Gcm Grosvenor Inc. · NASDAQ:GCMG
Gcm Grosvenor — Q3 2025 Earnings Presentation
35 slides from Gcm Grosvenor's earnings presentation, Nov 5, 2025
Slide 1: 2025 Third Quarter Results
2025 Third Quarter Results Earnings Presentation
Slide 2: GCM Grosvenor Reports Q3 2025 Results
GCM Grosvenor Reports Q3 2025 Results CHICAGO, November 5, 2025 – GCM Grosvenor (Nasdaq: GCMG), a leading global alternative asset management solutions provider, today reported results for the third fiscal quarter ended September 30, 2025. “Our strong results in the third quarter reflect Dividend GC
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: Third Quarter 2025 Results
Third Quarter 2025 Results • Raised $9.5 billion over the last twelve months, an increase of 52% compared to the prior year twelve-month period ◦ Raised $1.9 billion of new capital in the third quarter 2025 and $7.2 billion year-to-date, an increase of 49% compared to prior year- to-date • Third qua
Slide 5: Adjusted Earnings
Adjusted Earnings Fee-Related Earnings (mm) Adjusted EBITDA (mm) Adjusted Net Income (mm) 17% 15% $158.9 $135.3 $136.2 19% $117.2 $104.6 $88.0 104.6 88.0 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 Longer-Term Trends 61% $236.6 94% $184.5 73% $157.3 $147.0 157.3 $95.1 $91.0 91.0 2020 LTM 2
Slide 6: Growth in Key Business Drivers
Growth in Key Business Drivers December 31, 2020 September 30, 2025 Growing Earnings Power $62bn $87bn AUM Private Markets Growing as a Percentage 59% 71% Private Markets % of AUM Shifting Towards Direct- Oriented Strategies 39% 53% Direct-Oriented Strategies % of Private Markets AUM Operating Lever
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 $3.7
Slide 8: GCM Grosvenor: Central to the Alternatives Ecosystem
GCM Grosvenor: Central to the Alternatives Ecosystem $87bn Chicago 9 565 AUM10 Headquarters Global Offices Employees11 Diversified Open Architecture Investment Platform Absolute Return Private Equity Infrastructure Real Estate Credit12 $25.3bn $31.3bn $18.1bn $6.6bn $16.6bn Co-Investments | Secondar
Slide 9: Growing and Diversifying AUM and Earnings Power
Growing and Diversifying AUM and Earnings Power AUM by Strategy (bn) 7% CAGR $87.0 $80.1 $76.9 $72.1 $73.7 $31.3 7% Private Equity $61.9 $26.2 $29.1 $29.4 $30.4 CAGR 12% Private Markets 13 $22.8 CAGR $24.6 23% $13.1 $20.6 Real Assets $16.6 $20.0 $9.2 CAGR $25.2 $26.6 $23.3 $25.3 0% $23.0 $22.4 Absol
Slide 10: Diversified Fundraising Drives Stability & Growth
Diversified Fundraising Drives Stability & Growth Diversified by Channel Diversified by Geography 31% Public Pension 16% Union Pension 14% Insurance 53% Americas LTM 10% Corporation LTM 25% EMEA Fundraising 10% Government/Sovereign Entity Fundraising 22% APAC 7% Individual Investor 7% Financial Inst
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) $13,074 $61 $778 $11,682 $983 $9,816 $1,251 $8,758 $1,402 REV (RE Direct Investments) Elevate (PE Seeding) $7,402 Advance (PE
Slide 12: Private Markets Growth Led by Direct-Oriented Shift
Private Markets Growth Led by Direct-Oriented Shift Private Markets Assets Under Management (bn) $37bn Private Markets Fundraising since 20209 12% $61.7 CAGR $56.8 $54.5 $50.7 $45.6 $29.4 $32.9 71% $36.8 $28.3 Private Markets $24.7 $20.4 % of Total AUM $14.5 $27.4 $28.8 $26.0 $26.2 53% $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% 84% $416 $488 $393 $466 $361 $366 $431 $72 $347 $385 $397 $73 44% $371 $310 $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 Q3 2025 +$891 ($345) 144 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 • $86 million remained in the approved share and warrant repurchase program as of September 30, 2025. ◦ GCM Grosvenor was deemed to have repurchased $0.8 million of Class A common stock during the quarter ended September 30, 2025. • GCM Grosvenor's Board of Directors approved a $0.12
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 NINE MONTHS ENDED SEP 30, 2024 SEP 30, 2025 SEP 30, 2024 SEP 30, 2025 Revenues Management fees $ 98,537 $ 105,916 $ 294,265 $ 317,155 Incentive fees 23,304 25,471 49,459 56,797 Other operating incom
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 NINE MONTHS ENDED ADJUSTED EBITDA SEP 30, 2024 SEP 30, 2025 SEP 30, 2024 SEP 30, 2025 Revenues Private markets strategies3 $ 57,904 $ 62,116 $ 172,288 $ 189,189 Absolute return strateg
Slide 20: GAAP Balance Sheets
GAAP Balance Sheets $000, except per share amounts and where otherwise noted DEC 31, 2024 SEP 30, 2025 Assets Cash and cash equivalents $ 89,454 $ 182,749 Management fees receivable 28,387 23,541 Incentive fees receivable 58,346 17,606 Due from related parties 12,681 14,913 Investments 257,807 268,9
Slide 21: Components of GAAP Employee Compensation and Benefits
Components of GAAP Employee Compensation and Benefits $000 THREE MONTHS ENDED NINE MONTHS ENDED SEP 30, 2024 JUN 30, 2025 SEP 30, 2025 SEP 30, 2024 SEP 30, 2025 Fee-Related Earnings Compensation Cash-based employee compensation and benefits, net22 $ 36,989 $ 37,134 $ 37,466 $ 112,079 $ 112,697 Incen
Slide 22: Reconciliation to Non-GAAP Metrics
Reconciliation to Non-GAAP Metrics $000 THREE MONTHS ENDED NINE MONTHS ENDED NET INCENTIVE FEES ATTRIBUTED TO GCM GROSVENOR SEP 30, 2024 JUN 30, 2025 SEP 30, 2025 SEP 30, 2024 SEP 30, 2025 Incentive fees: Performance fees $ 2,745 $ 1,433 $ 1,342 $ 13,078 $ 6,593 Carried interest 20,559 14,825 24,129
Slide 23: Reconciliation to Non-GAAP Metrics
Reconciliation to Non-GAAP Metrics $000 THREE MONTHS ENDED NINE MONTHS ENDED ADJUSTED PRE-TAX INCOME & ADJUSTED NET INCOME SEP 30, 2024 JUN 30, 2025 SEP 30, 2025 SEP 30, 2024 SEP 30, 2025 Net income attributable to GCM Grosvenor Inc. $ 4,156 $ 15,437 $ 10,495 $ 11,080 $ 26,395 Plus: Net income (loss
Slide 24: Reconciliation to Non-GAAP Metrics
Reconciliation to Non-GAAP Metrics $000 THREE MONTHS ENDED NINE MONTHS ENDED ADJUSTED EBITDA SEP 30, 2024 JUN 30, 2025 SEP 30, 2025 SEP 30, 2024 SEP 30, 2025 Adjusted Net Income $ 31,434 $ 32,090 $ 37,233 $ 88,032 $ 104,597 Plus: Adjusted income taxes5 10,311 10,696 12,411 28,876 34,865 Depreciation
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 NINE MONTHS ENDED ADJUSTED SHARES SEP 30, 2024 JUN 30, 2025 SEP 30, 2025 SEP 30, 2024 SEP 30, 2025 Weighted-average shares of Class A common stock outstanding - basic 45.2 51.1
Slide 26: Change in FPAUM and AUM
Change in FPAUM and AUM Three Months Ended September 30, 2025 PRIVATE MARKET ABSOLUTE RETURN CONTRACTED $mm STRATEGIES STRATEGIES TOTAL FPAUM NOT YET FPAUM TOTAL AUM Fee-Paying AUM Beginning of Period (July 1, 2025) $ 45,461 $ 23,612 $ 69,073 $ 8,748 $ 85,931 Contributions from CNYFPAUM 1,100 15 1,1
Slide 27: Management Fee Detail
Management Fee Detail3 $000 THREE MONTHS ENDED NINE MONTHS ENDED MANAGEMENT FEES SEP 30, 2024 JUN 30, 2025 SEP 30, 2025 SEP 30, 2024 SEP 30, 2025 Private Markets Specialized Funds29 $ 22,913 $ 24,629 $ 25,987 $ 68,238 $ 82,694 Average Fee Rate30 0.78 % 0.79 % 0.81 % 0.79 % 0.81 % Customized Separate
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 Investments32 $ 14,646 $ 16,216 $ 27,143 $ 2,238 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 Investments32 $ 26,899 $ 25,335 $ 30,576 $ 10,898 1.64 12
Slide 30: Absolute Return Strategies Performance
Absolute Return Strategies Performance AS OF THREE MONTHS NINE MONTHS ANNUALIZED RETURNS PERIODS ENDED SEP 30, 2025 SEP 30, 2025 ENDED ENDED SINCE SEP 30, 2025 SEP 30, 2025 ONE YEAR THREE YEAR FIVE YEAR INCEPTION Assets Under Management (bn) Gross Net Gross Net Gross Net Gross Net Gross Net Gross Ne
Slide 31: Notes
Notes Data in the presentation is as of September 30, 2025 unless otherwise noted. 1. Represents consolidated view, including all NCI and compensation related awards. 2. Of the $9.2 billion CNYFPAUM as of September 30, 2025, approximately $2.2 billion is subject to an agreed upon fee ramp in schedul
Slide 32: Notes (Continued)
Notes (Continued) 23. General, administrative and other, net is comprised of the following: $000 THREE MONTHS ENDED NINE MONTHS ENDED COMPONENTS OF GENERAL, ADMINISTRATIVE AND OTHER, NET SEP 30, 2024 SEP 30, 2025 SEP 30, 2024 SEP 30, 2025 General, administrative and other $ (24,617) $ (24,699) $ (77
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