GCM Grosvenor

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GCM Grosvenor
TypePublic company[1]
NasdaqGCMG
IndustryInvestment management
Founded1971
FounderRichard Elden
Headquarters900 North Michigan
Chicago, Illinois, United States
Key people
Michael Sacks
ProductsHedge funds, private equity, infrastructure, real estate credit, multi-asset class, ESG
AUM$59 billion+
Number of employees
~500
Websitewww.gcmgrosvenor.com

GCM Grosvenor is an alternative asset management firm, with over $59 billion in assets under management and approximately 500 professionals.[2][3][4]

GCM Grosvenor manages assets on behalf of a global client base across hedge fund strategies, private equity, real estate, infrastructure, and multi-asset class investments. The firm specializes in developing customized portfolios for clients who want an active role in their alternatives programs; it also provides multi-client portfolios for investors. Investment offerings include direct and co-investments, secondaries, and multi-manager portfolios. GCM Grosvenor's clients are mostly institutions, such as pension funds, sovereign wealth entities, financial institutions, corporations, insurance companies, charitable organizations, and endowments.[5]

GCM Grosvenor has more than $15 billion invested and committed to Environmental, Social and Governance (ESG) themes, and as a signatory to the Principles for Responsible Investment (PRI), GCM Grosvenor received an A+ rating from the PRI in 2020 for its overarching approach to ESG strategy and governance and an A+ rating for ESG integration in manager selection, approval, and monitoring.[6][7]

GCM Grosvenor has invested/committed over $20 billion with small, early-stage, diverse, and women alternative investment managers since 1989. The firm hosts two industry events – Consortium and the Small and Emerging Managers (SEM) Conference – designed to facilitate connections between managers and investors.[8]

Awards[edit]

In 2019, GCM Grosvenor received the Civic Federation’s Addams-Palmer Award from for exemplary civic involvement by a Chicago institution.[9]

History[edit]

GCM Grosvenor was founded in 1971 by Richard Elden and managed the first fund of hedge funds in the United States.[10] In 1973, Elden brought on a partner, Frank Meyer, who had been a colleague at A.G. Becker.[11] Elden left GCM Grosvenor in 2006 to start Lakeview Investment Manager, which runs an activist fund of hedge funds, and Meyer retired from the business.[11][12][13] Michael Sacks, who joined the firm in 1990, is the current Chairman and chief executive officer of the company.[14]

In January 2014, GCM Grosvenor completed its acquisition of the Customized Fund Investment Group (CFIG) from Credit Suisse Group AG.[3] CFIG was Credit Suisse's third-party private equity business, investing some $20 billion with outside private equity managers.[15]

In August 2020, GCM Grosvenor announced it will become a public company through a merger with CF Finance Acquisition Corp. (“CFAC”) (NASDAQ: CFFA), a special purpose acquisition company sponsored by Cantor Fitzgerald, a leading global financial services firm. GCM Grosvenor began trading on The Nasdaq Capital Market under the ticker “GCMG” on November 18, 2020.[1][16]

References[edit]

  1. ^ a b "GCM Grosvenor and Cantor Fitzgerald SPAC merge and goes public". PE Hub. November 18, 2020.
  2. ^ "GCM Grosvenor". Chicagoland Chamber of Commerce. Archived from the original on September 1, 2014. Retrieved September 1, 2014.
  3. ^ a b PRNewswire (January 2, 2014). "Grosvenor Capital Management Completes Acquisition of Customized Fund Investment Group from Credit Suisse Group AG". The Wall Street Journal.
  4. ^ "GCM Grosvenor". GCM Grosvenor. Retrieved 2016-05-06.
  5. ^ Erika Morphy (10 December 2019). "GCM Grosvenor Closes Nearly $1B Fund". GlobeSt.com.
  6. ^ "GCM Grosvenor granted top rating by PRI". Private Equity Wire. 5 September 2019.
  7. ^ "Grosvenor Capital Management LLC". Bloomberg L.P. 16 January 2020.
  8. ^ "GCM Grosvenor Hosts 16th Annual Consortium Conference And Highlights Continued Commitment To Increasing Its Allocation To Diverse Investment Managers". PR Newswire. 13 June 2020.
  9. ^ "GCM Grosvenor Receives Top Rating from PRI". Business Insider. 5 September 2019.
  10. ^ "Richard Elden". University of Chicago. Archived from the original on January 27, 2013. Retrieved August 30, 2014.
  11. ^ a b Rittereiser, Cathleen M.; Kochard, Lawrence E. (2010). Top Hedge Fund Investors: Stories, Strategies, and Advice. John Wiley & Sons. p. 33. ISBN 9780470637142. Retrieved August 31, 2014.
  12. ^ "Company Overview of Lakeview Investment Group, LLC". Bloomberg Businessweek. September 1, 2014.
  13. ^ Anne Logue (November 24, 2008). "Sweet Home Chicago". Institutional Investor's Alpha.
  14. ^ "Michael J. Sacks J.D." Bloomberg Businessweek. September 1, 2014.
  15. ^ "GCM Grosvenor Closes Deal For Credit Suisse P.E. Biz". FINalternatives. January 8, 2014.
  16. ^ "GCM Grosvenor to Become Public Company Through Merger with CF Finance Acquisition Corp. (CFFA)". StreetInsider.com. August 3, 2020.