Business
GCM Grosvenor Reports First Quarter 2022 with 10% Growth in Assets Under Management, 86% Growth in GAAP Net Income and 26% Growth in Adjusted Net Income
CHICAGO, May 10, 2022 (GLOBE NEWSWIRE) -- GCM Grosvenor (Nasdaq: GCMG), a leading global alternative asset management solutions provider, today reported
About this update from Gcm Grosvenor Inc.
[{"type":"text","content":"CHICAGO, May 10, 2022 (GLOBE NEWSWIRE) -- GCM Grosvenor (Nasdaq: GCMG), a leading global alternative asset management solutions provider, today reported strong results for the first quarter ended March 31, 2022. GCM Grosvenor’s Board of Directors also increased the firm's stock and warrant repurchase authorization by $20 million, from $45 million to $65 million. “The first quarter of 2022 was a good one for GCM Grosvenor with regard to fundraising, revenue growth, and profitability,” said Michael Sacks, Chairman and Chief Executive Officer of GCM Grosvenor. “Our broad, diversified platform is built to perform for shareholders and investors in turbulent markets and to capitalize on opportunities arising from such environments.” Assets Under Management Assets Under Management (\"AUM\") increased 10% from March 31, 2021 (the “prior year”) to $71.3 billion as of March 31, 2022Fee-Paying Assets Under Management (“FPAUM”) increased 8% from the prior year to $57.9 billion as of March 31, 2022Contracted Not Yet FPAUM decreased 12% from the prior year to $6.5 billion as of March 31, 2022 Revenue¹ and Fee-Related Revenue Revenue increased 2% from the quarter ended March 31, 2021 (\"prior year QTD\") to $105.1 millionFee-Related Revenue increased 10% from prior year QTD to $90.6 million Net Income and Adjusted Net Income GAAP Net Income Attributable to GCM Grosvenor Inc. increased 86% from prior year QTD to $4.7 millionAdjusted Net Income increased 26% from prior year QTD to $23.8 million Fee-Related Earnings Fee-Related Earnings increased 26% from prior year QTD to $31.7 million Adjusted EBITDA Adjusted EBITDA increased 23% from prior year QTD to $37.2 million Incentive Fees GCM Grosvenor's share of unrealized carried interest totaled $415 million of net asset value as of March 31, 2022, an increase of 129% over the prior year²Run-rate annual performance fees³ of $39 million as of March 31, 2022 Dividend GCM Grosvenor's Board of Directors approved a $0.10 per share dividend payable on June 15, 2022 to shareholders on record June 1, 2022 Increase in Stock Repurchase Plan On May 5, 2022, GCM Grosvenor’s Board of Directors increased its stock repurchase authorization under the company’s existing stock repurchase plan by $20 million, from $45 million as authorized on February 10, 2022 to $65 million. ¹ Includes fund reimbursement revenue of $...