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We also maintained our disciplined approach to capital deployment, while continuing to invest in our businesses and returning excess capital to shareholders. trillion of assets under management supporting defined benefit and defined contribution plans, PGIM serves more than half of the world's 300 largest pensionfunds.
The combination triples infrastructure AUM and doubles private markets run-rate managementfees. Successful execution of these goals should also result in multiple expansion for our shareholders. This was due to the relative outperformance of lower fee U.S. equity markets and client preferences for lower fee U.S.
We maintained our disciplined approach to capital deployment by investing in the growth of our businesses and returning excess capital to shareholders. pension plans, and is the largest pensionfundmanager in Japan. Our momentum was driven by robust sales in our U.S. Turning to Slide 3. Turning to Slide 4.
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Thanks, Katie, and good morning, and welcome to Blackstone's first-quarter conference call. Fee-related earnings increased 12% year over year to $1.2
They’re talking about asset management firms, in which public pensionfunds often have investments, supporting shareholder proposals meant to achieve social justice or climate objectives yet of dubious financial value. Larcker, Brian Tayan, and Edward M. They could simply carry on trying to maximize returns.
Regarding the pensionfund's bond assets, CDPQ said the fixed income market was characterized by higher yields and the narrowing of corporate credit spreads. In equity markets, Canada’s second-largest pensionfund benefited from its high exposure to the technology sector with a 17.7 and down 0.2% in Canada," CDPQ added.
The field’s best investment results in recent years have been those of “multistrategy” hedge funds like Ken Griffin’s Citadel and Izzy Englander’s Millennium Management. Their consistent, strong returns might make poring over their13Fs seem like a tempting way to ride their coattails without paying their steep managementfees.
Second, access to the alternative source of equity with generally less pricing volatility will give us the opportunity to accelerate the monetization of the scalable and proven investment in operating platform we have built, in turn, supporting our ability to continue delivering value to shareholders. It's too early to tell. Please go ahead.
And all our historical backers, shareholders, they actually kept on supporting the business. And whilst we were dealing with the same counterparty, the same pensionfund, some of their constituents, some of the underlying boards, disagree on the approach to take there. CHABRAN: Yes, that’s right.
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Thank you, Katie, and good morning. In fact, virtually all of our drawdown funds we've launched in our history, have been profitable for our investors.
We invest first, either to scale strategic growth initiatives or drive operational efficiency, and then return excess cash to our shareholders through a combination of dividends and share repurchases. billion to our shareholders through a combination of dividends and share repurchases. In 2023, we returned over 4.5
return for 2024, sees economic uncertainty ahead: The CEO of Quebecs public pensionfundmanager said he is counting on its diverse portfolio to help it navigate increasing economic uncertainty as he announced investment returns of nearly $40 billion in 2024. and the Danish pensionfund ATP. per cent over 10 years.
The decision to put a senior government official on the board of the arm’s-length pensionfundmanager raises questions about AIMCo’s continued independence, and whether the move opens the door to the government to exert greater political influence or to steer the pensionfundmanager toward government priorities.
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Great. 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.
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