GCMG · GCM Grosvenor Inc.

GCM Grosvenor reported first quarter 2026 results showing continued growth in scale with assets under management reaching $91.5 billion, a 12% increase from $82.0 billion in the prior year quarter, and fee-paying AUM expanding 11% to $73.5 billion. Absolute Return Strategies FPAUM grew 16% year-over-year to $25.5 billion, serving as a key driver, while Private Markets FPAUM rose 8% to $48.0 billion. The firm raised $1.5 billion in new capital during the quarter, contributing to last twelve months fundraising of $9.3 billion, including significant individual investor contributions. GAAP revenue dipped 1% to $124.8 million, but fee-related revenue increased 1% to $106.7 million, with management noting that excluding catch-up fees, it grew 8% and fee-related earnings expanded 20% year-over-year to $46.7 million. Non-GAAP measures reflected stability, with adjusted EBITDA at $53.4 million and adjusted net income per share at $0.18. Unrealized carried interest exceeded $1 billion, up 16%, with firm share over $500 million, up 23%, highlighting growing incentive fee potential across 143 programs. Management emphasized progress across key objectives, including scale in specialized funds, direct-oriented strategies now 54% of Private Markets AUM, and operating leverage with FRE margin trends improving to 44% LTM. The board approved a $0.12 per share dividend and the company repurchased 1.6 million shares for $18.6 million, with $64 million remaining authorized as of early May, signaling confidence in capital return amid diversified fundraising and client retention.