GCM Grosvenor Inc.

gcmgrosvenor.com

What Do They Do?

Manages alternative investment portfolios and funds for institutional investors, family offices and individuals, investing across private equity, infrastructure and absolute-return strategies.

How Do They Make Money?

FY2025 revenue by product or service revenue

Segment	Share	Revenue
Total management fees	76% FY2022: 82%
Total incentive fees	22% FY2022: 17%
Other operating income	1.5% FY2022: 0.9%

Who Are Their Customers?

Its clients are mostly institutional investors, including pension funds, sovereign wealth entities, corporations and financial institutions, alongside family offices and individual investors. They invest through customized portfolios or specialized funds; individual-investor products are marketed through distribution partners and an internal sales team.

Do Revenues Turn Into Profits?

Yes. It kept 8 cents of every revenue dollar as net income in FY2025 and turned 31 cents into free cash flow.

Operating income, FY2025

24% of revenue

▲ +82% vs FY2024 ($73.5M, 14%)

Net income, FY2025

8% of revenue

▲ +143% vs FY2024 ($18.7M, 4%)

Free cash flow, FY2025

31% of revenue

▲ +33% vs FY2024 ($132M, 26%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +12%; vs $119.7M in Q2 FY2025
Net income: ▼ −38%; vs $15.4M in Q2 FY2025

Total management fees share of revenue vs 85.2% in Q2 FY2025

Flat. Revenue was $557.6M in FY2025, about the same as the $531.6M of FY2021.

Products for individuals The older report describes family offices and high-net-worth and mass affluent individuals among its non-institutional clients; the latest adds registered private-equity and infrastructure products and interval-fund structures aimed at making alternatives accessible to individuals.

Revenue over time

Total management fees Total incentive fees Other operating income

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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