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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) February 10, 2025
GCM Grosvenor Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3971685-2226287
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer
Identification No.)
900 North Michigan Avenue
Suite 1100
Chicago, Illinois
60611
(Address of principal executive offices)(Zip Code)
(312) 506-6500
Registrant’s telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on
Class A common stock, par value $0.0001 per shareGCMGThe Nasdaq Stock Market LLC
Warrants to purchase one share of Class A common stockGCMGWThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition.
On February 10, 2025, GCM Grosvenor Inc. (the “Company”) reported financial results for the year ended December 31, 2024. The full text of the press release and earnings presentation issued in connection with the announcement is furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and is incorporated herein by reference.
The information contained in this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly provided by specific reference in such a filing.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 6, 2025, the Board of Directors (the “Board”) of the Company appointed David A. Helfand as a director, effective as of February 20, 2025, with a term expiring at the 2025 annual meeting of stockholders, to fill the vacancy on the Board resulting from the previously disclosed resignation of Blythe Masters, and to serve on the Board’s audit committee as its chairperson.
David A. Helfand is the President, Chief Executive Officer and Chair of the Board of Equity Commonwealth, a real estate investment trust that owns and manages commercial office properties in the United States. Mr. Helfand serves as an Advisor to Equity Group Investments (“EGI”), a private investment firm, where he previously served as Co-President, overseeing EGI’s real estate activities. Mr. Helfand is also the Founder and President of Helix Funds LLC (“Helix Funds”), a private real estate investment management company. He also served as Chief Executive Officer for American Residential Communities LLC (“ARC”), a Helix Funds portfolio company. Before founding Helix Funds, Mr. Helfand served as Executive Vice President and Chief Investment Officer for Equity Office Properties Trust (“EOP”). Prior to working with EOP, Mr. Helfand served as a Managing Director and participated in the formation of Equity International, a private investment firm focused on real estate-related companies outside the U.S. He was also the President and Chief Executive Officer of Equity LifeStyle Properties (NYSE: ELS), an operator of manufactured home communities, and served as Chairman of the Board’s audit committee. His earlier career included investment activity in a variety of asset classes, including retail, office, parking and multifamily. Mr. Helfand also serves as a Director of the Ann & Robert H. Lurie Children’s Hospital of Chicago, on the National Association of Real Estate Investment Trusts (“Nareit”) Advisory Board of Governors, on the Executive Committee of the Samuel Zell and Robert Lurie Real Estate Center at the Wharton School of the University of Pennsylvania, on the Executive Committee of the Kellogg Real Estate Center at Northwestern University, on the Board of Visitors at the Weinberg College of Arts and Sciences at Northwestern University, and as trustee on the Board of Trustees of Northwestern University. Mr. Helfand holds an M.B.A. from the University of Chicago Graduate School of Business and a B.A. from Northwestern University.
There were no arrangements or understandings pursuant to which Mr. Helfand was selected as a director. The Company utilizes the services of an insurance broker (the “Broker”) to procure insurance coverage, including its general commercial package policy, health, workers’ compensation and professional and management liability coverage for its directors and officers. An immediate family member of Mr. Helfand’s wife has an economic interest in the Broker totaling approximately 20%. During the year ended December 31, 2024, the Broker received commission payments in respect of the Company’s insurance coverage in the amount of $0.5 million. The Company leases (the “Lease”) its principal headquarters in Chicago from 900 North Michigan, LLC, a Delaware limited liability company (the “Landlord”). An immediate family member of Mr. Helfand’s wife has an economic interest in the Landlord totaling approximately 24%. The term of the Lease expires September 30, 2037. The Lease provides for monthly rent and payment of operating expenses on a triple-net basis. During the year ended December 31, 2024, GCM Grosvenor made lease payments of $5.8 million, in satisfaction of its obligations pursuant to the Lease.
Mr. Helfand will participate in the compensation program for non-employee directors described in the Company’s Definitive Proxy Statement filed with the Securities and Exchange Commission on April 25, 2024. In addition, the Company will enter into its standard director indemnification agreement with Mr. Helfand. On February 6, 2025, the Board approved the amended Non-Employee Director Compensation Policy, effective as of April 1, 2025, filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. Each of the Board members who is not an employee of the Company, any of its parents or its subsidiaries, including Mr. Helfand, will receive compensation pursuant to the amended Non-Employee Director Compensation Policy beginning on April 1, 2025.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
1

Exhibit No.Description
10.1
99.1
99.2
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
2

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GCM Grosvenor Inc.
Date: February 10, 2025
By:/s/ Michael J. Sacks
Name: Michael J. Sacks
Title:Chief Executive Officer
3
Exhibit 10.1

GCM Grosvenor, Inc.

Non-Employee Director Compensation Policy

Non-employee members of the board of directors (the “Board”) of GCM Grosvenor, Inc. (the “Company”) shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Policy (this “Policy”) beginning on April 1, 2025, unless a Non-Employee Director (as defined below) and the Company mutually agree in writing that he or she will not receive compensation in connection with his or her appointment. The cash and equity compensation described in this Policy shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company (each, a “Non-Employee Director”). This Policy became effective after the effectiveness of the Company’s Form S-4 Registration Statement, and was revised by action of the Board on each of February 23, 2021, November 7, 2022 and February 6, 2025. This Policy may be amended, modified or terminated by the Board at any time in its sole discretion. The terms and conditions of this Policy shall supersede any prior cash and/or equity compensation arrangements for service as a member of the Board between the Company and any of its Non-Employee Directors and between any subsidiary of the Company and any of its non-employee directors.
A.Cash Compensation
1.Annual Retainers and Other Fees. Each Non-Employee Director shall receive an annual retainer of $250,000 for service on the Board. A Non-Employee Director serving as a member of the Audit Committee shall receive an additional annual retainer of $45,000 for such service and a Non-Employee Director serving as Chairperson of the Audit Committee shall receive an additional annual retainer of $60,000 for such service. Non-Employee Directors of other committees, if established, shall receive an additional annual retainer of $15,000 for such service, and the Chairperson of such other committees shall receive an additional annual retainer of $30,000 for such service (collectively, the “Cash Compensation”), payable in cash (subject to Sections (A)(2)(c) and (B)(2) herein), as compensation for his or her service as a Non-Employee Director.
2.Payment
a.Payment Date. The Cash Compensation will be earned on a quarterly basis based on a calendar quarter and will be paid by the Company in arrears not later than the fifteenth day following the end of each calendar quarter.
b.Partial Service. In the event a Non-Employee Director does not serve as a Non-Employee Director for an entire calendar quarter (but serves for a portion of the quarter), such Non-Employee Director will receive a prorated portion of the Cash Compensation otherwise payable to him or her for such calendar quarter, with such prorated portion determined by multiplying the Cash Compensation that would otherwise be payable by a fraction, the numerator of which is the number of days during which the Non-Employee Director serves as a Non-Employee Director during

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the applicable calendar quarter and the denominator of which is the number of days in the applicable calendar quarter.
c.Share Settlement. Notwithstanding anything to the contrary in this Section A, the Company may offer the Non-Employee Directors the right to elect to receive the Cash Compensation in the form of fully vested shares of Class A common stock, par value $0.0001 per share of the Company (“Common Stock”), not to exceed the Director Limit (as defined below). Such election must be made in writing prior to the date on which the Cash Compensation is required to be paid hereunder. The number of shares of Common Stock that may be delivered in satisfaction of the Cash Compensation shall be determined based on the closing price per share of the Common Stock on the last day of the calendar quarter for which the Cash Compensation is payable, or if such date was not a trading day, based on the last preceding trading day for which such price per share exists, as reported on the Nasdaq Capital Market.
B.Equity Compensation
1.Initial Grant. Except as otherwise determined by the Board, each Non-Employee Director who is initially elected or appointed to the Board, shall receive an award of 10,000 restricted stock units (“RSUs”), each of which represents the right to receive one share of Common Stock, subject to vesting and other provisions set forth in the grant agreement. The awards described in this Section B(1) shall be referred to as “Initial Awards.” (For the avoidance of doubt, no Non-Employee Director shall be granted more than one Initial Award.) Each Initial Award shall be granted on the date of such Non-Employee Director’s initial election or appointment to the Board (such Non-Employee Director’s “Start Date”) or such later date if necessary to comply with applicable securities laws. The Initial Award shall vest on the first anniversary of the Start Date, subject to the Non-Employee Director continuing in service on the Board through such date. In the event of a Non-Employee Director’s cessation of service due to death or disability (as determined in good faith by the Board), the RSUs subject to an Initial Award will become fully vested as of the date of such cessation of service. In the event of a Non-Employee Director’s continued service through the date of a Change of Control, the RSUs subject to an Initial Award will become fully vested as of the date of the Change of Control. The Initial Award shall not apply towards the Director Limit (as defined in the Equity Plan) (as defined below). Each Non-Employee Director may elect to defer settlement of all or part of the Initial Award by executing a valid deferral election in a manner that is consistent with the requirements of Treas. Reg. 1.409A-2 and in accordance with any deferral plan, policy or arrangement established by the Company.
2.Election to Receive Deferred Equity in Lieu of Cash Compensation. Notwithstanding Section A, Non-Employee Directors may elect, in accordance with Section (B)(2)(a) or in accordance with any other deferral program to be adopted by the Board, that an amount equal to all or a portion of the Cash Compensation be paid in the form of deferred RSUs in accordance with Section (B)(2)(d), not to exceed the Director Limit (as defined below). (All equity awards, including the Initial Awards,



that Non-Employee Directors may receive as compensation for their service on the Board from time to time pursuant to this Policy are referred to collectively herein as “Equity Compensation”.)
a.Elections; Notification Requirements. If a Non-Employee Director desires to receive all or a portion of his or her Cash Compensation in the form of deferred RSUs, such Non-Employee Director must make an election (an “Equity Election”) by delivering an election form to Chief Human Resources Officer of the Company which designates the portion of the Cash Compensation that the Non-Employee Director desires to receive in the form of deferred RSUs. Any initial Equity Election must be made not later than December 31 of the calendar year immediately preceding the calendar year of service. Notwithstanding the foregoing, any newly-appointed or elected Non-Employee Director may make an Equity Election no later than thirty days after such Non-Employee Director first becomes eligible to participate in this Policy, and such Equity Election may only be made with respect to Cash Compensation payable for services to be performed during or after the period commencing on the first day of the first full calendar quarter immediately following the date of such Equity Election. Once an Equity Election is made, it may be revoked and changed only for future years. Each Equity Election will carry over to Cash Compensation in subsequent plan years unless and until terminated. Any Equity Election must satisfy the requirements of Section 409A of the Internal Revenue Code, as amended (the “Code”), to the extent applicable.
b.Grant Date. With respect to the Cash Compensation that the Non-Employee Director elects to receive in the form of deferred RSUs, the date of grant of the deferred RSUs will be the last business day of each calendar quarter, subject to the Non-Employee Director’s continued service through such day.
c.Number of Deferred RSUs. The number of deferred RSUs awarded to a Non-Employee Director will be determined by dividing (i) the applicable portion of the Cash Compensation that the Non-Employee Director elects to receive in the form of deferred RSUs by (ii) the closing price per share of the Common Stock on the date of grant, or on the last preceding trading day for which such price for share exists, if such date was not a trading day, as reported on the Nasdaq Capital Market. If a Non-Employee Director does not serve as a Non-Employee Director for an entire calendar quarter (but serves for a portion of the quarter), such Non-Employee Director will receive a prorated portion of the deferred RSUs to be granted to such Non-Employee Director with respect to such quarter, on the same grant date described above, with such prorated portion of RSUs determined by multiplying the Annual Cash Award Value that the Non-Employee Director has elected to defer by a fraction, the numerator of which is the number of days during which the Non-Employee Director serves as a Non-Employee Director during the applicable calendar quarter and the denominator of which is the number of days in the applicable calendar quarter.



d.Share Delivery. The shares of Common Stock issuable pursuant to the Deferred RSUs will be delivered on the earlier of (i) the day immediately preceding the date of the first annual meeting of the Company’s stockholders (an “Annual Meeting”) following the date of grant that is at least 50 weeks from the date of grant, (ii) the first anniversary of the date of grant, the Non-Employee Director’s cessation of service due to death or disability (as determined in good faith by the Board), the Non-Employee Director’s continued service through the date of a Change of Control, the date of the Non-Employee Directors’ “separation of service,” within the meaning of Section 409A of the Internal Revenue Code, or any later fixed date that is permitted by the Company and that complies with Section 409A of the Internal Revenue Code.
3.Settlement. All RSUs subject to an Initial Award will be settled in the form of shares of Common Stock no later than 15 days following the vesting date and all deferred RSUs shall be settled in the form of shares of Common Stock no later than 15 days following the applicable delivery date selected by the Non-Employee Director in the applicable deferral election form.
4.General Provisions Applicable to RSUs
a.RSU Account. The Company will maintain, or cause its equity plan administrator to maintain, a separate bookkeeping account to reflect the RSUs issued to each Non-Employee Director.
b.Fractional Shares. Only whole shares will be issued in settlement of RSUs; fractional shares will be eliminated by rounding up to the next whole number.
c.Voting Rights. Non-Employee Directors will have no voting rights with respect to RSUs.
d.Company Equity Plan Applies. All Equity Compensation will be granted under and subject to the terms and provisions of the Company’s 2020 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (the “Equity Plan”). All applicable terms of the Equity Plan apply to this Policy as if fully set forth herein, and all awards of Equity Compensation hereunder are subject in all respects to the terms of the Equity Plan. Notwithstanding any provision to the contrary in this Policy, the sum of the grant date fair value of equity-based Awards (as defined in the Equity Plan) and the amount of any cash-based Awards or other fees granted to a Non-Employee Director under the Plan during any calendar year shall not exceed the director limit set forth in the Plan (the “Director Limit”); provided, that, such Director Limit shall not include any initial, sign-on equity grant to a Non-Employee Director, which initial, sign-on grant shall not be greater than 10,000 shares of Common Stock.
C.General



1.Unfunded Obligation. This Policy is designed and will be administered at all times as an unfunded arrangement, and each Non-Employee Director will be treated as an unsecured general creditor and will have no beneficial ownership of any assets of the Company.
2.Taxes. Non-Employee Directors will be solely responsible for any federal, state or other taxes imposed in connection with Cash Compensation and Equity Compensation, and each Non-Employee Director authorizes the Company or any of its subsidiaries to make any withholding for taxes which the Company or any subsidiary deems, in their sole discretion, necessary or desirable in connection therewith.
3.Amendments; Etc. This Policy may be amended, modified or terminated by the Board at any time in its sole discretion. To the extent that the Company’s Annual Meeting schedule is materially changed from the schedule in effect on the Effective Date, this Policy may be equitably adjusted by the Company in connection with such change.
4.Governing Law. This Policy and any agreements or documents hereunder will be administered, construed and enforced in accordance with the laws of the State of Delaware without regard to conflicts of laws thereof.










    
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PRESS RELEASE

GCM Grosvenor Reports Fourth Quarter and Full Year 2024 Earnings Results, with 2024 Fundraising Increasing 41%, and Year-to-Date GAAP Net Income, Fee-Related Earnings and Adjusted Net Income Increasing 46%, 19% and 36%, Respectively, Year-Over-Year

CHICAGO, February 10, 2025 – GCM Grosvenor (Nasdaq: GCMG), a global alternative asset management solutions provider, today reported its results for the fourth quarter and full year December 31, 2024.
GCM Grosvenor issued a detailed presentation of its results to the Public Shareholders section of GCM Grosvenor’s website at https://www.gcmgrosvenor.com/shareholder-events.
GCM Grosvenor's Board of Directors approved a $0.11 per share dividend payable on March 17, 2025 to shareholders on record March 3, 2025. In addition, in February 2025, GCM Grosvenor's Board of Directors increased the firm's existing share repurchase authorization by $50 million, from $140 million to $190 million.
Conference Call
A conference call to discuss GCM Grosvenor’s financial results will be held today, Monday, February 10, 2025, at 10:00 a.m. ET. The call will be accessible via public webcast from the Public Shareholders section of GCM Grosvenor’s website at https://www.gcmgrosvenor.com/shareholder-events, and a replay of the live broadcast will be available on the website soon after the call’s completion.
The call can also be accessed by dialing (888) 394-8218 (toll-free) or (646) 828-8193 and using the passcode 3333622.
About GCM Grosvenor
GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $80 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform.
GCM Grosvenor’s experienced team of approximately 550 professionals serves a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, visit: gcmgrosvenor.com.
Non-GAAP Financial Measures
Included in the results above, we report certain financial measures that are not required by, or presented in accordance with, GAAP. Management uses these non-GAAP measures to assess the performance of our business across reporting periods and believes this information is useful to investors for the same reasons. These non-GAAP measures should not be considered a substitute for the most directly comparable GAAP measures, which we reconcile within the detailed presentation discussed above. Further, these measures have limitations as analytical tools, and when assessing our operating performance, you should not consider these measurements in isolation or as a substitute for GAAP measures including net income (loss). We may calculate or present these non-GAAP financial measures differently than other companies who report measures with the same or similar names, and as a result, the non-GAAP measures we report may not be comparable.

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Share Repurchase Plan Authorization
GCMG’s Board of Directors previously authorized a share repurchase plan, which may be used to repurchase outstanding Class A common stock and warrants in open market transactions, in privately negotiated transactions including with employees or otherwise, as well as to retire (by cash settlement or the payment of tax withholding amounts upon net settlement) equity-based awards granted under the Company’s Amended and Restated 2020 Incentive Award Plan (or any successor equity plan thereto). The Company is not obligated under the terms of plan to repurchase any of its Class A common stock or warrants, and the size and timing of these repurchases will depend on legal requirements, price, market and economic conditions and other factors. The plan has no expiration date and the plan may be suspended or terminated by the Company at any time without prior notice. Any outstanding shares of Class A common stock and any warrants repurchased as part of this plan will be cancelled. As of December 31, 2024, the total share repurchase plan authorization is $140.0 million. In February 2025, GCM Grosvenor's Board of Directors increased the firm's existing share repurchase authorization by $50.0 million, from $140.0 million to $190.0 million.

Public Shareholders Contact
Stacie Selinger
sselinger@gcmlp.com
312-506-6583
Media Contact
Tom Johnson and Abigail Ruck
H/Advisors Abernathy
tom.johnson@h-advisors.global / abigail.ruck@h-advisors.global
212-371-5999
Source: GCM Grosvenor

2024 Fourth Quarter and Full Year Results Earnings Presentation

 
GCM GROSVENOR | 2 GCM Grosvenor Reports Q4 and Full Year 2024 Results CHICAGO, February 10, 2025 – GCM Grosvenor (Nasdaq: GCMG), a leading global alternative asset management solutions provider, today reported results for the fourth fiscal quarter ended December 31, 2024. Dividend GCM Grosvenor's Board of Directors approved a $0.11 per share dividend payable on March 17, 2025 to shareholders on record March 3, 2025. Conference Call Management will host a webcast and conference call at 10:00 a.m. ET today to discuss the company’s results. The conference call will also be available via public webcast from the Public Shareholders section of GCM Grosvenor’s website at www.gcmgrosvenor.com/public- shareholders and a replay will be available on the website soon after the call’s completion. To listen to the live broadcast, participants are encouraged to go to the site 15 minutes prior to the scheduled call time in order to register. The call can also be accessed by dialing (888) 394-8218 / (646) 828-8193 and using the passcode: 3333622. About GCM Grosvenor GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $80 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform. GCM Grosvenor’s experienced team of approximately 550 professionals serves a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, visit: www.gcmgrosvenor.com. "We ended 2024 on a high note, capping a year of strong investment returns, a 41% increase in annual fundraising, and significant growth in profitability” said Michael Sacks, Chairman and Chief Executive Officer of GCM Grosvenor. "In addition, we made meaningful progress toward a number of our long-term goals. We look forward to building on this momentum in 2025."

 
GCM GROSVENOR | 3 THIS PRESENTATION CONTAINS CERTAIN FORWARD- LOOKING STATEMENTS within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected future performance of GCM Grosvenor’s business. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward- looking statements in this presentation, including without limitation, the historical performance of GCM Grosvenor's funds may not be indicative of GCM Grosvenor's future results; risks related to redemptions and termination of engagements; the variable nature of GCM Grosvenor's revenues; competition in GCM Grosvenor's industry; effects of government regulation or compliance failures; market, geopolitical and economic conditions; identification and availability of suitable investment opportunities; risks relating to our internal control over financial reporting; and risks related to the performance of GCM Grosvenor's investments. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” sections of the Annual Report on Form 10-K filed by GCM Grosvenor Inc. on February 29, 2024 and its other filings with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward- looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and GCM Grosvenor assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Forward Looking Statements Media Contacts Tom Johnson and Abigail Ruck H/Advisors Abernathy tom.johnson@h-advisors.global/ abigail.ruck@h-advisors.global 212-371-5999 Public Shareholders Contact Stacie Selinger Head of Investor Relations sselinger@gcmlp.com 312-506-6583

 
GCM GROSVENOR | 4 Third Quarter 2023 Results $bn DECEMBER 31, 2023 DECEMBER 31, 2024 % CHANGE VS Q4 23 AUM $ 76.9 $ 80.1 4 % FPAUM 61.7 64.8 5 % Private Markets FPAUM 40.3 42.7 6 % Absolute Return Strategies FPAUM 21.4 22.1 3 % CNYFPAUM1 7.3 8.2 12 % $mm THREE MONTHS ENDED DECEMBER 31, 2024 % CHANGE VS QTD Q4 23 TWELVE MONTHS ENDED DECEMBER 31, 2024 % CHANGE VS YTD Q4 23 GAAP Revenue $ 165.3 42 % $ 514.0 16 % GAAP net income attributable to GCM Grosvenor Inc. 7.6 134 % 18.7 46 % Earnings per share of Class A common stock - Diluted 0.09 NM 0.03 (111) % Fee-Related Revenue2 104.5 13 % 393.1 8 % Private Markets Management Fees2 66.3 20 % 238.5 11 % Absolute Return Strategies Management Fees2 37.2 3 % 148.4 1 % Fee-Related Earnings 49.2 22 % 166.4 19 % Adjusted EBITDA3 77.6 56 % 213.8 32 % Adjusted Net Income3 4 52.7 63 % 140.8 36 % Adjusted Net Income Per Share - Diluted 0.27 59 % 0.74 35 % • Raised $2.3 billion of new capital in the fourth quarter 2024, bringing full year 2024 fundraising to $7.1 billion, an increase of 41% compared to prior year. ◦ Fundraising of $3.7 billion in the second half of 2024 exceeded the $3.4 billion raised in the first half of 2024 • Solid financial results for Full Year 2024 ◦ Full year 2024 GAAP Net Income attributable to GCM Grosvenor Inc. was $18.7 million ◦ Full year 2024 Fee-Related Earnings increased 19% compared to prior year ◦ Full year 2024 Adjusted Net Income3 4 increased 36% compared to prior year • GCM Grosvenor's Board of Directors approved an incremental $50 million share repurchase authorization in February 2025 1-4. See Notes towards the end of the document. Fourth Quarter and Full Year 2024 Results

 
GCM GROSVENOR | 5 Adjusted Earnings Fee-Related Earnings (mm) Adjusted EBITDA (mm) Adjusted Net Income (mm) Longer-Term Trends $91.0 $140.8 91.0 140.8 2020 2024 $95.1 $166.4 2020 2024 $147.0 $213.8 2020 2024 45% 55% 75% $103.2 $140.8 103.2 140.8 2023 2024 $139.9 $166.4 2023 2024 $162.2 $213.8 2023 2024 32% 36% 19%

 
GCM GROSVENOR | 6 Growth in Key Business Drivers December 31, 2020 December 31, 2024 Growing Earnings Power $62bn $80bn AUM Private Markets Growing as a Percentage 54% 66% Private Markets % of FPAUM Shifting Towards Direct- Oriented Strategies 39% 52% Direct-Oriented Strategies % of Private Markets AUM Operating Leverage in Business 31% 42% LTM FRE Margin Carried Interest Earnings Potential Increasing $133mm $401mm Firm Share of Unrealized Carried Interest Balance

 
GCM GROSVENOR | 7 Business Shifting Towards Private Markets Key 2023 and Long-Term Growth Drivers 5-9. See Notes towards the end of the document. Expand Client Relationships Approximately 50% Of top clients are invested in more than 1 vertical8 ~1,100bps Q4'24 LTM vs. Q4'20 LTM FRE margin expansion Real Assets Margin Expansion Individual Investor 1. Scaling Core Capabilities +64% Specialized Fund AUM growth since end of 2020 Approximately 90% Private Markets Re-Up Rate7 Opportunity to Grow Absolute Return Strategies FPAUM From Compounding Key Long-Term Growth Drivers 2. Planting Seeds for Future Growth9 3. Growing Earnings Quality and Power Scale Specialized Funds Direct-Oriented Strategies Growth in Incentive Fee Opportunity Client Retention & Compound Capital $3.3bn Raised in individual investor channel since 2020 $14.2bn Raised for real assets since 2020 $17.3bn Raised for direct-oriented strategies since 2020 66% Private Markets % of FPAUM $836mm Unrealized carried interest balance5 $30mm Run-rate annual performance fees6

 
GCM GROSVENOR | 8 53 Years of Alternative Asset Management Investing Real Estate $5.9bn Absolute Return $23.3bn Private Equity $30.4bn Sustainable / Impact $27.8bn12 Alternative Credit $14.6bn12 Infrastructure $14.6bn 10-12. See Notes towards the end of the document. $80bn AUM11 1971 71% 549 181 First year in business of AUM in customized separate accounts Employees10 Investment professionals10 SEEDING/ STAKES DIRECT PRIMARY SECONDARY CO-INVEST

 
GCM GROSVENOR | 9 Growing and Diversifying AUM and Earnings Power $61.9 $72.1 $73.7 $76.9 $80.1 $4.7 $6.2 $5.0 $5.1 $5.8 $25.2 $26.6 $23.0 $22.4 $23.3 $9.2 $13.1 $16.6 $20.0 $20.6 $22.8 $26.2 $29.1 $29.4 $30.4 Private Equity Real Assets Absolute Return Strategies Other Q4 2020 Q4 2021 Q4 2022 Q4 2023 Q4 2024 7% Private Equity CAGR (2)% Absolute Return Strategies CAGR 22% Real Assets CAGR AUM by Strategy (bn) 13. Other includes alternative credit and opportunistic strategies and is included in private markets CAGR. 7% CAGR 12% Private Markets CAGR 13 13

 
GCM GROSVENOR | 10 Diversified Fundraising Drives Stability & Growth $7.0 $9.4 $7.8 $5.1 $7.1 $1.4 $1.0 $0.5 $0.2 $1.9 $1.4 $1.9 $0.5 $0.5 $1.3 $0.9 $1.6 $0.9 $0.3$1.2 $3.5 $2.1 $2.7 $1.2 $3.0 $2.1 $3.1 $0.8 $2.4 Private Equity Infrastructure Real Estate Absolute Return Strategies Alternative Credit and Other 2020 2021 2022 2023 2024 14. Other includes opportunistic strategies. 56% Pensions 5% Corporation 13% Government/Sovereign Entity 9% Individual Investor 8% Financial Institutions 6% Insurance 3% Other 63% Americas 12% EMEA 25% APAC 2024 Fundraising 2024 Fundraising 14 Diversified by Strategy Diversified by Channel Diversified by Geography (bn) $2.3bn Q4 2024 Fundraising

 
GCM GROSVENOR | 11 $3,879 $4,808 $5,234 $7,402 $8,758 $9,816 $11,682 $2,232 $2,129 $1,858 $1,734 $1,315 $965 $777 $672 CIS MAC GSF IAF GCF Advance Elevate Private Credit funds 2018 2019 2020 2021 2022 2023 Through 2024 Scaling and expanding private market specialized fund franchises Cumulative selected private market specialized fund closings (mm) Private Markets Specialized Fund Franchises Funds currently in market Name Asset Class Investment Implementation Co-Investment Opportunities III (GCF III) Private equity Co-investments Infrastructure Advantage Fund II (IAF II) Infrastructure Direct investments Private Credit funds Private credit Co-investments, Secondaries, Primary Advance Fund II (Advance II) Private equity Primaries, co-investments and secondaries 15 15. See Notes towards the end of the document.

 
GCM GROSVENOR | 12 $150.0 $175.4 $197.3 $214.3 $238.5 2020 2021 2022 2023 2024 2. See Notes towards the end of the document. 12% CAGR Growing Private Markets Business Private Markets Management Fees2 (mm) 66% Private Markets % of Total FPAUM $57bn Private Markets Total AUM $31bn Private Markets Fundraising since 2020

 
GCM GROSVENOR | 13 133 355 401 262 381 435 Firm Share of Carried Interest Non-Firm Share of Carried Interest 5. See Notes towards the end of the document. Unrealized carried interest at net asset value as of Q4 2024 145 programs with unrealized carried interest Unrealized Carried Interest by Vintage Year (mm)5 $ million 48% Firm Share 34% Firm Share Gr wing Carried Interest Earnings Power Total carried interest continues to experience strong growth, and the firm is keeping a larger share of that carry Unrealized carried interest bridge (mm) 105 139 592 23 59 319 82 80 273 Firm Share of Carried Interest by Vintage Year 2013 or Earlier 2014-2016 2017+ 42% Firm Share 54% Firm Share 22% Firm Share Q4 2020 Additions Realizations Q4 2024 $395 ($295) (87) (208) +$736 $836

 
GCM GROSVENOR | 14 $395 $788 $789 $776 $836 Gross Unrealized Carried Interest $111.7 $173.9 $75.2 $64.9 $106.2 $52.8 $52.0 $2.6 $15.3 $55.3 $58.9 $121.9 $72.6 $49.6 $50.9 Performance Fees Carried Interest 2020 2021 2022 2023 2024 Significant Embedded Value From Incentive Fees Unrealized Carried Interest vs Gross Incentive Fees (mm) 5-6. See Notes towards the end of the document. Note: Gross Incentive fees for the three months ended December 31, 2024 are not a meaningful comparison given the general annual nature of performance fees. 2024202320222021 2020 Incentive Fee Revenue has Been Muted Despite Growth in Unrealized Carry... ...and Incentive Fee Earnings Power is Growing with Shift Towards Direct- Oriented Strategies 5 AUM Subject to Incentive Fees (bn) $39.9 $49.9 $52.2 $56.1 $58.5 $14.4 $14.5 $12.4 $12.8 $13.8 $25.5 $35.4 $39.8 $43.3 $44.7 AUM Subject to Performance Fees AUM Subject to Carried Interest 2020 2021 2022 2023 2024 +10% CAGR $30mm Run-rate annual performance fees6 15% AUM Subject to Carried Interest CAGR

 
GCM GROSVENOR | 15 16. Reflects GAAP cash including $12 million of cash held at consolidated carry plan entities. 17. Represents firm share of Net Asset Value as of December 31, 2024. 18. Debt principal at pricing of Term SOFR + 225bps as of December 31, 2024, subject to a Term SOFR floor of 50bps. 19. Warrants strike at $11.50 and are subject to early redemption or exercise at $18.00 per share. • $32 million remained in the approved share and warrant repurchase program as of December 31, 2024. ◦ GCM Grosvenor was deemed to have repurchased $33 million of Class A common stock during the year ended December 31, 2024. • The Board of Directors approved an incremental $50 million share repurchase authorization in February 2025. • GCM Grosvenor's Board of Directors approved a $0.11 per share dividend payable on March 17, 2025 to shareholders on record March 3, 2025. SUMMARY OF OWNERSHIP AS OF 12/31/24 (mm) Shares % Management Owned Shares 144.2 76 % Publicly Traded Shares 44.9 24 % Total Shares 189.1 100 % Warrants Outstanding19 17.7 Other Key Items KEY CASH, INVESTMENT AND DEBT METRICS AS OF 12/31/24 ($mm) Cash and Cash Equivalents16 $ 89 Investments17 209 Cash and Investments 298 Unrealized Carried Interest17 401 Cash, Investments and Unrealized Carried Interest17 699 Debt18 436 Drawn Revolving Credit Facility ($50 million available) 0

 
GCM GROSVENOR | 16 Supplemental Information

 
GCM GROSVENOR | 17 $000, EXCEPT PER SHARE AMOUNTS AND WHERE OTHERWISE NOTED THREE MONTHS ENDED TWELVE MONTHS ENDED DEC 31, 2023 DEC 31, 2024 DEC 31, 2023 DEC 31, 2024 Revenues Management fees $ 95,062 $ 107,383 $ 375,444 $ 401,648 Incentive fees 20,019 56,778 64,903 106,237 Other operating income 1,475 1,100 4,652 6,127 Total operating revenues 116,556 165,261 444,999 514,012 Expenses Employee compensation and benefits 78,539 95,317 356,044 336,236 General, administrative and other 24,899 26,336 100,801 104,296 Total operating expenses 103,438 121,653 456,845 440,532 Operating income (loss) 13,118 43,608 (11,846) 73,480 Investment income 551 5,945 11,640 15,589 Interest expense (5,720) (6,185) (23,745) (24,160) Other income (expense) (603) (144) 1,008 1,334 Change in fair value of warrant liabilities (893) (6,789) 1,429 (16,079) Net other expense (6,665) (7,173) (9,668) (23,316) Income (loss) before income taxes 6,453 36,435 (21,514) 50,164 Provision for income taxes 1,881 6,016 7,692 13,560 Net income (loss) 4,572 30,419 (29,206) 36,604 Less: Net income (loss) attributable to noncontrolling interests in subsidiaries (473) 1,452 5,033 2,545 Less: Net income (loss) attributable to noncontrolling interests in GCMH 1,787 21,352 (47,013) 15,364 Net income attributable to GCM Grosvenor Inc. $ 3,258 $ 7,615 $ 12,774 $ 18,695 Earnings (loss) per share of Class A common stock: Basic $ 0.08 $ 0.17 $ 0.30 $ 0.42 Diluted $ — $ 0.09 $ (0.28) $ 0.03 Weighted average shares of Class A common stock outstanding: Basic (in millions) 43.2 45.2 43.2 44.7 Diluted (in millions) 187.5 191.4 187.4 190.6 GAAP Statements of Income

 
GCM GROSVENOR | 18 2-4, 20-23. See Notes towards the end of the document. $000, except per share amounts and where otherwise noted THREE MONTHS ENDED TWELVE MONTHS ENDED ADJUSTED EBITDA DEC 31, 2023 DEC 31, 2024 DEC 31, 2023 DEC 31, 2024 Revenues Private markets strategies2 $ 55,061 $ 66,258 $ 214,338 $ 238,546 Absolute return strategies2 36,244 37,183 146,550 148,408 Management fees, net2 91,305 103,441 360,888 386,954 Administrative fees and other operating income 1,475 1,100 4,652 6,127 Fee-Related Revenue2 92,780 104,541 365,540 393,081 Less: Cash-based employee compensation and benefits, net20 (32,918) (34,966) (149,327) (147,045) General, administrative and other, net21 (19,530) (20,425) (76,271) (79,685) Fee-Related Earnings 40,332 49,150 139,942 166,351 Fee-Related Earnings Margin 43 % 47 % 38 % 42 % Incentive fees: Performance fees 14,139 42,245 15,313 55,323 Carried interest 5,880 14,533 49,590 50,914 Incentive fee related compensation and NCI: Cash-based incentive fee related compensation (8,451) (20,478) (15,628) (36,455) Carried interest compensation, net22 (3,622) (10,084) (28,553) (29,990) Carried interest attributable to noncontrolling interests (1,092) (1,403) (5,095) (3,337) Realized investment income, net of amount attributable to noncontrolling interests in subsidiaries23 1,710 2,271 3,103 6,676 Interest income 505 721 2,021 2,695 Other (income) expense 14 (1) 109 (340) Depreciation 314 670 1,383 2,007 Adjusted EBITDA 49,729 77,624 162,185 213,844 Adjusted EBITDA Margin 44 % 48 % 38 % 43 % ADJUSTED NET INCOME PER SHARE Adjusted EBITDA 49,729 77,624 162,185 213,844 Depreciation (314) (670) (1,383) (2,007) Interest expense (5,720) (6,185) (23,745) (24,160) Adjusted Pre-Tax Income 43,695 70,769 137,057 187,677 Adjusted income taxes4 (11,260) (18,043) (33,853) (46,919) Adjusted Net Income 32,435 52,726 103,204 140,758 Adjusted shares outstanding (in millions) 188.8 191.9 188.2 190.7 Adjusted Net Income per Share - diluted $ 0.17 $ 0.27 $ 0.55 $ 0.74 Summary of Non-GAAP Financial Measures3

 
GCM GROSVENOR | 19 $000, except per share amounts and where otherwise noted DEC 31, 2023 DEC 31, 2024 Assets Cash and cash equivalents $ 44,354 $ 89,454 Management fees receivable 24,996 28,387 Incentive fees receivable 27,371 58,346 Due from related parties 13,581 12,681 Investments 240,202 257,807 Premises and equipment, net 7,378 22,683 Lease right-of-use assets 38,554 41,146 Intangible assets, net 2,627 1,314 Goodwill 28,959 28,959 Deferred tax assets, net 58,298 51,160 Other assets 18,623 20,794 Total assets 504,943 612,731 Liabilities and Equity (Deficit)   Accrued compensation and employee related obligations 98,561 112,519 Debt 384,727 432,039 Payable to related parties pursuant to the tax receivable agreement 53,759 51,429 Lease liabilities 41,481 53,876 Warrant liabilities 6,431 22,510 Accrued expenses and other liabilities 31,213 30,697 Total liabilities 616,172 703,070 Commitments and contingencies   Preferred stock, $0.0001 par value, 100,000,000 shares authorized, none issued — — Class A common stock, $0.0001 par value, 700,000,000 authorized; 42,988,563 and 44,899,246 issued and outstanding as of December 31, 2023 and December 31, 2024, respectively 4 4 Class B common stock, $0.0001 par value, 500,000,000 authorized, none issued — — Class C common stock, $0.0001 par value, 300,000,000 authorized; 144,235,246 issued and outstanding as of each of December 31, 2023 and December 31, 2024 14 14 Additional paid-in capital 1,936 5,752 Accumulated other comprehensive income 2,630 1,650 Retained earnings (32,218) (35,040) Total GCM Grosvenor Inc. deficit (27,634) (27,620) Noncontrolling interests in subsidiaries 59,757 52,233 Noncontrolling interests in GCMH (143,352) (114,952) Total deficit (111,229) (90,339) Total liabilities and equity (deficit) $ 504,943 $ 612,731 GAAP Balance Sheets

 
GCM GROSVENOR | 20 $000 THREE MONTHS ENDED TWELVE MONTHS ENDED DEC 31, 2023 SEP 30, 2024 DEC 31, 2024 DEC 31, 2023 DEC 31, 2024 Fee-Related Earnings Compensation Cash-based employee compensation and benefits, net20 $ 32,918 $ 36,989 $ 34,966 $ 149,327 $ 147,045 Incentive Fee Related Compensation Cash-based incentive fee related compensation 8,451 6,528 20,478 15,628 36,455 Carried interest compensation, net22 3,622 10,550 10,084 28,553 29,990 Non-cash carried interest compensation and other (11) 1,488 (1,074) (48) 460 Equity-Based Compensation Equity-based compensation 17,622 3,908 13,445 50,667 48,158 Other Compensation Partnership interest-based compensation 14,752 13,435 17,043 103,934 72,068 Severance 943 329 257 6,826 1,502 Other non-cash compensation 242 90 118 1,157 558 GAAP employee compensation and benefits $ 78,539 $ 73,317 $ 95,317 $ 356,044 $ 336,236 20, 22. See Notes towards the end of the document. Components of GAAP Employee Compensation and Benefits

 
GCM GROSVENOR | 21 $000 THREE MONTHS ENDED TWELVE MONTHS ENDED NET INCENTIVE FEES ATTRIBUTED TO GCM GROSVENOR DEC 31, 2023 SEP 30, 2024 DEC 31, 2024 DEC 31, 2023 DEC 31, 2024 Incentive fees: Performance fees $ 14,139 $ 2,745 $ 42,245 $ 15,313 $ 55,323 Carried interest 5,880 20,559 14,533 49,590 50,914 Total Incentive Fees $ 20,019 $ 23,304 $ 56,778 $ 64,903 $ 106,237 Less incentive fees contractually owed to others:         Cash carried interest compensation (3,611) (12,038) (9,010) (28,505) (30,450) Non-cash carried interest compensation and other (11) 1,488 (1,074) (48) 460 Carried interest attributable to other noncontrolling interest holders (1,092) (883) (1,403) (5,095) (3,337) Firm share of incentive fees 15,305 11,871 45,291 31,255 72,910 Less: Cash-based incentive fee related compensation (8,451) (6,528) (20,478) (15,628) (36,455) Net incentive fees attributable to GCM Grosvenor $ 6,854 $ 5,343 $ 24,813 $ 15,627 $ 36,455 Reconciliation to Non-GAAP Metrics

 
GCM GROSVENOR | 22 $000 THREE MONTHS ENDED TWELVE MONTHS ENDED ADJUSTED PRE-TAX INCOME & ADJUSTED NET INCOME DEC 31, 2023 SEP 30, 2024 DEC 31, 2024 DEC 31, 2023 DEC 31, 2024 Net income attributable to GCM Grosvenor Inc. $ 3,258 $ 4,156 $ 7,615   $ 12,774 $ 18,695 Plus:           Net income (loss) attributable to noncontrolling interests in GCMH 1,787 7,283 21,352 (47,013) 15,364 Provision for income taxes 1,881 3,190 6,016   7,692 13,560 Change in fair value of warrant liabilities 893 6,966 6,789 (1,429) 16,079 Amortization expense 328 328 328   1,313 1,313 Severance 943 329 257   6,826 1,502 Transaction expenses24 127 1,320 1,637   6,445 6,116 Loss on extinguishment of debt — — — — 157 Changes in tax receivable agreement liability and other25 2,245 160 852 3,048 2,908 Partnership interest-based compensation 14,752 13,435 17,043   103,934 72,068 Equity-based compensation 17,622 3,908 13,445 50,667 48,158 Other non-cash compensation 242 90 118 1,157 558 Less:           Unrealized investment income, net of noncontrolling interests (372) (908) (3,609)   (8,309) (9,261) Non-cash carried interest compensation and other (11) 1,488 (1,074)   (48) 460 Adjusted Pre-Tax Income 43,695 41,745 70,769   137,057 187,677 Less:           Adjusted income taxes4 (11,260) (10,311) (18,043)   (33,853) (46,919) Adjusted Net Income $ 32,435 $ 31,434 $ 52,726   $ 103,204 $ 140,758 4, 24-25. See Notes towards the end of the document. Reconciliation to Non-GAAP Metrics

 
GCM GROSVENOR | 23 $000 THREE MONTHS ENDED TWELVE MONTHS ENDED ADJUSTED EBITDA DEC 31, 2023 SEP 30, 2024 DEC 31, 2024 DEC 31, 2023 DEC 31, 2024 Adjusted Net Income $ 32,435 $ 31,434 $ 52,726 $ 103,204 $ 140,758 Plus:           Adjusted income taxes4 11,260 10,311 18,043   33,853 46,919 Depreciation expense 314 717 670   1,383 2,007 Interest expense 5,720 5,918 6,185   23,745 24,160 Adjusted EBITDA $ 49,729 $ 48,380 $ 77,624   $ 162,185 $ 213,844 FEE-RELATED EARNINGS           Adjusted EBITDA $ 49,729 $ 48,380 $ 77,624   $ 162,185 $ 213,844 Less:           Incentive fees (20,019) (23,304) (56,778)   (64,903) (106,237) Depreciation expense (314) (717) (670)   (1,383) (2,007) Other non-operating income (519) (531) (720)   (2,130) (2,355) Realized investment income, net of amount attributable to noncontrolling interests in subsidiaries23 (1,710) (1,961) (2,271) (3,103) (6,676) Plus:       Incentive fee-related compensation 12,073 17,078 30,562   44,181 66,445 Carried interest attributable to other noncontrolling interest holders 1,092 883 1,403   5,095 3,337 Fee-Related Earnings $ 40,332 $ 39,828 $ 49,150   $ 139,942 $ 166,351 FEE-RELATED REVENUE Total Operating Revenues $ 116,556 $ 122,931 $ 165,261 $ 444,999 $ 514,012 Less: Incentive fees (20,019) (23,304) (56,778) (64,903) (106,237) Fund reimbursement revenue (3,757) (3,473) (3,942) (14,556) (14,694) Fee-Related Revenue $ 92,780 $ 96,154 $ 104,541 $ 365,540 $ 393,081 4, 23. See Notes towards the end of the document. Reconciliation to Non-GAAP Metrics

 
GCM GROSVENOR | 24 $000, except per share amounts and where otherwise noted THREE MONTHS ENDED TWELVE MONTHS ENDED ADJUSTED NET INCOME PER SHARE DEC 31, 2023 SEP 30, 2024 DEC 31, 2024 DEC 31, 2023 DEC 31, 2024 Adjusted Net Income $ 32,435 $ 31,434 $ 52,726 $ 103,204 $ 140,758 Weighted-average shares of Class A common stock outstanding - basic (in millions) 43.2 45.2 45.2 43.2 44.7 Exchange of partnership units (in millions) 144.2 144.2 144.2 144.2 144.2 Assumed vesting of RSUs - incremental shares under the treasury stock method (in millions) — 1.2 2.0 — 1.6 Weighted-average shares of Class A common stock outstanding - diluted (in millions) 187.5 190.6 191.4 187.4 190.6 Effective dilutive warrants, if antidilutive for GAAP (in millions) — — 0.5 — 0.1 Effective RSUs, if antidilutive for GAAP (in millions) 1.3 — — 0.8 — Adjusted shares - diluted (in millions) 188.8 190.6 191.9 188.2 190.7       Adjusted Net Income Per Share - diluted $ 0.17 $ 0.16 $ 0.27 $ 0.55 $ 0.74 Note: Amounts may not foot due to rounding. Reconciliation to Adjusted Net Income Per Share

 
GCM GROSVENOR | 25 $mm PRIVATE MARKET STRATEGIES ABSOLUTE RETURN STRATEGIES TOTAL FPAUM CONTRACTED NOT YET FPAUM TOTAL AUM Fee-Paying AUM Beginning of Period (October 1, 2024) $ 42,267 $ 21,455 $ 63,722 $ 7,858   $ 79,563 Contributions from CNYFPAUM 887 3 890   Contributions from New Capital Raised 508 467 975   Withdrawals (54) (515) (569)   Distributions (585) (86) (671)   Change in Market Value 33 802 835   Foreign Exchange and Other (339) (78) (417)   End of Period Balance (December 31, 2024) $ 42,717 $ 22,048 $ 64,765 $ 8,202   $ 80,077 % Change 1 % 3 % 2 % $ 4 %   1 % Three Months Ended December 31, 2024 Change in FPAUM and AUM $mm PRIVATE MARKET STRATEGIES ABSOLUTE RETURN STRATEGIES TOTAL FPAUM CONTRACTED NOT YET FPAUM TOTAL AUM Fee-Paying AUM Beginning of Period (January 1, 2024) $ 40,269 $ 21,414 $ 61,683 $ 7,304   $ 76,908 Contributions from CNYFPAUM 2,760 51 2,811   Contributions from New Capital Raised 1,989 1,226 3,215   Withdrawals (105) (2,641) (2,746)   Distributions (1,381) (292) (1,673)   Change in Market Value 212 2,430 2,642   Foreign Exchange and Other (1,027) (140) (1,167)   End of Period Balance (December 31, 2024) $ 42,717 $ 22,048 $ 64,765 $ 8,202   $ 80,077 % Change 6 % 3 % 5 % 12 %   4 % Twelve Months Ended December 31, 2024

 
GCM GROSVENOR | 26 $000 THREE MONTHS ENDED TWELVE MONTHS ENDED MANAGEMENT FEES DEC 31, 2023 SEP 30, 2024 DEC 31, 2024 DEC 31, 2023 DEC 31, 2024 Private Markets Specialized Funds $ 20,971 $ 22,913 $ 31,175 $ 81,460 $ 99,413 Average Fee Rate26 0.77 % 0.78 % 0.83 % 0.80 % 0.83 % Customized Separate Accounts 34,090 34,991 35,083 132,878 139,133 Average Fee Rate 0.46 % 0.46 % 0.45 % 0.46 % 0.46 % Private Markets Management Fees 55,061 57,904 66,258 214,338 238,546 Average Fee Rate - Private Markets26 0.54 % 0.54 % 0.56 % 0.55 % 0.56 %       Absolute Return Strategies Management Fees 36,244 37,160 37,183 146,550 148,408 Average Fee Rate - Absolute Return Strategies (Management Fee Only) 0.68 % 0.69 % 0.68 % 0.68 % 0.68 % Average Fee Rate - Absolute Return Strategies (Actual Management Fee + Run Rate Performance Fee at End of Period)27 0.79 % 0.82 % 0.81 % 0.79 % 0.80 % 2. See Notes towards the end of the document.. 26. Average fee rate excludes effect of catch-up management fees. 27. The run rate on annual performance fees reflects potential annual performance fees generated by performance fee-eligible AUM before any loss carryforwards, if applicable, at an 8% gross return for both multi-strategy and credit strategies, and a 10% gross return for specialized opportunity strategies, and before cash-based incentive fee related compensation. The metric is calculated as the actual management fees during the period, plus the run rate performance fee from the end of the period, divided by the average fee- paying AUM over the period. Management Fee Detail2

 
GCM GROSVENOR | 27 STRATEGY COMMITMENTS CONTRIBUTIONS DISTRIBUTION CURRENT VALUE INVESTMENT NET TVPI INVESTEMNT NET IRR PME IRR PME INDEX Private Equity Primary Fund Investments28 $ 14,103 $ 15,377 $ 25,695 $ 2,292 1.82 13.5 % 9.9 % S&P 500 Secondary Investments29 585 518 717 190 1.75 18.4 % 12.0 % S&P 500 Co-Investments/Direct Investments30 3,771 3,587 6,016 1,466 2.09 20.8 % 14.9 % S&P 500 Infrastructure31 Primary Fund Investments31 321 358 484 155 1.79 12.4 % 6.4 % MSCI World Infrastructure Direct-Oriented Investments31 2,713 2,653 3,816 952 1.80 14.7 % 5.9 % MSCI World Infrastructure Real Estate32 793 808 1,053 56 1.37 13.9 % 9.7 % FNERTR Index  Note: Returns for each strategy are presented from the date the firm established a dedicated team focused on such strategy through September 30, 2024. Investment net returns are net of investment-related fees and expenses, including fees paid to underlying managers, but do not reflect management fees, incentive compensation, or carried interest to GCM Grosvenor or any expenses of any account or vehicle GCM Grosvenor manages. Data does not include investments that were transferred at the request of investors prior to liquidation and are no longer managed by GCM Grosvenor. Past performance is not necessarily indicative of future results. 28-32. See Notes towards the end of the document. Private Markets Strategies Performance Metrics Realized and Partially Realized Investments ($mm)

 
GCM GROSVENOR | 28 STRATEGY COMMITMENTS CONTRIBUTIONS DISTRIBUTION CURRENT VALUE INVESTMENT NET TVPI INVESTEMNT NET IRR PME IRR PME INDEX Private Equity Primary Fund Investments28 $ 25,806 $ 24,390 $ 29,036 $ 10,707 1.63 12.5 % 11.1 % S&P 500 Secondary Investments29 2,212 2,009 1,087 1,830 1.45 14.8 % 14.7 % S&P 500 Co-Investments/Direct Investments30 8,327 7,882 6,306 7,412 1.74 17.4 % 15.0 % S&P 500 Infrastructure31 Primary Fund Investments31 4,053 2,887 1,091 2,627 1.29 9.4 % 8.8 % MSCI World Infrastructure Direct-Oriented Investments31 7,356 6,701 4,415 5,378 1.46 12.1 % 7.7 % MSCI World Infrastructure Real Estate32 4,965 3,870 1,848 2,598 1.15 7.0 % 8.4 %  FNERTR Index Multi-Asset Class Programs 3,366 3,423 2,126 2,447 1.34 13.7 % N/A N/A Note: Returns for each strategy are presented from the date the firm established a dedicated team focused on such strategy through September 30, 2024. Investment net returns are net of investment-related fees and expenses, including fees paid to underlying managers, but do not reflect management fees, incentive compensation, or carried interest to GCM Grosvenor or any expenses of any account or vehicle GCM Grosvenor manages. Data does not include investments that were transferred at the request of investors prior to liquidation and are no longer managed by GCM Grosvenor. Past performance is not necessarily indicative of future results. 28-32. See Notes towards the end of the document. All Investments ($ million) Private Markets Strategies Performance Metrics All Invest ents ($mm)

 
GCM GROSVENOR | 29 AS OF DEC 31, 2024 THREE MONTHS ENDED ANNUALIZED RETURNS PERIODS ENDED DEC 31, 2024 Assets Under Management (bn) DEC 31, 2024 YEAR TO DATE ONE YEAR THREE YEAR FIVE YEAR SINCE INCEPTION Gross Net Gross Net Gross Net Gross Net Gross Net Gross Net Absolute Return Strategies (Overall) $ 23.3 3.6 % 3.4 % 12.2 % 11.4 % 12.2 % 11.4 % 4.5 % 3.8 % 6.8 % 6.1 % 7.0 % 5.9 % GCMLP Diversified Multi- Strategy Composite $ 10.5 4.5 % 4.3 % 14.3 % 13.4 % 14.3 % 13.4 % 5.5 % 4.7 % 7.8 % 7.0 % 7.9 % 6.6 % Note: Absolute Return Strategies (Overall) is since 1996. GCMLP Diversified Multi-Strategy Composite is since 1993. Absolute Return Strategies Performance

 
GCM GROSVENOR | 30 Data in the presentation is as of December 31, 2024 unless otherwise noted. 1. Of the $8.2 billion CNYFPAUM as of December 31, 2024, approximately $3.0 billion is subject to an agreed upon fee ramp in schedule that will result in management fees being charged on approximately $1.0  billion of such amount in 2025, approximately $0.8  billion of such amount in 2026, and remaining approximately $1.2  billion in 2027 and beyond. With respect to approximately $5.2  billion of the $8.2  billion, management fees will be charged as such capital is invested, which will depend on a number of factors, including the availability of eligible investment opportunities. 2. Excludes fund reimbursement revenue. 3. Adjusted EBITDA and Adjusted Net Income per share are non-GAAP financial measures. See Appendix for the reconciliations of our non-GAAP financial measures to the most comparable GAAP metric. 4. Reflects a corporate and blended statutory tax rate of 25.0% and 24.7% applied to Adjusted Pre-Tax Income for the years ended December 31, 2024 and 2023, respectively. The rate was adjusted from 24.2% to 24.7% in Q4 2023, and from 24.7% to 25.0% in Q4 2024. The 25.0% and 24.7% are based on a federal statutory rate of 21.0% and a combined state, local and foreign rate net of federal benefits of 4.0% and 3.7%, respectively. 5. Represents consolidated view, including all NCI and compensation related awards. 6. Run-Rate Annual Performance Fees reflect the potential annual performance fees generated by performance fee-eligible AUM before any loss carryforwards, if applicable, at an 8% gross return for both multi-strategy and credit strategies, and a 10% gross return for specialized opportunity strategies, and before cash-based incentive fee related compensation. The majority of run-rate annual performance fees relate to ARS. 7. Re-up % for Private Markets customized separate accounts from January 1, 2018 through December 31, 2024. 8. Based on 50 largest clients by AUM as of December 31, 2024. 9. Fundraising from December 31, 2020 through December 31, 2024. 10. Employee data as of January 1, 2025. Individuals with dual responsibilities are counted only once. 11. AUM as of December 31, 2024. 12. Sustainable / Impact and Alternative Credit Investments overlap with investments in other strategies. 15. Cumulative selected private market specialized fund closings from 2009 to 2018. 20. Excludes severance expenses of $0.9 million, $0.3 million and $0.3 million for the three months ended December 31, 2023, September 30, 2024 and December 31, 2024, respectively, and $6.8 million and $1.5 million for the years ended December 31, 2023 and December 31, 2024, respectively. 21. General, administrative and other, net is comprised of the following: Notes $000 THREE MONTHS ENDED TWELVE MONTHS ENDED COMPONENTS OF GENERAL, ADMINISTRATIVE AND OTHER, NET DEC 31, 2023 DEC 31, 2024 DEC 31, 2023 DEC 31, 2024 General, administrative and other $ (24,899) $ (26,336) $ (100,801) $ (104,296) Plus: Transaction expenses 127 1,637 6,445 6,116 Fund reimbursement revenue 3,757 3,942 14,556 14,694 Amortization expense 328 328 1,313 1,313 Non-core items 1,157 4 2,216 2,488 Total general, administrative and other, net $ (19,530) $ (20,425) $ (76,271) $ (79,685)

 
GCM GROSVENOR | 31 22. Excludes the impact of non-cash carried interest compensation and other of $(1.5) million and $1.1 million for the three months ended September 30, 2024 and December 31, 2024, respectively, and $(0.5) million for the year ended December 31, 2024. The net non-cash carried interest compensation and other for the three months and full year ended December 31, 2023 was de minimis. 23. Investment income or loss is generally realized when the Company redeems all or a portion of its investment or when the Company receives or is due cash, such as from dividends or distributions. 24. Represents 2023 and 2024 expenses incurred related to contemplated corporate transactions and 2024 expenses incurred related to a debt amendment and extension. 25. Includes $0.9 million and $0.1 million of office relocation costs for the three months ended December 31, 2023 and September 30, 2024, respectively, and $1.2 million and $1.9 million for the years ended December 31, 2023 and 2024, respectively. There was no office relocation cost for the three months ended December 31, 2024. 28. Reflects primary fund investments since 2000. Excludes certain private markets credit fund investments outside of private equity programs. 29. GCM Grosvenor established a dedicated private equity secondaries vertical in September 2014. Track record reflects all secondaries investments since the new vertical was formed. 30. GCM Grosvenor established a dedicated Private Equity Co-Investment Sub-Committee and adopted a more targeted, active co-investment strategy in December 2008. Track record reflects co-investments/direct investments made since 2009. 31. Reflects infrastructure investments since 2009, when we formalized our global approach and launched the first infrastructure specialized fund. Infrastructure investments exclude labor impact investments. 32. Reflects real estate investments since 2010. In 2010, GCM Grosvenor established a dedicated Real Estate team and adopted a more targeted, active real estate strategy. Notes (Continued)

 
GCM GROSVENOR | 32 Adjusted Net Income is a non-GAAP measure that we present on a pre-tax and after-tax basis to evaluate our profitability. Adjusted Pre-Tax Income represents net income attributable to GCM Grosvenor Inc. including (a) net income (loss) attributable to GCMH, excluding (b) provision (benefit) for income taxes, (c) changes in fair value of derivatives and warrant liabilities, (d) amortization expense, (e) partnership interest-based and non-cash compensation, (f) equity-based compensation, including cash-settled equity awards (as we view the cash settlement as a separate capital transaction), (g) unrealized investment income, (h) changes in tax receivable agreement liability, (i) certain other items that we believe are not indicative of our core performance, including charges related to corporate transactions, employee severance, office relocation costs and loss on extinguishment of debt. Adjusted Net Income represents Adjusted Pre-Tax Income fully taxed at each period's blended statutory tax rate. Adjusted Net Income Per Share is a non-GAAP measure that is calculated by dividing Adjusted Net Income by adjusted shares outstanding. Adjusted shares outstanding assumes the hypothetical full exchange of limited partnership interests in GCMH into Class A common stock of GCM Grosvenor Inc., the dilution from outstanding warrants for Class A common stock of GCM Grosvenor Inc. and the dilution from outstanding equity-based compensation. We believe adjusted net income per share is useful to investors because it enables them to better evaluate per-share performance across reporting periods. Adjusted EBITDA is a non-GAAP measure which represents Adjusted Net Income excluding (a) adjusted income taxes, (b) depreciation and amortization expense and (c) interest expense on our outstanding debt. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of our total operating revenues, net of fund expense reimbursements. We believe Adjusted Pre-Tax Income, Adjusted Net Income and Adjusted EBITDA are useful to investors because they provide additional insight into the operating profitability of our core business across reporting periods. These measures (1) present a view of the economics of the underlying business as if GCMH Equityholders converted their interests to shares of Class A common stock and (2) adjust for certain non-cash and other activity in order to provide more comparable results of the core business across reporting periods. These measures are used by management in budgeting, forecasting and evaluating operating results. Fee-Related Revenue ("FRR") is a non-GAAP measure used to highlight revenues from recurring management fees and administrative fees. FRR represents total operating revenues less (a) incentive fees and (b) fund reimbursement revenue. We believe FRR is useful to investors because it provides additional insight into our relatively stable management fee base separate from incentive fee revenues, which tend to have greater variability. Fee-Related Earnings (“FRE”) is a non-GAAP measure used to highlight earnings from recurring management fees and administrative fees. FRE represents Adjusted EBITDA further adjusted to exclude (a) incentive fees and related compensation and (b) other non-operating income, and to include depreciation expense. We believe FRE is useful to investors because it provides additional insights into the management fee driven operating profitability of our business. FRE Margin represents FRE as a percentage of our management fee and other operating revenue, net of fund expense reimbursements. Net Incentive Fees Attributable to GCM Grosvenor is a non-GAAP measure used to highlight fees earned from incentive fees that are attributable to GCM Grosvenor. Net incentive fees represent incentive fees excluding (a) incentive fees contractually owed to others and (b) cash-based incentive fee related compensation. Net incentive fees provide investors useful information regarding the amount that such fees contribute to the Company’s earnings and are used by management in making compensation and capital allocation decisions. Certain Definitions and Use of Non-GAAP Financials and Key Performance Indicators

 
GCM GROSVENOR | 33 Fee-Paying Assets Under Management (“FPAUM” or “Fee-Paying AUM") is a key performance indicator we use to measure the assets from which we earn management fees. Our FPAUM comprises the assets in our customized separate accounts and specialized funds from which we derive management fees. We classify customized separate account revenue as management fees if the client is charged an asset-based fee, which includes the vast majority of our discretionary AUM accounts. The FPAUM for our private market strategies typically represents committed, invested or scheduled capital during the investment period and invested capital following the expiration or termination of the investment period. Substantially all of our private markets strategies funds earn fees based on commitments or net invested capital, which are not affected by market appreciation or depreciation. Our FPAUM for our absolute return strategy is based on net asset value. Our calculations of FPAUM may differ from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers. Our definition of FPAUM is not based on any definition that is set forth in the agreements governing the customized separate accounts or specialized funds that we manage. Contracted, Not Yet Fee-Paying AUM (“CNYFPAUM”) represents limited partner commitments which are expected to be invested and begin charging fees over the ensuing five years. New Capital Raised is new limited partner commitments where fees are charged immediately at the initial commitment date. Assets Under Management (“AUM”) reflects the sum of (a) FPAUM, (b) CNYFPAUM and (c) other mark-to-market, insider capital and non-fee-paying assets under management. GCM Grosvenor refers to the combined accounts of (a) Grosvenor Capital Management Holdings, LLLP ("LLLP" or "GCMH"), an Delaware limited liability limited partnership, and its consolidated subsidiaries and (b) GCM, L.L.C., a Delaware limited liability company. GCM Grosvenor Inc. is a Delaware corporation listed on the Nasdaq under the symbol "GCMG" NM Not Meaningful LTM Last Twelve Months Certain Definitions and Use of Non-GAAP Financials and Key Performance Indicators (continued)

 
GCM GROSVENOR | 34 Non-GAAP Financial Measures The non-GAAP financial measures contained in this presentation are not GAAP measures of GCM Grosvenor’s financial performance or liquidity and should not be considered as alternatives to net income (loss) as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP. A reconciliation of such non-GAAP measures to their most directly comparable GAAP measure is included elsewhere in this presentation. You are encouraged to evaluate each adjustment to non-GAAP financial measures and the reasons management considers it appropriate for supplemental analysis. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non- recurring items. In addition, these measures may not be comparable to similarly titled measures used by other companies in our industry or across different industries. This presentation includes certain projections of non-GAAP financial measures including fee-related earnings. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, GCM Grosvenor is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward looking non GAAP financial measures is included. Share Repurchase Plan Authorization GCMG’s Board of Directors previously authorized a share repurchase plan, which may be used to repurchase outstanding Class A common stock and warrants in open market transactions, in privately negotiated transactions including with employees or otherwise, as well as to retire (by cash settlement or the payment of tax withholding amounts upon net settlement) equity-based awards granted under the Company’s Amended and Restated 2020 Incentive Award Plan (or any successor equity plan thereto). The Company is not obligated under the terms of plan to repurchase any of its Class A common stock or warrants, and the size and timing of these repurchases will depend on legal requirements, price, market and economic conditions and other factors. The plan has no expiration date and the plan may be suspended or terminated by the Company at any time without prior notice. Any outstanding shares of Class A common stock and any warrants repurchased as part of this plan will be cancelled. As of December 31, 2024, the total share repurchase plan authorization is $140.0 million. In February 2025, GCM Grosvenor's Board of Directors increased the firm's existing share repurchase authorization by $50.0 million, from $140.0 million to $190.0 million. Disclosures