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GCM Grosvenor (GCMG) investor relations material
GCM Grosvenor Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered strong Q3 2025 results with double-digit growth in fee-related earnings, adjusted EBITDA, and net income, supported by robust fundraising and investment performance across all business lines.
Achieved record $87 billion in assets under management (AUM), up 9% year-over-year, with fee-paying AUM reaching $70.2 billion.
Year-to-date fundraising increased 49% year-over-year, totaling $9.5 billion over the last 12 months, led by infrastructure and credit strategies.
Operating and EBITDA margins improved, driven by disciplined expense management and higher investment income.
Board approved a $0.12 per share dividend payable December 15, 2025, reflecting confidence in growth and strong free cash flow.
Financial highlights
Q3 2025 GAAP revenue was $135.0 million, up 10% year-over-year; nine-month revenue was $380.5 million, up 9%.
Q3 2025 GAAP net income attributable to the company was $10.5 million, up 153% year-over-year; nine-month net income was $26.4 million, up 138%.
Adjusted EBITDA for the nine months ended September 30, 2025 was $158.9 million, up 17% year-over-year.
Fee-related earnings margin reached 45% in Q3 2025, up 350 basis points year-over-year.
Management fees rose 7% in Q3 and 8% for the nine months, driven by growth in private markets and absolute return strategies.
Outlook and guidance
Targeting to double 2023 fee-related earnings to over $280 million by 2028 and drive adjusted net income per share above $1.20 by 2028.
Management expects continued strong fundraising, AUM growth, and stable operating margins, with ongoing capital return to shareholders.
Forward-looking statements are subject to market, regulatory, and economic risks.
- TimeTickerHeadlineOpen
- 7 FebGICRE
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