Part I [Item 1. Financial Statements (unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The unaudited financial statements detail the company's financial condition and operating results, showing a decrease in total assets and an increase in net income Condensed Consolidated Statements of Financial Condition (Selected Items) | Account | Sep 30, 2022 (Unaudited) (in thousands) | Dec 31, 2021 (in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $101,575 | $96,185 | | Investments | $223,969 | $226,345 | | Total assets | $549,054 | $581,624 | | **Liabilities & Equity** | | | | Debt | $388,348 | $390,516 | | Warrant liabilities | $10,540 | $30,981 | | Total liabilities | $596,021 | $637,425 | | Total deficit | $(46,967) | $(55,801) | Condensed Consolidated Statements of Income (Selected Items) | Account | Three Months Ended Sep 30, 2022 (in thousands) | Three Months Ended Sep 30, 2021 (in thousands) | Nine Months Ended Sep 30, 2022 (in thousands) | Nine Months Ended Sep 30, 2021 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Total operating revenues | $137,214 | $118,075 | $346,702 | $340,997 | | Operating income | $28,730 | $25,077 | $66,533 | $42,629 | | Net income | $14,165 | $22,706 | $68,075 | $64,545 | | Net income attributable to GCM Grosvenor Inc. | $3,099 | $4,056 | $15,430 | $7,259 | | Diluted EPS | $0.02 | $0.03 | $0.23 | $0.03 | Condensed Consolidated Statements of Cash Flows (Nine Months Ended Sep 30) | Cash Flow Activity | 2022 (in thousands) | 2021 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $159,929 | $144,796 | | Net cash used in investing activities | $(10,338) | $(11,953) | | Net cash used in financing activities | $(140,219) | $(209,962) | | Net increase (decrease) in cash | $5,390 | $(78,165) | [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail revenue composition, equity, debt, and subsequent events, including lease accounting adoption and capital management activities - The company adopted ASU 2016-02, Leases (Topic 842) on January 1, 2022, resulting in the recognition of approximately **$16 million** of lease right-of-use assets and **$21 million** of lease liabilities[52](index=52&type=chunk) Revenue Breakdown (Nine Months Ended Sep 30, 2022) | Revenue Type | Amount (in thousands) | | :--- | :--- | | Management fees, net | $267,669 | | Fund expense reimbursement revenue | $7,986 | | **Total management fees** | **$275,655** | | Performance fees | $2,324 | | Carried interest | $65,640 | | **Total incentive fees** | **$67,964** | - On August 6, 2021, the Board authorized a stock repurchase plan, subsequently increased multiple times to **$65.0 million** by May 5, 2022, with **$26.4 million** remaining available as of September 30, 2022[81](index=81&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) 2022 Dividend Declarations | Declaration Date | Dividend per Common Share ($) | Record Date | Payment Date | | :--- | :--- | :--- | :--- | | February 10, 2022 | $0.10 | March 1, 2022 | March 15, 2022 | | May 5, 2022 | $0.10 | June 1, 2022 | June 15, 2022 | | August 8, 2022 | $0.10 | September 1, 2022 | September 15, 2022 | | November 7, 2022 | $0.11 | December 1, 2022 | December 15, 2022 | - Subsequent to quarter-end, on November 7, 2022, the Board increased the stock repurchase authorization by **$25 million** to **$90 million** and declared a quarterly dividend of **$0.11** per share[161](index=161&type=chunk) - In October 2022, the company terminated existing interest rate swap agreements, receiving **$40.3 million** in cash, and entered a new swap agreement with a notional amount of **$300 million** at a fixed rate of **4.37%** effective November 1, 2022[162](index=162&type=chunk)[163](index=163&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting capital raising, fee trends, FPAUM changes, and improvements in non-GAAP metrics - The company's business is affected by its ability to retain and attract investors, expand into new business lines, realize investments, identify suitable opportunities, and generate strong returns amidst a complex regulatory environment and geopolitical turmoil[170](index=170&type=chunk)[171](index=171&type=chunk)[173](index=173&type=chunk) Fee-Paying AUM (FPAUM) Roll-Forward (Nine Months Ended Sep 30, 2022) | FPAUM (in millions) | Private Markets (in millions) | Absolute Return (in millions) | Total FPAUM (in millions) | | :--- | :--- | :--- | :--- | | **Balance, beginning of period** | **$33,080** | **$25,575** | **$58,655** | | Contributions | $3,842 | $534 | $4,376 | | Withdrawals | $(141) | $(1,537) | $(1,678) | | Distributions | $(987) | $(24) | $(1,011) | | Change in market value | $(79) | $(1,795) | $(1,874) | | **Balance, end of period** | **$35,488** | **$22,563** | **$58,051** | - Contracted, not yet fee-paying AUM increased to **$8.0 billion** as of September 30, 2022, from **$7.7 billion** at year-end 2021, indicating a pipeline for future management fees[235](index=235&type=chunk)[242](index=242&type=chunk) Non-GAAP Financial Measures (Nine Months Ended Sep 30) | Metric (in thousands) | 2022 (in thousands) | 2021 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Fee-Related Earnings | $95,637 | $83,619 | +14.4% | | Adjusted EBITDA | $113,769 | $98,504 | +15.5% | | Adjusted Net Income | $72,420 | $62,048 | +16.7% | - The company maintains adequate liquidity with **$101.6 million** in cash and **$48.2 million** of available borrowing capacity under its Revolving Credit Facility as of September 30, 2022[179](index=179&type=chunk)[269](index=269&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes in market risks are reported, with primary exposure linked to fair value movements of fund investments - There have been no material changes in market risks since the fiscal year ended December 31, 2021, with predominant exposure related to the fair value of fund investments, affecting investment income, management fees, and incentive fees[296](index=296&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - Based on an evaluation, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[298](index=298&type=chunk) - No changes in internal control over financial reporting during the third quarter of 2022 have materially affected, or are reasonably likely to materially affect, these controls[299](index=299&type=chunk) Part II [Item 1. Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine lawsuits, but management does not expect a material effect on its financial statements - Management does not believe that the outcome of any current litigation will have a material effect on the Company's Condensed Consolidated Financial Statements[301](index=301&type=chunk) [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors since its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 - There have been no material changes to risk factors since the Annual Report on Form 10-K for the fiscal year ended December 31, 2021[303](index=303&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased Class A common stock during the quarter, with a significant amount remaining available under the repurchase plan Share Repurchases (Three Months Ended Sep 30, 2022) | Period | Total Shares Purchased | Average Price Paid Per Share ($) | Approximate Dollar Value of Shares that May Yet Be Purchased ($) | | :--- | :--- | :--- | :--- | | July 1-31, 2022 | 410,102 | $7.07 | $37,386,095 | | August 1-31, 2022 | 319,954 | $8.22 | $28,902,728 | | September 1-30, 2022 | 312,215 | $8.00 | $26,404,802 | | **Total** | **1,042,271** | | | - The stock repurchase plan authorization was increased to **$65.0 million** on May 5, 2022, and further increased by **$25 million** to a total of **$90 million** on November 7, 2022[305](index=305&type=chunk) [Item 3. Defaults Upon Senior Securities](index=50&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) None reported [Item 4. Mine Safety Disclosures](index=50&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable [Item 5. Other Information](index=50&type=section&id=Item%205.%20Other%20Information) None reported [Item 6. Exhibits](index=51&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed as part of the Quarterly Report on Form 10-Q

Grosvenor Capital Management, L.P. (NASDAQ:GCMG) Q2 2022 Earnings Conference Call August 9, 2022 10:00 AM ET Company Participants Stacie Selinger - Head IR Michael Sacks - Chairman & CEO Jonathan Levin - President Pamela Bentley - CFO Conference Call Participants Christoph Kotowski - Oppenheimer Kenneth Worthington - JPMorgan Michael Cyprys - Morgan Stanley Operator Good day, and welcome to today's GCM Grosvenor 2022 Second Quarter Results Call. [Operator Instructions] As a reminder, this call will be rec ...

[Part I - Financial Information](index=5&type=section&id=Part%20I%20-%20Financial%20Information) [Financial Statements (unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Presents GCM Grosvenor Inc.'s unaudited condensed consolidated financial statements for periods ended June 30, 2022, including financial condition, income, equity, and cash flows, with detailed notes [Condensed Consolidated Statements of Financial Condition](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Condition) Details the company's assets, liabilities, and equity as of June 30, 2022, showing total assets decreased to $507.8 million and total liabilities to $552.8 million, reducing the deficit to $45.0 million Condensed Consolidated Statements of Financial Condition (in thousands) | | June 30, 2022 (Unaudited) | December 31, 2021 | | :--- | :--- | :--- | | **Total assets** | $507,809 | $581,624 | | **Total liabilities** | $552,761 | $637,425 | | **Total deficit** | $(44,952) | $(55,801) | [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Presents revenues, expenses, and profitability for periods ended June 30, 2022, showing total operating revenues decreased to $209.5 million, but net income increased to $53.9 million due to warrant liability fair value changes Key Income Statement Data (in thousands) | | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | **Total operating revenues** | $209,488 | $222,922 | | **Total operating expenses** | $171,685 | $205,370 | | **Operating income** | $37,803 | $17,552 | | **Change in fair value of warrant liabilities** | $21,662 | $7,319 | | **Net income** | $53,910 | $41,839 | | **Net income attributable to GCM Grosvenor Inc.** | $12,331 | $3,203 | Earnings Per Share of Class A Common Stock | | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | **Basic EPS** | $0.27 | $0.07 | | **Diluted EPS** | $0.21 | $(0.04) | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Details cash sources and uses for periods ended June 30, 2022, showing operating cash increased to $87.4 million, while financing activities shifted to a $97.9 million use, resulting in a $17.7 million net cash decrease Summary of Cash Flows (in thousands) | | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $87,432 | $63,981 | | **Net cash used in investing activities** | $(4,789) | $(6,810) | | **Net cash provided by (used in) financing activities** | $(97,902) | $11,185 | | **Net (decrease) increase in cash and cash equivalents** | $(17,702) | $67,684 | [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations of significant accounting policies, including fair value measurements and revenue recognition, along with breakdowns of key financial statement items and disclosures on commitments and related party transactions - The company, as an "emerging growth company" (EGC), elected to use the extended transition period for new accounting standards[35](index=35&type=chunk) - On January 1, 2022, adopting ASU 2016-02 resulted in recognizing approximately **$16 million** in lease right-of-use assets and **$21 million** in lease liabilities[47](index=47&type=chunk) - On July 2, 2021, GCMH exercised its call right to purchase Mosaic's remaining interest for **$165.0 million**, eliminating redeemable noncontrolling interest[55](index=55&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Provides management's perspective on financial condition and results, covering business trends, operating results, Fee-Paying Assets Under Management (FPAUM), non-GAAP measures, liquidity, and capital resources [Results of Operations](index=42&type=section&id=Results%20of%20Operations) For the six months ended June 30, 2022, management fees increased 10% to $184.9 million, while incentive fees decreased significantly to $22.5 million, and total employee compensation fell 20% to $127.3 million Revenue Comparison (in thousands) | Revenue Type | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | Change (%) | | :--- | :--- | :--- | :--- | | Management fees | $184,940 | $168,219 | +10% | | Incentive fees | $22,497 | $50,441 | -55% | | **Total operating revenues** | **$209,488** | **$222,922** | **-6%** | Expense Comparison (in thousands) | Expense Type | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | Change (%) | | :--- | :--- | :--- | :--- | | Employee compensation and benefits | $127,334 | $159,187 | -20% | | General, administrative and other | $44,351 | $46,183 | -4% | | **Total operating expenses** | **$171,685** | **$205,370** | **-16%** | [Fee-Paying AUM](index=46&type=section&id=Fee-Paying%20AUM) Fee-Paying Assets Under Management (FPAUM) decreased by $1.2 billion (2%) to $57.5 billion in H1 2022, driven by market value decreases and withdrawals, partially offset by contributions FPAUM Roll-Forward for Six Months Ended June 30, 2022 (in millions) | | Private Markets Strategies | Absolute Return Strategies | Total FPAUM | | :--- | :--- | :--- | :--- | | **Balance, beginning of period** | **$33,080** | **$25,575** | **$58,655** | | Contributions | $2,868 | $344 | $3,212 | | Withdrawals | $(83) | $(957) | $(1,040) | | Distributions | $(781) | $(24) | $(805) | | Change in market value | $(133) | $(2,121) | $(2,254) | | **Balance, end of period** | **$34,773** | **$22,679** | **$57,452** | - Contracted, not yet Fee-Paying AUM decreased **13%** from **$7.7 billion** at year-end 2021 to **$6.7 billion** as of June 30, 2022[220](index=220&type=chunk)[224](index=224&type=chunk) [Non-GAAP Financial Measures](index=48&type=section&id=Non-GAAP%20Financial%20Measures) Discusses non-GAAP measures like Fee-Related Earnings (FRE), Adjusted EBITDA, and Adjusted Net Income, all of which increased for the six months ended June 30, 2022, reflecting improved performance Key Non-GAAP Financial Measures (in thousands) | Measure | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | Fee-Related Earnings (FRE) | $64,270 | $52,649 | | Adjusted EBITDA | $72,402 | $60,883 | | Adjusted Net Income | $45,853 | $38,212 | Adjusted Net Income Per Share | | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | Adjusted Net Income Per Share - Diluted | $0.24 | $0.20 | [Liquidity and Capital Resources](index=53&type=section&id=Liquidity%20and%20Capital%20Resources) Details liquidity and capital resources as of June 30, 2022, including $78.5 million cash, $48.2 million credit facility availability, increased stock repurchase authorization to $65.0 million, and a $0.10 quarterly dividend - The stock repurchase plan authorization increased by **$20.0 million** in February 2022 and another **$20.0 million** in May 2022, totaling **$65.0 million**[259](index=259&type=chunk) - During the six months ended June 30, 2022, the company spent **$12.5 million** to repurchase Class A common stock and **$2.6 million** to repurchase warrants[254](index=254&type=chunk)[260](index=260&type=chunk) - A quarterly dividend of **$0.10** per share of Class A common stock was declared on August 8, 2022[148](index=148&type=chunk)[258](index=258&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=57&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Discusses exposure to market risks, including price, interest-rate, and liquidity, noting no material changes during the six months ended June 30, 2022 - No material changes occurred in the company's market risks during the six months ended June 30, 2022[272](index=272&type=chunk) [Controls and Procedures](index=57&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2022, with no material changes in internal control over financial reporting during the quarter - The principal executive and financial officers concluded the company's disclosure controls and procedures were effective as of June 30, 2022[275](index=275&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter[276](index=276&type=chunk) [Part II - Other Information](index=58&type=section&id=Part%20II%20-%20Other%20Information) [Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various lawsuits but does not anticipate any material effect on its financial statements from current litigation - Management does not believe current litigation will materially affect the Company's Condensed Consolidated Financial Statements[128](index=128&type=chunk)[278](index=278&type=chunk) [Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors) Reports no material changes to the company's risk factors since the Annual Report on Form 10-K for the fiscal year ended December 31, 2021 - No material changes occurred in the company's risk factors since its Annual Report on Form 10-K for the fiscal year ended December 31, 2021[280](index=280&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=59&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details the company's Q2 2022 repurchase of 2,360,083 warrants and 1,269,525 common stock shares, noting the repurchase plan increased to $65.0 million Repurchases in Q2 2022 | Period | Warrants Purchased | Common Stock Purchased | Average Price Paid (Warrant) | Average Price Paid (Share) | | :--- | :--- | :--- | :--- | :--- | | April 2022 | 77,297 | 151,338 | $1.22 | $9.22 | | May 2022 | 2,282,786 | 504,308 | $0.80 | $8.15 | | June 2022 | — | 613,879 | $— | $7.35 | | **Total Q2** | **2,360,083** | **1,269,525** | | | - The stock repurchase plan authorization increased to **$65.0 million** on May 5, 2022, with approximately **$40.3 million** remaining available as of June 30, 2022[282](index=282&type=chunk)[283](index=283&type=chunk) [Defaults Upon Senior Securities](index=59&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities - No defaults upon senior securities were reported[284](index=284&type=chunk) [Mine Safety Disclosures](index=59&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is not applicable[285](index=285&type=chunk) [Other Information](index=59&type=section&id=Item%205.%20Other%20Information) The company reported no other information for this item - No other information was reported for this item[286](index=286&type=chunk) [Exhibits](index=60&type=section&id=Item%206.%20Exhibits) Lists exhibits filed as part of the Quarterly Report on Form 10-Q, including CEO and CFO certifications and XBRL data files

Grosvenor Capital Management, L.P. (NASDAQ:GCMG) Q1 2022 Results Conference Call May 10, 2022 10:00 AM ET Company Participants Stacie Selinger - Head, Investor Relations Michael Sacks - Chairman and Chief Executive Officer Jon Levin - President Pam Bentley - Chief Financial Officer Conference Call Participants Ken Worthington - JPMorgan Jeff Schmitt - William Blair Adam Beatty - UBS Kevin Tripp - Oppenheimer & Co Michael Cyprys - Morgan Stanley Operator Good day, and welcome to the GCM Grosvenor 2022 First ...

2022 First Quarter Results Earnings Presentation 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 First Quarter 2022 Results 3 • Q1 2022 Fee-Related Revenue growth of 10% and Fee-Related Earnings growth of 26% compared to quarter ended March 31, 2021 • Fundraising of $1.3 billion in Q1 2022 and $8.2 billion for the last twelve months • GCM Grosvenor's Board of Directors app ...

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, 2022 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-K __________________________________ GCM Grosvenor Inc. (Exact Name of Registrant as Specified in Its Charter) __________________________________ | Delaware | | 85-2226287 | | --- | --- | --- | | (State or Other Jurisdiction of Incorporation or | | (IRS Employer Identification No.) | | Organization) | | | | 900 North Michigan Avenue, Suite 1100 | | | | Chicago, IL | | 60611 | | (Address of prin ...

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, ...