Michael's the picture represents big backdrop, market capital comments, still notwithstanding a active difficult environment. Building formation the more and deployment on generally
capital dynamic is growing. function a As raising of The programs ebb the some reminder, much of general, are overall shift raised co-investments conditions. exact towards But for alternatives may fundraising role investments. of notable One those and in direct programs of capital size highlight quarter institution's secondaries, our and an and I'll with program. a our part and those this flow is running specific vibrant mix timing market
past have representing more been such our years. markets fundraising to than XX% private the This and of such than half AUM. This activities represented few over of quarter, less XX% our compares strategies
over fee value Our platform rates accretive flows these a these revenues across and types. strong delivers to clients implementation investment proposition time. are to importantly, And
As activity. capital and and we expected, half specialized secondaries contributor weighted funds meaningful close heavily anticipate be the to rate funds, our year. on Shifting for the infrastructure and activity back We were still quarter, associated not which run of to revenue this were fundraising towards to the fundraising did catch-up specialized less expected we that although investment to occur.
for over an central is cycles, delivering our on returns Our strong relative both basis. clients risk-adjusted and absolute focus
the of that to diversification and in quickly our breadth capital of towards and pivot changing deploy One unique benefits rapidly the its is a opportunities market. emerge platform's ability
our be markets. group, we flow investment our so investments deploy strategic most knowledge in to of broad Because relationships much leverage and deal teams, All and highly relevant for and of capital, when secondaries, more especially I and co-investments firm the opportunistic discussed investments. platform deep particularly fundraising, dislocated our strategies notably strength portfolios. of direct This is see maybe thoughtfully earlier can the and we origination, curate like talking selective about our
a is strong group performance point. investment Our
Our to is net X, IRR the GSF for our secondaries XX%. GSF predecessor fund X
X GCF the XX%. X, X, MAC IRR to IRR GCF XX%, net co-investment predecessor fund, MAC Our for and for X, is opportunistic to the our is predecessor fund, net our
engine. investments, from address To separate numerous secondary's which We I on our comments, sourcing similarly and my strong execution all direct benefit capital accounts also co-investments or focused in have close allocation. will part and
our business generation. many is of consistent the of One cash its attractive features
First have cash a from our and foremost, we earnings. generation of and stream stable fee-related growing
Our Today, by to we XX-month quarterly in cost future. in dividend, as the past, the by has FRE a to Michael XX% to public, expect level mentioned, the more earnings. approximately approximately which represents dividend we've than grow have we XX% grow alongside our XX% relative upside continued debt. FRE of increased dividend is XXXX, fee-related our to us XX% room less giving we at discussed comfortable very went And our since growth. last of as And in
typically are shareholders. add the time in return, is business our we growing. high the combination from reinvest nature, rate ARS to to We opportunity earnings markets to incremental annual a flexibility will value is that fees, strong longer pursue and we repay in carry, incentive This return us also are private our gives reinvest any typically cash debt of more incentive cash have dated, At to which of at and generate path clients capital or generation from an which which business, power shareholders. the fees, in variable while fees performance to
and generated will from incentive to shareholders such $XXX net XXXX repurchases. However, million of million aside repurchases. fees through $XX opportunities, XXXX of have We share return across approved we and value
shares warrants levels and over that will shareholders to capital alignment and dilution have this value repurchases will stock and X.X in from believe for believe to awards represent time. approach value. and that good largely with result date, employee million we create We allocation X.X We repurchased and offsetting further at these million
turn to I'll over call Now the Pam.
