“And we just see good fundraising momentum, which we think we can kick into next year with GIP.”

In context

“7 billion of assets, roughly $140 billion fee paying. We had a good quarter there. Infrastructure and private credit deployment added $1 billion of inflows offset by a return of capital that I talked about. We're getting close on our final closes for our BlackRock Infrastructure IV Fund for decarbonization partners, which has been a great first time funded vintage. We've got $30 billion of committed but uninvested capital. So there's good dry powder in the system. As Larry mentioned, we're originating really strong unique transactions there. So we think our capabilities are expanding in a way that's going to plan. Just yesterday, we announced an infrastructure debt deal with Santander where we're going to be financing about $600 million of infrastructure loans in a structured transaction. And we just see good fundraising momentum, which we think we can kick into next year with GIP. Since 2021, we've had $140 billion of gross capital across the platform continue to see good momentum with clients. And to the topic you mentioned, we've been building out our semi-liquid products for retail with credit strategies. Our credit strategy is interval funds and our non-traded credit BDC, BDEAT have a combined $1 billion plus of AUM. We received a really important placement for BDEAT as a National Wirehouse, so we think that will be a strong accelerant for organic growth. And then finally, that planned acquisition with GIP is going to really extend our capabilities. We think the business can be a much stronger platform for capital formation of scale and build on this philosophy we have in illiquid alternatives. We also think there's a great opportunity to bring GIP's capabiliti”