Gcm Grosvenor Inc. · NASDAQ:GCMG
Gcm Grosvenor — Investor Presentation (2026)
51 slides from Gcm Grosvenor's investor presentation, Oct 12, 2026
Slide 1: Grosvenor Registered Multi-Strategy Fund (TI 2), LLC 1Q 2026
GROSVENOR REGISTERED MULTI-STRATEGY FUND (TI 2), LLC 1Q 2026 CONFIDENTIAL – NOT FOR REDISTRIBUTION The Notes and Disclosures following this presentation are an integral part of this presentation and must be read in connection with your review of this presentation. GCM Grosvenor® and Grosvenor® are p
Slide 2: Table of Contents
TABLE OF CONTENTS Tab A About GCM Grosvenor Tab B Grosvenor Registered Multi-Strategy Master Fund, LLC / Grosvenor Registered Multi-Strategy Fund (TI 2), LLC Tab C Absolute Return Strategies Tab D Investment Process Appendix 1 Market Outlook Appendix 2 Liquidity Schedule Appendix 3 Biographies Appen
Slide 3: About GCM Grosvenor
ABOUT GCM GROSVENOR Tab A GCM GROSVENOR | 3
Slide 4: 50+ Years of Alternatives Investing, $91B AUM
50+ YEARS $91B $64B Private Markets OF ALTERNATIVES INVESTING ASSETS UNDER $27B Absolute Return Strategies MANAGEMENT GCM Grosvenor is one of the world’s largest and most diversified independent alternative asset management firms. 1971 established firm and began investment services INFRASTRUCTURE CR
Slide 5: GCM Grosvenor Client Base
GCM GROSVENOR CLIENT BASE 80% of our largest 25 clients have added capital over the last three years. 15yrs is the ongoing relationship average we maintain with our largest 25 clients. Our Client Base is Diverse Our Client Base is Global % of AUM % of AUM PUBLIC PENSIONS 41% EMEA UNION PENSIONS 12%
Slide 6: What Are Hedge Funds?
WHAT ARE HEDGE FUNDS? Typically, private investment vehicles, often structured as limited partnerships or corporations Flexible investment mandates, often seeking to exploit market inefficiencies Differ by strategies employed, markets accessed, instruments used, and risks involved Many hedge fund fi
Slide 7: Distinguishing Features of Funds of Hedge Funds
DISTINGUISHING FEATURES OF FUNDS OF HEDGE FUNDS We believe funds of funds are an efficient way to access alternative investments. Funds of hedge funds are distinguished from other investments in the following ways: DIVERSIFICATION AND OUR VALUE-ADDED OPERATIONAL ACCESS INVESTMENT PROCESS EFFICIENCIE
Slide 8: The Power of Minimizing Negative Returns
THE POWER OF MINIMIZING NEGATIVE RETURNS Substantial negative returns make it more difficult to recover portfolio value and achieve portfolio growth. 25% Loss year 50% Loss year 33.3% return needed in year two to get back to $100. 100.0% return needed in year two to get back to $100. $100 $100 $100
Slide 9: Grosvenor Registered Multi-Strategy Master Fund / Fund (TI 2)
GROSVENOR REGISTERED MULTI- STRATEGY MASTER FUND, LLC / GROSVENOR REGISTERED MULTI- STRATEGY FUND (TI 2), LLC Tab B GCM GROSVENOR | 9
Slide 10: Fund Profile
FUND PROFILE MASTER FUND: GROSVENOR REGISTERED MULTI-STRATEGY MASTER FUND, LLC (THE “MASTER FUND”) STRATEGY Multi-strategy, multi-manager INCEPTION January 1, 2003 AUM $127.3M FUND STRUCTURE • Delaware limited liability company (master / feeder) • Diversified, closed-end fund registered under the In
Slide 11: Allocations to Diverse Strategies
ALLOCATIONS TO DIVERSE STRATEGIES DIVERSIFIED PORTFOLIO SPECIALTY STRATEGIES Asset allocation as percent of Net Asset Value (“NAV”) Asset allocation as percent of NAV 4% Fundamental CREDIT 3% Long/Short 21% Long-Biased LONG/SHORT 17% Low Net Equity EQUITY 5% Event Driven 4% Emerging Markets QUANTITA
Slide 12: Strategy Allocation Shifts
STRATEGY ALLOCATION SHIFTS STRATEGY ALLOCATION Percent of portfolio capital, yearly data as of the first of the month 30% CREDIT LONG/SHORT EQUITY QUANT- MACRO RELATIVE VALUE MULTI- ITATIVE STRATEGY 25% 21% 20% 17% 15% 13% 11% 9% 9% 10% 4% 3% 5% 4% 4% 5% 0% 0% 0% Apr 1, 2022 Apr 1, 2023 Apr 1, 2024
Slide 13: Look-Through Exposure
LOOK-THROUGH EXPOSURE ASSET CLASS LOOK-THROUGH EXPOSURE1 GEOGRAPHIC LOOK-THROUGH EXPOSURE Percent of capital (gross) Percent of capital (gross) Gross 11.6% of capital (gross) CREDIT SOVEREIGN Sovereign Credit 0.2% CORPORATE Investment Grade 1.9% Crossover 0.4% Bank Debt (Par) 1.5% U.S. / CANADA 63%
Slide 14: Key Investment Manager Characteristics
KEY INVESTMENT MANAGER CHARACTERISTICS INVESTMENT MANAGER CHARACTERISTICS1 PORTFOLIO CHARACTERISTICS Tenure (years) vs. AUM ($ billions) Name ofportfolio fundhere 18 number of investment managers 90 80 11.0% largest investment manager allocation 70 60 50 5.5% average investment manager allocation 40
Slide 15: Rolling Period Performance Statistics
ROLLING PERIOD PERFORMANCE STATISTICS Annualized Net Annualized Return Standard Deviation Sharpe Ratio Beta to S&P 500 Peak to Trough Loss Time to Recovery 1-Year Grosvenor Registered Multi-Strategy Fund (TI 2), LLC 9.9% 4.0% 1.40 0.35 -2.2% pending HFRX Global Hedge Fund Index 6.0% 4.2% 0.42 0.34 -
Slide 16: Historical Net Performance
HISTORICAL NET PERFORMANCE Grosvenor Registered Multi- HFRX Global Hedge Fund Strategy Fund (TI 2), LLC Index S&P 500 Index CUMULATIVE RETURNS 2003 10.4% 13.4% 28.7% 2004 5.6% 2.7% 10.9% 2005 6.2% 2.7% 4.9% January 2003 through March 2026 2006 10.3% 9.3% 15.8% 2007 9.5% 4.2% 5.5% 2008 -21.9% -23.3%
Slide 17: Terms
TERMS1 Grosvenor Registered Multi-Strategy Fund (TI 2), LLC (the “TI 2 Fund”) • 1.00% Master Fund Advisory Fee, 0.50% Fund Management Fee, and 0.25% Servicing Fee per Fees and Expenses2 annum; TI 2 Fund also bears operating expenses, subject to an expense limitation agreement • Merrill Sales Load3:
Slide 18: Absolute Return Strategies
ABSOLUTE RETURN STRATEGIES Tab C GCM GROSVENOR | 18
Slide 19: Our Platform $27.1B
ABSOLUTE RETURN STRATEGIES OUR PLATFORM A leading global provider of investment management for absolute return strategies programs $27.1B ASSETS UNDER MANAGEMENT 1971 210+ first year of investing funds with whom we invest1 55 >95% investment professionals of capital invested through means of unique
Slide 20: ARS Global Manager Coverage
ARS GLOBAL MANAGER COVERAGE Our focused approach to manager selection includes narrowing the universe to those we consider to be top institutional-quality managers across strategies, sectors, and geographic regions. COMPREHENSIVE FUNDS TRACKED WITHIN OUR STRATEGY PEER GROUP DATABASE Approximate numb
Slide 21: ARS Competitive Advantages
ARS COMPETITIVE ADVANTAGES LARGE, We believe our Investments, Operations, Risk Management and Legal Teams are among SPECIALIZED STAFF the largest and most experienced in the industry We use our size and scale to structure unique and efficient ways to access underlying ECONOMIC AND funds by negotiati
Slide 22: Investment Process
INVESTMENT PROCESS Tab D GCM GROSVENOR | 22
Slide 23: ARS Investment Process Highlights
ARS INVESTMENT PROCESS HIGHLIGHTS Our investment process is designed to leverage our expertise, size and scale to the advantage of our clients. PORTFOLIO CONSTRUCTION RESEARCH GOVERNANCE IMPLEMENTATION & MONITORING Dedicated strategy Small and nimble Investment Investment structuring, approval
Slide 24: Strategy Research
STRATEGY RESEARCH Objective: Evaluate the investment merits, risk profile, relevant trends, competitive landscape, regional factors, and specific opportunity set for all absolute return strategies globally. • Selection of strategies and sub-strategies (including asset classes and regions) based on k
Slide 25: Sourcing
SOURCING Objective: Strategy teams seek to identify best-in-class managers globally. EXISTING MANAGER • Recommendations from existing managers on their respected peers RELATIONSHIPS • Departures of senior-level staff from firms with which we invest who launch their own funds • Dialogue with, and ref
Slide 26: Initial Investment Due Diligence
INITIAL INVESTMENT DUE DILIGENCE Objective: Assess a manager’s capabilities and the opportunity set prior to full due diligence. STRATEGY TEAM- • Strategy teams typically decide to commence initial due diligence on a manager or strategy SOURCED OR • In some cases, the IC may direct a targeted search
Slide 27: Investment Due Diligence
INVESTMENT DUE DILIGENCE Objective: Evaluate manager quality and standalone investment attractiveness FULL DUE DILIGENCE INVESTMENTS TRACK Our Research and Risk teams perform extensive Forward analysis to support expected return, alpha and Historic Looking risk attributes. Differentiated sources of
Slide 28: Operational Due Diligence
OPERATIONAL DUE DILIGENCE Objective: Seek to evaluate and mitigate risk, structure investments and enhance terms. FULL DUE DILIGENCE OPERATIONAL TRACK An independent and dedicated team of professionals in our Finance and Legal Departments conducts due diligence primarily to avoid losses caused by op
Slide 29: Portfolio Construction
PORTFOLIO CONSTRUCTION Objective: Enable dynamic movement of capital among managers as the opportunity set evolves. UNIVERSE OF APPROVED INVESTMENTS ESTABLISH PORTFOLIO • Consider investment mandate, annualized return and standard deviation targets, beta, liquidity and position sizing INVESTMENT POL
Slide 30: Ongoing Investment Monitoring
ONGOING INVESTMENT MONITORING Objective: Comprehensively monitor all existing investments, portfolios and managers. • Regular dialogue with managers (at least monthly) via conference calls and onsite meetings RESEARCH TEAM • Review of manager materials including letters, exposure reports and risk re
Slide 31: Market Outlook
MARKET OUTLOOK Appendix 1 Discussion in this section relates generally to all underlying hedge funds within all portfolios managed by GCM Grosvenor L.P. pursuing a given strategy and may not be representative of underlying hedge funds within any particular portfolio managed by GCM Grosvenor L.P. GCM
Slide 32: Q2 2026 Core Allocation Themes – Credit
Q2 2026 CORE ALLOCATION THEMES – CREDIT • U.S. growth should benefit from reduced tariff drag, tax cuts, and easier financial conditions, though sticky inflation and geopolitical risks remain headwinds LONG/SHORT • Certain sectors have been more acutely impacted than others, and we anticipate higher
Slide 33: Q2 2026 Core Allocation Themes – Multi-Strategy
Q2 2026 CORE ALLOCATION THEMES – MULTI-STRATEGY • Energy volatility: Substantial uncertainty and scarcity in global energy markets is driving robust trading COMMODITIES opportunities (both long and short) across crude oil, natural gas, coal, and electricity markets • Market neutral strategies: Risin
Slide 34: Q2 2026 Core Allocation Themes – Equity
Q2 2026 CORE ALLOCATION THEMES – EQUITY • Strong growth potential: Hard tech sectors, such as advanced manufacturing, robotics, and semiconductors, are poised for accelerated growth driven by increasing demand for innovation in HARD TECH automation, AI, and infrastructure development. • Strategic re
Slide 35: Q2 2026 Core Allocation Themes – Relative Value
Q2 2026 CORE ALLOCATION THEMES – RELATIVE VALUE • Tactical trading based on the relative attractiveness of global equity indices, dual-listed single-name equities, equity derivative basis trading, global equity volatility, variance swaps, and correlation swaps • Tactical trading price discrepancies
Slide 36: Liquidity Schedule
LIQUIDITY SCHEDULE Appendix 2 GCM GROSVENOR | 36
Slide 37: Liquidity Schedule
LIQUIDITY SCHEDULE1 LIQUIDITY FREQUENCY AFTER LOCKUPS EXPIRE2,3 Cumulative invested assets, percent available 100% 100.0% 91.0% 91.9% 92.8% 84.5% 78.9% 80% 60% 50.2% 34.9% 40% 19.5% 20% 0% Monthly or more Quarterly or Semi-Annual or Annual or more 18 months or Biannual or Triannual or Every 4 years
Slide 38: Biographies
BIOGRAPHIES Appendix 3 GCM GROSVENOR | 38
Slide 39: Grosvenor Registered Product Team
GROSVENOR REGISTERED PRODUCT TEAM Steven Massaua, Managing Director, Client Group Mr. Massaua shares responsibility for business development, client service and consultant relations. Prior to joining GCM Grosvenor, he held a number of roles at Morgan Stanley, including Executive Director of Alternat
Slide 40: Office of the Chairman
OFFICE OF THE CHAIRMAN Michael J. Sacks, J.D., Board Chairman and Chief Executive Officer, Office of the Chairman 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 i
Slide 41: Office of the Chairman
OFFICE OF THE CHAIRMAN Burke J. Montgomery, J.D., Managing Director, General Counsel, Office of the Chairman Mr. Montgomery is the firm’s General Counsel and is a member of the Sustainability Committee and Operations Committee. He leads the firm's Legal Team and is responsible for absolute return st
Slide 42: Absolute Return Strategies Investment Committee
ABSOLUTE RETURN STRATEGIES INVESTMENT COMMITTEE David S. Richter, CPA, Managing Director, Absolute Return Strategies Investment Committee Chair and Co-Head of Absolute Return Strategies Research Mr. Richter is Chair of the Absolute Return Strategies Investment Committee, Co-Head of Absolute Return S
Slide 43: Notes and Disclosures
NOTES AND DISCLOSURES Appendix 4 GCM GROSVENOR | 43
Slide 44: Endnotes
ENDNOTES 10-year U.S. Treasury Note1 - The 10-year Treasury note is a debt obligation issued by the United States government with a maturity of 10 years upon initial issuance. A 10-year Treasury note pays interest at a fixed rate once every six months and pays the face value to the holder at maturit
Slide 45: Endnotes
ENDNOTES Bloomberg U.S. Aggregate Securitized Index1 - The Bloomberg U.S. Securitized Index is a composite of asset-backed securities, collateralized mortgage-backed securities (ERISA-eligible) and fixed rate mortgage-backed securities. Bloomberg WTI Crude Oil Subindex1 - Formerly known as Dow Jones
Slide 46: Endnotes
ENDNOTES Goldman Sachs Hedge Fund VIP Index 8 – The Goldman Sachs Hedge Fund VIP Index (the “Index”) is owned by Goldman Sachs Asset Management L.P. (the “Index Sponsor”). The Index is calculated by Solactive AG (the “Calculation Agent”). The Index consists of hedge fund managers’ “Very-Important-Po
Slide 47: Endnotes
ENDNOTES Morgan Stanley Capital International (“MSCI”) AC Asia Pacific Index3 - The MSCI AC Asia Pacific Index captures large and mid cap representation across 5 Developed Markets countries and Emerging Markets countries in the Asia Pacific region (Developed Markets countries in the index include: A
Slide 48: Endnotes
ENDNOTES Sharpe Ratio - The Sharpe Ratio is a measure of risk-adjusted returns. It is defined as an investment’s excess return over the risk-free rate divided by the standard deviation of the investment’s return: Where: ri = annualized rate of return of the investment r rf = annualized risk-free rat
Slide 49: Data Sources
DATA SOURCES Notes and Disclosures Bloomberg Finance L.P. Credit Suisse. Preqin. Eurekahedge. HFR, Inc. www.HFR.com. S&P. S&P and its third-party information providers do not accept liability for the information and the context from which it is drawn. FTSE International Limited ("FTSE") © FTSE 2025.
Slide 50: Notes and Disclosures (1 of 2)
GROSVENOR REGISTERED MULTI-STRATEGY FUND (TI 2), LLC Notes and Disclosures (1 of 2) Grosvenor Registered Multi-Strategy Fund (TI 2), LLC (the “TI 2 Fund”) invests substantially all of its assets in Grosvenor Registered Multi-Strategy Master Fund, LLC (the “Master Fund”). The TI 2 Fund is registered
Slide 51: Notes and Disclosures (2 of 2)
GROSVENOR REGISTERED MULTI-STRATEGY FUND (TI 2), LLC Notes and Disclosures (2 of 2) Leverage Risks – the risks of using leverage, which magnifies the volatility of changes in the value of an investment, including losses. Valuation Risks – the risks relating to GCM Grosvenor’s reliance on Investment