Gcm Grosvenor Inc. · NASDAQ:GCMG
Gcm Grosvenor — Investor Presentation (May 2026)
24 slides from Gcm Grosvenor's investor presentation, May 2026
Slide 1: GCM Grosvenor Investor Presentation
GCM Grosvenor Investor Presentation May 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements THIS PRESENTATION CONTAINS CERTAIN FORWARD- Form 10-K and the Quarterly Report on Form 10-Q filed by LOOKING STATEMENTS within the meaning of the Private GCM Grosvenor Inc. on February 19, 2026, and May 7, 2026, Securities Litigation Reform Act of 1995, including statement
Slide 3: A Solutions Provider For Capital and With Capital
A Solutions Provider For Capital and With Capital Numerous Ways to Win Role as a Capital Provider with Clients Drives Origination Scalability Relevant to any client with an Providing substantial and early alternatives allocation capital Access to desirable, diversified Flexible capital with more way
Slide 4: We Benefit From Industry Tailwinds
We Benefit From Industry Tailwinds Investors Planning to Maintain or Increase Alternative Investments AUM is Long-Term Alternative Allocations Expected to Enjoy Meaningful Growth ($T) 94% 92% 90% +10% $29.2 83% 83% CAGR $18.2 $12.6 Infrastructure Private Debt Private Equity Real Hedge Funds 2020 202
Slide 5: GCM Grosvenor: Central to the Alternatives Ecosystem
GCM Grosvenor: Central to the Alternatives Ecosystem $91bn Chicago 9 557 AUM1 Headquarters Global Offices Employees2 Diversified Open Architecture Investment Platform Absolute Return Private Equity Infrastructure Real Estate Credit3 $27.1bn $32.6bn $18.9bn $7.2bn $17.1bn Co-Investments | Secondaries
Slide 6: High Client Satisfaction and Loyalty
High Client Satisfaction and Loyalty We Manage Capital for 700+ Institutional Clients and Thousands of Individual Investors Our client base is diversified Our client base is global Our client base is loyal % of AUM by client type % of AUM by client location % of AUM by client tenure Less than Indivi
Slide 7: Growing and Diversifying AUM and Earnings Power
Growing and Diversifying AUM and Earnings Power AUM by Strategy (bn) 8% $90.9 $91.5 CAGR $80.1 $76.9 $72.1 $73.7 $32.9 $32.6 7% Private Equity $61.9 $26.2 $29.1 $29.4 $30.4 CAGR 11% Private Markets $22.8 CAGR5 $25.9 $26.1 22% $13.1 $20.0 $20.6 Real Assets $16.6 $9.2 CAGR $26.6 $26.8 $27.1 1% 9% $25.
Slide 8: Private Markets Growth Led by Direct-Oriented Shift
Private Markets Growth Led by Direct-Oriented Shift Private Markets Assets Under Management (bn) $41bn Private Markets Fundraising since 11% $64.1 $64.4 20206 CAGR $56.8 $54.5 $50.7 $45.6 $36.8 $28.3 $29.4 $34.4 $34.5 70% $24.7 Private Markets $20.4 % of Total AUM $14.5 $29.7 $29.9 $25.2 $26.0 $26.2
Slide 9: Significant Value From Absolute Return Strategies
Significant Value From Absolute Return Strategies Strong Value Proposition for Clients Serves as a Diversifier in Client Portfolios – Provides consistent returns, limited volatility, low correlation to other asset classes, capital protection, and liquidity Shareholder – Demonstrated attractive absol
Slide 10: A Market Leader in Customized Separate Accounts
A Market Leader in Customized Separate Accounts 1996 280+ ~90% 15 years First Customized Programs Average Re-Up Average Tenure Separate Account Success Rate8 High Re-Up Success Creates Growing Relationships High Barriers to Entry Client Example Services are exceptionally hard to Real Estate Client r
Slide 11: Building a Premier Individual Investor Platform
Building a Premier Individual Investor Platform $4.3B Individual Investor AUM $1.5B Individual Investor Fundraising in Last 2 Years Differentiated Product Suite GCM Grosvenor’s Advantage • Track Record: Investing in alternatives since > White-Label Solutions 1971 with a strong track record across as
Slide 12: Track Record of Execution and Growth
Track Record of Execution and Growth9 Fee-Paying AUM (bn) Fee-Related Earnings (mm) 7% CAGR 14% $73.5 $185.1 CAGR $51.9 11% $48.0 CAGR $95.1 $27.8 1% $24.1 $25.5 CAGR 2020 Q1 2026 2020 LTM Private Markets Absolute Return Adjusted EBITDA (mm) Adjusted Net Income (mm) 10% $245.6 CAGR 12% CAGR $167.1 $
Slide 13: Meaningful Earnings Upside From Incentive Fees
Meaningful Earnings Upside From Incentive Fees $ million AUM Subject to Incentive Fees (bn) Unrealized carried interest bridge (mm) 143 programs with unrealized carried interest +10% $65.3 Unrealized Carried Interest by Vintage Year (mm)10 CAGR +$967 $(357) (247) $39.9 480 $1,005 (110) $50.2 495 $25
Slide 14: Positioned to Drive Accelerated Growth
Positioned to Drive Accelerated Growth Grow Core Scale Investment Extend into Areas Business Strategies of White Space • Have enjoyed double-digit • Infrastructure expected to • Expanding individual investor business and financial growth compound at high-teens products and distribution to over the l
Slide 15: Compounding Value for Shareholders
Compounding Value for Shareholders Fee-Related Earnings (mm) Adjusted Net Income Per Share9 $280M+ 2X >2X $1.20+ $140M $0.55 2023 2028F 2023 2028F Compounding FRE Earnings Upside ▪ Many ways to win with clients ▪ Clear path for ANI to exceed ▪ Excess origination capacity and $1.20/share in 2028F12 o
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 MAR 31, 2025 MAR 31, 2026 Revenues Management fees $ 109,315 $ 110,870 Incentive fees 15,068 11,993 Other operating income 1,463 1,915 Total operating revenues 125,846 124,778 Expenses Employee comp
Slide 18: Summary of Non-GAAP Financial Measures
Summary of Non-GAAP Financial Measures9 $000, except per share amounts and where otherwise noted THREE MONTHS ENDED ADJUSTED EBITDA MAR 31, 2025 MAR 31, 2026 Revenues Private markets strategies7 $ 66,925 $ 63,167 Absolute return strategies7 37,775 41,658 Management fees, net 104,700 104,825 Administ
Slide 19: Reconciliation to Non-GAAP Metrics
Reconciliation to Non-GAAP Metrics $000 THREE MONTHS ENDED ADJUSTED PRE-TAX INCOME & ADJUSTED NET INCOME MAR 31, 2025 MAR 31, 2026 Net income attributable to GCM Grosvenor Inc. $ 463 $ 5,467 Plus: Net income (loss) attributable to noncontrolling interests in GCMH (1,728) 11,413 Provision for income
Slide 20: Reconciliation to Non-GAAP Metrics
Reconciliation to Non-GAAP Metrics $000 THREE MONTHS ENDED ADJUSTED EBITDA MAR 31, 2025 MAR 31, 2026 Adjusted Net Income $ 35,274 $ 36,009 Plus: Adjusted income taxes17 11,758 11,559 Depreciation expense 681 920 Interest expense 5,663 4,863 Adjusted EBITDA $ 53,376 $ 53,351 FEE-RELATED EARNINGS Adju
Slide 21: Notes
Notes Data in the presentation is as of March 31, 2026 unless otherwise noted. 1. AUM as of March 31, 2026. 2. Employee data as of April 1, 2026. Individuals with dual responsibilities are counted only once. 3. Credit Investments overlap with investments in other strategies. 4. Based on 50 largest c
Slide 22: 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 23: 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 24: 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