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Furthermore, some BDCs, such as Ares Capital, offer more sophisticated financing solutions -- making them appealing to larger publiccompanies as well. Moreover, Hercules has a unique opportunity to form strong relationships with the VCs that back many of its portfolio companies. Well, not exactly.
Eva Shang co- founded Legalist while she was in Harvard and then subsequently dropped out with her co-founder to launch what essentially became an alternative credit fund that specialized in litigation financing along with two other types of credit related to litigation outcomes. And we were like, okay, so what should we do?
We celebrated the 25th anniversary of BlackRock becoming a publiccompany, and we closed our acquisition of Global Infrastructure Partners. Record government deficits and tighter bank lending means people, companies, and countries will increasingly turn to markets to finance their retirements, their business, and their economies.
And no doubt, he will be a big add to the executive team, having publiccompany CEO experience and getting on the team, we're all super excited to have him. Just as a reminder, in Q4, we highlighted deal timing landing in the quarter, not deal slips. I'm sure he will continue to help power that. So looking forward to it.
We finished 2023 on a strong note with another consecutive quarter of management fee and FRE growth, 11 for 11 since we've been a publiccompany, 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.
Dealflow is very strong, and we believe that we are still the best partner in the industry. It's fully functional in everything we're just doing a lot of financing enhancements and one-off. The closeout buying environment remains very healthy. So, we feel very confident in the caliber that we're working with.
While we, as a publiccompany, always provide you with the split times quarterly results, we are running a marathon, not a series of sprints. So the cost of handling and adjusting and settling claims has gone up and the role and the prominence of litigation financing has been rising. billion, compared to $4.2 billion a year ago.
Just really a fascinating history from, from a private company to a publiccompany back to a, a partnership. He is uniquely situated because he has run both public mutual funds as well as privates, including late stage venture private equity credit down the list. They’ve been around literally nearly a century.
data center REIT as a well-positioned but poorly trading publiccompany with tremendous long-term potential. Our BREIT, BIP Infrastructure, and BPP perpetual strategies acquired the company for $10 billion in 2021, and its lease capacity has already grown sixfold in less than three years. These arrangements are a win-win.
As a reminder, we own 50% of our large office and lab facilities and have financed from our balance sheet their construction. No, I think it's just there's no sort of predictable seasonality with the BD dealflow. We anticipate that 2024 investments in property and equipment will be similar to those of in 2023.
Over the course of the next few minutes leading into our Q&A session, you'll hear from John Payne on our growth activities and you'll hear from David Kieske on our financial results, financing activities, and initial 2025 earnings guidance. Aman, obviously, is not a publiccompany. Thanks and good morning.
As I've stated in the past, we have yet to see a correlation between sales and retailer demand as evidenced by our dealflow, both in terms of number of deals and square footage when compared to the same period last year, and I'll get into this more in a moment. dating back 30 years when Macerich first became a publiccompany.
publiccompany by market cap, exceeding the market value of all other asset managers. We put these structures in place to fix our financing costs ahead of the rise in interest rates, and they have generated significant value. It's possible you could do larger transactions with some publiccompanies to get things done.
Forbes, Midas list five times top 100 venture capitalists according to CBE Insights, top VCs on the New York Times list, top 20 private equity power players, FinTech Finance 40. There are far fewer people that play with those companies. Or are, are you guys a little broader thinking about a, a variety of different types of companies.
And the Government segment was weaker than we had anticipated based on timing of dealflow. We're definitely in the third category, and we'll continue, as we have been, to use AI as a market expander across all of our product sets such as finance, accounting, and procurement and all of our end-user environments.
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