Fourth quarter management and other fees of $2.4 billion were up 9% year-over-year. Full year management and other fees were $9.5 billion, putting us on track to hit our $10 billion target in 2024, notwithstanding the sale of our PFM business. Equity investments produced net revenues of $838 million, higher year-over-year, driven by modest gains in our public portfolio versus losses in the fourth quarter of last year. Results in this line item also included a gain of $349 million from the sale of PFM. Moving on to page 15. Total firm-wide assets under supervision ended the quarter at a record $2.8 trillion, driven by market appreciation as well as strong net inflows across fixed income and alternative assets, and representing our 24th consecutive quarter of long-term fee-based net inflows.
Turning to page 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 activities. Our total loan portfolio at quarter end was $183 billion, modestly higher versus the third quarter, reflecting an increase in other collateralized lending, which includes the pools of Signature Bank’s capital call facilities we won at auction in October. Our provision for credit losses was $577 million. In relation to our consumer portfolio, provisions were driven by net charge-offs and seasonal balance growth, partially offset by the GM reserve release I mentioned. For our wholesale portfolio, provisions were driven by impairments that were generally in line with the last two quarters, with roughly half related to CRE.
Let’s turn to expenses on page 20. Total operating expenses for the year were $34.5 billion, excluding severance-related costs of $310 million, compensation expense was flat year-over-year, amid solid core performance, and as the market for talent remains competitive. As of the fourth quarter, we achieved our goal of $600 million in run rate payroll efficiencies, which allowed us to continue investing in our talent. Quarterly non-compensation expenses were $4.9 billion, and included CIE impairments of $262 million. The year-over-year increase in non-comp expenses was driven by the FDIC special assessment fee of $529 million. Our effective tax rate for 2023 was 20.7%. For 2024, we expect a tax rate of 22% to 23%. Turning to capital on slide 21.
Our common equity tier 1 ratio was 14.5% at the end of the fourth quarter under the standardized approach, 150 basis points above our current capital requirement of 13%. In the fourth quarter, we returned $1.9 billion to shareholders, including common stock repurchases of $1 billion at an average price of $311 and common stock dividends of $922 million. While we expect to remain nimble with respect to capital return, given the ongoing uncertainty around the Basel III proposed rule, our capital management philosophy is unchanged. We prioritize supporting client deployment opportunities, sustainably growing our dividend, and returning excess to shareholders in the form of buybacks, particularly when valuation levels are attractive. In conclusion, we made solid progress on narrowing our strategic focus in 2023 with our execution driving a much stronger platform for 2024.
