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We also benefited from significant fair value appreciation in the value of the external investment manager due to a combination of increased fee income, growth in assets under management, and broader market-based drivers. This compares very favorably to the 3.4
These investments were offset by increased repayments we received on several debt investments and the full exit of our investments in two lower middle market portfolio companies. Our private loan investments are typically first lien debt investments with attractive yield profiles in favorable terms.
Today, we manage the largest third-party private credit business in the world with $432 billion across corporate and real estate credit, up a remarkable 20% year over year. We have one of the largest, if not the largest, businesses in direct lending, CLOs, real estate debt and private investment grade credit. in the last 12 months.
The firm itself could not be in a stronger position with minimal net debt and no insurance liabilities, allowing us to distribute $4.7 Borrowing spreads have tightened significantly and the availability of debt capital has increased significantly. Fee-related earnings increased 12% year over year to $1.2 billion or $0.95
The combination triples infrastructure AUM and doubles private markets run-rate managementfees. This was due to the relative outperformance of lower fee U.S. equity markets and client preferences for lower fee U.S. The closing of GIP added $116 billion of client AUM and $70 billion of fee-paying AUM on October 1.
We finished 2023 on a strong note with another consecutive quarter of managementfee and FRE growth, 11 for 11 since we've been a public company, against a market backdrop that has been exceptionally volatile and uncertain. We intend to launch a strategy focused on triple net lease in Europe, driven by dealflow we already see today.
Our servicing activities, including recurring servicing fees and related placement fees, generated Q4 revenues of $121 million, up 18% year over year, offsetting the majority of the decline from investment managementfees. billion of at-risk loans are maturing over the next two years. billion of bridge business.
IB fees were also up 13% year on year, and we ended the year ranked No. In advisory, fees were up 2%. Underwriting fees were up significantly compared to a weak prior-year quarter with debt up 21% and equity up 30%. Asset and wealth management reported net income of 925 million with pre-tax margin of 28%.
This trend was even more pronounced among funds managing over $50-billion, with Canadian pensions handling 80 per cent of assets in-house versus 34 per cent for their global peers. In Ireland, for example, the government withdrew billions from its national pension fund to bail out its banks during the 2008 financial crisis.
Dealflow is very strong, and we believe that we are still the best partner in the industry. million, driven by higher average principal debt to enable share repurchases and other cash outlays to support the continued growth of the business after the acquisition of United Grocery Outlet earlier this year. Total debt was $429.3
” We learned leverage finance, we learned real estate debt, we knew high yield, we knew opportunistic investment and we’re like, it’s never too late, it’s never too early and we decided to go with a huge $4 million AUM that we had gathered from friends and family. You were effectively into the real stuff.
With a strong common culture of serving clients with excellence, together, we will deliver for our clients a holistic global infrastructure manager across equity, debt, and solutions. BlackRock has developed a broad network of global corporate relationships through many years of long-term investments in both debt and equity.
Over the last 12 months, we have grown managementfees by 26%, fee-related earnings by 27%, and distributable earnings by 22%, all compared to the prior-year period. Similarly, Atalaya and our credit teams have been active in sourcing investment-grade flow. billion of equity capital raised and $12 billion, including debt.
Fee earning AUM increased 6% year over year, while base managementfees rose 7% to a record $6.5 Q4 represented the 56th consecutive quarter of year-over-year growth in base managementfees at the firm. Fee related earnings were $4.3 You've got debt market spreads starting to come down a bit.
They are well behind, but they aren't losing dealflow to other capital sources. Debt brokerage volume declined 52% year over year to $3.1 Only 9% of our at-risk portfolio is floating-rate debt, and every loan must maintain an interest rate cap. billion in Q3, in line with our Q2 volumes. That's only 5.5%
Over the past decade, there has been, for lack of a better word, a democratization of private equity and and private debt. Private debt, private equity stepped into that and really filled that gap for, especially for institutional investors. So deal value values came down. Some markup. 00:39:03 [Speaker Changed] Huh.
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.
We're also providing equity and debt capital to other AI-related companies. billion financing package, the largest debt financing in our history, and we're now focusing on addressing the sector's power needs in many differentiated ways. Fee-related earnings were $1.1 First, with respect to managementfee holidays.
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