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Notes to the Consolidated Financial Statements31 December 2024ESR Group Limited Annual Report 2024219STRATEGIC REPORTSCORPORATE GOVERNANCEFINANCIAL STATEMENTS34.INTERESTS IN THE UNCONSOLIDATED STRUCTURED ENTITIESAs at 31 December 2024, the Group considers its equity investments in 53 (2023: 60) investment funds to be interests in unconsolidated structured entities. The investment funds are designed so that the management rights are not the dominant factor in deciding who controls them, and are financed through the issue of an ownership interest instrument to each investor.TheGroupalsoactsastheinvestment/assetmanagerfor59(2023:75)realestatefundstomanagetheoperationsof those assets to earn fee income based on their capital contributed by investors, development costs incurred on real estate projects, or for the acquisition advisory services and brokerage services. The assets have been designed so that voting and similar rights are not the dominant factor in deciding how the investing activities should be conducted and are financed through the issue of ownership interest instruments to investors. The Group did not provide any financial support and has no intention of providing financial or any other support.The Group earned a total gross fee Income of US$155,584,000 (2023: US$204,163,000) from the real estate funds for the year ended 31 December 2024. As at 31 December 2024, the Group%u2019s maximum exposure to loss as a result of acting as the investment manager of the real estate funds was equivalent to the carrying amount of the fee incomereceivablefromthemamountingtoUS$95,911,000(2023:US$174,799,000)andthecarryingamountoftheinvestmentsamountingtoUS$855,476,000(2023:US$965,815,000).