GCM Grosvenor Earnings Call Transcripts
Fiscal Year 2026
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Customized separate accounts drive stable, compounding growth, with record fundraising and robust pipelines across all verticals. Strategic expansion in the wealth channel and strong infrastructure growth offer significant upside, while diversification and margin improvements position the firm well for future opportunities.
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Record fundraising and strong performance fees marked a standout year, with robust demand for alternatives and a growing wealth channel. Strategic priorities include expanding distribution, leveraging high client retention, and focusing on infrastructure and private credit for future growth.
Fiscal Year 2025
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Record fundraising and strong investment performance drove AUM to $91 billion (+14% YoY), with Fee-Related Earnings, Adjusted EBITDA, and Adjusted Net Income up 11%, 15%, and 18%, respectively. The 2026 pipeline is robust, and margin expansion is expected to continue.
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Q3 2025 saw double-digit growth in fee-related earnings, AUM, and fundraising, with strong performance in infrastructure, credit, and ARS. Management raised the dividend, maintained disciplined expenses, and remains confident in doubling 2023 earnings by 2028.
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A scalable, client-first alternatives platform with $86B AUM is targeting to double earnings by 2028, driven by growth in direct strategies, individual investor channels, and technology-enabled efficiency. High client retention, expanding margins, and disciplined capital return underpin a strong financial outlook.
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Q2 2025 saw robust growth in fee-related earnings, AUM, and fundraising, with infrastructure, private credit, and absolute return strategies as key drivers. Guidance for private markets management fee growth remains at 5–8% for the year, and the firm continues to invest in innovation and operational efficiency.
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A solutions provider in alternatives, the firm leverages open architecture and customized accounts for growth, with private markets and direct strategies driving higher margins. Fundraising is set to improve through 2025, supported by diversification and strong client relationships.
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Managing $82 billion in alternatives, the firm has evolved into a global leader with a solutions-driven model and long-term institutional client relationships. Strong AUM growth, high client retention, and a focus on higher-margin strategies position it to double fee-related earnings by 2028.
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Record Q1 fundraising and strong fee-related earnings growth were driven by infrastructure and private equity, with robust AUM and a healthy pipeline. Strategic initiatives in the U.S. and Japan position the firm for future growth, despite near-term policy and market uncertainties.
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A solutions provider in alternatives, the firm is leveraging strong client relationships, product innovation, and operating leverage to drive growth, aiming to double fee-related earnings over five years. Fundraising is expected to improve, with a focus on infrastructure, private credit, and retail expansion.
Fiscal Year 2024
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Strong Q4 and full-year 2024 results featured double-digit growth in fee-related earnings, robust fundraising, and margin expansion. Outlook for 2025 is positive, with expectations for higher fundraising, continued margin growth, and new product launches in the individual investor channel.
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Fee-related earnings and adjusted net income saw double-digit growth year-to-date, with AUM at a record $80 billion and strong fundraising momentum across private markets, infrastructure, and private credit. New partnerships and product launches target further expansion, supporting long-term growth goals.
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Q2 saw 20% growth in fee-related earnings and 29% in adjusted net income year-over-year, driven by strong private markets and infrastructure fundraising. AUM reached $79B, with robust performance and a positive outlook for the second half of 2024.