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Work on the REM began in 2018, and any construction delays should be compared with the timelines of other major transit networks, Emond said. The difference with 2022 is primarily explained by the increase in external performancefees related to increased returns. CDPQ’s cost ratio compares favourably with that of the industry.
Asset and Geography Mix CPP Investments, inclusive of both the base CPP and additional CPP Investment Portfolios, is diversified across asset classes and geographies: 1 Fixed income consists of cash and cash equivalents, money market securities and government bonds, all net of financing liabilities. Our original investment was made in 2018.
Just background, Barry, when I moved here five years ago this year in 2018, we had barely no relationships in North America. But I also learned along the way that you rarely die, I mean as a company, from your P&L or from your assets, but you always die from your liabilities. And there’s been plenty of comment there.
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.
Between, you know, the 2018 time period and 2021, the public markets experienced multiple expansion on an EV to EBITDA basis of about 11, 12 times, historically. And that comes from having our capital invested alongside theirs, and having very strict requirements for performance before we get paid performancefees.
We began raising capital in 2018, supported by an anchor commitment from an important limited partner. Today, with $55 billion in outstanding investment performance, BIP has exceeded our initial and predictably very high expectations. We are not an insurance company ourselves with hundreds of billions of liabilities.
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