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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. 1 thing they're looking for as a selected manager is proprietary differentiated dealflow.
We expect these private market assets to positively impact BlackRock's overall effective fee rate by 0.5 Performancefees of $388 million increased significantly from a year ago, primarily reflecting strong alpha generation over the last 12 months from a hedge fund with an annual lock in the third quarter. to 1 full basis point.
The firm itself could not be in a stronger position with minimal net debt and no insurance liabilities, allowing us to distribute $4.7 One of the advantages of Blackstone is just our scale and the amount of dealflow we see across all these different areas. So control large scale private equity is part of it; U.S.,
But I also learned along the way that you rarely die, I mean as a company, from your P&L or from your assets, but you always die from your liabilities. Coming back to my comment, again, it’s your liability side. And I think this is where the industry should be heading. And there’s been plenty of comment there.
Total annualized organic base fee growth of 1% reflected seasonally softer flows earlier in the quarter before coming back to target in March. billion increased 11% year over year, driven by the impact of market appreciation over the last 12 months on average AUM and higher performancefees and technology services revenue.
billion was 7% higher year over year, driven by the impact of higher markets on average AUM and higher performancefees. Fourth quarter and full year performancefees of 311 million and 554 million, respectively, increased from a year ago, reflecting higher revenue from liquid alternatives and long-only mandates.
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. Higher performancefees and technology services revenue also contributed to revenue growth. Our annualized effective fee rate was flat compared to the first quarter.
Just wanted to get your sense of the confidence of growing the fee-related revenue, not including fee-related performancefees, just the base revenue, they had a double-digit pace in 2024. There may be more capital coming to the space, but I think there'll be more dealflow as well. And so that's a positive.
There's also a variable around the sort of the level of dealflow a year ago and the benefit that comes from buying those funds at a discount to the fund returns in the short term. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
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.
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