GCM Grosvenor (GCMG) Q1 2026 earnings summary

Executive summary

• Achieved substantial growth in assets under management (AUM) and fee-paying AUM, reaching $91.5 billion and $73.5 billion respectively, up 12% and 11% year-over-year, with strong fundraising across channels and notable progress in the individual investor segment despite macro headwinds.

• Raised $1.5 billion in Q1 2026, totaling $9.3 billion over the last year, with infrastructure and absolute return strategies leading fundraising.

• Unrealized carried interest exceeded $1 billion, with the firm's share surpassing $500 million, up 16% and 23% year-over-year.

• Net income improved to $17.7 million in Q1 2026, a significant increase from a net loss of $1.1 million in Q1 2025.

• Board approved a $0.12 per share dividend payable June 15, 2026.

Financial highlights

• GAAP revenue for Q1 2026 was $124.8 million, nearly flat year-over-year; GAAP net income attributable to the company was $5.5 million, up from $0.5 million in Q1 2025.

• Adjusted EBITDA was $53.4 million, essentially unchanged year-over-year; Adjusted Net Income was $36.0 million, up 2% from Q1 2025.

• Fee-related revenue and fee-related earnings were flat year-over-year, but grew 8% and 20% respectively excluding catch-up fees.

• Fee-related earnings margin was 44% for Q1 2026.

• Cash and cash equivalents at quarter-end were $164 million.

Outlook and guidance

• Management expects Q2 fundraising to exceed Q1, with the back half of the year larger than the front half, and remains confident in achieving 2028 guidance to double FRE, supported by top-line growth and margin expansion.

• Anticipate private markets management fees to increase by ~2% sequentially in Q2; ARS management fees expected to grow ~1% sequentially, maintaining a 10% year-over-year growth rate.

• Fee-related revenue projected to increase by a high single-digit percentage year-over-year in Q2.

• Sufficient liquidity from operations, cash, and credit facilities is expected to fund operations and capital needs for the foreseeable future.