GCM Grosvenor (GCMG) Q4 2025 Earnings Transcript

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Tue, February 10, 2026 astatine 10:16 AM CST 31 min read

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Tuesday, February 10, 2026 astatine 10 a.m. ET

• Chairman and Chief Executive Officer — Michael Jay Sacks

• President — Jonathan Reisin Levin

• Chief Financial Officer — Pamela Lyn Bentley

• Managing Director — Stacie Driebusch Selinger

Stacie Driebusch Selinger: Good morning, and invited to GCM Grosvenor's Fourth Quarter and Full Year 2025 Earnings Call. Today, I'm joined by GCM Grosvenor's Chairman and Chief Executive Officer, Michael Jay Sacks, President, Jonathan Reisin Levin, and Chief Financial Officer, Pamela Lyn Bentley. Before we sermon our results, a reminder that each statements made connected this telephone that bash not subordinate to matters of humanities information should beryllium considered forward-looking statements. This includes statements regarding our existent expectations for the business, our fiscal performance, and projections. These statements are neither promises nor guarantees. They impact known and chartless risks, uncertainties, and different important factors that whitethorn origin our existent results to disagree materially from those indicated by the forward-looking statements connected this call.

Please notation to the factors successful the Risk Factors conception of our 10-Ks, our different filings with the Securities and Exchange Commission, and our net release, each of which tin beryllium recovered connected the nationalist shareholders conception of our website. We'll besides notation to non-GAAP measures that we presumption arsenic important successful assessing the show of our business. A reconciliation of non-GAAP measures to the nearest GAAP metric tin beryllium recovered successful our net presumption and net supplement, some of which are connected our website. Thank you again for joining us. And with that, I'll crook the telephone implicit to Michael to sermon our results.

Michael Jay Sacks: Thank you, Stacie. 2025 was a large twelvemonth for GCM Grosvenor. Most importantly, we drove worth for clients arsenic our concern results, the cornerstone of our worth proposition, were beardown crossed the board. Absolute Return Strategy's show was excellent, with our multi-strategy composite generating a 15% gross complaint of instrumentality successful 2025. Infrastructure, our fastest-growing strategy of late, returned astir 11% for the year. All of our different verticals successful aggregate were affirmative and competitory arsenic well. We deliberation the concern accidental acceptable remains strong, and we're pleased to person astir $12 cardinal of adust powder. From a superior enactment perspective, 2025 was the champion fundraising twelvemonth successful the past of the firm.