“We continue to focus on exiting this portfolio over the medium-term, though we don't expect portfolio reductions in 2024 to be at the same pace as in 2023.”

In context

“ge 16 on alternatives. Alternative assets under supervision totaled $295 billion at the end of the fourth quarter, driving $571 million in management and other fees for the quarter and $2.1 billion for the year, surpassing our $2 billion target for 2024. Gross third-party fundraising was $32 billion for the quarter and $72 billion for the year. As David mentioned, third-party fundraising since our 2020 Investor Day now stands at over $250 billion. On-balance sheet alternative investments totaled approximately $46 billion, of which roughly $16 billion is related to our historical principal investment portfolio. In the fourth quarter, we reduced this portfolio by over $4 billion, including sales of $3 billion of CIEs across over 40 positions, bringing reductions for the year to $13 billion. We continue to focus on exiting this portfolio over the medium-term, though we don't expect portfolio reductions in 2024 to be at the same pace as in 2023. I'll now turn to platform solutions on page 17. Full year revenues were $2.4 billion, up 58% versus 2022. Quarterly net revenues of $577 million were up 12% year-over-year on higher consumer platform results amid growth in average credit card balances. As David mentioned, we reached an agreement with General Motors regarding a process to transition their credit card program to another issuer, the impact of which was to move the loans to held for sale and release the associated loan loss reserves of approximately $160 million. We have no additional updates regarding our credit card partnerships at this time. On page 18, firm-wide net interest income of $1.3 billion in the fourth quarter was down 13% relative to the third quarter, reflecting an increase in funding costs supporting trading a”