GCM Grosvenor (GCMG) Q4 2025 earnings summary

Executive summary

• Achieved record fundraising of $10.7 billion in 2025, up 49% year-over-year, with $3.5 billion raised in Q4, both firm records.

• Assets under management reached approximately $91 billion, up 14% year-over-year.

• Fee-related earnings and adjusted net income grew 11% and 18% year-over-year, respectively.

• Full year GAAP net income attributable to the company was $45.4 million, up 143% year-over-year.

• Board approved a $0.12 per share dividend and expanded share repurchase authorization by $35 million in February 2026.

Financial highlights

• GAAP revenue for 2025 was $557.6 million, up 8% year-over-year.

• Adjusted EBITDA for 2025 was $245.6 million, up 15% year-over-year, with a margin of 46%.

• Fee-Related Earnings margin expanded to 44% in 2025.

• Performance fees from ARS totaled $68 million; fourth time in six years exceeding $50 million.

• Cash and investments totaled $477 million at year-end, with $431 million in debt.

Outlook and guidance

• Strong pipeline entering 2026, with expectations for continued broad-based fundraising and growth.

• Private markets management fees expected to remain consistent in Q1 2026; ARS management fees projected to rise 5% sequentially.

• Continued margin expansion and operating leverage anticipated through 2028.

• Focus remains on scaling core capabilities, expanding client relationships, and growing direct-oriented strategies.

• Base budget for 2026 fundraising in line with 2025, but pipeline could support another record year.