olivLaw · US equity research
GCM Grosvenor Inc. GCMG
Investment Advice · SIC 6282 · Vertical: Investment Advice (SIC 6282)
GCM Grosvenor is a global alternative asset management solutions provider investing across private equity, infrastructure, real estate, credit and absolute return strategies. It managed about 90.9 billion USD of assets at the end of 2025, and its second quarter 2026 results showed higher fee-related earnings, which makes it relevant as institutional investors keep allocating to alternatives.
At the close of 04 Nov 2026, GCM Grosvenor Inc. (GCMG) stock was 13.03 USD (+2.28% on the day), with market capitalisation 550.6 m USD, P/E 30.0 on diluted EPS of 0.43 USD over the last 12 months, dividend yield 3.45%, beta 0.74, 52-week range 9.45–14.05 USD. Latest reported quarter (Q2 2026): revenue of 134.3 m USD (+12.3% YoY), net income of 9.6 m USD (−38.0% YoY), diluted EPS 0.12 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 55.8
- strong (55–70)
- Bollinger (20, 2)
- 12.05 – 13.26
- in the upper half of the band · %B 0.81 · band width 9.6%
- SMA 50 / 200
- 12.91 / 11.90
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.13
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.1% | −1.1% | −0.0 pp | — |
| 3 months | −3.0% | −0.5% | −2.5 pp | — |
| 6 months | +15.5% | +4.4% | +11.1 pp | — |
| Year to date | +15.1% | +12.3% | +2.8 pp | — |
| 1 year | +13.4% | +13.5% | −0.1 pp | −2.5% |
| 3 years | +54.2% | +76.4% | −22.2 pp | +24.7% |
| 5 years | +9.0% | +63.7% | −54.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 122.9 m | 165.3 m | 125.8 m | 119.7 m | 135.0 m | 177.1 m | 124.8 m | 134.3 m |
| SG&A | 24.6 m | 26.3 m | 28.3 m | 25.5 m | 24.7 m | 26.3 m | 28.9 m | 27.7 m |
| Operating income | 25.0 m | 43.6 m | 15.3 m | 19.2 m | 44.2 m | 54.7 m | 20.5 m | 35.5 m |
| Depreciation & amortisation | 1.0 m ≈ | 998.0 k | 1.0 m | 1.2 m ≈ | 1.2 m ≈ | 1.1 m | 920.0 k | 1.0 m ≈ |
| Interest expense | 5.9 m | 6.2 m | — | — | 5.6 m | 5.6 m | — | — |
| Pre-tax income | 15.3 m | 36.4 m | 2.5 m | 39.7 m | 48.7 m | 64.0 m | 20.9 m | 35.5 m |
| Income tax | 3.2 m | 6.0 m | 3.6 m | -202.0 k | 3.6 m | 5.9 m | 3.1 m | 3.7 m |
| Net income | 4.2 m | 7.6 m | 463.0 k | 15.4 m | 10.5 m | 19.0 m | 5.5 m | 9.6 m |
| Diluted EPS | 0.03 | 0.04 ≈ | -0.02 | 0.05 | 0.16 | 0.09 ≈ | 0.06 | 0.12 |
| Operating cash flow | 69.0 m ≈ | 38.1 m | 33.3 m | 42.0 m ≈ | 79.8 m ≈ | 28.5 m | 51.7 m | 38.1 m ≈ |
| Capex | 6.7 m ≈ | 1.1 m | 1.2 m | 1.2 m ≈ | 1.5 m ≈ | 4.6 m | 3.8 m | 1.9 m ≈ |
| Dividends paid | 5.3 m ≈ | 4.9 m | 5.1 m | 7.0 m ≈ | 5.9 m ≈ | 7.4 m | 7.5 m | 9.2 m ≈ |
| Share repurchases | 0 ≈ | 0 | 0 | 0 ≈ | — | — | 17.5 m | 2.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 31 percentile of its own 13-quarter history (min 21.8, median 52.7, max 2,410.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 378.5 m | 416.4 m | 430.0 m | 531.6 m | 446.5 m | 445.0 m | 514.0 m | 557.6 m |
| Revenue YoY | unavailable | +10.0% | +3.3% | +23.6% | −16.0% | −0.3% | +15.5% | +8.5% |
| Net income | 0 | 0 | 4.0 m | 21.5 m | 19.8 m | 12.8 m | 18.7 m | 45.4 m |
| Net income YoY | unavailable | unavailable | unavailable | +430.6% | −7.7% | −35.5% | +46.4% | +142.7% |
| Diluted EPS | 0.00 | 0.00 | -0.58 | 0.28 | 0.28 | -0.28 | 0.03 | 0.42 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | 0.0% | −200.0% | unavailable | +1,300.0% |
| net % | 0.0% | 0.0% | 0.9% | 4.0% | 4.4% | 2.9% | 3.6% | 8.1% |
| Free cash flow | 116.2 m | 92.2 m | 66.9 m | 178.2 m | 215.7 m | 88.3 m | 132.0 m | 175.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 242.1 m USD
- Financial debt
- 428.4 m USD
- Net debt
- 186.3 m USD
- Equity
- 127.4 m USD
- Total assets
- 813.8 m USD
- Debt / equity
- 3.36x
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- 6.4%
- FCF margin
- 31.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 430.0 m | 531.6 m | 446.5 m | 445.0 m | 514.0 m | 557.6 m | SEC (XBRL)· 19 Feb 2026verified |
| SG&A | 84.6 m | 88.4 m | 88.9 m | 100.8 m | 104.3 m | 104.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | -43.1 m | 109.4 m | 80.3 m | -11.8 m | 73.5 m | 133.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 9.8 m | 4.0 m | 3.9 m | 2.7 m | 3.3 m | 4.4 m | SEC (XBRL)· 19 Feb 2026verified |
| EBITDA | -33.3 m ≈ | 113.4 m ≈ | 84.2 m ≈ | -9.2 m ≈ | 76.8 m ≈ | 137.9 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Interest expense | 23.4 m | 20.1 m | 23.3 m | 23.7 m | 24.2 m | 22.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | -78.7 m | 153.1 m | 89.1 m | -21.5 m | 50.2 m | 154.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 4.5 m | 11.0 m | 9.6 m | 7.7 m | 13.6 m | 12.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | 4.0 m | 21.5 m | 19.8 m | 12.8 m | 18.7 m | 45.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | -0.58 | 0.28 | 0.28 | -0.28 | 0.03 | 0.42 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 184.2 m | 189.1 m | 188.6 m | 187.4 m | 190.6 m | 197.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividend per share | — | — | — | 0.44 | 0.44 | 0.45 | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 198.1 m | 96.2 m | 85.2 m | 44.4 m | 89.5 m | 242.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 7.9 m | 5.4 m | 4.6 m | 7.4 m | 22.7 m | 29.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Goodwill | 29.0 m | 29.0 m | 29.0 m | 29.0 m | 29.0 m | 29.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Intangibles (excl. goodwill) | 8.6 m | 6.3 m | 3.9 m | 2.6 m | 1.3 m | 0 | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 632.3 m | 581.6 m | 488.9 m | 504.9 m | 612.7 m | 813.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Long-term debt | 335.2 m | 390.5 m | 387.6 m | 384.7 m | 432.0 m | 428.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 599.3 m | 637.4 m | 582.9 m | 616.2 m | 703.1 m | 686.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Equity | -82.2 m | -55.8 m | -94.0 m | -111.2 m | -90.3 m | 127.4 m | SEC (XBRL)· 19 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 68.2 m | 178.8 m | 216.5 m | 92.1 m | 148.8 m | 183.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 1.3 m | 577.0 k | 782.0 k | 3.8 m | 16.7 m | 8.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | 66.9 m ≈ | 178.2 m ≈ | 215.7 m ≈ | 88.3 m ≈ | 132.0 m ≈ | 175.0 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -5.5 m | -28.1 m | -10.1 m | -18.8 m | -31.8 m | -26.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | 54.8 m | -251.3 m | -215.1 m | -113.7 m | -70.4 m | -4.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividends paid | 0 | 14.5 m | 18.4 m | 20.3 m | 20.5 m | 25.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Share repurchases | 0 | 887.0 k | 26.4 m | 4.5 m | 0 | 30.7 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 76 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 550.6 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet57
- Growth80
- Quality76
- Returns100
- Valuation74
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.16 – 142.50 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)79.57 – 142.50 (Mid 102.11)WACC 7.8% · starting FCFF 206.9 m USD · terminal value share of EV 78%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA29.71 – 46.54 (Mid 38.91)7 companies used · median multiple 11.7x · quartiles 9.3x – 13.8xABX, APAM, BEN, LAZ, MORN, VCTR, VRTS
- Peers: P/E5.16 – 12.55 (Mid 9.29)29 companies used · median multiple 21.4x · quartiles 11.9x – 28.9xAAMI, ABX, AMG, AMP, APAM, APO, BEN, BVC, BX, CG, CNS, EVR, FHI, GROW, HLI, HNNA, KKR, LAZ, MORN, NOAH, PAX, PJT, RILY, RPC, TROW, VALU, VCTR, VRTS, WHG
- Dividend discount (DDM)5.91 – 7.95 (Mid 6.78)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 76/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 45.3% | 92 (vs peers) | 11% |
| Net margin · Quality | 7.8% | 26 (vs peers) | 7% |
| FCF conversion · Quality | 418.7% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 7.7% | 64 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 14.5% | 96 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 1.4x | 43 (vs peers) | 11% |
| Interest coverage · Balance sheet | 6.8x | 81 (on a fixed band) | 7% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 30.0x | 28 (vs peers) | 11% |
| EV/EBITDA · Valuation | 4.9x | 100 (vs peers) | 11% |
| FCF yield · Valuation | 33.8% | 100 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 14.6% | 100 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 16.1% | 100 (on a fixed band) | 4% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet57/100 · 2/3 factors with a value
- Growth80/100 · 2/2 factors with a value
- Quality76/100 · 3/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation74/100 · 3/3 factors with a value
Memo
GCM Grosvenor Inc. (GCMG). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 557.6 m USD in 2025; YoY growth 8.5%; net margin 7.8%; ROE 682.1%; net debt/EBITDA 1.4x.
The estimated value range is 17.81–29.54 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 24.10 USD, the price of 13.03 USD leaves a potential of 85.0% (value / price − 1) and a margin of safety of 45.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 76/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 45.3%
- FCF conversion: 418.7%
- EPS CAGR 3Y: 14.5%
- Interest coverage: 6.8x
- EV/EBITDA: 4.9x
- FCF yield: 33.8%
- Shareholder yield (distributions): 14.6%
- Payout ratio (FCF): 16.1%
- The price is below the estimated value range
What contradicts it
- Net margin: 7.8%
- P/E (TTM): 30.0x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Current ratio.
Versus the vertical median
Investment Advice (SIC 6282) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BXBlackstone Inc. | 94.3 bn | 28.1 | 40.5% | 21.8% | +9.2% | −14% / +12% |
| KKRKkr & Co. Inc. | 91.0 bn | 28.9 | 10.6% | 14.8% | −11.0% | −17% / +34% |
| APOApollo Global Management, Inc. | 72.5 bn | 43.8 | 9.3% | 5.2% | +22.7% | −7% / +33% |
| AMPAmeriprise Financial, Inc. | 45.8 bn | 11.9 | 72.0% | 20.7% | +5.5% | +16% / +49% |
| TROWPrice T Rowe Group Inc | 24.0 bn | 11.3 | 19.7% | 28.4% | +3.1% | +10% / +12% |
| BENFranklin Resources Inc | 17.2 bn | 22.8 | 6.8% | 8.7% | +3.5% | +50% / +37% |
| CGCarlyle Group Inc. | 15.2 bn | 44.6 | 5.2% | 10.1% | −11.9% | −22% / +25% |
| IVZInvesco Ltd. | 12.9 bn | — | -0.6% | -1.2% | +5.1% | +20% / +106% |
| AMGAffiliated Managers Group, Inc. | 9.4 bn | 17.8 | 18.9% | 26.9% | +1.6% | +36% / +169% |
| MORNMorningstar, Inc. | 9.1 bn | 21.4 | 35.1% | 17.0% | +7.5% | +14% / −14% |
| VCTRVictory Capital Holdings, Inc. | 7.4 bn | 20.6 | 19.0% | 29.6% | +46.2% | +91% / +274% |
| MAASMAASE Inc. | 4.9 bn | — | -7.2% | -102.1% | −75.2% | +182% / −95% |
| LAZLazard, Inc. | 4.5 bn | 24.4 | 20.6% | 5.5% | +1.5% | −19% / +36% |
| PJTPJT Partners Inc. | 3.9 bn | 19.7 | 83.2% | 10.6% | +14.8% | −6% / +76% |
| CNSCohen & Steers, Inc. | 3.9 bn | 23.3 | 29.2% | 28.2% | +7.5% | +20% / +29% |
| APAMArtisan Partners Asset Management Inc. | 3.3 bn | 9.3 | 73.1% | 24.5% | +7.6% | −2% / +7% |
| AAMIAcadian Asset Management Inc. | 3.3 bn | 32.4 | — | 15.2% | +11.5% | +104% / +425% |
| NOAHNoah Holdings Ltd | 2.4 bn | 30.7 | 5.8% | 21.4% | +4.8% | −31% / −45% |
| ABXAbacus Global Management, Inc. | 885.0 m | 32.5 | 6.6% | 10.5% | +110.2% | +37% / +31% |
| VRTSVirtus Investment Partners, Inc. | 853.6 m | 7.4 | 12.6% | 14.0% | −6.0% | −19% / −34% |
| GCMGGCM Grosvenor Inc. | 550.6 m | 30.0 | 682.1% | 7.8% | +8.5% | +13% / +54% |
| VALUValue Line, Inc. | 416.6 m | 21.0 | 18.7% | 60.3% | −4.7% | +20% / +6% |
| WHGWestwood Holdings Group, Inc. | 182.5 m | 21.9 | 6.4% | 7.8% | +3.2% | +14% / +75% |
| RILYBRC Group Holdings, Inc. | 154.0 m | 0.3 | — | 35.9% | +29.6% | −12% / −79% |
| BVCBitVentures Limited | 138.6 m | 39.8 | 28.9% | 687.6% | unavailable | +1,203% / −76% |
1- and 3-year price returns: for GCMG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 19.25 Total return 54% · Per year 54% | 33.99 Total return 170% · Per year 170% | 51.13 Total return 303% · Per year 303% |
| 3 years | 19.90 Total return 73% · Per year 20% | 39.41 Total return 231% · Per year 49% | 64.92 Total return 434% · Per year 75% |
| 5 years | 20.57 Total return 92% · Per year 14% | 45.70 Total return 301% · Per year 32% | 82.43 Total return 600% · Per year 48% |
- Exit P/E± 9.85
- Net margin± 6.90
- Annual revenue growth± 5.49
- Annual dilution± 0.58
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
GCM Grosvenor is a global alternative asset management solutions provider investing across private equity, infrastructure, real estate, credit and absolute return strategies. It managed about 90.9 billion USD of assets at the end of 2025 1, and its second quarter 2026 results showed higher fee-related earnings, which makes it relevant as institutional investors keep allocating to alternatives 3.
SWOT
Strengths
Weaknesses
Opportunities
- Rising institutional allocations to alternatives and growing interest from individual investors could widen the client base 1.
- Products for individual investors could open new capital sources if access expands 1.
- The trend toward consolidating investor relationships favors providers with flexible, customized partnerships 1.
Risks
- Fund performancehigh
Weak fund performance could reduce management and incentive fees, with consequences for financial results 1.
- Client redemptionshigh
Investors in open-ended funds can redeem, and separate account clients can terminate on short notice 1.
- Variability of incentive revenuemedium
Incentive revenue depends on realizations and can be uneven from one quarter to the next 1.
- Fee pressuremedium
Competition and investor pressure could force fee reductions, with no assurance the company can keep its current margins 1.
- Regulatory requirementslow
An evolving regulatory and tax environment could add costs or operating restrictions 12.
Investment thesis
What would need to be true (bull case)
- If institutional allocations to alternatives keep rising, the asset base and management fees could keep expanding 1.
- Existing clients renewing programs and adding new capital could support growth without relying only on new clients 1.
- If the fee-related earnings margin holds, the scalability of the model could support higher profitability 13.
What would break the thesis
- Market volatility and high inflation could delay new commitments and realizations, slowing revenue growth 2.
- Competition from larger or better-funded rivals could force fee cuts or client losses 1.
- Performance-based revenue is hard to forecast, and a weak quarter could affect investor perception of the company 1.
What to watch
- Trend in fee-related earnings and management feesQ3 2026
- New capital raised and redemption levels in open-ended fundsnext 10-K
- Remaining capacity of the share repurchase programQ3 2026
- Development of incentive fees and unrealized carried interest2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company describes its model as client-centric, with customized separate accounts and specialized funds, and a meaningful share of revenue comes from management fees 1. In fiscal 2025 total operating revenues were 558 million USD 1, of which management fees were 426 million USD 1. Existing clients contributed more than 82% of capital raised in 2025 1, pointing to a stable client base.
Revenue combines management fees, which are relatively predictable, with performance-based incentive fees and carried interest, which are more volatile and tied to realizations 1. The company reports a single operating and reportable segment, with performance assessed across the whole business 1. For the quarter ended June 30, 2026 it reported GAAP net income of about 9.6 million USD, and fee-related earnings rose 3.
The company had about 550 professionals and offices in Chicago, New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney 3. Its Class A shares trade on Nasdaq under the symbol GCMG 3.
Segments
Private Markets
Private Markets is the largest part of the business, with 64.1 billion USD of AUM, or 71% of the total, at December 31, 2025 1. It includes private equity, infrastructure and real estate, and some of these strategies are implemented through direct-oriented investments such as co-investments and secondaries 1.
Market context
The alternatives industry is growing, and Preqin projects total alternative AUM could reach 29.2 trillion USD by 2029 1. A PwC projection puts global asset and wealth management AUM at about 200 trillion USD by 2030 1. Institutional investors say they plan to maintain or increase allocations, particularly to infrastructure and private credit 1.
Individual investors remain under-allocated, putting less than 5% of their portfolios into alternatives versus 20-25% for institutions 1. If education and accessible products expand, this could become an important growth source for the company 1.
Trends
- Market volatility and inflationmixed
Volatility in 2025 and the first half of 2026, linked to inflation, tariffs and geopolitical tensions, can delay client commitments and realizations, but it can also raise demand for alternative strategies 2.
- Consolidation of institutional relationshipstailwind
Institutional investors increasingly favor fewer, deeper partnerships, which could favor providers with broad, flexible platforms such as GCM Grosvenor 1.
- Individual investor access to alternativestailwind
Registered products for individual investors, launched in 2024, could open a new market if demand grows, but they require investment in education and distribution 1.
- Regulatory and tax costsheadwind
The company does not expect the OBBBA tax changes to have a material impact on its financial statements, but evolving regulatory requirements can add costs 12.
Competitive position
The company competes with private equity funds, specialized funds, traditional asset managers, commercial and investment banks and sovereign wealth funds 1. It acknowledges that some competitors have greater resources and may use technology, including artificial intelligence, more effectively 1.
- Private equity and specialized funds
Funds competing for the same investment opportunities and clients, with varying capital and resources 1.
- Traditional asset managers that built their own private equity platforms
Managers offering alternatives alongside traditional strategies that can attract investor capital 1.
- Commercial banks and investment banks
Financial institutions with access to funding and distribution, cited in the filing as rivals for capital 1.
- Sovereign wealth funds
Investors that can also compete for the same investment opportunities, as cited in the official filing 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- GCM Grosvenor Raises $1.2 Billion for Credit Secondaries PushBloomberg Markets · 23 Jul 2026 · EN
The latest news item in our archive is from 23 Jul 2026; the newest SEC filing is from 10 Aug 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Current report12 Jun 2026Shareholder vote
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement24 Apr 2026
- Annual report19 Feb 2026
- Current report10 Feb 2026Results of operations · Financial statements and exhibits
- Current report18 Nov 2025Other events · Financial statements and exhibits
- Quarterly report05 Nov 2025
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / GCM Grosvenor Inc. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / GCM Grosvenor Inc. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / GCM Grosvenor Inc. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.