Gcm Grosvenor Inc. · NASDAQ:GCMG
Gcm Grosvenor — Q1 2026 Earnings Presentation
35 slides from Gcm Grosvenor's earnings presentation, May 7, 2026
Slide 1: 2026 First Quarter Results
2026 First Quarter Results Earnings Presentation
Slide 2: GCM Grosvenor Reports Q1 2026 Results
GCM Grosvenor Reports Q1 2026 Results CHICAGO, May 7, 2026 – GCM Grosvenor (Nasdaq: GCMG), a leading global alternative asset management solutions provider, today reported results for the first fiscal quarter ended March 31, 2026. "We are pleased with Dividend our first quarter GCM Grosvenor's Board
Slide 3: Forward-Looking Statements
Forward-Looking Statements THIS PRESENTATION CONTAINS CERTAIN FORWARD- Form 10-K filed by GCM Grosvenor Inc. on February 19, 2026 LOOKING STATEMENTS within the meaning of the Private and its other filings with the U.S. Securities and Exchange Securities Litigation Reform Act of 1995, including state
Slide 4: First Quarter 2026 Results
First Quarter 2026 Results • Raised $1.5 billion of new capital in the first quarter 2026, bringing last twelve month fundraising to $9.3 billion ◦ First quarter 2026 new capital includes significant contribution from the individual investor channel • Unrealized Carried Interest exceeded $1 billion
Slide 5: Adjusted Earnings
Adjusted Earnings Fee-Related Earnings (mm) Adjusted EBITDA (mm) Adjusted Net Income (mm) 9% 6% $245.6 $224.9 12% $174.9 $185.1 $167.1 $148.8 167.1 148.8 Q1 2025 LTM Q1 2026 LTM Q1 2025 LTM Q1 2026 LTM Q1 2025 LTM Q1 2026 LTM Longer-Term Trends 67% $245.6 95% 84% $185.1 $167.1 167.1 $147.0 $95.1 $91
Slide 6: Growth in Key Business Drivers
Growth in Key Business Drivers December 31, 2020 March 31, 2026 Growing Earnings Power $62bn $91bn AUM Private Markets Growing as a Percentage 59% 70% Private Markets % of AUM Shifting Towards Direct- Oriented Strategies 39% 54% Direct-Oriented Strategies % of Private Markets AUM Operating Leverage
Slide 7: Key Long-Term Growth Drivers
Key Long-Term Growth Drivers 1. 2. 3. Scaling Core Capabilities Planting Seeds for Future Growth9 Growing Earnings Quality and Power Client Retention & Compound Capital Individual Investor Business Shifting Towards Private Markets Approximately Opportunity to 90% Grow Absolute Return Strategies $4bn
Slide 8: GCM Grosvenor: Central to the Alternatives Ecosystem
GCM Grosvenor: Central to the Alternatives Ecosystem $91bn Chicago 9 557 AUM10 Headquarters Global Offices Employees11 Diversified Open Architecture Investment Platform Absolute Return Private Equity Infrastructure Real Estate Credit12 $27.1bn $32.6bn $18.9bn $7.2bn $17.1bn Co-Investments | Secondar
Slide 9: Growing and Diversifying AUM and Earnings Power
Growing and Diversifying AUM and Earnings Power AUM by Strategy (bn) 8% CAGR $90.9 $91.5 $80.1 $76.9 $72.1 $73.7 $32.9 $32.6 7% Private Equity $61.9 $26.2 $29.1 $29.4 $30.4 CAGR 11% Private Markets 13 $22.8 CAGR $25.9 $26.1 22% $13.1 $20.6 Real Assets $16.6 $20.0 $9.2 CAGR $25.2 $26.6 $23.0 $22.4 $2
Slide 10: Diversified Fundraising Drives Stability & Growth
Diversified Fundraising Drives Stability & Growth Diversified by Channel Diversified by Geography 36% Public Pension 17% Insurance 12% Corporation LTM LTM 59% Americas 10% Government/Sovereign Entity Fundraising Fundraising 26% APAC 9% Individual Investor 15% EMEA 6% Union Pension 6% Financial Insti
Slide 11: Private Markets Specialized Fund Franchises
Private Markets Specialized Fund Franchises Scaling and Expanding Private Market Specialized Fund Franchises Cumulative selected private market specialized fund closings (bn) $14.0 $13.6 Credit $1.4 $1.3 • Diversified, Co-Investments, $11.7 Secondaries (Private credit funds)* $0.7 Real Assets $9.8 $
Slide 12: Private Markets Growth Led by Direct-Oriented Shift
Private Markets Growth Led by Direct-Oriented Shift Private Markets Assets Under Management (bn) $41bn Private Markets 11% Fundraising since 20209 CAGR $64.4 $64.1 $56.8 $54.5 $50.7 $45.6 $29.4 $34.4 $34.5 70% $36.8 $28.3 Private Markets $24.7 $20.4 % of Total AUM $14.5 $29.7 $29.9 $26.0 $26.2 $27.4
Slide 13: Management Fee-Centric and Scalable Business
Management Fee-Centric and Scalable Business Management-Fee Driven Earnings (mm) Fee-Related Revenue and Expenses Breakdown of FRR by fee-related expenses and margin (mm) Management fee centricity16 82% 79% 92% 91% 83% 81% 81% $505 $504 $416 $417 $466 $393 $431 $361 $366 $89 $87 $347 $397 $73 $371 $
Slide 14: Growing Carried Interest Earnings Power
Growing Carried Interest Earnings Power1 $ million Total carried interest continues to experience strong growth, and the firm is keeping a larger share of that carry. Unrealized Carried Interest Bridge (mm) Unrealized Carried Interest at Net Asset Value as of Q1 2026 +$967 $(357) 143 programs with u
Slide 15: Significant Embedded Value From Incentive Fees
Significant Embedded Value From Incentive Fees Muted carried interest realizations, while incentive fee earnings power continues to grow. Unrealized Carried Interest vs. AUM Subject to Incentive Fees (bn) Gross Incentive Fees (mm) 2025 Q1 2026 $1,005 2024 $949 2021 2022 2023 $836 $788 $789 $776 +10%
Slide 16: Other Key Items
Other Key Items • GCM Grosvenor repurchased 1.6 million shares of Class A common stock for $18.6 million during the quarter ended March 31, 202618. ◦ In April 2026, GCM Grosvenor repurchased $7.9 million of Class A common stock. $64 million remained in the approved share repurchase program as of May
Slide 17: Supplemental Information
Supplemental Information GCM GROSVENOR | 17
Slide 18: GAAP Statements of Income
GAAP Statements of Income $000, EXCEPT PER SHARE AMOUNTS AND WHERE OTHERWISE NOTED THREE MONTHS ENDED MAR 31, 2025 MAR 31, 2026 Revenues Management fees $ 109,315 $ 110,870 Incentive fees 15,068 11,993 Other operating income 1,463 1,915 Total operating revenues 125,846 124,778 Expenses Employee comp
Slide 19: Summary of Non-GAAP Financial Measures
Summary of Non-GAAP Financial Measures4 $000, except per share amounts and where otherwise noted THREE MONTHS ENDED ADJUSTED EBITDA MAR 31, 2025 MAR 31, 2026 Revenues Private markets strategies3 $ 66,925 $ 63,167 Absolute return strategies3 37,775 41,658 Management fees, net 104,700 104,825 Administ
Slide 20: GAAP Balance Sheets
GAAP Balance Sheets $000, except per share amounts and where otherwise noted DEC 31, 2025 MAR 31, 2026 Assets Cash and cash equivalents $ 242,116 $ 164,392 Management fees receivable 23,937 23,237 Incentive fees receivable 73,860 20,650 Due from related parties 14,606 13,834 Investments 275,313 282,
Slide 21: Components of GAAP Employee Compensation and Benefits
Components of GAAP Employee Compensation and Benefits $000 THREE MONTHS ENDED MAR 31, 2025 DEC 31, 2025 MAR 31, 2026 Fee-Related Earnings Compensation Cash-based employee compensation and benefits, net22 $ 38,097 $ 34,913 $ 37,401 Incentive Fee Related Compensation Cash-based incentive fee related c
Slide 22: Reconciliation to Non-GAAP Metrics
Reconciliation to Non-GAAP Metrics $000 THREE MONTHS ENDED NET INCENTIVE FEES ATTRIBUTED TO GCM GROSVENOR MAR 31, 2025 DEC 31, 2025 MAR 31, 2026 Incentive fees: Performance fees $ 3,818 $ 61,652 $ 5,501 Carried interest 11,250 5,053 6,492 Total Incentive Fees $ 15,068 $ 66,705 $ 11,993 Less incentiv
Slide 23: Reconciliation to Non-GAAP Metrics
Reconciliation to Non-GAAP Metrics $000 THREE MONTHS ENDED ADJUSTED PRE-TAX INCOME & ADJUSTED NET INCOME MAR 31, 2025 DEC 31, 2025 MAR 31, 2026 Net income attributable to GCM Grosvenor Inc. $ 463 $ 18,976 $ 5,467 Plus: Net income (loss) attributable to noncontrolling interests in GCMH (1,728) 38,321
Slide 24: Reconciliation to Non-GAAP Metrics
Reconciliation to Non-GAAP Metrics $000 THREE MONTHS ENDED ADJUSTED EBITDA MAR 31, 2025 DEC 31, 2025 MAR 31, 2026 Adjusted Net Income $ 35,274 $ 61,743 $ 36,009 Plus: Adjusted income taxes5 11,758 18,529 11,559 Depreciation expense 681 775 920 Interest expense 5,663 5,648 4,863 Adjusted EBITDA $ 53,
Slide 25: Reconciliation to Adjusted Net Income Per Share
Reconciliation to Adjusted Net Income Per Share $000, except per share amounts and where otherwise noted THREE MONTHS ENDED ADJUSTED SHARES MAR 31, 2025 DEC 31, 2025 MAR 31, 2026 Weighted-average shares of Class A common stock outstanding - basic (in millions) 45.6 57.4 61.0 Exchange of partnership
Slide 26: Change in FPAUM and AUM
Change in FPAUM and AUM Three Months Ended March 31, 2026 PRIVATE MARKET ABSOLUTE RETURN CONTRACTED $mm STRATEGIES STRATEGIES TOTAL FPAUM NOT YET FPAUM TOTAL AUM Fee-Paying AUM Beginning of Period (January 1, 2026) $ 47,180 $ 25,319 $ 72,499 $ 10,405 $ 90,928 Contributions from CNYFPAUM 953 24 977 C
Slide 27: Management Fee Detail
Management Fee Detail3 $000 THREE MONTHS ENDED MANAGEMENT FEES MAR 31, 2025 DEC 31, 2025 MAR 31, 2026 Private Markets Specialized Funds28 $ 32,078 $ 26,997 $ 26,073 Average Fee Rate29 0.82 % 0.79 % 0.78 % Customized Separate Accounts 34,847 36,612 37,094 Average Fee Rate 0.45 % 0.44 % 0.44 % Private
Slide 28: Private Markets Strategies Performance Metrics
Private Markets Strategies Performance Metrics Realized and Partially Realized Investments ($mm) CURRENT INVESTMENT INVESTMENT STRATEGY COMMITMENTS CONTRIBUTIONS DISTRIBUTION PME IRR PME INDEX VALUE NET TVPI NET IRR Private Equity Primary Fund Investments31 $ 15,206 $ 16,960 $ 28,247 $ 2,468 1.81 13
Slide 29: Private Markets Strategies Performance Metrics
Private Markets Strategies Performance Metrics All Investments All Investments ($($mm) million) CURRENT INVESTMENT INVESTMENT STRATEGY COMMITMENTS CONTRIBUTIONS DISTRIBUTION PME IRR PME INDEX VALUE NET TVPI NET IRR Private Equity Primary Fund Investments31 $ 27,689 $ 26,101 $ 31,597 $ 11,096 1.64 12
Slide 30: Absolute Return Strategies Performance
Absolute Return Strategies Performance AS OF THREE MONTHS ANNUALIZED RETURNS PERIODS ENDED MAR 31, 2026 MAR 31, 2026 ENDED SINCE MAR 31, 2026 ONE YEAR THREE YEAR FIVE YEAR INCEPTION Assets Under Management (bn) Gross Net Gross Net Gross Net Gross Net Gross Net Absolute Return Strategies $ 27.1 0.4 %
Slide 31: Notes
Notes Data in the presentation is as of March 31, 2026 unless otherwise noted. 1. Represents consolidated view, including all NCI and compensation related awards. 2. Of the $9.8 billion CNYFPAUM as of March 31, 2026, approximately $2.1 billion is subject to an agreed upon fee ramp in schedule that w
Slide 32: Notes (Continued)
Notes (Continued) 23. General, administrative and other, net is comprised of the following: $000 THREE MONTHS ENDED COMPONENTS OF GENERAL, ADMINISTRATIVE AND OTHER, NET MAR 31, 2025 MAR 31, 2026 General, administrative and other $ (28,276) $ (28,928) Plus: Transaction expenses 1,454 472 Fund reimbur
Slide 33: Certain Definitions and Use of Non-GAAP Financials
Certain Definitions and Use of Non-GAAP Financials and Key Performance Indicators Adjusted Net Income 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. including (a) n
Slide 34: Certain Definitions and Use of Non-GAAP Financials (Continued)
Certain Definitions and Use of Non-GAAP Financials and Key Performance Indicators (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 customi
Slide 35: Disclosures
Disclosures Non-GAAP Financial Measures The non-GAAP financial measures contained in this presentation are not GAAP measures of GCM Grosvenor’s financial performance or liquidity and should not be considered as alternatives to net income (loss) as a measure of financial performance or cash flows fro