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Blue Owl had a very active second quarter, reporting another record quarter of earnings and announcing highly strategic acquisitions that further diversify our business. Over the last 12 months, we have generated 23% fee-related earnings growth at 19% distributable earnings growth from the prior-year period.
On October 1, we closed on our acquisition of Global Infrastructure Partners. The combination triples infrastructure AUM and doubles private markets run-rate managementfees. Our planned acquisition of Preqin is accelerating this exciting private markets data and analytics journey for BlackRock and our clients.
We finished 2023 on a strong note with another consecutive quarter of managementfee and FRE growth, 11 for 11 since we've been a publiccompany, against a market backdrop that has been exceptionally volatile and uncertain. Managementfees were up 26%, and 92% of these managementfees are from permanent capital vehicles.
operator, capital raising, and mergers and acquisitions activity in 2023, were at their lowest levels since before 2018, the funding environment continues to be challenged right now. We collected 100% of contractually due base rent and property managementfees from our operating portfolio in Q4.
As we close out the fourth quarter and reflect on another successful year, our most significant milestone was our merger with Cambridge Trust. We are now six months past the merger of Eastern and Cambridge, and we remain focused on continuing to capitalize on synergies, growth opportunities, and overall financial performance.
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