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Nonoperating results for the quarter included $108 million of net investment gains, driven primarily by gains linked to a minority investment and unhedged seed capitalinvestments. We expect these private market assets to positively impact BlackRock's overall effective fee rate by 0.5 Earnings per share of $11.46
So when we started this strategy in 1718, and started allocating capital, investing in entrepreneurs who had a solution, that had to be massified. In that case, one of the largest European insurance company, if not global, and having together a different proposal, fully aligned, with some complementary sourcing to the dealflow.
Total annualized organic base fee growth of 1% reflected seasonally softer flows earlier in the quarter before coming back to target in March. billion increased 11% year over year, driven by the impact of market appreciation over the last 12 months on average AUM and higher performancefees and technology services revenue.
billion was 8% higher year over year, driven by positive organic base fee growth and the impact of market movements on average AUM over the last 12 months. Higher performancefees and technology services revenue also contributed to revenue growth. Our annualized effective fee rate was flat compared to the first quarter.
And as BIP has continued to scale, it has in turn enhanced the firm's intellectual capital, relationships, and dealflow, supporting our growth in other areas, including our $90 billion infrastructure and asset-based credit platform, our infrastructure Secondaries business and our dedicated energy and energy transition focused funds.
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