GCM Grosvenor (GCMG) Q4 2025 earnings summary

Executive summary

• Record fundraising of $10.7 billion in 2025, up 49% year-over-year, with $3.5 billion in Q4 and strong investment performance, including a 15% gross return in Multi-Strategy Composite and 11% in Infrastructure.

• Assets under management reached approximately $91 billion, a 14% increase year-over-year, with fee-paying AUM at $72 billion (+12%) and contracted not-yet-fee-paying AUM at $10 billion (+27%).

• Fee-Related Earnings and Adjusted EBITDA grew 11% and 15% year-over-year, respectively, while Adjusted Net Income rose 18%.

• The individual investor channel grew AUM by 18% year-over-year, supported by new product launches and a wealth management joint venture.

• Full year GAAP net income attributable to the company was $45.4 million, up 143% year-over-year.

Financial highlights

• GAAP revenue for 2025 was $557.6 million, up 8% year-over-year.

• Adjusted EBITDA for 2025 was $245.6 million, up 15% year-over-year, with a margin of 46%.

• Fee-Related Earnings margin expanded to 44% in 2025, up 200 basis points from 2024.

• Performance fees from ARS totaled $68 million, marking the fourth time in six years annual ARS performance fees exceeded $50 million.

• Total fee-related revenue for 2025 was $416 million, up 6% year-over-year.

Outlook and guidance

• Management expects private markets management fees in Q1 2026 to be consistent with Q4 2025, with limited catch-up fees.

• ARS management fees are projected to increase by approximately 5% in Q1 2026 due to positive net flows and strong performance.

• The fundraising pipeline for 2026 is larger than the prior year, with expectations for continued broad-based growth across channels and geographies.

• FRE margin and overall margin expansion are expected to continue through 2028.

• Focus remains on scaling core capabilities, expanding client relationships, and growing direct-oriented strategies.