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Finally, the firm intends to increase the percentage of earnings its shareholders receive from base managementfees, which it says will create a predictable earnings stream for public shareholders to value, accompanied by the transfer of performancefees to its dealmakers.
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.
I would suggest that the gauges measuring our total net investments, our underwriting and insurance earnings, our Markel Ventures earnings, and our recurring investment earnings would be the measurements that I, as your pilot and you as fellow shareholders should be monitoring. Net income to common shareholders was $2.2
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
And all our historical backers, shareholders, they actually kept on supporting the business. We never sold a single share on the occasion of the ’60s. RITHOLTZ: You guys only allowed a small piece to go public, right? CHABRAN: Yes, that’s right. We tapped the ECM market twice and they all reinforced their ownership.
It can be even a change in regulation or in market, where suddenly volatility picks up and the interest of bondholders and shareholders are at odds. And all these formally high performers are now just so big, they’re very happy collecting the managementfee and the performancefee matters less.
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.
Excluding the prior year's net investment securities losses, it was up 21%, largely on higher asset managementfees and investment banking fees. billion was up 13% year on year, predominantly driven by growth in managementfees on higher average market levels and strong net inflows, as well as higher performancefees.
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. I am highly enthusiastic about what we will accomplish for our shareholders in 2024. Fee related earnings were $4.3 Please go ahead.
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. First, with respect to fee-related earnings. Managementfees rose 12% to a record $1.9 Today's call is being recorded. Please go ahead.
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. Notwithstanding the temporary impact from these fee holidays, managementfees increased 5% year over year to a record $1.8 Please go ahead.
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