Rob gave some of the statistics earlier on AUM growth in these businesses, but real assets deployment in 2018 through 2020 averaged a little over $4 billion a year be equally split between infra and real estate. Last year, that was $28 billion. So again, we’ve gone from $4 billion to $28 billion, again pretty equally split between those two businesses for us. And the third point, and I think this is not as well understood, but it’s interesting when you look at private equity deployment for us, as I think there’s a €“ again, I think we look at €“ we feel good about when we deployed where we leaned in. Let me give you a couple of statistics there. So I think in 2020 during COVID, I think everyone remember, we leaned in. So our deployment was around 33% higher in 2020 versus 2019.
I think we are more active than our peers. I think people remember that. In 2021, it almost felt like the industry felt the need to play catch-up and industry deployment was up materially. So in the U.S., PE investment activity in 2021 was more than double 2020. I think that’s what many people remember and in some ways, fear. For us, deployment was flat. So again, you didn’t see any kind of an acceleration into that really throughout the environment. And then in 2022, again a year with a lot of volatility and challenge debt markets as you noted, deployment for the industry was down over 20%, deployment for us and private equity was up 35%. So again, I think you’ve seen this really thoughtful dynamic over time of how we look to deploy and take advantage of dislocation.
And then the final point just relates to credit. Again, that same scaling thought. So in 2019, total credit deployment was $10 billion. 2020, that deployment was $10.3 billion, and last year deployment for us was $25 billion. So as the credit business has grown, as GA has come online, you’ve seen a meaningful increase in that deployment. So again, long-winded answer, but hopefully that gives a little bit of flavor for the activities you saw last year.
Scott Nuttall: Yes. The only color I’d add to that, Mike, is if you take the numbers apart you’re right, deployment was relatively flat in the low $70 billion in 2022 versus 2021. But if you look at the makeup, there’s a bit of a shift. Credit was actually down year-over-year. Part of that is overall transaction activity in the market, part of it is we had a lot of work on the GA front to do in 2021, in particular. But if you look at private markets, I think private equity, infrastructure and real estate our deployment was actually up 20%. So we were leaning in to Craig’s point into kind of what was happening with the markets last year after maybe being a little bit more cautious in late 2021 in a high valuation environment.
Rob Lewin: Then Mike, real quickly our realization deployments were about $400 million for the quarter off the balance sheet.
Operator: Our next question is from Arnaud Giblat with BNP. Please proceed with your question.
Arnaud Giblat: Good morning. If I could just follow up quickly on the last question. Could you talk about a bit about the outlook a bit more on deployments? Are you seeing financing conditions improve in private equity? Is the bidder spread starting to narrow a lot of the participants in the industry are talking about that as an issue? Is that improving? And equally, if you could comment a bit more on infra. I mean that’s obviously been a very active area of the market. How are you seeing the pipeline of opportunities for deploying there?
