The following is a summary of the GCM Grosvenor Inc. (GCMG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• GCM Grosvenor reported a Q1 2024 year-over-year increase in fundraising (up 74%), adjusted net income (growth of 39%), and fee-related earnings rise of 26%.

• The corporation's fee-related earnings margin exceeded 40% for the second consecutive quarter.

• Their reported assets under management (AUM) at the end of the quarter was $79 billion, marking a 5% increase from the previous year. The fee-paying AUM also grew by 6% year over year.

• The private markets sector was a significant contributor to the company's growth, with its fee-paying AUM experiencing a 7% year-on-year increase.

Business Progress:

• GCM Grosvenor managed to raise $1.6 billion in capital this quarter, and anticipates a re-up pipeline of $4 billion for the remainder of the year.

• The company is moving forward with an expansion of its origination capabilities in private equity, infrastructure, and real estate which led to a strong performance contribution.

• They've reaffirmed their 2024 financial objectives which include double-digit growth in private markets management fees, steady ARS management fees, broader fee-related earnings (FRE) margin, and considerable growth potential in incentive fee revenues.

• The rise in their pipeline, particularly for Absolute Return Strategies (ARS) is being observed due to their good performance. As the re-up rates remain strong at over 90%, GCM Gaulver is expecting a predictable and stable re-up process, with growth opportunities in sight.

More details: GCM Grosvenor IR

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