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Although cash remains an attractive safe haven with the prospect of fewer rate cuts for 2024, the nearly 30% increase in equities over the last year continues to propel clients toward rerisking into stocks and bonds. Clients choose BlackRock for performance. This was mainly due to the relative outperformance of lower fee U.S.
We also work to continue to improve our financial performance while building the capital it takes to help our customers when they need it most. The strong results this year have also yielded higher profit-sharing expense commensurate with performance. We feel good about our longer-term prospects here. Please go ahead.
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
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.
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 there is an additional $50 billion in prospective future development pipeline. billion, distributable earnings were $1.3
The scope to business, which we have owned since November of last year is seeing excellent performance in credit, real estate, and in the multi-strat fund. We closed on our previously announced investment in our Sculptor CLO business, a captive CLO equity fund. They also had a new investment in the real estate credit fund.
The deal on behalf of funds managed by Blackstone Real Estate Partners, Blackstone Infrastructure Partners, Blackstone Tactical Opportunities, and Blackstone’s private equity strategy for individual investors, represents Blackstone’s largest investment in the Asia Pacific region. Mr Khuda, Blackstone and AirTrunk declined to comment.
The second benefit is an expansion of our product offering for clients and prospects. million in the quarter to close off the earn out for NIA, electing to fund that liability entirely in cash, which increased our net debt to 2.5 Just going back to the performancefee margin ramp, you said 12% to 18% is possible there as those mature.
per cent for the fiscal year ended March 31, ending the year with net fund assets of $570 billion compared to $539 billion a year earlier. The CPP fund has a 10-year net return of 10 per cent. Since its inception in 1999, CPPIB has contributed $386 billion in cumulative net income to the fund. per cent return; it earned 6.8
We had a group that was doing small growth capital investments in Germany and Switzerland at that time, a fund doing secondaries. How much is the prospective market size, as well as how robust local economy is? It’s all about what are this company’s prospects? Look, our parents all had pension funds.
I know you had highlighted difficult comp on performancefees in the quarter. And then, also, on the prospects for growth in the back half of the year in reinsurance, we've seen some -- some news articles regarding kind of an above-average chunk of the facultative business being hired by a competitor.
billion was 23% higher year over year, driven by the impact of higher markets on average AUM and higher performancefees. This is evidenced by this quarter's fee rate increase primarily reflecting the onboarding of higher fee rate private market assets following the GIP closing. Operating income of 8.1 increased 15%.
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 portfolio today consists of $55 billion of data centers, including facilities under construction, along with over $70 billion in prospective pipeline development. So quickly on results.
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.
We have funded our growth with our operating businesses, balance sheet, and a little bit of high-yield debt. Performance is extremely good across all of our verticals, including real estate, credit and its multi-strat fund. Our origination business continued to perform well this quarter with $15.9 Performance is the No.
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. With that, turn the ball over to Jon.
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