“We are grateful for the support we received from investors,” said Brian Sullivan, Managing Director and head of the firm’s secondaries business. Associate salaries at GCM Grosvenor can range from $56,362 - $140,984. 2 Diligencers 3 Buyers. Blackstone’s secondaries manager has acquired a stake in PAI Partners‘ fourth fund from GCM Grosvenor, according to a UK regulatory filing. . Additionally, the Institutional Limited Partners Association (ILPA) issued guidance for GP-led deals in 2019, providing a framework for best practices in these transactions. Accept Don’t Accept Learn more. The information and opinions expressed are as of the date set forth therein and may not be updated to reflect new information. The COVID-19 pandemic impacted volumes for both LP and GP transactions in the first half of 2020, but we anticipate record volumes once again in 2021 and 2022 as pent-up demand and less distribution activity from underlying portfolios can drive both LPs and GPs into the secondary market for liquidity. GP-led deals have a slightly different form and rhythm, but the core principles of a secondary transaction remain the same. If you continue to use the site we will assume that you accept. Elden a quitté GCM Grosvenor en 2006 pour fonder Lakeview Investment Manager, qui gère un fonds militant de fonds de fonds de couverture, et Meyer a pris sa retraite Michael Sacks, qui s'est … New York-based Strategic Partners bought the interest in PAI Europe IV through its Strategic Partners VI Acquisitions fund from GCM Grosvenor Multi-Manager Private Equity Fund, according to the filing. A free inside look at company reviews and salaries posted anonymously by employees. The Chicago-based firm closed GSF II after hitting the hard cap only months after a first close. GCM Grosvenor is a global alternative asset management firm with approximately $50 billion of AUM in hedge fund strategies, private equity, infrastructure, real estate and multi-asset class solutions. Secondaries Associate GCM Grosvenor New York, New York 3 minutes ago Over 200 applicants. GCM Grosvenor has offered alternative investment solutions since 1971. GCM Grosvenor a été fondée en 1971 par Richard Elden et a géré le premier fonds de fonds de fonds de couverture aux États-Unis En 1973, Elden a fait appel à un associé, Frank Meyer, qui était un collègue chez A.G. Becker. Investment Strategy Geography ; Coinvestment Fund; Fund of Funds (PE) Private Equity; USA; Global; Western Europe; See Diligence Group Related News: Where institutions connect and collaborate on diligence and secondaries. It is one of the world’s largest independent alternative asset management firms. Fund investors include public and Taft-Hartley pension plans, financial institutions, healthcare systems and endowments, in the U.S., Europe and Asia. See all Associate salaries to learn … Transaction refers to the business combination announced August 3, 2020 and completed on November 17, 2020 through which CFAC merged with an d into GCM Grosvenor Inc., ceasing the separate corporate existence of CFAC with GCM Grosvenor … As the historical stigma and heavily discounted pricing once associated with these processes have lifted, GPs expanded their use of the secondary market, furthering its growth rate. GCM Grosvenor is one of the world's largest independent alternative asset management firms, with over $59 billion in assets under management and approximately 500 professionals. These older funds are more prone to be part of an LP sale or a GP-led transaction. Our distinctive secondary-sourcing … © 2021 Grosvenor Capital Management, L.P. All rights reserved. Check the background of GRV Securities LLC or its Associated Persons at brokercheck.finra.org. The amount of remaining net asset value (NAV) in funds that are 10+ years old is a strong expected driver of secondaries transaction volume. But these elements have always been a focus for secondary buyers as well. Investments in alternatives are speculative and involve substantial risk, including strategy risks, manager risks, market risks, and structural/operational risks, and may result in the possible loss of your entire investment. GCM Grosvenor serves a global client base of institutional and high net worth investors. GCM Grosvenor led a deal to pull remaining assets out of Denham Capital’s 2005 fund and move them into a new pool that gives the GP more time to manage the investments, sources told Buyouts. For illustrative and discussion purposes only. GP-led deals may differ from traditional secondary transactions in that all buyers typically gain access to data rooms that contain in-depth portfolio information beyond a fund’s regular reporting. As a result, non-traditional or “complex” deal structures, dominated by GP-led transactions, have increased in volume and now makeup nearly a third of the secondary market. The firm is headquartered in Chicago , with offices in New York , Los Angeles , London , Tokyo , Hong Kong and Seoul . GCM Grosvenor refers to the combined accounts of (a) Grosvenor Capital Management Holdings, LLLP, an Illinois limited liability limited par tne rship, and its consolidated subsidiaries and (b) GCM, L.L.C., a Delaware limited liability company. As an investor assesses a GP-led transaction, given the relatively tight variability in key terms, we believe they should focus on determining the appropriate price for a portfolio of investments, while relying on the fund manager to direct the underlying fund and its investments. GP-led transactions have emerged as the most common type and represent the second highest source of volume among secondaries overall, with $26 billion in 2019. A free inside look at GCM Grosvenor salary trends based on 96 salaries wages for 44 jobs at GCM Grosvenor. Select risks include risks related to the lack of a liquid, transparent market for secondary investments, performance risk, and risks related to sourcing investments. There are many types of GP-led deals including tender offers, continuation funds, asset sales, strip sales, and fund restructurings. Susan Barreto November 20, 2020. The secondary market has expanded and evolved but has very much adhered to the same mandate: provide liquidity for limited partners. Less than a minute. GCM Grosvenor has created a $50 million separate account with Delaware firm Corten Real Estate Partners. However, growth in the market is buffeted by other transaction types, typically labeled “complex” secondaries. In both GP-led and traditional LP transactions, the buyer acquires an interest in a limited partnership fund with the same set of considerations: GP-led deals do indeed provide buyers the opportunity to reset and influence key fund/deal terms such as management fees, carried interest, follow-on capital, governance, manager investment/rollover, reps and warranties, and more. Select risks include: information risk, management risk, risks related to reliance on third parties, and risks related to the sale of investments. No assurance can be given that any investment will achieve its objectives or avoid losses. In the three years prior to 2020, the private equity secondary market more than doubled in size, and, despite the lull in activity for the first half of this year, we expect its growth to continue. Interests in certain GCM Grosvenor investment products are offered through GRV Securities LLC., a Delaware limited liability company registered with the Securities and Exchange Commission as a broker-dealer and a member of the Financial Industry Regulatory Authority and Securities Investor Protection Corporation. Additionally, those with existing manager relationships may have a better vantage point and can act more quickly on fast-moving GP-led transactions, as it is likely they already have views on the relevant companies and managers. The goal of the strategy is to find attractive infrastructure investment opportunities that can be unlocked through close cooperation across labor, government, and private capital. Tom Johnson/Pat Tucker, Abernathy MacGregor, 212-371-5999, tbj@abmac.com / pct@abmac.com. GCM Grosvenor has not independently verified such information and makes no representation or warranty as to its accuracy or completeness. … The company’s secondaries funds have historically had a real estate focus. 44 GCM Grosvenor reviews. Traditional deals typically involve a range of investment quality, and it can be more difficult for buyers to purchase only the investments they like or scale their investment up or down. Media Contacts: Given the frequency of buyer syndicates in GP-led situations, it is usually easier for a buyer to control its exposure to individual companies and sectors by the size of its commitment to the transaction than in traditional LP deals. Over this same period, the annual fundraising for private equity funds has increased three-fold, which implies that secondary market volume is poised to double yet again in the coming years as those funds reach maturity. See the parent company profile. GCM Grosvenor has closed its latest secondary fund at $700 million. Given these dynamics, secondary-only firms are increasingly fighting to stay relevant, often offering to take on large amounts of unfunded, even through stapled primary commitments, which can provide additional risks. The views expressed are for informational purposes only and are not intended to serve as a forecast, a guarantee of future results, investment recommendations, or an offer to buy or sell securities by GCM Grosvenor. When factoring in bonuses and additional compensation, a Associate at GCM Grosvenor can expect to make an average total pay of $88,476 . This brings further into focus the ability for a platform to not only have the resources needed to properly evaluate these opportunities, but also the option for participation in as many GP-led situations as possible. Pathway closes secondaries fund. The firm teamed up with Strategic Partners, Hamilton Lane and GCM Grosvenor to invest around $530 million in what is understood to be the largest example of a fundless sponsors applying GP-led tools to its portfolio. This broad information and relationship advantage enhances our sourcing and market intelligence, provides valuable and differentiated co-investment deal flow, and provides us with unique information and access to secondary opportunities. The HarbourVest Partners-led $1.9 billion GP-led deal on Lime Rock Partners IV last year and GCM Grosvenor’s backing of a restructuring on Denham Capital’s 2005-vintage fund suggest that energy managers are exploring their options. With these added considerations, we believe the importance of deal selection is even more elevated when evaluating GP-led situations. Amid this growth, many funds participating in the market have expanded their focus beyond traditional limited partner (LP) interest deals and have been pursuing innovative deal structures in seeking to deploy much larger funds. We use cookies and other tracking technologies to assist with navigation and accessing content, analyse your use of our products and services, assist with our promotional and marketing efforts. Grosvenor Capital Management, L.P. is not affiliated in any manner with Grosvenor Group Limited, a company that is headquartered in the United Kingdom. Continue Reading With a Free Trial. There are now enough precedent transactions that buyers, lawyers, and advisors may assess which elements are typical, and which are outliers. The firm is headquartered in Chicago, with offices in New York, Los Angeles, London, Tokyo, Hong Kong and Seoul. By tracking the amount of unrealized value in one dataset (shown below) we can see that the volume of unrealized value in 10+ year-old funds has increased dramatically over the past 10 years, just as the secondary market has. In the following, we explore the growth and evolution of the secondary market, compare complex non-traditional transactions with traditional secondaries, and discuss the importance of a robust platform of manager relationships to access GP-led deals. Structures: Limited partnerships; co-investment funds; separate accounts; capital raised by secondaries firms that happen to be publicly traded; seed capital and GP commitment. Our distinctive secondary-sourcing network is useful across all markets, but in our view, it is even more powerful in the atypical, liquidity-demanding market we currently find ourselves. Categories: Funds, Secondaries Funds: GCM Grosvenor Private Markets - Private Equity Companies: Grosvenor Capital Management Related Stories: GCM Grosvenor leads restructuring of Denham Capital IV GCM Grosvenor wraps up latest secondary vehicle after raising $700m GCM Grosvenor sells PAI Europe IV to Strategic Partners University of Richmond sells Vitruvian to GCM Grosvenor Credit Suisse … Unless apparent from context, all statements herein represent GCM Grosvenor's opinion. Learn more about our global private equity platform. Brian Sullivan a obtenu un Bachelor of Science, Mechanical Engineering de United States Naval Academy en 1989 et un Master of Business Administration in Finance and Strategy de University of Pennsylvania - The Wharton School en 1996. 2 Diligencers 3 Buyers. Facebook Twitter LinkedIn Reddit Messenger Messenger WhatsApp Share via Email. Grosvenor’s latest fund is its $700 million GCM Grosvenor Secondary Opportunities Fund II, which it closed in February last year. Certain information included herein may have been provided by parties not affiliated with GCM Grosvenor. Secondaries. Manager Login. This broad information and relationship advantage enhances our sourcing and market intelligence, provides valuable and differentiated co-investment deal flow, and provides us with unique information and access to secondary opportunities. The core of the secondaries market remains the traditional LP deal: the sale of a fund LP interest by a single seller, often as a part of a portfolio of interests. SOURCE: GCM Grosvenor By Johannes Plenio/Pexels Pathway Capital Management announced that it has closed on a $150 million custom secondaries fund for an unnamed U.S.-based … GCM Grosvenor a été fondée en 1971 par Richard Elden et a géré le premier fonds de fonds de fonds de couverture aux États-Unis En 1973, Elden a fait appel à un associé, Frank Meyer, qui était un collègue chez A.G. Becker. Roughly one-third of GP-led deal volume brought to market in 2019 resulted in a failed transaction, commonly due to misalignment of GP incentives, staple and follow-on requirements, mixed or poor asset quality, or lack of a clear transaction rationale. Past performance is not necessarily indicative of future results. Apply on company website. Manager Login. GSF II will acquire interests in private funds through secondary market transactions, with a focus on transactions of less than $50 million average deal size. This estimate is based upon 23 GCM Grosvenor Associate salary report(s) provided by employees or estimated based upon statistical methods. GCM Grosvenor is a global investment and advisory firm headquartered in Chicago that specializes in hedge funds, private equity, real estate and infrastructure investments. GCM Grosvenor Private Markets - Private Equity . This site has been prepared by Grosvenor Capital Management, L.P. and GCM Customized Fund Investment Group, L.P. (which, together with their affiliates, are referred to herein as “GCM Grosvenor”). Unlock this article instantly, along with the rest of our premium content, newsletters and mandate charts. GCM Grosvenor has been investing in private equity since 1999. In seeking to mitigate such risks, it is often incumbent on the investor to manage exposure appropriately for the size of the program. GCM Grosvenor, an alternatives investment manager with $50 billion under management, has raised nearly triple the original target of its latest secondaries fund. Grosvenor Capital Management, L.P. is not affiliated in any manner with Grosvenor Group Limited, a company that is headquartered in the United Kingdom. GCM Grosvenor Private Markets - Private Equity . © 2021 Grosvenor Capital Management, L.P. All rights reserved. Investment Strategy Geography ; Coinvestment Fund; Fund of Funds (PE) Private Equity; USA; Global; Western Europe; See Diligence Group Related News: Where institutions connect and collaborate on diligence and secondaries. Past performance is not necessarily indicative of future results. The secondary market grew from $37 billion in 2016 to $88 billion in 2019. See the parent company profile. Duration risk can also arise from the stapled primary or follow-on commitments that increasingly accompany GP-led deals, particularly in tender situations. This part of the secondary market is getting tested. As the secondary market continues to evolve and include a wider range of strategies, we believe investors with strong manager relationships will achieve an underwriting edge and more successfully invest in GP-led transactions. We continue to see value in the secondary market, and are confident we will identify compelling opportunities on behalf of our investors.”. As with LP deals, GP-led situations require buyers to focus on having an informed point of view on the assets, ensuring alignment of interests with the manager, and acquiring assets at a discount to intrinsic value. Learn More About DiligenceLink Join Now! Small, Emerging, and Diverse Manager Investing, Securities Investor Protection Corporation. GCM Grosvenor has completed the final close of its Secondary Opportunities Fund II, L.P. (“GSF II”) with $700 million in committed capital, the Chicago-based firm announced today. Similar to GPs increasingly restricting processes or access to information during a traditional LP deal, we see GP-led processes commonly steered towards favored relationships, particularly when forming a purchasing syndicate as GPs often seek to reward legacy investors or investors who can be long term partners. At GCM Grosvenor, our team of more than 45 dedicated private equity investment professionals maintains over 400 manager relationships, which we believe gives us rare visibility into the GP-led market. Learn More About SecondaryLink Join Now! This is particularly attractive for many secondary-only platforms that often do not have relationships with managers to access detailed portfolio company information in traditional secondary transactions. Report … Formation. All expressions of opinion are subject to change without notice in reaction to shifting market, economic, or political conditions. GCM Grosvenor has offered alternative investment solutions since 1971. And since secondary investors are typically not sector experts, they may likely need to rely at some level on the GP to help parse the information and evaluate investments. The deal supports Corten’s special situation and distressed investment opportunistic . Filings with the Securities and Exchange Commission dated 25 May 2017 put the fund’s target … Alternative assets investor GCM Grosvenor has wrapped up its latest secondary fund after raising $700m. Strategic Partners is investing its $11.1 billion Fund VIII, on which it held a final close in July. Additionally, as GP-led deals have become more common, they are more easily evaluated. GCM Grosvenor has been active in secondary transactions since 2003, with over USD2 billion committed to more than 100 investments. We expect it to continue to climb, based simply on the amount of assets held in alternative investment funds and the growing adoption of the strategy by pensions and asset managers. It is one of the largest, most diversified independent alternative asset management firms worldwide. Courtesy of GCM Grosvenor. GCM Grosvenor®, Grosvenor®, Grosvenor Capital Management®, GCM Customized Fund Investment Group®, Customized Fund Investment Group®, and Consortium™ are trademarks of GCM Grosvenor and its affiliated entities. Interests in certain GCM Grosvenor investment products are offered through GRV Securities LLC., a Delaware limited liability company registered with the Securities and Exchange Commission as a broker-dealer and a member of the Financial Industry Regulatory Authority and Securities Investor Protection Corporation. No assurance can be given that any investment will achieve its objectives or avoid losses. Small, Emerging, and Diverse Manager Investing, Securities Investor Protection Corporation, Acquiring assets at a discount to intrinsic value, Limited ability for the LP to influence the outcome once the investment has closed. Lp interests, we believe the importance of deal selection is even more elevated evaluating. 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