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GCM Grosvenor Reports First Quarter 2023 with AUM Increasing 5% and Private Markets Fee-Paying AUM Increasing 12% From First Quarter 2022
CHICAGO, May 10, 2023 (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, 2023 (GLOBE NEWSWIRE) -- GCM Grosvenor (Nasdaq: GCMG), a leading global alternative asset management solutions provider, today reported results for the first quarter ended March 31, 2023. \"We feel fortunate that we enjoy great client relationships, are adding value to client portfolios, and are growing, generating cash, paying a healthy safe dividend, and buying back shares,\" said Michael Sacks, Chairman and Chief Executive Officer of GCM Grosvenor. “It’s a pretty good picture in a tough environment.” Assets Under Management Fee-Paying Assets Under Management (“FPAUM”) increased 3% from March 31, 2022 (the “prior year”) to $59.8 billion as of March 31, 2023 Private Markets FPAUM increased 12% from the prior year as of March 31, 2023Absolute Return Strategies FPAUM decreased 9% from the prior year as of March 31, 2023 Contracted Not Yet FPAUM decreased 2% from the prior year to $6.4 billion as of March 31, 2023Assets Under Management (\"AUM\") increased 5% from the prior year to $75.3 billion as of March 31, 2023 Revenue1 and Fee-Related Revenue Revenue decreased 6% from the three months ended March 31, 2022 (\"prior year QTD\") to $99.1 million for the three months ended March 31, 2023, primarily due to decreased incentive feesFee-Related Revenue of $90.0 million was generally in line with prior year QTD Private Markets Management Fees increased 11% from prior year QTD to $51.8 millionAbsolute Return Strategies Management Fees decreased 13% from prior year QTD to $37.1 million Net Income (Loss) and Adjusted Net Income GAAP Net Income (Loss) Attributable to GCM Grosvenor Inc. was $(1.2) million for the three months ended March 31, 2023, compared to $4.7 million in prior year QTDAdjusted Net Income decreased 17% from prior year QTD to $19.6 million, largely due to a decrease in incentive fees of 52% Fee-Related Earnings Fee-Related Earnings decreased 4% from prior year QTD to $30.4 million Adjusted EBITDA Adjusted EBITDA decreased 12% from prior year QTD to $32.9 million, also largely due to the decrease in incentive fees of 52% Incentive Fees GCM Grosvenor's share of unrealized carried interest totaled $375.9 million of net asset value as of March 31, 2023Run-rate annual performance fees2 were $28.5 million as of March 31, 2023 Dividend GCM Grosvenor's Board of Directors approved an $0.11 per share dividend pay...