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Please note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Blue Owl funds. This morning, we issued our financial results for the fourth quarter and full year of 2023, reporting fee-related earnings, or FRE, of $0.20 real estate fund raised in 2023.
Also, please note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Blackstone fund. In terms of future harvesting, the third quarter marked the highest amount of overall fund depreciation in three years. Our $30 billion global flagship fund is now nearly 40% committed.
We've also continued to produce attractive results in our asset management business. 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.
We believe the continued path of central bank normalization will support sustained inflows across bond funds, ETFs, and institutional accounts. The combination triples infrastructure AUM and doubles private markets run-rate managementfees. This was due to the relative outperformance of lower fee U.S.
We've also continued to produce attractive returns on our asset management business. The funds we manage through our external investment manager continued to experience favorable performance in the second quarter. We look forward to sharing additional details and updates on the new fund on our next conference call.
Asset and wealth management reported net income of 925 million with pre-tax margin of 28%. billion was up 2% year on year driven by higher managementfees on strong net inflows and higher average market levels, predominantly offset by lower NII. And then to complete our lines of business, AWM on Page 8. Revenue of 4.7
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. We get a fed funds rate cut, the fed funds rate comes down. I said great.
See the 10 stocks *Stock Advisor returns as of April 15, 2024 Also, note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Blackstone fund. And our growth equity fund invested in 7 Brew, an innovative quick service coffee franchisor. billion or $0.98
The only alignment of interest is the amount of capital that any given manager or firm is putting into its fund. If you hit certain targets, certain goals, extra financial goals, then you will improve your cost of funding. You’ve got the most sophisticated sovereign wealth funds in the world. Great marketplace.
Limited partners are gravitating towards Independent Sponsors given their lower managementfees, and the flexibility that comes with co-investing on a deal by deal basis. Family Office and SBIC Investment Funds rank in the top 3 sources of equity financing for Independent Sponsor deals.
The system works exceptionally well, yet in the past year, we have seen increasing calls to change this model and use pension funds as a policy tool. This has culminated in an announcement from Ottawa to explore ways to have pension funds invest more domestically. This outperformance aggregated to $4.2-billion
Growing public deficits, a modernizing digital world, advancing energy independence, and the energy transition are driving the mobilization of private capital to fund critical infrastructure. Total expense increased 1% in 2023, reflecting higher compensation, G&A, and direct fund expense. Our fourth quarter operating margin of 41.6%
Please note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Blue Owl fund. This morning, we issued our financial results for the third quarter of 2024 recording fee-related earnings, or FRE, of $0.22 per share and distributable earnings, or DE, of $0.20
Also, note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Blackstone fund. Our funds appreciated overall in 2023, highlighted by strength in credit, infrastructure, corporate private equity, and life sciences, even as we weathered a difficult environment for real estate.
Amanda White of Top1000funds reports perfect score sees Norway take out top spot on transparency: Norway’s sovereign wealth fund, Government Pension Fund Global, has topped the list of the most transparent funds according to the Global Pension Transparency Benchmark’s 2024 findings, scoring a perfect 100 out of 100.
They are well behind, but they aren't losing dealflow to other capital sources. We are in the process of raising two new funds through Walker & Dunlop Investment Partners and have significant institutional commitments for two separate accounts: one focused on first trust lending; and the other, preferred equity.
Made the decision to leave just to try something new at that point, went to Harvard for my MBA and then had made the ch his choice at that point to switch out of biotech and interviewed with a whole bunch of of firms and ended up getting into the hedge fund world, doing capital raising for two large hedge funds. I use that day to day.
Also note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Blackstone fund. We are well positioned to address the massive funding needs for infrastructure projects globally, including digital and energy infrastructure. Fee-related earnings were $1.1
Also note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Blackstone fund. And we see enormous runway ahead, massive funding needs for projects globally mean there are more opportunities and available capital. Quickly on results. billion so far.
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