at a discount to the fund returns in the short term. And then if you could just remind us of what the -- what you think the comp ratio overall on core plus is maybe that's kind of the by product.
In 2017, we saw a historic investment opportunity emerging in the U.S. So just wondering what your outlook for the FRE margin might be in '25, even just not even considering fee-related performance revenue. and around the world, made the decision to launch a dedicated strategy.
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