GCM Grosvenor (GCMG) Investor presentation summary

Business overview and industry positioning

• Manages $91bn in AUM across private equity, infrastructure, real estate, credit, and absolute return strategies, with a global presence and 557 employees as of March 31, 2026.

• Offers diversified, flexible investment solutions including customized separate accounts and specialized funds, serving over 700 institutional clients and thousands of individuals.

• Maintains high client satisfaction, with 92% of top clients adding capital since 2020 and an average 15-year relationship among the 25 largest clients.

• Positioned as a key partner to middle-market sponsors, providing early and flexible capital.

• Benefits from industry tailwinds, with alternative investments AUM projected to grow at a 10% CAGR to $29.2T by 2029.

Financial performance and growth

• Achieved 8% AUM CAGR since 2020, with private equity and private markets growing at 7% and 11% CAGR, respectively.

• Fee-paying AUM reached $73.5bn, with fee-related earnings growing at 14% CAGR to $185.1mm and adjusted EBITDA at 10% CAGR to $245.6mm (LTM Q1 2026).

• Adjusted net income per share doubled from $0.55 in 2023 to a projected $1.20+ in 2028, with a clear path for further upside.

• Q1 2026 adjusted EBITDA margin was 45%, and fee-related earnings margin was 44%.

• AUM subject to incentive fees grew at a 10% CAGR, reaching $65.3bn, with $35mm run-rate annual performance fees.

Strategic initiatives and client solutions

• Focused on growing core business, scaling investment strategies, and expanding into new areas such as individual investor products and international markets.

• Individual investor AUM reached $4.3bn, with $1.5bn raised in the last two years, supported by a differentiated product suite and white-label solutions.

• Customized separate accounts remain a market-leading offering, with ~90% average re-up success rate and scalable operational model.

• Absolute return strategies provide consistent returns, low volatility, and strong value for clients, generating $159mm in management fees and $70mm in performance fees (LTM).

• Direct-oriented private markets AUM now represents 54% of private markets, with 70% of total AUM in private markets.