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On an equivalent day count basis, our annualized effective fee rate was 0.2 Performancefees of 118 million increased from a year ago, primarily reflecting higher revenue from illiquid alternatives. Lower incentive compensation and distribution and servicing costs were partially offset by higher direct fund expense.
We believe the continued path of central bank normalization will support sustained inflows across bond funds, ETFs, and institutional accounts. We expect these private market assets to positively impact BlackRock's overall effective fee rate by 0.5 Fixed income delivered across the platform with over $60 billion of net inflows.
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.
In the first quarter, BlackRock generated long-term net inflows of $76 billion, partially offset by seasonal outflows from institutional money market funds. Total annualized organic base fee growth of 1% reflected seasonally softer flows earlier in the quarter before coming back to target in March. First quarter revenue of $4.7
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. In a higher rate environment, the ability to drive operational enhancements will be critical to investment performance. Operating income of 6.6
We continue to execute on a strong set of large opportunities that are contracted near-funding or in late-stage contracting. 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. Second-quarter revenue of 4.8 Operating income of 1.9
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.
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.
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. Moving to investment performance.
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