with outlook wrapping Thanks, the Jon, our results for before I'll and discussion us up a investment joining thank for of year. all and today. performance you with financial begin our
in finish XXXX As highest the was strong level million, after-tax our including across a Jon with outstanding year as fourth $XXX firm, distributable quarter company. the of earnings public noted, an a yet
$XX in Our fees fourth our million primarily direct included This to attributable fee-related lending quarter incentive SMAs. with consistent the one $XXX in was of million, the from FRPR revenue third quarter.
We FRR of increased billion TPG the acquisition XX% closing earnings the primarily of the by the full November quarter for reported contribution from compared for million For the in following XXXX. year, fourth of XXXX. AG of fee-related driven to year, year-over-year, and million which $XXX XX% full increased $X.X the $XXX
exceed XX%. consistent that XX%, we previous was margin would with FRE XXXX guidance Our our
firm. As since realized years allocations and strength our went in public which mentioned, the quarter ago. This million ongoing our drive our diversification market increased strategies, Jon important of direct efforts by is performance It's as second or we totaled including middle highlight well fourth credit lending. credit the across reflects X quarter, was the as million XX% $XXX credit, the structured to business to monetizations generated that highest solutions, $XX and
on the technology platforms million, generated and from and growth equity million sector. within our monetizations, addition, $XX capital the In respectively, private side, primarily $XX
For the were 'XX. in year, to realized full performance million compared million $XXX allocations $XX
to metric, $XXX totaled common Our to DPI and compared our real million drive our $X.XX capital on is This for year in ago stock, significantly sequentially. increase successful to share ability earnings differentiator or A clients which realizations Class per quarter for a fourth remain XXXX. to TPG. XX% continues focused After-tax as raised be the quarter particularly increased and look XX% we very key of performance as distributable the a important
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Our was creation shortly. still more million shareholders of of net accrued for performance-related performance a that balance I'll the though $XXX of nearly quarter. due net at the strong balance we million $X we than the performance accrued Even fourth $XXX earnings maintained generated end discuss value billion in to quarter,
of totaled AUM Our is the fees. performance billion the billion generating of our which of $XXX AUM, at total eligible performance currently $XXX end quarter fourth or XX%
across Turning and year to quarter performance portfolio. our strong platforms all generate fourth We've continued XXXX. investment our the to the full with positive for value creation for
broader within appreciated Our the months. XX% approximately the capital, impact private last revenue platforms over of to in and companies outperform growth equity in portfolio fourth quarter X% and last the Overall, continue the aggregate our over meaningfully with portfolio growth XX the market more XX% months. XX than of
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billion broad-based and Turning the fourth $X.X the to continued private billion equity raised driven credit across fundraising full We quarter during strong for fundraising. climate by closes first strategies. $XX year, and our
set exceeded As Jon the across 'XX, billion in we which had billion credit target the strategies we raised noted, more than $XX year. our for $XX
infrastructure Additionally, more $XX private we and raised in XXXX our than billion across strategies. equity
strong. remains momentum fundraising our Overall,
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as raised in -- billion by capital during platform performance First, in XX. fee and the activity our driving and exceeded realization capital monetizations TPG $X focused advance of launching earning capital approximately on step-downs year we
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the credit were of Pro $XXX to quarter, been in year-end. fourth LPs our in this distributed than end for we yet distribution, rather the had the billion quarter realizations Towards reported proceeds forma realized $X.X billion. for not that $X.X an incremental million at
meaningfully course funds In in through year. both As to in FAUM hold growth our infrastructure midyear. expect capital see factors look and should Likewise, to first our to ahead we for floats. expect half growth On closes Climate, at the expect and in deployment year of fundraising this fees, as continued and by over expect of we year, progress XXXX, flagship reverse, climate as TRC growth growth our Rise management TRC the we significant the driven we AIC and as for continued on we X. grow continued deployment the around credit new X on fundraising we these well first accelerated FAUM see transition business,
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step progress campaigns, our throughout expect climate the year fees into up catch-up and and to as XXXX. we Additionally, through we capital
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expense we private with compensation invest wealth as our continue teams to our increase expect and a drive and in benefits growth on particular capabilities. to We organic institutional focus to distribution
the account, associated occurred to in see seasonal expect $XX million RSU with expense vesting, quarter, just a by additional driven of employer modestly into also realize operating to expand we which step-up FRE We Taking first leverage. FRR this approximately then we throughout the year first in of our and the tax annual January. in grow margin quarter as and our all expect decline
XXXX in exit with to mid-XXs. the expect margin an FRE We
investment Wrapping for very our the with pleased we in financial up, strong we're and XXXX. performance the stakeholders delivered
to across substantial value made fundraising, and growth. growth the continue shareholders. to organic and key to XXXX We're with deployment drivers progress multiple year. during provide clients of also accelerated significant build our excited long-term We're our entering have for about including We generate opportunities our we differentiated and business, returns to levers momentum the
Now I'll the take your operator to the questions. to call turn
