you and today. all joining Thanks, thank us Jon, for
heard Jon, be from you momentum across to continues strong As firm. the
an for increased our well as quarter our I'll results next continue reflects breadth we outlook financial expectations. successfully update discussion as on Our year of expanded moving with capabilities execute begin strategy. performance before growth our our and a for as to into fundraising financial the our
of driven with acquired XX% billion of year-over-year. and total was months. AUM, ended under XX by the billion quarter $XX value We up over offset raised realizations of management, $XX This third billion partially creation, the $XXX $XX billion by billion of assets $XX last capital of
Fee-earning AUM annualized we yet increased billion powder, fee-earning and million included billion of $XX end which the $XX basis. which and ended subject AUM dry AUM. to quarter opportunity the $XX of represents AUM of growth XX% with a revenue fee of year-over-year, earning more XX% at approximately quarter, not represents than an billion the $XXX fees on of earning was
revenue fee-related third quarter the $XXX million, in up was year-over-year. Our XX%
integrating the credit discussed while see quarter broker-dealer saw relatively management our flat continued the this and last versus we synergy began our of opportunity in million. previously fees of benefits We've a we were As platform, expected, into to transaction catch-up fees due quarter. strong revenue fees, capabilities decrease $XX to
we mentioned, led Jon transactions Solutions to the Dish in included announced address for bespoke September, and team our maturity by highly As a Credit DIRECTV Dish. the which near-term financing
first value. ranger, it and transaction demonstrates credit how our drive the as incremental broker-dealer TPG's is collaboration cross-firm served platform can within meaningful a where our This
revenue this platform. regions, and capabilities reported markets quarter-to-quarter, the our vary will platforms in credit we We to as earnings quarter, for our expand in expect we growth year-over-year. continue XX% capital of While long-term fee-related million up $XXX across including business
in common I XX%, with the strong of per of $XX previous would we third which $X.XX just the quarter. our margin quarter After-tax stock, earnings full allocations. Our year a fourth million exceeding for in consistent margin guidance. A result included million performance realized $XXX of XX% transaction the our totaled expect distributable This or margin similar quarter Class share benefited FRE XXXX FRE and mentioned, in fees from
offering. portfolios, we IPO clear including quarter, Rise successful year growth a marketed our full sale of performance and $X.X the down this earlier price out drove of our of selling After selectively a remaining billion the in During follow-on in monetizations portfolios. ownership across our portion Viking share strong in a and results
great us. As our feel and next year, financial outlook we we performance about year for of opportunities our about think the this ahead
of capital This to in the Gordon, year, phase hard of growth, scaling Angelo our for of place blocks the our working we've been the next put building completing base integration including and as climate among our transition other raising platforms, credit and of organic credit and in next growth series estate infrastructure, such in funds others. private real areas equity investing secondaries,
With building would blocks year. driving revenue in begin Most fees, I we of will following: these meaningful quarter, fee-related reduction the fourth the expect and and addition from in the to next management in note mind, this our new capital step-downs offset by fee fund. and in Climate on to Rise revenue AUM funds a capital be catch-up fees our fee-earning for growth
beginning We in the flowing discussed. expect through growth just significant see XXXX I blocks building by then to driven
benefit the deployment. should new of broad-based additional our fundraising credit our climate funds, we and fees full from management As through increased year, impact the progress year
in our earlier, strength As by broadening volumes both expect driven mentioned we markets and capital I team. transaction deepening revenue, the and healthy of continued
growth drivers growth, expect distribution I compensation Given in highlighted, next general the and in capabilities. increase drive expense our invest to as our this we year we teams a continue including benefits to our
driven QX, with by annual a quarter We vesting. seasonal our RSU expenses the also for in see to step-up expect associated
margin expand half an margin mid-XXs. year, approaching of FRE a with expect leverage, we realize As exit additional back XXXX as result, next to the we should and our in operating the FRE
that to on signed below current of FRE Moving only yet have not based closed. our performance-related monetizations earnings pipeline
million generate long quarters. revenue shareholders increased for performance next of the as over the monetization we see of And XXXX. couple approximately to public $XXX remains expect accommodating, as environment continue We market in believe realized to we'll activity
I that out to expenses want point in with matters. we additional connection integration-related Lastly, noncore X to incur expect
consolidation spend to IT and First, related million we of $XX approximately to the of our integration expect incur platforms.
the we space feet will in even square in savings our XXX,XXX be to to into platform further a to we one bring generate place, unified space It's strategic spiral Hudson us employees signed FRE. building drive among for of technology recently collaboration priority this in and for Yards. New office teams. And Once process York-based that our together lease expect second, a accretive to consolidated
The late per the new we will new transition, taking noncore result space XXXX evenly in additional will will expense in item. lease room million items, the as included business. during expenses also to noncore roughly and of to provide XXXX. building recognize Like associated advance be continue with we investment of expand us in important overlapping currently our our year in realized to approximately will income expect grow and line in XXXX. $XX million other We which these occupancy $XX of other This
Turning to our portfolio.
growth see and market. our drive expanding We have the The platforms third our to capital over grew and and impact across the creation value platforms robust months private portfolios portfolio margins. months. the the EBITDA outpacing equity, positive with quarter with continue last across XX% to the XX fundamentals remain companies over strong last In continued all investment we broader revenue XX growth for by with that is approximately our performance strong,
last over third Our in in quarter and over X% portfolio aggregate XX appreciated the PE the months. XX%
last In end. remain target middle approximately as their our and In during or portfolio XX% market months. appreciated credit, above of over direct our the over quarter funds X% ranges all return quarter XX the lending, at of
we financings, than XXX new the platform than more to XX more During closed companies. on which portfolio the brings quarter,
target within and remain and and ranges Our continues well norms. metrics portfolio to perform leverage loan-to-value historical
also platform a Credit quarter. strong Our Solutions had
and September. year-to-date to net funds X.X% during returns ranging X.X% the to Solutions generated from through from X% quarter X% Credit Our
for capital continued demand very active We companies. of sponsor-backed diversified range market flexible and with creative, from remain private a public, bespoke and
return addition, X.X% well. third second the our structured quarter year-to-date and housing essential In our through X.X% generated a credit net continue during fund lastly, strategies And perform to of September.
the IRR at AG's TPG's X% X% XX% first portfolio quarter nearly inception XX X% credit months. the appreciated at quarter asset-backed and approximately TPG last over months above last and range third Net was estate fund. the the in third appreciated end and XX since estate Our quarter. its target portfolio real the real X% private over the of in third
a As in quarter, the million accrued the of portfolio, by by stepped of our performance $XXX result up at balance mentioned the of the net earlier. of to continued million creation $XX gains I strength end million our offset $XX driven third value realized
or Our which of generating of performance AUM performance eligible XX% is our $XXX total billion totaled AUM, currently fees.
more We the $XX equity We've and strong raised final third during private across set quarter, year. closes our broad-based Turning the billion had quarter, our climate the billion credit we through $XX fundraising. close in the nearing target to for fundraising. for GP raised $X.X first which than solutions is strategies, inaugural driven fund credit continued by the
progress sight additional year the we've believe so our raising to full far we our across credit in now campaign of this $XX XXXX. have we strategies line for made Given the quarter, billion across more than
total infrastructure we $X.X in expect the raised exceed across year-to-date billion continue our $XX.X fundraising through private and QX billion equity our in strategies, XXXX. to we've raised we Additionally, and XXXX private equity to
and strategic from Rise in Transition billion inaugural the our private our Jon that clients $X.X campaigns. commitments additional include closed Fund will X Climate progress discussed climate anchor equity This in for Infrastructure
private continues Finally, ], call to capital it as TPG semi-liquid And launch we opportunities channel, we contributor or market TPOP be early which a year. vehicle, momentum our the meaningful our become funding to remain believe priority Wealth next track headwinds. continuing to is Private Overall, private equity despite [ strategic presence equity we in our raising. expand us. a strong will quite for our on we
with year, products Next of be we approximately the our spanning expect different to market in most platforms. XX
next-generation and penetration where closes distribution for TTAD, increase campaigns; our our TGS, we're market one, buyout where the Capital four, of funds, number next equity three, products six, PE the to Health our our strategy from Two, platforms, investing year aggregate impact expect tech closes increasing private in for relationships. generally, our by adjacency care in for flagship Rise closes following: our of our largest and credit raising high five, partners; building additional climate, GP-led like significantly worth the engagement our initial driven our our we're TPG funds continued broad-based net We seeing of fund; completion secondaries increasing new campaign; infrastructure TPOP platform, TPG and LP and team. and growth initial scaling capital next
firm. for of to of and As firm, to and see, strategies the there's the our momentum collaboration throughout you we the of of and driving can fundraising, activity of by integrated across driven expanded established all the look realizations we've across and additional key broad-based our culture our continues accelerate, pace business suite forward value drivers The deployment stakeholders.
the back questions. turn to I'll the take Now operator your call to over
