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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. To generate $46.4 bps in fiscal 2023.
So when we started this strategy in 1718, and started allocating capital, investing in entrepreneurs who had a solution, that had to be massified. So I’m hopeful that with a bit of education, the science-based approach, people will realize that it shouldn’t be a political game. I understand why. I’m not naive.
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