Gcm Grosvenor Inc. · NASDAQ:GCMG
Gcm Grosvenor — Q2 2026 Earnings Presentation
35 slides from Gcm Grosvenor's earnings presentation, Aug 10, 2026
Slide 1: 2026 Second Quarter Results
2026 Second Quarter Results Earnings Presentation
Slide 2: GCM Grosvenor Reports Q2 2026 Results
GCM Grosvenor Reports Q2 2026 Results CHICAGO, August 10, 2026 – GCM Grosvenor (Nasdaq: GCMG), a leading global alternative asset management solutions provider, today reported results for the second fiscal quarter ended June 30, 2026. "GCM Grosvenor had a Dividend strong second quarter 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 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: Second Quarter 2026 Results
Second Quarter 2026 Results • Raised $2.3 billion of new capital in the second quarter 2026, bringing last twelve month fundraising to $9.3 billion • Fee-Paying AUM increased to $78 billion as of quarter end, increasing 13% over the prior year ◦ Absolute Return Strategies was a key growth driver, wi
Slide 5: Adjusted Earnings
Adjusted Earnings Fee-Related Earnings (mm) Adjusted EBITDA (mm) Adjusted Net Income (mm) 10% 7% $110.6 $96.9 $102.9 12% $88.3 $75.2 $67.4 75.2 67.4 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 Longer-Term Trends 10% $253.3 14% CAGR $193.8 CAGR 13% $174.1 CAGR $147.0 174.1 $95.1 $91.0 91.0
Slide 6: Growth in Key Business Drivers
Growth in Key Business Drivers December 31, 2020 June 30, 2026 Growing Earnings Power $62bn $97bn AUM Private Markets Growing as a Percentage 59% 69% Private Markets % of AUM Shifting Towards Direct- Oriented Strategies 39% 55% Direct-Oriented Strategies % of Private Markets AUM Operating Leverage i
Slide 7: Key Long-Term Growth Drivers
Key Long-Term Growth Drivers 1. 2. 3. Solid Foundation Planting Seeds for Scalable with Growing for Growth Future Growth8 Earnings Power Meaningful Embedded Growth Individual Investor Growing, Recurring Management Fees $9.7bn $1.7bn 80%+ Contracted Not Yet Fee-Paying AUM1 Individual investor fundrai
Slide 8: GCM Grosvenor: Central to the Alternatives Ecosystem
GCM Grosvenor: Central to the Alternatives Ecosystem $97bn Chicago 9 554 AUM Headquarters Global Offices Employees10 Diversified Open Architecture Investment Platform Absolute Return Private Equity Infrastructure Real Estate Credit11 $30.5bn $33.0bn $19.6bn $7.2bn $17.9bn Co-Investments | Secondarie
Slide 9: Growing and Diversifying AUM and Earnings Power
Growing and Diversifying AUM and Earnings Power AUM by Strategy (bn) 8% $96.7 CAGR $90.9 $80.1 7% $76.9 $33.0 Private Equity $73.7 $72.1 $32.9 CAGR 11% $61.9 $30.4 Private Markets $29.4 12 CAGR $26.2 $29.1 21% $22.8 $26.8 Real Assets $25.9 CAGR $13.1 $20.6 $16.6 $20.0 $9.2 $30.5 4% 13% $26.6 $26.8 $
Slide 10: Diversified Fundraising Drives Stability & Growth
Diversified Fundraising Drives Stability & Growth Diversified by Channel Diversified by Geography 28% Public Pension 19% Insurance 13% Individual Investor 55% Americas LTM 12% Corporation LTM 27% APAC Fundraising 10% Government/Sovereign Entity Fundraising 18% EMEA 7% Other 6% Financial Institutions
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) $14.3 $13.6 $1.5 Credit $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) $42bn Private Markets 11% Fundraising since $66.2 202015 CAGR $64.1 $56.8 $54.5 $50.7 $45.6 $29.4 $34.4 $36.3 69% $36.8 $28.3 Private Markets $24.7 $20.4 % of Total AUM $14.5 $29.7 $29.9 $25.2 $26.0 $26.
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 centricity7 82% 79% 92% 91% 83% 81% 81% $516 $428 $505 $416 $466 $393 $431 $89 $361 $366 $89 $347 $397 $73 $371 $3
Slide 14: Growing Carried Interest Earnings Power
Growing Carried Interest Earnings Power5 $ 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 2026 +$943 $(373) 144 programs with u
Slide 15: Meaningful Earnings Upside from Incentive Fees
Meaningful Earnings Upside from Incentive Fees Unrealized Carried Interest vs. Gross AUM Subject to Incentive Fees (bn) Incentive Fees (mm) 2025 Q2 2026 2024 $949 $965 2021 2022 2023 $836 $788 $789 $776 +10% CAGR $68.2 2020 $395 $173.9 13% AUM subject $123.5 $121.8 $39.9 $51.0 to carried $111.7 inte
Slide 16: Other Key Items
Other Key Items • GCM Grosvenor repurchased 1.6 million shares of Class A common stock for $17.1 million during the quarter ended June 30, 202617. ◦ $55 million remained in the approved share repurchase program as of June 30, 2026. • GCM Grosvenor's Board of Directors approved a $0.12 per share divi
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 SIX MONTHS ENDED JUN 30, 2025 JUN 30, 2026 JUN 30, 2025 JUN 30, 2026 Revenues Management fees $ 101,924 $ 114,762 $ 211,239 $ 225,632 Incentive fees 16,258 17,592 31,326 29,585 Other operating incom
Slide 19: Summary of Non-GAAP Financial Measures
Summary of Non-GAAP Financial Measures3 $000, except per share amounts and where otherwise noted THREE MONTHS ENDED SIX MONTHS ENDED ADJUSTED EBITDA JUN 30, 2025 JUN 30, 2026 JUN 30, 2025 JUN 30, 2026 Revenues Private markets strategies2 $ 60,148 $ 66,363 $ 127,073 $ 129,530 Absolute return strategi
Slide 20: GAAP Balance Sheets
GAAP Balance Sheets $000, except per share amounts and where otherwise noted DEC 31, 2025 JUN 30, 2026 Assets Cash and cash equivalents $ 242,116 $ 139,596 Management fees receivable 23,937 28,254 Incentive fees receivable 73,860 24,136 Due from related parties 14,606 14,814 Investments 275,313 291,
Slide 21: Components of GAAP Employee Compensation and Benefits
Components of GAAP Employee Compensation and Benefits $000 THREE MONTHS ENDED SIX MONTHS ENDED JUN 30, 2025 MAR 31, 2026 JUN 30, 2026 JUN 30, 2025 JUN 30, 2026 Fee-Related Earnings Compensation Cash-based employee compensation and benefits, net21 $ 37,134 $ 37,401 $ 38,434 $ 75,231 $ 75,835 Incentiv
Slide 22: 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, 2025 MAR 31, 2026 JUN 30, 2026 JUN 30, 2025 JUN 30, 2026 Incentive fees: Performance fees $ 1,433 $ 5,501 $ 1,414 $ 5,251 $ 6,915 Carried interest 14,825 6,492 16,178 26
Slide 23: 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, 2025 MAR 31, 2026 JUN 30, 2026 JUN 30, 2025 JUN 30, 2026 Net income attributable to GCM Grosvenor Inc. $ 15,437 $ 5,467 $ 9,564 $ 15,900 $ 15,031 Plus: Net income attribu
Slide 24: Reconciliation to Non-GAAP Metrics
Reconciliation to Non-GAAP Metrics $000 THREE MONTHS ENDED SIX MONTHS ENDED ADJUSTED EBITDA JUN 30, 2025 MAR 31, 2026 JUN 30, 2026 JUN 30, 2025 JUN 30, 2026 Adjusted Net Income $ 32,090 $ 36,009 $ 39,163 $ 67,364 $ 75,172 Plus: Adjusted income taxes4 10,696 11,559 12,572 22,454 24,131 Depreciation e
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 SIX MONTHS ENDED ADJUSTED SHARES JUN 30, 2025 MAR 31, 2026 JUN 30, 2026 JUN 30, 2025 JUN 30, 2026 Weighted-average shares of Class A common stock outstanding - basic 51.1 61.0
Slide 26: Change in FPAUM and AUM
Change in FPAUM and AUM Three Months Ended June 30, 2026 PRIVATE MARKETS ABSOLUTE RETURN CONTRACTED $mm STRATEGIES STRATEGIES TOTAL FPAUM NOT YET FPAUM TOTAL AUM Fee-Paying AUM Beginning of Period (April 1, 2026) $ 47,999 $ 25,537 $ 73,536 $ 9,850 $ 91,486 Contributions from CNYFPAUM 1,028 15 1,043
Slide 27: Management Fee Detail
Management Fee Detail2 $000 THREE MONTHS ENDED SIX MONTHS ENDED MANAGEMENT FEES JUN 30, 2025 MAR 31, 2026 JUN 30, 2026 JUN 30, 2025 JUN 30, 2026 Private Markets Specialized Funds26 $ 24,629 $ 26,073 $ 28,225 $ 56,707 $ 54,298 Average Fee Rate27 0.79 % 0.78 % 0.80 % 0.79 % 0.78 % 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 Investments28 $ 15,287 $ 17,051 $ 28,541 $ 2,305 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 Investments28 $ 28,017 $ 26,518 $ 32,063 $ 11,125 1.63 12
Slide 30: Absolute Return Strategies Performance
Absolute Return Strategies Performance AS OF THREE MONTHS ANNUALIZED RETURNS PERIODS ENDED JUN 30, 2026 JUN 30, 2026 ENDED SINCE JUN 30, 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 $ 30.5 12.6
Slide 31: Notes
Notes Data in the presentation is as of June 30, 2026 unless otherwise noted. 1. Of the $9.7 billion CNYFPAUM as of June 30, 2026, approximately $1.7 billion is subject to an agreed upon fee ramp in schedule that will result in management fees being charged on approximately $0.2 billion of such amou
Slide 32: Notes (Continued)
Notes (Continued) 19. Represents firm share of Net Asset Value as of June 30, 2026. 20. Debt principal at pricing of Term SOFR + 225bps as of June 30, 2026, subject to a Term SOFR floor of 50bps. 21. Excludes severance expenses of $1.5 million, $0.9 million and $0.6 million for the three months ende
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