GCM Grosvenor (GCMG) investor relations material

Executive summary

• Achieved strong Q2 2026 results with $97B in AUM and $78.1B in fee-paying AUM, both up 13% year-over-year, driven by robust investment performance and growth across all strategies and channels.

• Raised $2.3B in new capital during Q2, contributing to $9.3B in fundraising over the last twelve months, with broad-based contributions across strategies and channels.

• Absolute Return Strategies (ARS) FPAUM increased 22% year-over-year, remaining a key growth driver.

• SpaceX investment generated a $3.5B unrealized gain, the largest single-issuer gain in firm history.

• Operating revenues for Q2 2026 rose 12% year-over-year to $134.3M, driven by higher management and incentive fees.

Financial highlights

• Fee-related revenue grew 11% year-over-year to $111M; fee-related earnings rose 21% to $50.3M.

• Adjusted net income increased 22% year-over-year to $39.2M; adjusted EBITDA was $57.2M, up 16% year-over-year.

• Management fees grew 13% year-over-year to $114.8M in Q2 2026, with both private markets and ARS contributing.

• Incentive fees increased 8% to $17.6M, driven by higher carried interest realizations.

• Dividend of $0.12 per share approved, payable September 15, 2026.

Outlook and guidance

• Management expects continued growth in FPAUM as $9.7B in contracted, not-yet-fee-paying AUM ramps into fee generation over the next several years.

• Expect second half fundraising to exceed first half levels, with a strong and broad-based pipeline.

• Management anticipates sufficient liquidity from operations, cash, and credit facilities to fund operations and capital needs for the foreseeable future.

• Continued investment in technology and AI, with G&A expenses expected to remain consistent.