GCM Grosvenor is an alternative asset management firm managing ~$90.9B in AUM across private markets and absolute return strategies. Rather than owning assets directly, GCM Grosvenor acts as a solutions provider and fund-of-funds manager, building and managing alternative investment portfolios on behalf of institutional clients — primarily pension funds, sovereign wealth funds, insurance companies, and endowments. Clients access private equity, infrastructure, real estate, credit, and hedge fund strategies through either customized separate accounts (~71% of AUM) or commingled specialized funds (~29% of AUM). Within each strategy, GCM Grosvenor invests through a mix of primary fund commitments, secondaries, co-investments, direct investments, and manager seeding — with direct-oriented strategies now comprising 54% of private markets AUM, up from 39% five years ago. The firm earns management fees (~90% of revenues) charged as a percentage of AUM, plus carried interest on private markets programs and annual performance fees on hedge fund portfolios. The management fee base is long-duration, with most private markets capital locked up for seven-plus years, making revenues highly predictable. Infrastructure has been the fastest-growing strategy, with AUM roughly tripling since 2020. GCM Grosvenor's primary growth initiatives are deepening existing client relationships through cross-selling, expanding credit and infrastructure capabilities, and building out an individual investor channel through registered products and a new RIA-focused distribution joint venture.