“Think about GIP adding, as we said on the call, annualized north of $400 million of earnings at sort of 50-ish percent margins.”

In context

“th are excited. The corporate partners are excited. So we're really eager to partner on this new platform. And the reception, as Larry mentioned, has been overwhelmingly positive. For us, this is a revenue growth story. This is about expanding capabilities. We're working to unlock substantial growth synergies across origination, capital formation, and platform scale. We're seeing excellent momentum in fundraising for -- across the platform at GIP, at BlackRock, and have, I'd say, really strong ambitions, especially around the AI Innovation Fund that Larry mentioned. As I mentioned on the call in my earlier remarks, we're consolidating $116 billion of GIP AUM, client AUM, $70 billion of fee-paying AUM. We're doubling private markets run rate management fees at BlackRock in the transaction. Think about GIP adding, as we said on the call, annualized north of $400 million of earnings at sort of 50-ish percent margins, $250 million in management fees we expect to come in the fourth quarter. So I'd model sort of a $1 billion of fees with an FRE margin north of 50% when we think about 2025 in terms of GIP. Operator: We'll go next to Dan Fannon with Jefferies. Laurence D. Fink: Hi Dan. Operator: Caller, your line is open. You may be on mute. Dan Fannon: Sorry, can you hear me? Laurence D. Fink: Yes, we can now, Dan. Dan Fannon: Okay, great. Sorry about that. I was hoping you could discuss your appetite for additional M&A and what constraints you have financially, but more importantly as a management team to appropriately integrate the recent deals and really maximize the opportunity you have with these transactions? Martin S. Small: All right, thanks so much for the question. As I said, we're really excite”