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      "text": "Fee related expenses increased 15% in 2023, reflecting a continued commitment to disciplined expense growth amid decelerating hiring activity and investment spend, which translated into approximately 200 basis points of margin expansion for the full year",
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      "text": "Management fees increased 16% in 2023 driven by robust growth from Retirement Services clients, the activation of the investment period for the tenth vintage of our flagship private equity funds (\"Fund X\"), other third-party asset management fundraising, and solid levels of capital deployment",
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      "text": "Capital solutions fees grew 30% in 2023 and included a solid fourth quarter that was driven primarily by debt-related deployment activity",
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      "text": "Fee related earnings declined 3% quarter-over-quarter due to lower management fees that did not benefit from Fund X catch-up fees earned in the third quarter as well as lower capital solutions fees from less private equity co-investment activity, partially offset by well-controlled expenses",
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      "text": "1. Equity management fees include Fund X catch-up management fees of $24 million and $45 million, respectively, for 3Q'23 and FY'23. 2. Non-compensation expenses include placement fees of $8 million and $16 million, respectively, for 4Q'23 and FY'23.",
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