Gcm Grosvenor Inc. · NASDAQ:GCMG
Gcm Grosvenor — Investor Day (October 2025)
157 slides from Gcm Grosvenor's investor day presentation, Oct 15, 2025
Slide 1: GCM Grosvenor Investor Day
GCM Grosvenor (“GCMG”) Investor Day October 15, 2025 GCM GROSVENOR |
Slide 2: Welcome & Opening Remarks
Welcome & Opening Remarks Stacie Selinger Head of Investor Relations GCM GROSVENOR |
Slide 3: Forward-Looking Statements and Other Disclosures
FORWARD-LOOKING STATEMENTS AND OTHER DISCLOSURES This presentation has been prepared by GCM Grosvenor Inc. solely for informational purposes for its public stockholders and other stakeholders in connection with evaluating the business, operations and financial results of GCM Grosvenor. This presenta
Slide 4: Today's Agenda
TODAY’S AGENDA 8:00 am Welcome & Opening Remarks Stacie Selinger | Head of Investor Relations Company Strategy & Overview Michael Sacks | Board Chairman, Chief Executive Officer Value Proposition for Clients Jon Levin | President Investment Platform Fred Pollock | Chief Investment Officer 9:20 am Q&
Slide 5: Company Strategy & Overview
Company Who We Are Strategy & Overview What We’ve Done Where We’re Going Michael Sacks Board Chairman, Chief Executive Officer GCM GROSVENOR |
Slide 6: Decades Long Track Record of Evolution and Innovation
DECADES LONG TRACK RECORD OF EVOLUTION AND INNOVATION Pioneer in Growth in Transformation Shift Towards Customized Specialized Towards Private Markets Solutions Fund Suite Direct-Oriented We created 9 Private We built investment teams We were among We added Private Markets Markets Specialized Fund a
Slide 7: Strong Culture Drives the Business
STRONG CULTURE DRIVES THE BUSINESS Client-First Culture Differentiated value No-star system and Excellence proposition and Teamwork process-oriented performance driven Client Transparency and People- Culture of development Service performance Centric and care Best interests of clients Compliance Ton
Slide 8: Who We Are | Leader in the Growing Alternatives Ecosystem
WHO WE ARE | LEADER IN THE GROWING ALTERNATIVES ECOSYSTEM $86B Chicago 9 546 AUM Headquarters Global Offices Employees DIVERSIFIED OPEN ARCHITECTURE INVESTMENT PLATFORM Absolute Return Private Equity Infrastructure Real Estate Credit1 $25.0B $31.7B $16.9B $6.6B $16.1B CO-INVESTMENTS | SECONDARIES |
Slide 9: Who We Are | High Client Satisfaction and Loyalty
WHO WE ARE | HIGH CLIENT SATISFACTION AND LOYALTY We Manage Capital for 675+ Institutional Clients and Thousands of Individual Investors Our Client Base is Loyal Our Client Base is Global Our Client Base Diversified % of AUM by client tenure % of AUM by client location % of AUM by client total asset
Slide 10: Who We Are | A Solutions Provider for Capital and With Capital
WHO WE ARE | A SOLUTIONS PROVIDER FOR CAPITAL AND WITH CAPITAL Numerous Ways to Win Central Role as Capital Provider with Clients Drives Origination Scalability Relevant to any client with an Providing substantial and early alternatives allocation capital Access to desirable, diversified Flexible ca
Slide 11: Who We Are | Middle-Market Investors
WHO WE ARE | MIDDLE-MARKET INVESTORS Value Proposition Our Value of the Middle Market Proposition to Clients Historically higher Diversifying Access from scale Expertise of returns exposures and relationships investment teams Differentiated Hard-to-access Preferential terms Diversification from retu
Slide 12: What We've Done | Track Record of Execution and Growth
WHAT WE’VE DONE | TRACK RECORD OF EXECUTION AND GROWTH Business and Earnings Growth Drivers LTM as of 6/30/25 CAGR YTD Since 12/31/20 Private Markets Management Fees $251M 12% Fee-Related Earnings $177M 15% Fee-Related Earnings Margin 44% +1,300 bps Since 2020 Adjusted Net Income1 $152M 12% Firm Sha
Slide 13: Where We're Going | Positioned to Drive Accelerating Growth
WHERE WE’RE GOING | POSITIONED TO DRIVE ACCELERATING GROWTH 1 2 3 Grow Core Scale Investment Extend into Areas of Business Strategies White Space • Have enjoyed double-digit • Infrastructure expected to • Expanding individual investor business and financial growth over compound at high-teens product
Slide 14: Where We're Going | Strong Free Cash Flow Drives Future Value
WHERE WE’RE GOING | STRONG FREE CASH FLOW DRIVES FUTURE VALUE Investing Organically or Disciplined Approach to M&A Built Inorganically to Accelerate on Shareholder Alignment Growth Better serve our clients and • Grow distribution to drive capital formation Benefits their clients › Individual investo
Slide 15: Where We're Going | Compounding Value and Returning Capital
WHERE WE’RE GOING | COMPOUNDING VALUE AND RETURNING CAPITAL Fee-Related Earnings (FRE) Adjusted Net Income Per Share1 ($M) 2X $280 + >2X $1.20 + $140 $0.55 2023 2028F 2023 2028F COMPOUNDING FRE EARNINGS UPSIDE • Many ways to win with clients • Clear path for ANI to exceed $1.20/share by 2028F1 • Exc
Slide 16: Where We're Going | Returning Capital to Shareholders
WHERE WE’RE GOING | RETURNING CAPITAL TO SHAREHOLDERS Strong Free Cash Flow Enables Return of Capital to Shareholders • Consistent buybacks Increasing Quarterly Dividend2 › Authorized $220M of share repurchases as by 9% to a public company1 $0.12 Per • Growing, sustainable dividend › Increasing quar
Slide 17: Where We're Going | Building a More Valuable Company
WHERE WE’RE GOING | BUILDING A MORE VALUABLE COMPANY $1.20/share+ of Adjusted Net Income1 in 2028F $21.00 Implied Share Price2 $1.56 Per Share of Cumulative Dividends Today-2028F3 96% Total Return Through 20284 Please refer to endnotes slides for additional important information. GCM GROSVENOR | 17
Slide 18: Where We're Going | Our Culture Is a Competitive Advantage
WHERE WE’RE GOING | OUR CULTURE IS A COMPETITIVE ADVANTAGE GCM GROSVENOR | 18
Slide 19: Value Proposition for Clients
Attractive Industry Value Proposition Depth and Breadth for Clients of Platform Multiple Ways to Win Jon Levin President GCM GROSVENOR |
Slide 20: Our Industry | We Benefit From Industry Tailwinds
OUR INDUSTRY | WE BENEFIT FROM INDUSTRY TAILWINDS Investors Planning to Maintain or Increase Alternative Investments AUM is Long-Term Alternative Allocations1 Expected to Enjoy Meaningful Growth2 ($T) 94% 92% 91% 83% 10% $29.2 78% CAGR $18.2 $12.6 Private Equity Infrastructure Private Credit Real Es
Slide 21: Our Value Proposition | Broad Platform and Flexible Solutions
OUR VALUE PROPOSITION | BROAD PLATFORM AND FLEXIBLE SOLUTIONS Listening to Client Goals and Preferences to Ability to Flexibly Package Those Deliver Specific Solutions Capabilities in a Range of Solutions Investment Strategies Implementation Types Client Needs Addressed • Comprehensive Solutions Abs
Slide 22: Our Value Proposition | Beyond Investment Returns
OUR VALUE PROPOSITION | BEYOND INVESTMENT RETURNS Customized Separate Accounts 30 CORE OBJECTIVE IS ALWAYS RISK/RETURN Years of CSA Expertise BEYOND INVESTMENT RETURNS 71% Partnership and Operational Lift and Of Firm AUM in CSAs Collaboration Value-Added Services • Understand objectives, governance,
Slide 23: Case Study | Building an Absolute Return Strategies Allocation
CASE STUDY | BUILDING AN ABSOLUTE RETURN STRATEGIES ALLOCATION Client Challenge: The client was seeking to build an absolute return strategies Economic Value Proposition program Our Solution: GCMG Internally CSA Managed Account Built a customized separate account with GCMG and leveraged us as an adv
Slide 24: Case Study | Building a Leading Co-Investment Program
CASE STUDY | BUILDING A LEADING CO-INVESTMENT PROGRAM Client Challenge: The client was seeking to build a world-class co-investment program but faced certain challenges: Economic Value Proposition • Limited resources to source and diligence co-investments Client Primaries GCMG Co-Investment • Lacked
Slide 25: Customized Separate Account Relationships | Embedded Growth
CUSTOMIZED SEPARATE ACCOUNT RELATIONSHIPS | EMBEDDED GROWTH A Market Leader in Customized 30 275+ 90% 15 year Years of CSA Average Re-Up Separate Accounts CSA Programs Average Tenure2 Experience Success Rate1 High Re-up Success Creates Growing Relationships High Barriers to Entry $1,000 Client Examp
Slide 26: Case Study | Building a Leading Emerging Sponsor Program
CASE STUDY | BUILDING A LEADING EMERGING SPONSOR PROGRAM 20 Year Client Relationship 2005 2014 2017 Today Client Challenge: • Private Equity (Primary) • Private Equity (Primary and Co-invest) • Private Equity (Primary and Co-invest) • Private Equity (Primary and Co-invest) Sophisticated, well-resour
Slide 27: Growing and Evolving Client Relationships
GROWING AND EVOLVING CLIENT RELATIONSHIPS Many Client Relationships Start in One Strategy Then Evolve into Multi-Strategy Relationships ARS, ARS, PE (Primary and Co-Invest), ARS, Credit (Primary) ARS and PE (Primary, Co-Invest) PE Infra (Primary, Co-Invest, ARS PE (Primary) (Co-Invest) Secondary) 7.
Slide 28: Scaling and Expanding Specialized Funds
SCALING AND EXPANDING SPECIALIZED FUNDS Growing Specialized 600+ $25B 1.6x +35% Funds Franchises Average Increase for CAGR in Private Markets Clients AUM Private Markets Funds1 Funds Since 20142 Scaling Specialized Fund Franchises ($M) Cumulative selected private market specialized fund closings $12
Slide 29: New Institutional Client Acquisition
NEW INSTITUTIONAL CLIENT ACQUISITON Long History and Success with Institutional Clients New Clients by Geography New Clients by Type (by dollars raised)1 (by dollars raised)1 165 new institutional clients since 2020 Americas 51% Insurance 33% APAC 27% Public Pension 17% EMEA 22% Corporation 15% Unio
Slide 30: Individual Investors | Early Innings of Adoption
INDIVIDUAL INVESTORS | EARLY INNINGS OF ADOPTION Market Opportunity1 Before 2015 Individuals Represent $150T | ~50% of Global AUM Limited or no access to alternatives for individual investors Average Allocation to Alternatives 20-25% Represents trillions of under-allocation 2015 to 2025 Access to al
Slide 31: Individual Investors | Building Resilient, Long-Term Portfolios
INDIVIDUAL INVESTORS | BUILDING RESILIENT, LONG-TERM PORTFOLIOS Concentration Leads to Incomplete Portfolios for Individual Investors Investment Characteristics Primaries Secondaries Co-Invest Size Innovation, early access to the next Emerging generation of talent Limited Availability / Middle Fragm
Slide 32: Individual Investors | Bringing a Solutions Mindset
INDIVIDUAL INVESTORS | BRINGING A SOLUTIONS MINDSET Building a Premier Individual Investor Individual Investor Platform $3.7B AUM Today Differentiated Investor Solutions Multi-Faceted Approach to Distribution ✓ Existing GCMG individual investor team CSAs / Closed-End Registered White Label Funds Pro
Slide 33: Strong Fundraising Momentum Year-to-Date
STRONG FUNDRAISING MOMENTUM YEAR-TO-DATE Recent Fundraising Diversified LTM Fundraising As of September 30, 2025 ($B) $9.4 $9.5 $1.9B Q3 2025 $1.5 Fundraising $2.1 $7.8 Americas 53% $7.0 $7.1 $7.2 EMEA 25% APAC 22% $1.1 $3.1 $3.5 $2.4 $3.0 $3.5 $5.1 $0.8 $3.1 $1.2 $0.7 Public Pension 31% $2.1 $1.2 $
Slide 34: Investment Platform
Scalable and Flexible Origination Experienced People Investment and Repeatable Platform Investment Process Strong Investment Fred Pollock Chief Investment Performance Officer GCM GROSVENOR |
Slide 35: Our Investment Platform Is Built for Scalability
OUR INVESTMENT PLATFORM IS BUILT FOR SCALABILITY $86B Broad Sourcing Platform → Robust Origination global investment platform ABSOLUTE CREDIT INFRASTRUCTURE PRIVATE EQUITY REAL ESTATE RETURN 177 3,000+ annual investments sourced investment professionals Significantly more untapped sourcing capacity
Slide 36: We Are a Massive Capital Enabler to the Alternatives Ecosystem
WE ARE A MASSIVE CAPITAL ENABLER TO THE ALTERNATIVES ECOSYSTEM ABSOLUTE RETURN CREDIT INFRASTRUCTURE PRIVATE EQUITY REAL ESTATE $1,000M+ Capital Invested $300M+ Capital Invested $2,100M+ Capital Invested $925M+ Capital Invested $325M+ Capital Invested › Anchor investor at launch › Anchored first fun
Slide 37: Investment Platform Can Deploy Multiples of Current Capital Base
INVESTMENT PLATFORM CAN DEPLOY MULTIPLES OF CURRENT CAPITAL BASE 3,000+ ANNUAL INVESTMENTS Long Origination, SOURCED Leveraging Existing Processes ~5-10% AVERAGE SELECTION RATE 2-3x Investments in teams, Incremental Deployment technology, and Capacity operations enable us $50-$100M+ INVESTMENT to si
Slide 38: Our Differentiator Is Our People
OUR DIFFERENTIATOR IS OUR PEOPLE Experienced, Senior Investment Team Investment Capabilities Across the Liquidity Spectrum 41 24 12 Managing Average years Average years of INFRASTRUCTURE of experience GCMG experience Directors Control Collaboration Across Teams CREDIT Investments PRIVATE EQUITY • Fu
Slide 39: Investment Solutions That Are More Durable and Consistent
INVESTMENT SOLUTIONS THAT ARE MORE DURABLE AND CONSISTENT Repeatable and Scalable Due Diligence Process Building More Diversified Portfolios Investment sourcing Portfolio Construction Risk Management Initial evaluation Highly Diversified and Integrated Risk Efficient Portfolios Management Preliminar
Slide 40: Delivering Strong Risk-Adjusted Returns for Clients
DELIVERING STRONG RISK-ADJUSTED RETURNS FOR CLIENTS Strong Performance Across All Strategies Realized and Partially Realized Investments GCMG Strategy TVPI1 IRR1 Outperformance PME Index Private Equity: Primary Investments 1.8x 13.4% +310 bps Private Equity: Co-Investments 2.1x 20.8% +550 bps S&P 50
Slide 41: Absolute Return Strategies
ABSOLUTE RETURN STRATEGIES BUSINESS HIGHLIGHTS $25.0B A RECOGNIZED MARKET LEADER $35B+ AUM • One of the largest, most experienced, and respected investors with deep industry relationships built over decades 7% INVESTMENT ATTRACTIVE PERFORMANCE CAGR • Proven diversifier for client portfolios, deliver
Slide 42: Credit
CREDIT BUSINESS HIGHLIGHTS $16.1B DECADES OF EXPERIENCE ACROSS CREDIT $32B+ AUM1 MARKETS • Depth and breadth across private, public, and opportunistic credit as well as corporate, asset-backed, and niche credit markets REALIZED AND PARTIALLY REALIZED HIGH CLIENT VALUE ADD INVESTMENTS • Provide clien
Slide 43: Infrastructure
INFRASTRUCTURE BUSINESS HIGHLIGHTS $40B+ $16.9B PROVEN, 20-YEAR TRACK RECORD AUM • One of the most experienced infrastructure investors in the world 2.5X FLEXIBLE, CRITICAL CAPITAL REALIZED AND • Flexible capital creates a broader pool of opportunities PARTIALLY REALIZED and critical capital creates
Slide 44: Private Equity
PRIVATE EQUITY BUSINESS HIGHLIGHTS $45B+ $31.7B LEADING MARKET POSITION AUM • Key role in private equity ecosystem, providing capital across primaries, co-investments, secondaries, and seeding $31.7B REALIZED AND MIDDLE-MARKET EXPERTISE PARTIALLY REALIZED • Deep expertise in fragmented, undercapital
Slide 45: Real Estate
REAL ESTATE BUSINESS HIGHLIGHTS $13B+ $6.6B A VALUE-ADD REAL ESTATE INVESTOR AUM • Focus on niche sub-sectors of the middle market that are underpenetrated and are more capital efficient 2X PROVIDE STRATEGIC CAPITAL TO PLATFORM REALIZED AND PARTNERS PARTIALLY REALIZED • Provide growth capital to pla
Slide 46: Key Takeaways | Our Investment Platform
KEY TAKEAWAYS | OUR INVESTMENT PLATFORM SCALABLE PROVEN, REPEATABLE CONSISTENT, STRONG ORIGINATION INVESTMENT PROCESS PERFORMANCE We have valuable, impossible Our investment process is Our strong performance to replicate investment selective, disciplined and and track records in every sourcing and o
Slide 47: Q&A
Q&A GCM GROSVENOR |
Slide 48: Break
Break GCM GROSVENOR |
Slide 49: Absolute Return Strategies
Absolute Return Strategies David Richter Managing Director, Absolute Return Strategies GCM GROSVENOR |
Slide 50: Key Messages
KEY MESSAGES A RECOGNIZED ATTRACTIVE SCALE DIRECTLY HIGH-TOUCH CLIENT MARKET LEADER PERFORMANCE BENEFITS CLIENTS PARTNERSHIPS One of the largest, Proven diversifier for Our size and Embedded in client most experienced, client portfolios, relationships enable us programs, providing and respected inve
Slide 51: Our Absolute Return Strategies Platform
OUR ABSOLUTE RETURN STRATEGIES PLATFORM Our ARS Revenue Since 2020 ($M) $25.0B AUM $217 $205 $203 $200 $52 225+ $53 $162 $162 $55 $50 Clients $3 $15 $50M+ $152 $165 $159 $147 $148 $150 Annual Performance Fees 3 of the Last 5 Years 53 2020 2021 2022 2023 2024 LTM Investment Management Fees, Net Perfo
Slide 52: A Core Client Allocation, Delivering Strong Returns
A CORE CLIENT ALLOCATION, DELIVERING STRONG RETURNS We Have Delivered Strong and Consistent Performance Cumulative Returns June 30, 2020 – June 30, 2025 ARS Plays an Important Role as a Diversifier in Client Portfolios: GCMG Multi-Strat Composite1: +53.3% Cash2 + 400bps: +40.2% Limited volatility HF
Slide 53: Full Market Coverage and Deep Relationships Built Over Decades
FULL MARKET COVERAGE AND DEEP RELATIONSHIPS BUILT OVER DECADES Comprehensive Market Coverage LONG / SHORT EQUITY 1,890 MULTI-STRATEGY 390 U.S. / CANADA 820 Funds Tracked CREDIT 380 Funds Tracked EUROPE 380 by Type1 MACRO / COMMODITIES 260 by Geography1 ASIA 330 QUANTITATIVE 240 GLOBAL 1860 RELATIVE
Slide 54: Leverage History of Relationships and Scale to Benefit Clients
LEVERAGE HISTORY OF RELATIONSHIPS AND SCALE TO BENEFIT CLIENTS WAYS WE DRIVE BENEFICIAL TERMS FOR OUR CLIENTS: Closed / Capacity Fee Savings Customized Structures Constrained • Due to our scale and • Vehicles and/or mandates • A select group of market presence, often designed to capitalize on invest
Slide 55: Many Ways to Work With Clients in Absolute Return Strategies
MANY WAYS TO WORK WITH CLIENTS IN ABSOLUTE RETURN STRATEGIES Specialized Funds Customized Separate Accounts • $9B of AUM in ARS Specialized Funds • $16B of AUM in ARS CSAs • Diversified multi-strategy Specialized Fund with $4.7B • 75+ ARS CSA clients of capital and a 25-year track record • 10 ARS st
Slide 56: Delivering Essential Investment Capabilities to Clients
DELIVERING ESSENTIAL INVESTMENT CAPABILITIES TO CLIENTS Primary Offerings 1 Multi-Strategy 4 Lesser-Correlated Strategies 2 Long/Short Equity 5 Emerging Manager Portfolios 3 Credit 6 Regionally-Focused Portfolios GCM GROSVENOR | 56
Slide 57: We Are an Embedded and Critical Partner Within Client Programs
WE ARE AN EMBEDDED AND CRITICAL PARTNER WITHIN CLIENT PROGRAMS Operations and Investments Value-Added Services Our Investment, • Manage the entirety or a large piece of the • Frequent communication and update calls client’s absolute return strategies allocation Risk Management, • Risk management • O
Slide 58: Our Absolute Return Strategies Business Is Positioned for Growth
OUR ABSOLUTE RETURN STRATEGIES BUSINESS IS POSITIONED FOR GROWTH GROWTH DRIVERS $35B+ Market Drivers Business Drivers • Clients and prospects are • Capitalizing on strong 7% showing increasing track record to drive CAGR interest in ARS fundraising $25.0B • Market conditions are • Compounding FPAUM d
Slide 59: Credit
Credit Steve McMillan Managing Director, Credit GCM GROSVENOR |
Slide 60: Key Messages
KEY MESSAGES CLIENTS ARE DECADES OF EVOLVING AND BUSINESS SHIFTING EXPERIENCE ACROSS HIGH CLIENT DIVERSIFYING TOWARDS CREDIT MARKETS VALUE ADD CREDIT PORTFOLIOS DIRECT-ORIENTED Depth and breadth Provide clients with Amid rising credit Credit business is across private, public, diversified credit all
Slide 61: Our Credit Investment Platform
OUR CREDIT INVESTMENT PLATFORM Our Credit AUM Growth1 ($B) $16.1B 13% AUM1 $16.1 CAGR $14.6 $13.2 $11.9 125+ $8.4 $9.2 Clients $7.8 $7.0 18 $6.2 $6.9 Investment $4.9 $5.4 Professionals 2022 2023 2024 Today More Liquid Credit Private Credit Please refer to endnotes slides for additional important inf
Slide 62: Clients Are Evolving and Diversifying Credit Portfolios
CLIENTS ARE EVOLVING AND DIVERSIFYING CREDIT PORTFOLIOS Reality: The Private Credit The Client Challenge: Our Solution: Market is Much Larger Building Diversified Diversifying Exposures Than Direct Lending Portfolios • Clients want to increase private • Diversifying sponsor credit allocations exposu
Slide 63: Our Solution | We Create Highly Diversified Portfolios
OUR SOLUTION | WE CREATE HIGHLY DIVERSIFIED PORTFOLIOS Illustrative Portfolio Example Based on a Target of 50+ Total Positions Geography Implementation Credit Type Asset-Backed Type U.S. AND CANADA 72% PRIMARIES 57% ASSET-BACKED 45% STUDENT 29% EUROPE 14% CO-INVESTMENTS 23% PRIVATE CORPORATE 42% CON
Slide 64: Untapped Credit Origination Opportunity
UNTAPPED CREDIT ORIGINATION OPPORTUNITY CREDIT SOURCING1 PRIVATE PRIVATE REAL ASSET HEDGE DIRECT OUR CREDIT ORIGINATION IS EQUITY CREDIT SPONSORS SPONSORS SPONSORS FUNDS SOURCING HIGHLY SCALABLE Our competitive advantage is our depth of sourcing channels Investments sourced from 250+ sponsor relatio
Slide 65: Dynamic Deployment Has Led to Strong Returns
DYNAMIC DEPLOYMENT HAS LED TO STRONG RETURNS Private Credit Capital Invested by Investment Count Strong Credit Performance1 6% 5% 7% 18% 14% 7% REALIZED AND PARTIALLY REALIZED PRIVATE CREDIT 21% 28% 22% 9% 12% 16% 11.4% +310bps 28% IRR Outperformance vs. 36% VettaFi US High Yield PME 26% 86% 11% 74%
Slide 66: Many Ways to Work With Clients in Credit
MANY WAYS TO WORK WITH CLIENTS IN CREDIT Specialized Funds Customized Separate Accounts • $2B of AUM in Credit Specialized Funds across • Manage the majority or entirety of a client’s credit 120+ clients allocation • Suite of Credit Specialized Fund offerings • Provide complementary diversification
Slide 67: Case Study | Custom Credit Investment Program
CASE STUDY | CUSTOM CREDIT INVESTMENT PROGRAM WHO: Large U.S. Public Pension Plan OUR SOLUTION WHAT: Establish a new private credit allocation • Provide complementary exposure alongside a large direct lending firm CLIENT CHALLENGES: • Joint sourcing model, utilizing credit investment sourcing from G
Slide 68: Our Credit Business Is Positioned to Grow
OUR CREDIT BUSINESS IS POSITIONED TO GROW GROWTH DRIVERS Market Drivers Business Drivers $32B+ • Private credit allocations • Focus on direct-oriented increasing investments • Private credit allocations • Flexible implementation today lack proper through CSAs or $16.1B diversification Specialized Fu
Slide 69: Infrastructure
Infrastructure Scott Litman Managing Director, Infrastructure GCM GROSVENOR |
Slide 70: Key Messages
KEY MESSAGES PROVEN 20-YEAR FLEXIBLE, CRITICAL DIFFERENTIATED MULTIPLE GROWTH TRACK RECORD CAPITAL SOURCING DRIVERS One of the most Flexible capital creates Broad global sourcing Significant growth experienced a broader pool of network enables ahead through infrastructure investors opportunities and
Slide 71: Infrastructure Is a Growing Asset Class
INFRASTRUCTURE IS A GROWING ASSET CLASS Unprecedented Need for Infrastructure’s Role Private Infrastructure Capital in a Portfolio Investors are increasing allocations to • ~$100T investment needed Low correlation infrastructure2 through 20401 • Build new and replace aging 48% 45% infrastructure Low
Slide 72: Our Infrastructure Investment Platform
OUR INFRASTRUCTURE INVESTMENT PLATFORM Our Infrastructure AUM Growth ($B) $16.9B AUM $16.9 26% CAGR 150+ $13.9 $14.6 Clients $11.1 $9.1 $4B $6.0 Dry Powder 23 2020 2021 2022 2023 2024 Today Investment Professionals Please refer to endnotes slides for additional important information. GCM GROSVENOR |
Slide 73: Talented Investment Team Providing Flexible and Critical Capital
TALENTED INVESTMENT TEAM PROVIDING FLEXIBLE AND CRITICAL CAPITAL Experience of Team Gives 1 Providing Flexible Capital 2 Providing Critical Capital 3 Us a Selection Advantage Flexible Capital Provides a Critical Capital Creates Talented Team with an Edge Larger Pool of Opportunities Negotiating Leve
Slide 74: Broad Sourcing Creates Highly Diversified Infrastructure Solutions
BROAD SOURCING CREATES HIGHLY DIVERSIFIED INFRASTRUCTURE SOLUTIONS More Investment Opportunities $2B+ 30+ $3B 95 Leads to Greater Diversification Annual Annual Identified Sponsors Deployment Investments Pipeline Geography Sector Sponsor Size Risk Profile NORTH AMERICA EUROPE 57% 37% ENERGY / ENERGY
Slide 75: Direct-Oriented Investments Are Driving Growth and Performance
DIRECT-ORIENTED INVESTMENTS ARE DRIVING GROWTH AND PERFORMANCE INVESTMENT ACTIVITY IS NOW MOSTLY DIRECT-ORIENTED Strong Infrastructure Asset (based on dollars deployed) Performance2 2005-2015 2016-YTD 2025 Primary Funds 58% 37% REALIZED AND PARTIALLY REALIZED ASSETS Direct-Oriented 42% 63% 14.9% 1.8
Slide 76: Many Ways to Work With Clients in Infrastructure
MANY WAYS TO WORK WITH CLIENTS IN INFRASTRUCTURE Customized Separate Accounts Specialized Funds • $12B Infrastructure CSA AUM • CIS Franchise: CIS IV Launching in 4Q’25 (prior • Approximately 95% Infrastructure re-up1 vintage was $1B+) • $11B Infrastructure CSA fundraising since 2020 • IAF Franchise
Slide 77: Our Infrastructure Business Is Positioned to Grow
OUR INFRASTRUCTURE BUSINESS IS POSITIONED TO GROW GROWTH DRIVERS $40B+ Market Drivers Business Drivers • Investor allocations • CSA growth through re-ups, continuing to grow cross sell, and new clients 2.5X • Growing global demand for • Two Specialized Funds, private infrastructure each with $1B+ fu
Slide 78: Break
Break GCM GROSVENOR |
Slide 79: Private Equity
Private Equity Bernard Yancovich Managing Director, Private Equity GCM GROSVENOR |
Slide 80: Key Messages
KEY MESSAGES ADVANTAGE LEADING MIDDLE-MARKET THROUGH SCALE SCALABLE MARKET POSITION EXPERTISE AND RELATIONSHIPS ORIGINATION Key role in private Deep expertise in Access to Extensive sourcing equity ecosystem, fragmented, oversubscribed funds, network and long- providing capital undercapitalized nego
Slide 81: Our Private Equity Investment Platform
OUR PRIVATE EQUITY INVESTMENT PLATFORM Our Private Equity AUM Growth ($B) $31.7B AUM 8% CAGR $31.7 265+ $29.1 $29.4 $30.4 Clients $26.2 $5B $22.8 Dry Powder 54 Investment Professionals 2020 2021 2022 2023 2024 Today Please refer to endnotes slides for additional important information. GCM GROSVENOR
Slide 82: We Are a Central Capital Provider to Private Equity Ecosystem
WE ARE A CENTRAL CAPITAL PROVIDER TO PRIVATE EQUITY ECOSYSTEM PRIMARIES Our Strategic Advantage: • 19 professionals Access to top private equity $40B+ • $28B in commitments In Commitments • $19.1B in AUM investments from relationships built over decades CO-INVESTMENTS 530+ • 19 professionals Identif
Slide 83: We Are a Core Part of Our Clients' Private Equity Allocation
WE ARE A CORE PART OF OUR CLIENTS’ PRIVATE EQUITY ALLOCATION We Work With Clients of All Sizes With All Different Needs Through Various Modes Clients by Total Assets (by AUM) Program Focus (by AUM) Client Solution • Diversified or completion strategies • Middle-market programs • Co-investment strate
Slide 84: Many Ways to Work With Clients in Private Equity
MANY WAYS TO WORK WITH CLIENTS IN PRIVATE EQUITY Customized Separate Accounts Specialized Funds • $26B Private Equity CSA AUM • GSF Franchise: GSF IV held first close in 3Q’25 • Approximately 85% Private Equity re-up rate1 (GSF I-III commitments total $1.9B) • GCF Franchise: GCF I-IV commitments tot
Slide 85: Our Private Equity Primary Fund Strategy
OUR PRIVATE EQUITY PRIMARY FUND STRATEGY How We Capture the Opportunity PE PRIMARY FUND COMMITMENTS BY MARKET SEGMENT1 Broad based of sponsor relationships LOWER MIDDLE MARKET 66% MIDDLE MARKET 19% 3,000+ private equity primary funds tracked3 LARGE CAP 15% Fewer, better sponsors: sponsor selection i
Slide 86: Our Private Equity Co-Investment Strategy
OUR PRIVATE EQUITY CO-INVESTMENT STRATEGY Co-Investment Benefits How We Capture the Opportunity Fee efficiency • Targeted exposures • Accelerate deployment Middle-market expertise >70% of co-investments are middle-market buyout2 Differentiated Strategy • Negotiate co-investment rights alongside our
Slide 87: Our Private Equity Secondary Strategy
OUR PRIVATE EQUITY SECONDARY STRATEGY Secondary Benefits How We Capture the Opportunity Diversfication • Reduce J-curve • Accelerate deployment Focus on transactions where we have information advantages from primary investments or sponsor relationships 1,200+ fund investments leveraged for sourcing
Slide 88: Our Private Equity Seeding Strategy
OUR PRIVATE EQUITY SEEDING STRATEGY Seeding Benefits How We Capture the Opportunity High-return potential • Capacity rights • Co-investments Provide significant anchor commitments, co-investment capital, and working capital $100M average investment Differentiated Strategy • Leading presence in the e
Slide 89: Case Study | Long-Standing Sponsor Relationship
CASE STUDY | LONG-STANDING SPONSOR RELATIONSHIP Our Relationship With TSG Has Grown and Evolved TSG Consumer Partners (“TSG”) • Inception: 1986 First investment was to TSG III › One of only a few institutional investors who have allocated capital • AUM: $14.3B to them since 2002 › Maintain allocatio
Slide 90: We Can Continue to Scale Direct-Oriented Investments
WE CAN CONTINUE TO SCALE DIRECT-ORIENTED INVESTMENTS AUM by Investment Type ($B) $31.7 We Can Continue to Clients increasingly recognizing $0.8 Scale Private Equity the value of co-investments, $2.6 secondaries, and seeding Our co-investment sourcing consistently $22.8 40% generates more high-qualit
Slide 91: Our Private Equity Business Is Positioned to Grow and Shift
OUR PRIVATE EQUITY BUSINESS IS POSITIONED TO GROW AND SHIFT $45B+ GROWTH DRIVERS Market Drivers Business Drivers $31.7B • Large investable universe • CSA growth through re-ups, in the middle market cross sell, and new clients • Growing client interest in • Scale Specialized Fund co-investments and f
Slide 92: Real Estate
Real Estate Peter Braffman Managing Director, Real Estate GCM GROSVENOR |
Slide 93: Key Messages
KEY MESSAGES PROVIDE STRATEGIC ORIGINATION FUELED A DIFFERENTIATED A VALUE-ADD REAL CAPITAL TO BY PLATFORM CLIENT RETURN ESTATE INVESTOR PLATFORM PARTNERS PARTNERS EXPERIENCE Focus on niche Provide growth capital to Our network of platform Clients receive both sub-sectors of the platform partners in
Slide 94: Our Real Estate Investment Platform
OUR REAL ESTATE INVESTMENT PLATFORM Our Real Estate AUM Growth ($B) $6.6B AUM 17% $6.6 20+ $5.5 CAGR $6.1 $5.9 Clients $4.0 $2B $3.2 Dry Powder 15 Investment 2020 2021 2022 2023 2024 Today Professionals Please refer to endnotes slides for additional important information. GCM GROSVENOR | 94
Slide 95: Shifting Towards Direct Investing
SHIFTING TOWARDS DIRECT INVESTING % of Capital Deployed Each Year by Investment Type Primary Funds Direct Investments 100% 5% We shifted our Real Capital Deployed by Investment Type (%) 18% 37% 24% Estate business 80% 43% towards direct 64% 76% investments given the 60% 81% 84% 89% 86% 88% benefits
Slide 96: Shifting Towards Direct Investing...Has Accelerated Growth
SHIFTING TOWARDS DIRECT INVESTING…HAS ACCELERATED GROWTH Primary Funds Direct Investments AUM 100% $8 5% The shift towards Capital Deployed by Investment Type (%) 18% 37% 24% direct investments 80% 43% $6 been embraced by 64% 76% our clients and 60% AUM ($B) 81% 84% 89% 86% 88% driven significant $4
Slide 97: We Invest in the Underpenetrated Real Estate Markets
WE INVEST IN THE UNDERPENETRATED REAL ESTATE MARKETS 1 Why Middle Market: 2 Why Niche Sub-Sectors • Greater liquidity • Greater arbitrage More fragmented, undercapitalized, and less capital-intensive assets • More fragmentation • Outperformance Residential Industrial • Affordable / attainable housin
Slide 98: Our Edge | Early Strategic Capital to Platform Partnerships
OUR EDGE | EARLY STRATEGIC CAPITAL TO PLATFORM PARTNERSHIPS Our Approach: Platform Partners (e.g., operating partners, fundless sponsor, developers, joint venture partners, etc. ) • Provide strategic capital to platform partners early in their lifecycle • Access middle-market real estate assets Real
Slide 99: Platform Partnerships Drive Origination
PLATFORM PARTNERSHIPS DRIVE ORIGINATION What We Do 1. Strategic capital to middle-market real estate platform partners 2. Platforms show us all their sourced investments 3. Selectively invest directly in the assets Diligence All Investments Platform Partnerships Invest at the Asset Level Asset 1 Pla
Slide 100: Platform Partnership Network Generates Scaled and Diversified Investment Sourcing
PLATFORM PARTNERSHIP NETWORK GENERATES SCALED AND DIVERSIFIED INVESTMENT SOURCING Current Portfolio 29 1,100+ 50+ $5B+ is Well Diversified active platform properties acquired / sub-property identified partnerships loans originated types investment pipeline Capital Stack Geography Property Type Drivi
Slide 101: Many Ways to Work With Clients in Real Estate
MANY WAYS TO WORK WITH CLIENTS IN REAL ESTATE Customized Separate Accounts Specialized Funds • Flagship diversified program • Launched first Real Estate Specialized Fund in 3Q’25 o Access a pro-rata share of all investments seen in our open architecture strategy • Extends proven investment strategy
Slide 102: Our Real Estate Business Is Positioned to Grow
OUR REAL ESTATE BUSINESS IS POSITIONED TO GROW GROWTH DRIVERS $13B+ Market Drivers Business Drivers • Real estate is the largest • Spent the last five years addressable market in the world building a highly scalable origination engine 2X • Clients desire to get closer • Capital base is growing $6.6B
Slide 103: Financial Overview & Outlook
Financial Overview & Outlook Pam Bentley Chief Financial Officer GCM GROSVENOR |
Slide 104: Key Messages
KEY MESSAGES CLEAR EARNINGS GROWTH CONTINUED MARGIN UPSIDE FROM INCREASING CASH TRAJECTORY EXPANSION INCENTIVE FEES FLOW GENERATION Management Driving margin Unlocking meaningful Optimizing strong and fee-centric business expansion through earnings upside with growing cash flow creates predictable s
Slide 105: Strong Financial Performance Since Going Public
STRONG FINANCIAL PERFORMANCE SINCE GOING PUBLIC Fee-Paying AUM ($B) Fee-Related Earnings ($M) Private Markets Absolute Return $69.1 $177 Key Drivers +33% +86% $51.9 $23.6 (2)% $95 $44B of capital raising $24.1 since 2020 $45.5 +64% $27.8 Growing Private Markets Dec 31, 2020 June 30, 2025 2020 LTM bu
Slide 106: Our Business Model Is Predictable, Scalable, and Has Upside
OUR BUSINESS MODEL IS PREDICTABLE, SCALABLE, AND HAS UPSIDE Maximizing Embedded Core Growth + Scalability Shareholder Value Management Fee-Centric Business Scalable Platform Fundraising • Highly recurring, diversified, • 44% LTM fee-related earnings and growing revenues margin with room to grow • Ma
Slide 107: Technology Drives Client Value and Business Scalability
TECHNOLOGY DRIVES CLIENT VALUE AND BUSINESS SCALABILITY Investment Selection and Superior, Customizable Scalable Operations Portfolio Management Client Experience Backbone • DealCloud tracks thousands of • ClientScope – our proprietary client • Canoe Intelligence partnership opportunities facing tec
Slide 108: Management Fee-Centric and Scalable Business
MANAGEMENT FEE-CENTRIC AND SCALABLE BUSINESS Management Fee Centricity1 Fee-Related Revenue and Expenses Breakdown of FRR by fee-related expenses and margin ($M) 82% 79% 92% 91% 83% 84% $407 Management-fee-driven earnings ($M) $393 $361 $366 $347 $310 $431 $466 $479 $129 $140 $166 $177 44% $397 $72
Slide 109: Shift Towards Private Markets Provides More Predictable Growth
SHIFT TOWARDS PRIVATE MARKETS PROVIDES MORE PREDICTABLE GROWTH Private Markets AUM ($B) $61.0 Stronger, More Predictable Growth +12% $36.7 CAGR 71% Long-duration Private Markets programs 59% of AUM generate stable, recurring management fees of AUM Dec 31, 2020 June 30, 2025 Fee base is typically inv
Slide 110: Fundraising to Fee-Paying AUM
FUNDRAISING TO FEE-PAYING AUM FUNDRAISING FEE BASE COMMITTED: Pays fees $4B on the full commitment Directly Fundraising to NAV: Pays fees on the net into FPAUM FPAUM asset value $9B FPAUM Raised in the trailing 12-month period, $5B INVESTED: Activate fees as capital is deployed Adds to Converts as e
Slide 111: Key Factors Driving Fee-Related Revenue Growth
KEY FACTORS DRIVING FEE-RELATED REVENUE GROWTH Management-Fee-Driven Earnings ($M) CNYFPAUM Compounding Conversion ARS FPAUM New Fundraising with Performance Less Distributions $8.7B CNYFPAUM current balance Flat net ARS flows over $407 the long term Current CNYFPAUM Approx. 40-50% of represents $45
Slide 112: Meaningful Earnings Upside From Incentive Fees
MEANINGFUL EARNINGS UPSIDE FROM INCENTIVE FEES Growing Incentive Fee Earnings Power Two Incentive Fee Revenue Streams AUM ($B) $86 Unrealized Carried Interest Annual ($M) Performance Fees $909 72% $62 of AUM $458 + $14B $62 64% of AUM $40 $395 $32M of new carried Run-rate annual interest eligible AU
Slide 113: Where We're Going | Compounding Value and Returning Capital
WHERE WE’RE GOING | COMPOUNDING VALUE AND RETURNING CAPITAL Fee-Related Earnings Adjusted Net Income Per Share1 ($M) 2X $280 + Increasing Quarterly >2X $1.20 + Dividend2 by 9% to $140 $0.55 $0.12 Per Share 2023 2028F 2023 2028F COMPOUNDING FRE EARNINGS UPSIDE • Many ways to win with clients • Clear
Slide 114: Closing Remarks
Closing Remarks Michael Sacks Board Chairman, Chief Executive Officer GCM GROSVENOR |
Slide 115: Key Messages
KEY MESSAGES • Ability to grow • We will continue to • Built-in growth in core scale business • White space • We will continue to invest in our people • Increasing margins and our technology • Great team • We will continue to stay disciplined and • Strong client value proposition aligned GCM GROSVEN
Slide 116: Q&A
Q&A GCM GROSVENOR |
Slide 117: Presenter Bios
Presenter Bios GCM GROSVENOR |
Slide 118: Presenter Bios
PRESENTER BIOS Mr. Sacks is GCM Grosvenor’s Board Chairman and Chief Executive Officer. Mr. Sacks joined GCM Grosvenor in 1990 and was named CEO in 1994. Under his leadership, GCM Grosvenor grew from its position as an early participant in a cottage industry to its current position as one of the lar
Slide 119: Presenter Bios
PRESENTER BIOS Mr. Levin joined GCM Grosvenor in 2011, became its President in 2017 and has served as a member of its Board since November 2020. Mr. Levin, in addition to his managerial responsibilities, serves on a number of the firm’s Investment Committees. Prior to joining GCM Grosvenor, Mr. Levi
Slide 120: Presenter Bios
PRESENTER BIOS Mr. Pollock is the firm’s Chief Investment Officer and is responsible for managing all investment-related activities for the firm. He is also a leader in co-investment and direct investing within our credit strategies, and serves on all of the firm’s Investment Committees. Prior to jo
Slide 121: Presenter Bios
PRESENTER BIOS Mr. Richter is Chair of the Absolute Return Strategies Investment Committee, Co-Head of Absolute Return Strategies Research, and sits on the Investment Committee for GCM Grosvenor’s Belmont Harbor Strategy. Mr. Richter also serves on the Sustainability Committee, and is a member of th
Slide 122: Presenter Bios
PRESENTER BIOS Mr. McMillan is Head of Credit Research, leading our team focused on primary and secondary investing within our credit strategies. Mr. McMillan is based in the London office. Prior to joining GCM Grosvenor, he worked at credit fund BlueMountain Capital where he was Head of Fund Manage
Slide 123: Presenter Bios
PRESENTER BIOS Mr. Litman is a member of the Infrastructure Advantage Investment Committee, Real Assets Investment Committee and also serves on the Sustainability Committee. He focuses on diversified infrastructure investments and is located in our New York office. Prior to joining GCM Grosvenor, Mr
Slide 124: Presenter Bios
PRESENTER BIOS Mr. Yancovich is a member of the Private Equity Investment Committee and serves on the Sustainability Committee. Mr. Yancovich is a leader of the firm’s private equity practice and is involved in deal sourcing and investment underwriting activities. Prior to joining GCM Grosvenor, Mr.
Slide 125: Presenter Bios
PRESENTER BIOS Mr. Braffman is a member of the Real Assets Investment Committee and the Infrastructure Advantage Investment Committee. He leads the firm’s real estate practice and is responsible for managing investment activities, product development, and growth. Prior to joining GCM Grosvenor, Mr.
Slide 126: Presenter Bios
PRESENTER BIOS Ms. Bentley is the firm’s Chief Financial Officer and is a member of the firm’s Operations Committee. She is responsible for managing the financial functions of the firm including overseeing activities related to corporate and fund accounting, treasury and cash management, financial p
Slide 127: Presenter Bios
PRESENTER BIOS Ms. Selinger is the firm’s Head of Investor Relations, with responsibility for leading the firm’s engagement with public investors and the equity research community. She also manages the firm’s marketing, corporate communications, and client service functions. In addition to her prima
Slide 128: Endnotes
Endnotes GCM GROSVENOR |
Slide 129: Endnotes
ENDNOTES All data is as of, or for the period, ended June 30, 2025, unless otherwise noted. Employee data as of July 1, 2025. Individuals with dual responsibilities are counted only once. Fundraising data as of September 30, 2025, unless otherwise noted. All returns presented are gross of GCM level
Slide 130: Endnotes: Company Strategy & Overview
ENDNOTES: COMPANY STRATEGY & OVERVIEW Decades Long Track Record of Evolution and Innovation 1. Since December 31, 2014. Who We Are | Leader in the Growing Alternatives Ecosystem 1. Credit investments overlap with investments in other strategies. Who We Are | High Client Satisfaction and Loyalty 1. B
Slide 131: Endnotes: Company Strategy & Overview (Continued)
ENDNOTES: COMPANY STRATEGY & OVERVIEW (CONTINUED) Where We’re Going | Compounding Value and Returning Capital Note: For illustrative purposes only. Not a guarantee of future performance. 1. 2028F Adjusted Net Income assumes run-rate performance fees and a normalized realization environment. Adjusted
Slide 132: Endnotes: Value Proposition for Clients
ENDNOTES: VALUE PROPOSITION FOR CLIENTS Our Industry | We Benefit From Industry Tailwinds Note: For illustrative purposes only. Not a guarantee of future performance. 1. Source: Preqin Investor Outlook: Alternative Assets, H1 2025. 2. Source: Preqin, Future of Alternatives 2029. Case Study | Buildin
Slide 133: Endnotes: Value Proposition for Clients (Continued)
ENDNOTES: VALUE PROPOSITION FOR CLIENTS (CONTINUED) New Institutional Client Acquisition 1. New institutional clients between January 1, 2020– June 30, 2025 2. Other includes asset managers, healthcare, amongst others. Individual Investors | Early Innings of Adoption Note: For illustrative purposes
Slide 134: Endnotes: Investment Platform
ENDNOTES: INVESTMENT PLATFORM Delivering Strong Risk-Adjusted Returns for Clients 1. Performance through period ending March 31, 2025. • Private Equity: Reflects primary fund investments since 2000. Excludes certain Private Markets credit fund investments outside of private equity programs. GCM Gros
Slide 135: Endnotes: Investment Platform (Continued)
ENDNOTES: INVESTMENT PLATFORM (CONTINUED) Infrastructure Note: For illustrative purposes only. Not a guarantee of future performance. 1. Returns as of March 31, 2025. Reflects Infrastructure investments since 2009, when we formalized our global approach and launched the first Infrastructure Speciali
Slide 136: Endnotes: Absolute Return Strategies
ENDNOTES: ABSOLUTE RETURN STRATEGIES A Core Client Allocation, Delivering Strong Returns 1. GCMLP Diversified Multi-Strategy Composite Returns through June 30, 2025. The composite presents the aggregated performance of all single- or related-client customized, broadly diversified, U.S. dollar-denomi
Slide 137: Endnotes: Credit
ENDNOTES: CREDIT Our Credit Investment Platform 1. Credit investments overlap with investments in other strategies. Clients Are Evolving and Diversifying Credit Portfolios Note: For illustrative purposes only. Not a guarantee of future performance. 1. Source: Apollo Global Management, Leading with P
Slide 138: Endnotes: Infrastructure
ENDNOTES: INFRASTRUCTURE Infrastructure is a Growing Asset Class Note: For illustrative purposes only. Not a guarantee of future performance. 1. Source: McKinsey. The Infrastructure Moment. September 9, 2025. 2. Source: Preqin Investor Outlook: Alternative Assets, H1 2025. Broad Sourcing Creates Hig
Slide 139: Endnotes: Private Equity
ENDNOTES: PRIVATE EQUITY Many Ways to Work with Clients in Private Equity Note: For illustrative purposes only. Not a guarantee of future performance. 1. Re-up % for Private Equity Customized Separate Accounts from January 1, 2018 through June 30, 2025. 2. Fundraising as of June 30, 2025. Based on l
Slide 140: Endnotes: Private Equity (Continued)
ENDNOTES: PRIVATE EQUITY (CONTINUED) Case Study | Long-Standing Sponsor Relationship All data on slide is as of, or for the period ended, March 31, 2025. We Can Continue to Scale Direct-Oriented Investments Note: For illustrative purposes only. Not a guarantee of future performance. 1. Represents av
Slide 141: Endnotes: Real Estate
ENDNOTES: REAL ESTATE Shifting Towards Direct Investing Data included as of December 31 of each respective year, except 1H’25, which is as of June 30, 2025. Shifting Towards Direct Investing…Has Accelerated Growth Data included as of December 31 of each respective year, except 1H’25, which is as of
Slide 142: Endnotes: Financial Overview & Outlook
ENDNOTES: FINANCIAL OVERVIEW & OUTLOOK Strong Financial Performance Since Going Public 1. Adjusted EBITDA and Adjusted Net Income Per Share are non-GAAP financial measures. See GAAP to Non-GAAP Reconciliations section for the reconciliations of our non-GAAP financial measures to the most comparable
Slide 143: Supplemental Information
Supplemental Information GCM GROSVENOR |
Slide 144: GAAP Statements of Income
GAAP STATEMENTS OF INCOME 2020 2024 2025 FY’20 FY’24 1H’25 Revenues Management fees $310,745 $401,648 $211,239 Incentive fees 111,650 106,237 31,326 Other operating income 7,586 6,127 2,938 Total operating revenues 429,981 514,012 245,503 Expenses Employee compensation and benefits 388,465 336,236 1
Slide 145: GAAP Statements of Income (Continued)
GAAP STATEMENTS OF INCOME (CONTINUED) 2020 2024 2025 FY’20 FY’24 1H’25 Earnings (loss) per share of Class A common stock: Basic $0.10 $0.42 $0.33 Diluted $(0.58) $0.03 $0.07 Weighted average shares of Class A common stock outstanding: Basic (in millions) 40.0 44.7 48.4 Diluted (in millions) 184.2 19
Slide 146: GAAP Balance Sheet
GAAP BALANCE SHEET 2020 2024 2025 FY’20 FY’24 1H’25 Assets Cash and cash equivalents $198,146 $89,454 $136,334 Management fees receivable 14,524 28,387 22,696 Incentive fees receivable 69,424 58,346 20,915 Due from related parties 11,326 12,681 13,976 Investments 166,273 257,807 262,755 Premises and
Slide 147: GAAP Balance Sheet (Continued)
GAAP BALANCE SHEET (CONTINUED) 2020 2024 2025 FY’20 FY’24 1H’25 Commitments and contingencies Redeemable noncontrolling interest 115,121 - - Preferred stock, $0.0001 par value, 100,000,000 shares authorized, none issued - - - Class A common stock, $0.0001 par value, 700,000,000 authorized; 40,835,09
Slide 148: Reconciliations to Non-GAAP Metrics
RECONCILIATIONS TO NON-GAAP METRICS 2020 2024 2025 ADJUSTED PRE-TAX INCOME & ADJUSTED NET INCOME FY’20 FY’24 1H’25 Net income attributable to GCM Grosvenor Inc. $4,049 $18,695 $15,900 Plus: Net income (loss) attributable to noncontrolling interests in GCMH (112,937) 15,364 21,746 Provision (benefit)
Slide 149: Reconciliations to Non-GAAP Metrics (Continued)
RECONCILIATIONS TO NON-GAAP METRICS (CONTINUED) 2020 2024 2025 ADJUSTED EBITDA FY’20 FY’24 1H’25 Adjusted Net Income $90,963 $140,758 $67,364 Plus: Adjusted income taxes 30,321 46,919 22,454 Depreciation expense 2,314 2,007 1,503 Interest expense 23,446 24,160 11,571 Adjusted EBITDA $147,044 $213,84
Slide 150: Reconciliations to Non-GAAP Metrics (Continued)
RECONCILIATIONS TO NON-GAAP METRICS (CONTINUED) 2020 2024 2025 FEE-RELATED REVENUE FY’20 FY’24 1H’25 Total Operating Revenues $429,981 $514,012 $245,503 Less: Incentive fees (111,650) (106,237) (31,326) Fund expense reimbursement revenue, net (8,406) (14,694) (7,775) Other adjustments - - (282) Fee-
Slide 151: Reconciliations to Non-GAAP Metrics (Continued)
RECONCILIATIONS TO NON-GAAP METRICS (CONTINUED) 2023 ADJUSTED SHARES FY’23 Weighted-average shares of Class A common stock outstanding – basic (in millions) 43.2 Exchange of partnership units (in millions) 144.2 Exercise of private warrants – incremental shares under the treasury stock method (in mi
Slide 152: Reconciliations to Non-GAAP Metrics (Continued)
RECONCILIATIONS TO NON-GAAP METRICS (CONTINUED) 2020 2024 2025 COMPONENTS OF GENERAL, ADMINISTRATIVE, AND OTHER, NET FY’20 FY’24 1H’25 General, Administrative, and Other $84,631 $104,296 $53,825 Less: Transaction expenses (11,603) (6,116) (1,555) Fund reimbursement expense (8,406) (14,694) (7,929) A
Slide 153: Definitions and Additional Reference
Definitions and Additional Reference GCM GROSVENOR |
Slide 154: Certain Definitions and Use of Non-GAAP Financials and Key Performance Indicators
CERTAIN DEFINITIONS AND USE OF NON-GAAP FINANCIALS AND KEY PERFORMANCE INDICATORS Adjusted Net Income (“ANI”) is a non-GAAP measure that we present on a pre-tax and after-tax basis to evaluate our profitability. Adjusted Pre-Tax Income represents net income attributable to GCM Grosvenor Inc. includi
Slide 155: Certain Definitions (Continued)
CERTAIN DEFINITIONS (CONTINUED) Fee-Paying Assets Under Management (“FPAUM” or “Fee-Paying AUM”) is a key performance indicator we use to measure the assets from which we earn management fees. Our FPAUM comprises the assets in our Customized Separate Accounts and Specialized Funds from which we deri
Slide 156: Additional Reference
ADDITIONAL REFERENCE List of GCM Grosvenor GCM Grosvenor Critical Infrastructure Fund (CIS) – Infrastructure Diversified Investments Specialized Funds GCM Grosvenor Infrastructure Advantage Fund (IAF) – Infrastructure Direct Investments GCM Grosvenor Co-Investment Opportunities Fund (GCF) – Private
Slide 157: Additional Reference
ADDITIONAL REFERENCE PME Public Market Equivalent LTM Last Twelve Months ROR Rate of Return IRR Internal Rate of Return TVPI Total Value Paid-In: (Net Asset Value + Distributions) / (Invested Capital) RIA Registered Investment Advisor IBD Independent Broker Dealer GCM GROSVENOR | 157