GCM Grosvenor Reports Second Quarter 2023 with Private Markets Fee-Paying AUM Increasing 12% From Q2 2022 and $1.5 billion of Fundraising; Firm Increases Share Repurchase Plan to $115 million

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[{"type":"text","content":"CHICAGO, Aug. 09, 2023 (GLOBE NEWSWIRE) -- GCM Grosvenor (Nasdaq: GCMG), a leading global alternative asset management solutions provider, today reported results for the second quarter ended June 30, 2023. \"We are pleased with our solid results this quarter,” said Michael Sacks, Chairman and Chief Executive Officer of GCM Grosvenor. \"We saw some tangible improvement in the environment with fundraising increasing approximately 50% from the first quarter to $1.5 billion. We remain confident in our growth trajectory and increased our share repurchase authorization to $115 million.\" Assets Under Management Assets Under Management (\"AUM\") increased 7% from June 30, 2022 (the “prior year”) to $76.0 billion as of June 30, 2023Fee-Paying Assets Under Management (“FPAUM”) increased 5% from the prior year to $60.6 billion as of June 30, 2023 Private Markets FPAUM increased 12% from the prior year as of June 30, 2023Absolute Return Strategies FPAUM decreased 5% from the prior year as of June 30, 2023 Contracted Not Yet FPAUM was generally in line with the prior year at $6.7 billion as of June 30, 2023 Revenue1 and Fee-Related Revenue Revenue increased 3% from the quarter ended June 30, 2022 (\"prior year QTD\") to $107.6 millionFee-Related Revenue of $90.8 million for the three months ended June 30, 2023 was generally in line with prior year QTD Private Markets Management Fees increased 5% from prior year QTD to $53.0 millionAbsolute Return Strategies Management Fees decreased 8% from prior year QTD to $36.8 million Net Income (Loss) and Adjusted Net Income GAAP Net Income Attributable to GCM Grosvenor Inc. decreased 36% from prior year QTD to $4.8 millionAdjusted Net Income increased 3% from prior year QTD to $22.7 million Fee-Related Earnings Fee-Related Earnings of $32.8 million was generally in line with prior year QTD Adjusted EBITDA Adjusted EBITDA increased 2% from prior year QTD to $36.0 million Incentive Fees GCM Grosvenor's share of unrealized carried interest totaled $361.2 million of net asset value as of June 30, 2023Run-rate annual performance fees2 were $28.0 million as of June 30, 2023 Dividend GCM Grosvenor's Board of Directors approved an $0.11 per share dividend payable on September 15, 2023 to shareholders of record on September 1, 2023 Share Repurchase Plan GCM Grosvenor repurchased $1.1 million of Class A common ...

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