2021 Fourth Quarter and Full Year Results Earnings Presentation Diluted EPS to be updated February 15, 2022 Presenters Michael Sacks Chairman and Chief Executive Officer Jonathan Levin President Pamela Bentley Chief Financial Officer Stacie Selinger Head of Investor Relations GCM GROSVENOR 2 Fourth Quarter and Full Year 2021 Results 3 • Full year 2021 growth driven by strong fundraising of $9.4 billion in FY 2021 • GCM Grosvenor's Board of Directors approved a $0.10 per share dividend payable on March 15, 2 ...

Financial Data and Key Metrics Changes - For Q4 and full year 2021, fee related revenue grew by 17% and 12% respectively, fee related earnings increased by 37% and 27%, adjusted EBITDA rose by 19% and 22%, and adjusted net income was up by 23% and 31% compared to the same periods in 2020 [9][31][38] - The firm’s fee related earnings margin improved to 35% in 2021, up from 31% a year ago, indicating significant operating leverage [38] Business Line Data and Key Metrics Changes - Infrastructure fundraising captured the largest share at $3.5 billion in 2021, with a 34% increase in assets under management (AUM) to $9.1 billion [12][25] - The private equity vertical had exceptional returns, exceeding 30% last year, contributing to a doubling of total unrealized carry [23] - The real estate vertical is recovering strongly post-pandemic, with positive forecasts for client returns [24] Market Data and Key Metrics Changes - The firm raised $1.5 billion for diverse managers in 2021, with $1 billion for private equity and $500 million for real estate [11] - Absolute return strategies had flat net flows in 2021, with gross performance at 7.2% for the year [12][21] Company Strategy and Development Direction - The company aims for fee related revenue growth of 12% to 15% and fee related earnings growth of 20% to 25% in 2022, supported by a larger fundraising pipeline than the previous year [10][15] - The focus on co-investments, secondaries, and direct investments is expected to drive significant growth, with 70% of private equity flows directed towards these strategies [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fundraising pipeline and the potential for growth in the insurance channel, anticipating consistent growth through 2022 and beyond [49] - The current market environment, characterized by volatility and rising interest rates, is seen as favorable for alternative strategies, particularly absolute return offerings [53] Other Important Information - The company has increased its stock repurchase program to $45 million, reflecting a commitment to returning capital to shareholders [43][44] - The firm maintained a dividend of $0.10 per share, indicating strong free cash flow generation [44] Q&A Session Summary Question: Update on the insurance side of the business - Management noted modest success in Q4 but highlighted a robust pipeline and significant potential for growth in 2022 and beyond [48][49] Question: Performance of the absolute return business - Management emphasized that their results exceed client expectations and that the current market conditions are favorable for alternative strategies [52][53] Question: Fundraising expectations for 2022 - Management confirmed that the fundraising pipeline is larger than the previous year and expressed confidence in achieving their targets [58][60] Question: Infrastructure fundraising compared to private equity - Management indicated that the interest in infrastructure has been strong and is expected to continue, with a balanced approach across various sectors and geographies [62][64] Question: Separate account fundraising outlook - Management reported strong reup rates and a larger pipeline, expecting the cadence of fundraising to remain steady [69] Question: Retail distribution strategy - Management highlighted the potential for growth in high-net-worth channels and wealth management platforms, with expectations for continued success in this area [71]

GCM Grosvenor Inc. (NASDAQ:GCMG) Q3 2021 Earnings Conference Call November 10, 2021 10:00 AM ET Company Participants Stacie Selinger - Managing Director, Strategy and Corporate Development Michael Sacks - Chairman and CEO Jon Levin - President Pam Bentley - CFO Conference Call Participants Chris Kotowski - Oppenheimer Ken Worthington - JPMorgan Operator Please stand by. Good day everyone and welcome to the GCM Grosvenor November Webcast. Today's call is being recorded. [Operator Instructions] At this time, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM 10-Q __________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39716 __________________________________ | Delaware | ...

AUM Growth - Total AUM increased by 20% to $70485 million compared to Q3 2020[2,5] - Fee-Paying AUM grew by 13% compared to Q3 2020[4] - Contracted Not Yet Fee-Paying AUM (CNYFPAUM) increased by 19% compared to Q3 2020, reaching $7921 million[2,4] Revenue and Earnings Growth - GAAP Revenue increased by 16% to $118.1 million compared to Q3 2020 and 24% to $341.0 million YTD[3] - Fee-Related Revenue increased by 11% to $86.6 million compared to Q3 2020 and 10% to $254.2 million YTD[3] - Adjusted EBITDA increased by 12% to $37.6 million compared to Q3 2020 and 24% to $98.5 million YTD[3] - Adjusted Net Income increased by 16% to $23.8 million compared to Q3 2020 and 38% to $62.0 million YTD[3] Fundraising and Performance Fees - Fundraising reached $3 billion for the quarter and $7 billion year-to-date[5] - Run-rate annual performance fees increased by 16% to $43 million compared to $37 million in Q3 2020[5] Investment and Capital Management - Firm share of investments and unrealized carried interest increased by 125% to $410 million of Net Asset Value as of September 30, 2021, compared to Q3 2020[4] - The board of directors approved an 11% increase in the firm's quarterly dividend to $0.10 per share[5]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM 10-Q __________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39716 __________________________________ GCM Grosvenor Inc. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM 10-Q __________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39716 __________________________________ GCM Grosvenor Inc ...

Part I [Business](index=8&type=section&id=Item%201.%20Business) GCM Grosvenor is a leading independent alternative asset management firm with **$62 billion in AUM** as of December 31, 2020, offering customized investment solutions across various strategies Assets Under Management (AUM) by Strategy as of Dec 31, 2020 | Strategy | AUM ($ Billions) | | :--- | :--- | | Private Equity | $22.8 | | Infrastructure | $6.0 | | Real Estate | $3.2 | | Alternative Credit | $11.4 | | Absolute Return Strategies | $25.2 | | **Total AUM** | **$62.0** | - The company serves over **500 institutional clients**, with the 25 largest clients having an average relationship of over 12 years, and **92%** of these top clients expanded their relationship in the last three years[29](index=29&type=chunk) - The business model is structured into Customized Separate Accounts (**$48 billion AUM**) and Specialized Funds (**$14 billion AUM**)[34](index=34&type=chunk) - As of December 31, 2020, the company had **$7.1 billion** of contracted capital not yet earning fees, expected to bolster FPAUM growth over the next several years[35](index=35&type=chunk) - The company has a strong focus on ESG and impact investing, with approximately **$16.6 billion** committed or invested in ESG-related themes since 2002[39](index=39&type=chunk)[73](index=73&type=chunk) [Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) The company faces numerous risks, including poor fund performance, COVID-19 impacts, intense competition, reputational damage, and extensive regulatory oversight - Business and Industry Risks: Poor fund performance, the impact of COVID-19, intense competition, reputational harm, and numerous conflicts of interest are key risks[197](index=197&type=chunk)[204](index=204&type=chunk)[211](index=211&type=chunk) - Fund-Related Risks: The business is affected by difficult market conditions, the subjective nature of asset valuations, the illiquidity of private market investments, and dependence on leverage and underlying fund manager performance[276](index=276&type=chunk)[289](index=289&type=chunk)[296](index=296&type=chunk) - Organizational Structure Risks: The company is a "controlled company" exempt from certain Nasdaq governance rules, with a multi-class stock structure concentrating approximately **75% of voting power** with Key Holders, and an obligation to pay **85% of certain tax benefits** under a Tax Receivable Agreement[323](index=323&type=chunk)[325](index=325&type=chunk)[328](index=328&type=chunk) - Public Company and Regulatory Risks: The company faces risks related to maintaining effective internal controls, its status as an "emerging growth company," extensive government regulation from bodies like the SEC and CFTC, and legal and regulatory uncertainty from Brexit[236](index=236&type=chunk)[252](index=252&type=chunk)[347](index=347&type=chunk) [Unresolved Staff Comments](index=72&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved staff comments - There are no unresolved staff comments[376](index=376&type=chunk) [Properties](index=72&type=section&id=Item%202.%20Properties) The company does not own any material real estate, leasing its principal headquarters in Chicago, IL, under an agreement expiring September 30, 2026 - The company leases its principal headquarters in Chicago, IL, with the lease expiring on **September 30, 2026**[377](index=377&type=chunk) [Legal Proceedings](index=72&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various lawsuits in the normal course of business but does not expect any current litigation to have a material effect on its financial condition or operations - The company does not expect any current litigation to have a material effect on its financial condition or operations[378](index=378&type=chunk) [Mine Safety Disclosures](index=72&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[380](index=380&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=73&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's Class A common stock and warrants began trading on Nasdaq in November 2020, with **41,603,993 shares outstanding** as of March 9, 2021, and a quarterly dividend policy initiated - Class A common stock (GCMG) and warrants (GCMGW) have been listed on Nasdaq since **November 18, 2020**[382](index=382&type=chunk) - A quarterly dividend of **$0.06 per share** was declared for Q1 2021, and a dividend of **$0.08 per share** was declared for Q2 2021[384](index=384&type=chunk) - As of **March 9, 2021**, there were **41,603,993 shares** of Class A common stock outstanding[383](index=383&type=chunk) [Selected Financial Data](index=74&type=section&id=Item%206.%20Selected%20Financial%20Data) This section is reserved and contains no information - This item is noted as '[Reserved]'[391](index=391&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=75&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) For the year ended December 31, 2020, total operating revenues increased **3% to $430.0 million**, driven by a **33% rise in incentive fees**, while total operating expenses surged **42% to $470.8 million**, resulting in an operating loss of **$40.9 million** and a net loss of **$67.6 million** Results of Operations (Year Ended Dec 31) | (in thousands) | 2020 | 2019 | % Change | | :--- | :--- | :--- | :--- | | Total operating revenues | $429,981 | $416,394 | 3% | | - Management fees | $310,745 | $324,716 | (4)% | | - Incentive fees | $111,650 | $84,165 | 33% | | Total operating expenses | $470,839 | $331,425 | 42% | | - Employee compensation | $388,465 | $242,967 | 60% | | Operating income (loss) | $(40,858) | $84,969 | (148)% | | Net income (loss) | $(67,630) | $59,998 | (213)% | Fee-Paying AUM (FPAUM) Movement (Year Ended Dec 31, 2020) | (in millions) | Private Markets | Absolute Return | Total | | :--- | :--- | :--- | :--- | | **Beginning Balance** | **$26,477** | **$23,556** | **$50,033** | | Contributions | $3,563 | $1,625 | $5,188 | | Withdrawals | — | $(3,386) | $(3,386) | | Distributions | $(2,022) | $(256) | $(2,278) | | Change in Market Value | $(2) | $2,721 | $2,719 | | **Ending Balance** | **$27,839** | **$24,130** | **$51,969** | - Contracted, not yet fee-paying AUM increased **37% to $7.1 billion** during 2020, indicating future management fee growth potential[461](index=461&type=chunk)[463](index=463&type=chunk) Non-GAAP Financial Measures (Year Ended Dec 31) | (in thousands) | 2020 | 2019 | | :--- | :--- | :--- | | Adjusted Fee Related Earnings | $95,069 | $88,094 | | Adjusted EBITDA | $147,044 | $124,821 | | Adjusted Net Income | $90,963 | $72,448 | - As of December 31, 2020, the company had **$198.1 million** in cash and cash equivalents and **$340.3 million** in outstanding long-term debt[490](index=490&type=chunk)[497](index=497&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=102&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is the sensitivity of its revenues to the fair value of its funds' investments, with **$340.3 million** in floating-rate debt exposing it to interest rate risk, which is hedged using derivatives - The company's predominant market risk is the sensitivity of its revenues (management fees, incentive fees, investment income) to the fair value of its funds' investments[549](index=549&type=chunk) - As of December 31, 2020, the company had **$340.3 million** of floating-rate debt, where a **100 basis point increase** in interest rates would increase annual interest expense by an estimated **$3.4 million**[553](index=553&type=chunk)[554](index=554&type=chunk) - The company uses interest rate swaps and collars to hedge its interest rate risk on its outstanding debt[554](index=554&type=chunk) [Financial Statements and Supplementary Data](index=105&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section includes the company's audited consolidated financial statements for 2020, 2019, and 2018, along with the independent auditor's report and detailed notes on significant events like the November 2020 Business Combination - Includes the Report of Independent Registered Public Accounting Firm, Ernst & Young LLP, which provides an opinion on the consolidated financial statements[562](index=562&type=chunk) Consolidated Statement of Financial Condition (As of Dec 31, 2020) | (in thousands) | Amount | | :--- | :--- | | **Total Assets** | **$631,891** | | Cash and cash equivalents | $198,146 | | Investments | $166,273 | | **Total Liabilities** | **$556,167** | | Debt | $335,155 | | Payable to related parties (TRA) | $60,131 | | **Total Deficit** | **$(39,397)** | Consolidated Statement of Income (Year Ended Dec 31, 2020) | (in thousands) | Amount | | :--- | :--- | | Total operating revenues | $429,981 | | Total operating expenses | $470,839 | | **Net income (loss)** | **$(67,630)** | | Net income attributable to GCM Grosvenor Inc. | $7,507 | - The notes detail significant accounting policies, the Business Combination, the Mosaic Transaction, debt structure, and related party transactions[588](index=588&type=chunk)[694](index=694&type=chunk)[700](index=700&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=154&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no disagreements with its accountants on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure - None reported[841](index=841&type=chunk) [Controls and Procedures](index=154&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2020, with no material changes to internal controls reported - Disclosure controls and procedures were deemed effective as of **December 31, 2020**[843](index=843&type=chunk) - A management report on internal control over financial reporting is not included due to the transition period for newly public companies[844](index=844&type=chunk) [Other Information](index=154&type=section&id=Item%209B.%20Other%20Information) This section discloses an amendment to the employment agreement for CIO Frederick E. Pollock, effective January 1, 2021, including a one-time grant of **750,000 restricted stock units**, and the scheduling of the 2021 annual meeting of stockholders for June 2, 2021 - On **March 11, 2021**, the company amended the employment agreement for CIO Frederick E. Pollock[846](index=846&type=chunk) - Mr. Pollock is entitled to a one-time grant of **750,000 restricted stock units**[850](index=850&type=chunk) - The 2021 annual meeting of stockholders is scheduled for **June 2, 2021**[852](index=852&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=155&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) This section lists the company's executive officers and board of directors, including Michael Sacks (Chairman & CEO) and Jonathan Levin (President & Director), noting that as a "controlled company," GCM Grosvenor is exempt from certain Nasdaq governance requirements - The board of directors consists of seven members: Michael Sacks, Jonathan Levin, Angela Blanton, Francesca Cornelli, Stephen Malkin, Blythe Masters, and Samuel C. Scott III[853](index=853&type=chunk) - The company has an audit committee comprised of four independent directors: Angela Blanton, Francesca Cornelli, Blythe Masters, and Samuel C. Scott III[873](index=873&type=chunk) - The company has a written Code of Business Conduct and Ethics applicable to all directors, officers, and employees[869](index=869&type=chunk) [Executive Compensation](index=158&type=section&id=Item%2011.%20Executive%20Compensation) This section details the compensation for named executive officers for fiscal years 2020 and 2019, including base salary, bonuses, and significant other compensation from profit-sharing partnerships and carried interest arrangements 2020 Named Executive Officer Compensation | Name | Position | Salary ($) | Bonus ($) | All Other Comp ($) | Total ($) | | :--- | :--- | :--- | :--- | :--- | :--- | | Michael J. Sacks | CEO & Chairman | 3,700,000 | — | 282,540 | 3,982,540 | | Jonathan R. Levin | President | 500,000 | 861,957 | 25,097,954 | 26,459,911 | | Sandra Hurse | CHRO | 500,000 | 1,702,147 | 757,511 | 2,959,658 | | Francis Idehen | COO | 500,000 | 2,393,577 | 1,105,266 | 3,998,843 | | Frederick Pollock | CIO | 500,000 | 1,687,500 | 11,650,523 | 13,838,023 | - NEOs participate in profit-sharing through membership interests in Holdings L.L.C. and Management LLC, which provide for both fixed and discretionary distributions[888](index=888&type=chunk)[895](index=895&type=chunk) - NEOs are eligible for carried interest from certain funds, which generally vest over a multi-year period[886](index=886&type=chunk) - The company maintains the GCM Grosvenor Inc. 2020 Incentive Award Plan with **26,307,158 shares** reserved for issuance, but no awards were granted in 2020[881](index=881&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=167&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section details the beneficial ownership of the company's voting shares as of March 9, 2021, with Michael Sacks holding **75% of the combined voting power** through his control of various entities Security Ownership of Major Holders (as of March 9, 2021) | Beneficial Owner | Class A Common Stock (%) | Class C Common Stock (%) | Combined Voting Power (%) | | :--- | :--- | :--- | :--- | | Michael Sacks | 77.7% | 100% | 75.0% | | The Vanguard Group | 28.2% | — | 6.3% | | CF Investors | 19.8% | — | 4.4% | | Adage Capital Partners, LP | 8.4% | — | 1.9% | | Alyeska Investment Group | 7.2% | — | 1.6% | - The GCM Grosvenor Inc. 2020 Incentive Award Plan has **26,307,158 securities** available for future issuance as of December 31, 2020[930](index=930&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=169&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) The company discloses several related person transactions, including using an insurance broker with director and CEO family interests, chartering private aircraft from a CEO-controlled entity, and allowing directors and executive officers to invest in GCM funds on a no-fee basis - The company utilizes an insurance broker where director Stephen Malkin has a **~35% economic interest** and CEO Michael Sacks' brother is an executive, with commissions paid to the broker totaling **$0.8 million** in 2020[943](index=943&type=chunk) - The company charters private aircraft owned by Holdings (controlled by CEO Michael Sacks), with payments totaling approximately **$0.5 million** in 2020[944](index=944&type=chunk) - Directors and executive officers are permitted to invest in GCM funds on a no-fee and no-carry basis, with aggregate investments of **$298.7 million** in 2020[946](index=946&type=chunk)[947](index=947&type=chunk) - The company is a "controlled company" as the Key Holders control approximately **75% of the combined voting power**[970](index=970&type=chunk) - The board has determined that **four of its seven directors** (Angela Blanton, Francesca Cornelli, Blythe Masters, and Samuel C. Scott III) are independent[971](index=971&type=chunk) [Principal Accountant Fees and Services](index=174&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) This section summarizes the fees billed by Ernst & Young LLP for 2020 and 2019, totaling **$5.67 million** and **$1.64 million** respectively, with the Audit Committee having a pre-approval policy for all services Accountant Fees (Ernst & Young LLP) | Fee Category (in thousands) | 2020 | 2019 | | :--- | :--- | :--- | | Audit Fees | $1,068 | $635 | | Audit-Related Fees | $2,995 | $184 | | Tax Fees | $1,605 | $825 | | All Other Fees | — | — | | **Total Fees** | **$5,668** | **$1,644** | - The Audit Committee has a policy for pre-approving all services provided by the independent auditor[974](index=974&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=175&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements included in Item 8 and provides a comprehensive list of exhibits filed with the Annual Report on Form 10-K, including key agreements and various certifications - Provides a list of all exhibits filed with the Form 10-K, including key agreements like the Transaction Agreement, Credit Agreement, Stockholders' Agreement, and Tax Receivable Agreement[980](index=980&type=chunk)[981](index=981&type=chunk)[982](index=982&type=chunk) - Certifications by the CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act are included as exhibits[983](index=983&type=chunk) [Form 10-K Summary](index=179&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is noted as "None," indicating no summary is provided - None[985](index=985&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number: 001-39716 GCM Grosvenor Inc. (Exact Name of Registrant as Specified in its Charter) FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaw ...