Gcm Grosvenor Inc. · NASDAQ:GCMG
Gcm Grosvenor — Q2 2025 Earnings Presentation
34 slides from Gcm Grosvenor's earnings presentation, Aug 7, 2025
Slide 1: 2025 Second Quarter Results Earnings Presentation
2025 Second Quarter Results Earnings Presentation
Slide 2: GCM Grosvenor Reports Q2 2025 Results
GCM Grosvenor Reports Q2 2025 Results CHICAGO, August 7, 2025 – GCM Grosvenor (Nasdaq: GCMG), a leading global alternative asset management solutions provider, today reported results for the second fiscal quarter ended “We’re pleased to report June 30, 2025. another strong quarter for 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: Second Quarter 2025 Results
Third Quarter 2023 Results Second Quarter 2025 Results • Raised $8.9 billion over the last twelve months, an increase of 46% compared to the prior year twelve-month period ◦ Raised $2.4 billion of new capital in the second quarter 2025 and $5.3 billion year-to-date, an increase of 52% compared to pr
Slide 5: Adjusted Earnings
Adjusted Earnings Fee-Related Earnings (mm) Adjusted EBITDA (mm) Adjusted Net Income (mm) 17% 14% 19% $102.9 $88.3 $87.8 $77.4 $67.4 $56.6 67.4 56.6 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 Longer-Term Trends 56% $228.9 86% $177.3 67% $151.5 $147.0 151.5 $95.1 $91.0 91.0 2020 LTM 2020 L
Slide 6: Growth in Key Business Drivers
Growth in Key Business Drivers December 31, 2020 June 30, 2025 Growing Earnings Power $62bn $86bn 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 Leverage i
Slide 7: Key 2023 and Long-Term Growth Drivers
Key 2023 and Long-Term Growth Drivers Key Long-Term Growth Drivers 1. 2. 3. 9 Scaling Core Capabilities Planting Seeds for Future Growth Growing Earnings Quality and Power Client Retention & Compound Capital Individual Investor Business Shifting Towards Private Markets Approximately Opportunity to 9
Slide 8: GCM Grosvenor: Central to the Alternatives Ecosystem
GCM Grosvenor: Central to the Alternatives Ecosystem 54 years $86bn 546 71% in the alternatives firmwide AUM10 employees11 of AUM in customized business separate accounts Open Architecture Origination Platform We can invest across the full spectrum of alternative strategies and implementation styles
Slide 9: Growing and Diversifying AUM and Earnings Power
Growing and Diversifying AUM and Earnings Power AUM by Strategy (bn) 8% CAGR $85.9 $80.1 $76.9 $72.1 $73.7 8% $31.7 Private Equity $61.9 $26.2 $29.1 $29.4 $30.4 CAGR 12% Private Markets 13 $22.8 CAGR $23.4 23% $13.1 $20.6 Real Assets $16.6 $20.0 $9.2 CAGR $25.2 $26.6 $23.3 $25.0 0% $23.0 $22.4 Absol
Slide 10: Diversified Fundraising Drives Stability & Growth
Diversified Fundraising Drives Stability & Growth Diversified by Channel Diversified by Geography 60% Pensions 5% Corporation 11% Government/Sovereign Entity 62% Americas LTM LTM 7% Individual Investor 20% EMEA Fundraising Fundraising 7% Financial Institutions 18% APAC 6% Insurance 4% Other Diversif
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) $12,347 $11,682 $771 $778 $9,816 $971 $8,758 $1,402 Private Credit funds Elevate (PE Seeding) $7,402 Advance (PE Diversified)
Slide 12: Private Markets Growth Led by Direct-Oriented Shift
Private Markets Growth Led by Direct-Oriented Shift Private Markets Assets Under Management (bn) $35bn Private Markets Fundraising since 2020 12% $61.0 CAGR $56.8 $54.5 $50.7 $45.6 $29.4 $32.4 71% $36.8 $28.3 Private Markets $24.7 $20.4 % of Total AUM $14.5 $26.2 $27.4 $28.6 $26.0 53% $25.2 $22.3 Di
Slide 13: 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 Q2 2025 +$835 ($321) 142 programs with un
Slide 14: 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 15: Other Key Items
Other Key Items • $57 million remained in the approved share and warrant repurchase program as of June 30, 2025. ◦ GCM Grosvenor was deemed to have repurchased $24.6 million of Class A common stock during the quarter ended June 30, 2025. • GCM Grosvenor's Board of Directors approved an incremental $
Slide 16: Supplemental Information
Supplemental Information GCM GROSVENOR | 16
Slide 17: GAAP Statements of Income
GAAP Statements of Income $000, EXCEPT PER SHARE AMOUNTS AND WHERE OTHERWISE NOTED THREE MONTHS ENDED SIX MONTHS ENDED JUN 30, 2024 JUN 30, 2025 JUN 30, 2024 JUN 30, 2025 Revenues Management fees $ 99,843 $ 101,924 $ 195,728 $ 211,239 Incentive fees 16,037 16,258 26,155 31,326 Other operating income
Slide 18: Summary of Non-GAAP Financial Measures
Summary of Non-GAAP Financial Measures4 $000, except per share amounts and where otherwise noted THREE MONTHS ENDED SIX MONTHS ENDED ADJUSTED EBITDA JUN 30, 2024 JUN 30, 2025 JUN 30, 2024 JUN 30, 2025 Revenues Private markets strategies3 $ 58,807 $ 60,148 $ 114,384 $ 127,073 Absolute return strategi
Slide 19: GAAP Balance Sheets
GAAP Balance Sheets $000, except per share amounts and where otherwise noted DEC 31, 2024 JUN 30, 2025 Assets Cash and cash equivalents $ 89,454 $ 136,334 Management fees receivable 28,387 22,696 Incentive fees receivable 58,346 20,915 Due from related parties 12,681 13,976 Investments 257,807 262,7
Slide 20: Components of GAAP Employee Compensation and Benefits
Components of GAAP Employee Compensation and Benefits $000 THREE MONTHS ENDED SIX MONTHS ENDED JUN 30, 2024 MAR 31, 2025 JUN 30, 2025 JUN 30, 2024 JUN 30, 2025 Fee-Related Earnings Compensation Cash-based employee compensation and benefits, net21 $ 38,103 $ 38,097 $ 37,134 $ 75,090 $ 75,231 Incentiv
Slide 21: Reconciliation to Non-GAAP Metrics
Reconciliation to Non-GAAP Metrics $000 THREE MONTHS ENDED SIX MONTHS ENDED NET INCENTIVE FEES ATTRIBUTED TO GCM GROSVENOR JUN 30, 2024 MAR 31, 2025 JUN 30, 2025 JUN 30, 2024 JUN 30, 2025 Incentive fees: Performance fees $ 4,346 $ 3,818 $ 1,433 $ 10,333 $ 5,251 Carried interest 11,691 11,250 14,825
Slide 22: Reconciliation to Non-GAAP Metrics
Reconciliation to Non-GAAP Metrics $000 THREE MONTHS ENDED SIX MONTHS ENDED ADJUSTED PRE-TAX INCOME & ADJUSTED NET INCOME JUN 30, 2024 MAR 31, 2025 JUN 30, 2025 JUN 30, 2024 JUN 30, 2025 Net income attributable to GCM Grosvenor Inc. $ 4,800 $ 463 $ 15,437 $ 6,924 $ 15,900 Plus: Net income (loss) att
Slide 23: Reconciliation to Non-GAAP Metrics
Reconciliation to Non-GAAP Metrics $000 THREE MONTHS ENDED SIX MONTHS ENDED ADJUSTED EBITDA JUN 30, 2024 MAR 31, 2025 JUN 30, 2025 JUN 30, 2024 JUN 30, 2025 Adjusted Net Income $ 29,386 $ 35,274 $ 32,090 $ 56,598 $ 67,364 Plus: Adjusted income taxes5 9,639 11,758 10,696 18,565 22,454 Depreciation ex
Slide 24: 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 SIX MONTHS ENDED ADJUSTED SHARES JUN 30, 2024 MAR 31, 2025 JUN 30, 2025 JUN 30, 2024 JUN 30, 2025 Weighted-average shares of Class A common stock outstanding - basic 44.9 45.6
Slide 25: Change in FPAUM and AUM
Change in FPAUM and AUM Three Months Ended June 30, 2025 PRIVATE MARKET ABSOLUTE RETURN CONTRACTED $mm STRATEGIES STRATEGIES TOTAL FPAUM NOT YET FPAUM TOTAL AUM Fee-Paying AUM Beginning of Period (April 1, 2025) $ 44,398 $ 22,001 $ 66,399 $ 8,239 $ 81,955 Contributions from CNYFPAUM 889 41 930 Contr
Slide 26: Management Fee Detail
Management Fee Detail3 $000 THREE MONTHS ENDED SIX MONTHS ENDED MANAGEMENT FEES JUN 30, 2024 MAR 31, 2025 JUN 30, 2025 JUN 30, 2024 JUN 30, 2025 Private Markets Specialized Funds28 $ 24,324 $ 32,078 $ 24,629 $ 45,325 $ 56,707 Average Fee Rate29 0.79 % 0.82 % 0.79 % 0.78 % 0.79 % Customized Separate
Slide 27: 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 $ 14,539 $ 16,099 $ 26,877 $ 2,231 1.80 13
Slide 28: 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 $ 26,412 $ 24,993 $ 30,137 $ 10,562 1.63 12
Slide 29: Absolute Return Strategies Performance
Absolute Return Strategies Performance AS OF THREE MONTHS SIX MONTHS ANNUALIZED RETURNS PERIODS ENDED JUN 30, 2025 JUN 30, 2025 ENDED ENDED SINCE JUN 30, 2025 JUN 30, 2025 ONE YEAR THREE YEAR FIVE YEAR INCEPTION Assets Under Management (bn) Gross Net Gross Net Gross Net Gross Net Gross Net Gross Net
Slide 30: Notes
Notes Data in the presentation is as of June 30, 2025 unless otherwise noted. 1. Represents consolidated view, including all NCI and compensation related awards. 2. Of the $8.7 billion CNYFPAUM as of June 30, 2025, approximately $2.3 billion is subject to an agreed upon fee ramp in schedule that wil
Slide 31: Notes (Continued)
Notes (Continued) 23. Excludes the impact of non-cash carried interest compensation and other of $0.7 million and $(0.7) million for the three months ended March 31, 2025 and June 30, 2025, respectively. The net non-cash carried interest compensation and other for each of the three and six months en
Slide 32: 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 33: 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 34: 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