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GCM Grosvenor (GCMG) investor relations material

GCM Grosvenor Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary5 Nov, 2025

Executive summary

  • Delivered strong Q3 2025 results with double-digit growth in fee-related earnings, adjusted EBITDA, and net income, supported by robust fundraising and investment performance across all business lines.

  • Achieved record $87 billion in assets under management (AUM), up 9% year-over-year, with fee-paying AUM reaching $70.2 billion.

  • Year-to-date fundraising increased 49% year-over-year, totaling $9.5 billion over the last 12 months, led by infrastructure and credit strategies.

  • Operating and EBITDA margins improved, driven by disciplined expense management and higher investment income.

  • Board approved a $0.12 per share dividend payable December 15, 2025, reflecting confidence in growth and strong free cash flow.

Financial highlights

  • Q3 2025 GAAP revenue was $135.0 million, up 10% year-over-year; nine-month revenue was $380.5 million, up 9%.

  • Q3 2025 GAAP net income attributable to the company was $10.5 million, up 153% year-over-year; nine-month net income was $26.4 million, up 138%.

  • Adjusted EBITDA for the nine months ended September 30, 2025 was $158.9 million, up 17% year-over-year.

  • Fee-related earnings margin reached 45% in Q3 2025, up 350 basis points year-over-year.

  • Management fees rose 7% in Q3 and 8% for the nine months, driven by growth in private markets and absolute return strategies.

Outlook and guidance

  • Targeting to double 2023 fee-related earnings to over $280 million by 2028 and drive adjusted net income per share above $1.20 by 2028.

  • Management expects continued strong fundraising, AUM growth, and stable operating margins, with ongoing capital return to shareholders.

  • Forward-looking statements are subject to market, regulatory, and economic risks.

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Frequently asked questions

GCM Grosvenor Inc is an alternative asset management firm specializing in private equity, infrastructure, real estate, and absolute return strategies. The company manages investments on behalf of institutions and high-net-worth individuals globally. It offers customized portfolio solutions and co-investment opportunities. The company is headquartered in Chicago, Illinois, and its shares are listed on the NASDAQ.

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