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GCM Grosvenor Releases Labor and Economic Impact Report for its Labor Impact Fund
An Estimated $2.2 Billion of Regional Economic Impact Generated in Fiscal Year 2020 CHICAGO, June 22, 2021 (GLOBE NEWSWIRE) -- GCM Grosvenor (Nasdaq: GCMG), a
About this update from Gcm Grosvenor Inc.
[{"type":"text","content":"An Estimated $2.2 Billion of Regional Economic Impact Generated in Fiscal Year 2020\nCHICAGO, June 22, 2021 (GLOBE NEWSWIRE) -- GCM Grosvenor (Nasdaq: GCMG), a global alternative asset management solutions provider, today released the 2020 Labor and Economic Impact Report for its Labor Impact Fund (“LIF” or the “Fund”) which focuses exclusively on infrastructure investments in the United States and Canada. The 2020 Labor and Economic Impact Report examines the impact of the Fund’s initial four investments, including approximately 2.9 million union work hours created during construction, and approximately $2.2 billion in regional economic impact. The full report can be found here. “We believe that collaborating with organized labor to create compelling infrastructure investment opportunities and a positive impact for union workers is a smart strategy,” said Michael Sacks, Chairman and Chief Executive Officer of GCM Grosvenor. “We continue to have conviction in the initial fund investments from a risk reward perspective and are thrilled with the labor and economic impacts.” The Fund’s strategy is designed to be a collaborative approach to infrastructure investing that relies on a partnership with key stakeholders, including organized labor and government, in an effort to optimize project execution. “Identifying those stakeholders who can be impacted by an investment opportunity and bringing them into the process is critical to helping mitigate risk and improve investment outcomes,” said Jorge Ramirez, a GCM Grosvenor Managing Director. “It is an approach that can enhance the opportunity while benefiting workers and the communities in which they live.” The Labor and Economic Impact Report, which will be updated and released annually, also cites the extensive revenue generation the LIF investment activity has created for governments at every level. According to the report, approximately $260 million of tax revenues will be realized through these four investments. “Infrastructure investing can have a profound impact on a community,” said Matthew Hynes, Managing Director and Head of Labor and Government Strategies for GCM Grosvenor. “From job creation to new tax revenues for government, the economic impact can be felt throughout a region.” About the Labor Impact FundThe Labor Impact Fund originates and executes infrastructure projects...