Gcm Grosvenor Inc. · NASDAQ:GCMG
Gcm Grosvenor — Q4 2025 Earnings Presentation
35 slides from Gcm Grosvenor's earnings presentation, Feb 10, 2026
Slide 1: 2025 Fourth Quarter and Full Year Results
2025 Fourth Quarter and Full Year Results Earnings Presentation
Slide 2: GCM Grosvenor Reports Q4 and Full Year 2025 Results
GCM Grosvenor Reports Q4 and Full Year 2025 Results CHICAGO, February 10, 2026 – GCM Grosvenor (Nasdaq: GCMG), a leading global alternative asset management solutions provider, today reported results for the fourth fiscal quarter ended December 31, 2025. “We had a very strong Dividend GCM Grosvenor'
Slide 3: Forward Looking Statements
Forward Looking Statements THIS PRESENTATION CONTAINS CERTAIN FORWARD- Form 10-K filed by GCM Grosvenor Inc. on February 20, 2025 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: Fourth Quarter and Full Year 2025 Results
Fourth Quarter and Full Year 2025 Results • Raised $3.5 billion of new capital in the fourth quarter 2025, bringing full year 2025 fundraising to $10.7 billion, an increase of 49% compared to the prior year • Solid financial results for the quarter and year ◦ Full year 2025 GAAP Net Income attributa
Slide 5: Adjusted Earnings
Adjusted Earnings Fee-Related Earnings (mm) Adjusted EBITDA (mm) Adjusted Net Income (mm) 15% 11% $245.6 $213.8 18% $185.1 $166.4 $166.3 $140.8 166.3 140.8 2024 2025 2024 2025 2024 2025 Longer-Term Trends 67% $245.6 95% $185.1 83% $166.3 $147.0 166.3 $95.1 $91.0 91.0 2020 2025 2020 2025 2020 2025 GC
Slide 6: Growth in Key Business Drivers
Growth in Key Business Drivers December 31, 2020 December 31, 2025 Growing Earnings Power $62bn $91bn AUM Private Markets Growing as a Percentage 59% 71% Private Markets % of AUM Shifting Towards Direct- Oriented Strategies 39% 54% Direct-Oriented Strategies % of Private Markets AUM Operating Levera
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 9 553 AUM10 Headquarters Global Offices Employees11 Diversified Open Architecture Investment Platform Absolute Return Private Equity Infrastructure Real Estate Credit12 $26.8bn $32.9bn $18.7bn $7.2bn $16.8bn Co-Investments | Secondar
Slide 9: Growing and Diversifying AUM and Earnings Power
Growing and Diversifying AUM and Earnings Power AUM by Strategy (bn) 8% $90.9 CAGR $80.1 $76.9 $72.1 $73.7 $32.9 8% Private Equity $61.9 $26.2 $29.1 $29.4 $30.4 CAGR 12% Private Markets 13 $22.8 CAGR $25.9 23% $13.1 $20.6 Real Assets $16.6 $20.0 $9.2 CAGR $25.2 $26.6 $23.3 $26.8 1% $23.0 $22.4 Absol
Slide 10: Diversified Fundraising Drives Stability & Growth
Diversified Fundraising Drives Stability & Growth Diversified by Channel Diversified by Geography 42% Public Pension 12% Insurance 11% Government/Sovereign Entity 2025 56% Americas 11% Corporation 2025 Fundraising 23% APAC 8% Union Pension Fundraising 21% EMEA 6% Financial Institutions 5% Individual
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 (mm) $13,434 $61 $778 $11,682 $996 $1,265 $9,816 $1,402 $8,758 REV (RE Direct Investments) Elevate (PE Seeding) $7,402 $2,031 Adva
Slide 12: Private Markets Growth Led by Direct-Oriented Shift
Private Markets Growth Led by Direct-Oriented Shift Private Markets Assets Under Management (bn) $39bn Private Markets Fundraising since 20209 12% $64.1 CAGR $56.8 $54.5 $50.7 $45.6 $29.4 $34.4 71% $36.8 $28.3 Private Markets $24.7 $20.4 % of Total AUM $14.5 $29.7 $26.0 $26.2 $27.4 54% $25.2 $22.3 D
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% $505 $416 $466 $393 $431 $361 $366 $89 $347 $397 $73 $371 $385 $310 44% $83 $
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 Q4 2025 +$904 ($350) 149 programs with un
Slide 15: Significant Embedded Value From Incentive Fees
Significant Embedded Value From Incentive Fees Incentive Fee Revenue has Been Muted ...and Incentive Fee Earnings Power Despite Growth in Unrealized Carry... is Growing with Shift Towards Direct-Oriented Strategies Unrealized Carried Interest vs Gross Incentive Fees (mm) AUM Subject to Incentive Fee
Slide 16: Other Key Items
Other Key Items • During the quarter ended December 31, 2025, approximately $116 million in cash was received from the exercise of warrants, resulting in the issuance of 10.1 million Class A shares at $11.50 per share. • GCM Grosvenor repurchased 2.8 million shares of Class A common stock for $30.7
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 TWELVE MONTHS ENDED DEC 31, 2024 DEC 31, 2025 DEC 31, 2024 DEC 31, 2025 Revenues Management fees $ 107,383 $ 108,637 $ 401,648 $ 425,792 Incentive fees 56,778 66,705 106,237 123,502 Other operating
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 TWELVE MONTHS ENDED ADJUSTED EBITDA DEC 31, 2024 DEC 31, 2025 DEC 31, 2024 DEC 31, 2025 Revenues Private markets strategies3 $ 66,258 $ 63,609 $ 238,546 $ 252,798 Absolute return strat
Slide 20: GAAP Balance Sheets
GAAP Balance Sheets $000, except per share amounts and where otherwise noted DEC 31, 2024 DEC 31, 2025 Assets Cash and cash equivalents $ 89,454 $ 242,116 Management fees receivable 28,387 23,937 Incentive fees receivable 58,346 73,860 Due from related parties 12,681 14,606 Investments 257,807 275,3
Slide 21: Components of GAAP Employee Compensation and Benefits
Components of GAAP Employee Compensation and Benefits $000 THREE MONTHS ENDED TWELVE MONTHS ENDED DEC 31, 2024 SEP 30, 2025 DEC 31, 2025 DEC 31, 2024 DEC 31, 2025 Fee-Related Earnings Compensation Cash-based employee compensation and benefits, net23 $ 34,966 $ 37,466 $ 34,913 $ 147,045 $ 147,610 Inc
Slide 22: Reconciliation to Non-GAAP Metrics
Reconciliation to Non-GAAP Metrics $000 THREE MONTHS ENDED TWELVE MONTHS ENDED NET INCENTIVE FEES ATTRIBUTED TO GCM GROSVENOR DEC 31, 2024 SEP 30, 2025 DEC 31, 2025 DEC 31, 2024 DEC 31, 2025 Incentive fees: Performance fees $ 42,245 $ 1,342 $ 61,652 $ 55,323 $ 68,245 Carried interest 14,533 24,129 5
Slide 23: Reconciliation to Non-GAAP Metrics
Reconciliation to Non-GAAP Metrics $000 THREE MONTHS ENDED TWELVE MONTHS ENDED ADJUSTED PRE-TAX INCOME & ADJUSTED NET INCOME DEC 31, 2024 SEP 30, 2025 DEC 31, 2025 DEC 31, 2024 DEC 31, 2025 Net income attributable to GCM Grosvenor Inc. $ 7,615 $ 10,495 $ 18,976 $ 18,695 $ 45,371 Plus: Net income att
Slide 24: Reconciliation to Non-GAAP Metrics
Reconciliation to Non-GAAP Metrics $000 THREE MONTHS ENDED TWELVE MONTHS ENDED ADJUSTED EBITDA DEC 31, 2024 SEP 30, 2025 DEC 31, 2025 DEC 31, 2024 DEC 31, 2025 Adjusted Net Income $ 52,726 $ 37,233 $ 61,743 $ 140,758 $ 166,340 Plus: Adjusted income taxes5 18,043 12,411 18,529 46,919 53,394 Depreciat
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 TWELVE MONTHS ENDED ADJUSTED SHARES DEC 31, 2024 SEP 30, 2025 DEC 31, 2025 DEC 31, 2024 DEC 31, 2025 Weighted-average shares of Class A common stock outstanding - basic 45.2 53
Slide 26: Change in FPAUM and AUM
Change in FPAUM and AUM Three Months Ended December 31, 2025 PRIVATE MARKET ABSOLUTE RETURN CONTRACTED $mm STRATEGIES STRATEGIES TOTAL FPAUM NOT YET FPAUM TOTAL AUM Fee-Paying AUM Beginning of Period (October 1, 2025) $ 46,245 $ 23,942 $ 70,187 $ 9,213 $ 86,995 Contributions from CNYFPAUM 984 44 1,0
Slide 27: Management Fee Detail
Management Fee Detail3 $000 THREE MONTHS ENDED TWELVE MONTHS ENDED MANAGEMENT FEES DEC 31, 2024 SEP 30, 2025 DEC 31, 2025 DEC 31, 2024 DEC 31, 2025 Private Markets Specialized Funds30 $ 31,175 $ 25,987 $ 26,997 $ 99,413 $ 109,691 Average Fee Rate31 0.83 % 0.81 % 0.79 % 0.83 % 0.81 % Customized Separ
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 Investments33 $ 14,899 $ 16,784 $ 27,881 $ 2,489 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 Investments33 $ 27,127 $ 25,922 $ 31,337 $ 10,947 1.63 12
Slide 30: Absolute Return Strategies Performance
Absolute Return Strategies Performance AS OF THREE MONTHS ANNUALIZED RETURNS PERIODS ENDED DEC 31, 2025 DEC 31, 2025 ENDED SINCE DEC 31, 2025 ONE YEAR THREE YEAR FIVE YEAR INCEPTION Assets Under Management (bn) Gross Net Gross Net Gross Net Gross Net Gross Net Absolute Return Strategies $ 26.8 4.9 %
Slide 31: Notes
Notes Data in the presentation is as of December 31, 2025 unless otherwise noted. 1. Represents consolidated view, including all NCI and compensation related awards. 2. Of the $10.4 billion CNYFPAUM as of December 31, 2025, approximately $2.1 billion is subject to an agreed upon fee ramp in schedule
Slide 32: Notes (Continued)
Notes (Continued) 24. General, administrative and other, net is comprised of the following: $000 THREE MONTHS ENDED TWELVE MONTHS ENDED COMPONENTS OF GENERAL, ADMINISTRATIVE AND OTHER, NET DEC 31, 2024 DEC 31, 2025 DEC 31, 2024 DEC 31, 2025 General, administrative and other $ (26,336) $ (26,255) $ (
Slide 33: 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 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 and Key Performance Indicators (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