GCM Grosvenor Inc. (GCMG) reported assets under management (AUM) of $90.9 billion as of December 31, 2025. The company's total management fees for the year were $426 million, compared to $402 million in 2024. Total operating revenues reached $558 million, up from $514 million in the previous year. Net income for 2025 was $45 million, a significant increase from $19 million in 2024. Fee-related earnings (FRE) also saw growth, rising to $185 million from $166 million, while adjusted net income increased to $166 million from $141 million. The company employed 553 individuals, including 185 investment professionals, across nine offices globally.
AUM was split between private markets (71%) and absolute return strategies (29%). Private markets AUM totaled $64.1 billion, encompassing private equity ($32.9 billion), infrastructure ($18.7 billion), and real estate ($7.2 billion). Absolute return strategies managed $26.8 billion. Alternative credit strategies, spanning both private and liquid credit, accounted for $16.8 billion in AUM. The company also highlighted its focus on middle market and small and emerging managers, with $22.4 billion in AUM dedicated to this segment. Sustainable investments AUM totaled $31.2 billion. Customized separate accounts represented $64.3 billion of AUM, while specialized funds accounted for $26.6 billion.
GCM Grosvenor emphasized its long-duration capital and management fee centricity. Net management fees were $408 million in 2025, compared to $387 million in 2024, while net incentive fees attributable to GCM Grosvenor were $44.5 million and $36.5 million, respectively. As of December 31, 2025, $36.9 billion of AUM was in evergreen programs, and $44.3 billion of private markets AUM had a remaining tenor of seven years or more. The company also reported $10.4 billion in contracted not yet fee-paying AUM (CNYFPAUM), expected to convert to fee-paying AUM over the next three years. The firm's share of unrealized carried interest grew by 259% to $478 million as of December 31, 2025, compared to December 31, 2020.
The company outlined its strategic priorities, including expanding relationships with existing clients, growing its global footprint and client base, expanding distribution channels, scaling its origination potential, and capturing benefits of embedded operating leverage. GCM Grosvenor has expanded its global presence by opening offices in Toronto, Frankfurt, and Sydney since 2021. In 2024, the company expanded its offerings to individual investors with two registered products focused on private equity and infrastructure. The company's Fee-Related Earnings margin increased to 44% for the year ended December 31, 2025, compared to 31% in 2020.
About GCM Grosvenor Inc.
GCM Grosvenor is a global alternative asset manager offering a broad range of strategies including private equity, infrastructure, real estate, credit, and absolute return. It provides customized portfolios and specialized funds to institutional and individual clients worldwide, leveraging extensive data, deep industry relationships, and a long history of performance. Its scalable business model emphasizes long-term relationships, flexible investment solutions, and sustainable investing.
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