GCMG - Earnings call transcript Q2 2024 | Grosvenor Capital Management, L.P.

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Operator

Good day, and welcome to the GCM Grosvenor Second Quarter 2024 Results Webcast. [Operator Instructions] As a reminder, this call will be recorded. I would now like to hand the call over to Stacie Selinger, Head of Investor Relations.

You may begin.

Stacie Selinger

Thank you. Good morning, and welcome to GCM Grosvenor's second quarter 2024 earnings call. by President, Chairman Financial Jon Bentley. joined Officer, Chief Officer, am Sacks; Michael Levin; I GCM and Grover's Executive Pam Today, and Chief

we we Risk uncertainties those This known and to business, matters statements that historical These fact for the of a other section neither this Before of nor factors the and Shareholders are to earnings our can may and business. Commission the on metric Reconciliation considered the both with our are our our unknown non-GAAP measures involve filings We'll our all that on regarding differ risks, the metrics of refer and quarter's important performance forward-looking earnings our our be made performance our results presentation GAAP non-GAAP in available nearest and expectations and Public our release, available statements. view the assessing that are call relate projections. statements which statements Exchange statements on reminder not to our do should this cause Securities discuss earnings other include financial guarantees. promises the website. the supplement, call. Please to that also found of indicated of factors to section all They refer website. results, in forward-looking be this of which XX-K, of Factors actual in important materially on as by from current

joining And Michael. over look you And the turn to our communicate with in spirit, goal that, forward with to we us. continually for I'll is and shareholders. we feedback. Thank how your again to with Our that improve call engage

Michael Sacks

second quarter, Thanks, Stacie. recent momentum. on building had a our We strong

adjusted and XX% During the income XX% increased quarter, fee-related earnings over prior increased year. net the

total with market management. XX% now markets management of second XX% our to fees private quarter assets Our comprises growing continue grow, strategies under Private year-over-year.

compared quarter end to the for XXXX. XX% was margin of the XX% earnings fee-related Our at

future. believe to environment year-over-year further have to We XX% new in continue billion, the improve brought increase opportunity fundraising $X.X The from XX% that first in billion, increase half quarter. that the expansion raised XXXX. of and We continued half for first a $X.X second capital to a we raised FRE margin the

Our our exceed the our greatest year, pipeline that raised throughout and contributor with forward. half has to going equity strategy grown the quarterly confidence about our we $XXX half. and and the credit often diversified dedicated for fundraising nicely we and credit recently, first and We've the year platform the about for Infrastructure infrastructure strength growth the expect to our in credit. Year-to-date, expect strategies. spoken credit see of followed programs, to over of million the in of second significant was platform raised million private in fundraising we've again quarter, private $XXX for by demand this

and XXXX. billion fundraising Our see far and in than both well levels private start, of great to year there we a XXXX is specialized pace on fundraising markets are materially this $X we saw higher so

clients very the of private competitive solid delivered appreciative add. Absolute strong, of believe was our our All and building first market investment we strategies strategies quarter. performance, on return value again performance remain

over in Our $XX we are composite the peers. outperforming and year-to-date months, realized our last multi-strategy a performance gross X.X% in far so year. fees X.X% generated return the Gross and for million composite XX.X% returns second indices XX this quarter and

rate. past meaningfully As did which outflows over raised of pipeline $X of have an X ARS for fee year, ARS uptick leading were the average in client portfolio. lower-than-average from resulted a the which has outflows to net result management our quarter, expanded the the at our restructuring billion good We The a the management during during we performance, partial strategy. fee, ARS

total recent been environments. confidence years, compared flat well. the last in over the markets to to expect I past third the of number type fees in have are for XX quarter through year. The ARS add difficult a cycles of show roughly strategies our value We volatile Having typically market be will where QX management ability absolute return great market

progress Over was expanding the investor that years, quarter. billion products regard a priority. this $X.X channel. our in past strategic in you year, told we've from Earlier this made channel distribution X raised We the individual I and good that that

excited serve a and focused core private we're co-investments fund that private secondaries. independent interval equity for to First, as will on equity share manager we a

$XXX In more infrastructure secured you and about forward product address the re-up will expanded investor history in long-term we our targeting of channel. efforts our demand the individual factors of the our an commitment expect which look lead that goals, of that anchor to Whether telling these leverage, million a confidence outlook, we height addition, or future. will number regarding strong our operating see a now. year there rates, the pipeline Jon back longer-term half our are this to We

win in lot with and We our Jon, it take that, ways proposition for confident members. And of to and team over. have are shareholders value a clients,

Jonathan Levin

Great. Thank you, Michael.

years. This quarter, will in our of address goal our doubling XXXX stated fee-related I previously X earnings

XXXX. more expanding and a rate, client with XXXX is was XXXX, our existing the X acquisition, to at deployment, initiatives historical and stronger from fee-related growth. set There growth now margin expansion. Starting For it our our grew platform compound with is embedded and are clients, context, earnings XX% compelling even opportunity than from deployment. Capital back growth to in annual new our pillars new capital scaling our we

growth years, been already X on had the annual in has billion from of turning raised. fees capital [indiscernible] $X programs existing our where average, on simply been last the Over

fee-paying $X.X of forward, into from growth Going fee-paying AUM. yet come will AUM embedded converting our contracted not billion

excited about to increasingly client We in work is an environment. compelling particularly capital what are putting investment

our existing to Turning clients.

spoke the successful through existing size. relationships about they occur of re-ups re-ups at XX% as We of at XX% how average growth almost client and provide have embedded I the expanding record through broadening track increase rates out quarter, a Last proven our in relationship.

with success strategies. our we're trust as and clients' more in new them X traction had our private expanding and Currently, addition, Approximately investment work we've existing infrastructure into vertical. with such direct oriented areas. areas, of XX% earning investment and consistently us high-growth with seeing great top credit In around clients into our clients than

fund of years. example Slide Since fund highlighted Third, over both opportunity fundraising we newer investments the forward fortunate XXXX, are XX as market More franchises loyalty grown One commitments we on mature private in such annualized strategic capital specialized a by of series. and franchises relationships. each made the persists entering our harvest these our have great we've mode going from on market is the specialized the from typically private more comes recent by measured as than rate growth presentation. fund We're year XX% clients. those have and existing XX% to

opportunity new scratched in presence our However, in and where the set the time but success have success to had markets over early we Canada, both we teams those and regions. in also Australia are already We've in client surface seeking channels have and with acquisition, only markets build Europe, a invested we've of in and seen business. where we our

in alternatives channels. massive and of a individual position represent those and industry, the for both investors we're opportunity insurance ideal share to an Additionally, in capture

to from was be enjoyed Finally, reaching our will business. FRE while going a expansion public. our margin goal, margin operating in goal leverage since driver X-year key revenue Achieving margin FRE assumes there expansion, we've extending the our the continued growth embedded enhancement

both we exceed this have of over annual to EBITDA also through enjoy targets, platform incremental in potential, our successful we massive of in breadth effectively achieving if tailwinds to while adjusted exciting It I'll and and exact suppressed has that We call a earnings growth is FRE. in market. With Beyond A&I interest. outcomes streams fees that, FRE our turn couple performance have been the Pam. and FRE industry And and flexibility timing growth are unique is fee of twofold to opportunity. the should past years. it's which carried the in the Both hard compete predict, adjusted incentive in over these our growth that

Pamela Bentley

Jon. Thanks,

with pleased We in our second results are quarter. strong the

as from ago by with X% X% X% a year-over-year, management increase and the AUM increased over quarter to contracted, billion, not were Private quarter of stronger year billion fee-paying months. year ended and key X% $XX was also end, ending a ago fundraising AUM a growth the $X.X Assets again once markets fee-paying from increase billion, at growing private at yet market the quarter year-over-year. AUM a due last $XX XX under a fee-paying driver,

of XX% markets As end, total represents of fee-paying our of private our quarter AUM. AUM and XX% business

specialized oriented towards our AUM comprise $X.X the grew strategies, catch-up quarter. fund and quarter markets business our grew fees half in fees shift end. and quarter. fees, the X% XX% in mix double year-over-year than the fundraising fees second, of to due direct to private private first in guidance of catch-up last markets; expect million towards year-over-year, more markets with quarter, Private excluding management of continue, management as markets our Private line in We which strong

catch-up We expect the a third in fees private growth management in fees, markets rate quarter. excluding similar year-over-year

on in 'XX, spoke strategies the would that to meet track growth, fee absolute we year catch-up return that private about we of we are excluding expectation reaffirm of full and the our 'XX, the fees At still expectation management year, market our For stabilize fees. beginning goal. our double-digit management

management quarter consistent Second ARS third fees third year-over-year, and expect year. to of management X% with be increased the fees ARS last we quarter quarter

investment year to interest strategy client strong, this As performance performance in has noted, and meaningful has us positioning very potential grown. Michael fees been generate the

of Turning of million comprised carried to million in ARS $XX and We interest. of fees. quarter, performance million $XX incentive fees the realized $X

X% approximately end. gross unrealized year-over-year interest million carried $XXX quarter Our of to grew as

we earnings our we capital being to the fees provide As as potential, and believe environment look markets Jon unlocked improve. which incentive significant embedded forward noted, M&A

levels carried last fees As to performance year. fees have incentive firm opportunity higher both share we realize and we increase that believe increased margin at of interest, above or compelling the on to the a we

our to expenses. Turning

in managing a quarter. and expectations. and third in with and expenses second expenses compensation $XX non-GAAP other disciplined As our expected, similar FRE quarter general, were quarter, the line remain $XX We in in we again was administrative the million, expect million level

and XX% quarter. levels XX% and a next year-to-date factors together in year-over-year a year-to-date. on income in Adjusted the grew XX% basis. similar Pulling quarter these earnings quarter basis, year-over-year the fee-related net grew on a XX% healthy expect We

in from quarter. Our FRE the margin 'XX second XX% to of XX% quarter this grew

quarterly to leverage last expect for be margin operating exceed may fluctuations, 'XX significant FRE there we year. our While overall enjoy margin and still

capital by extend XXXX, $XX February continued to debt our while during will Our principal basis balance constructive sheet The our the XX XXX general the for markets is took the aggregate X incremental strong. used XXX, to business decreasing term corporate million. successfully quarter, repurchases. cash on investments years advantage and by stock we And opportunistic to of loan purposes, by points, from in the upsizing be and spread

quarterly healthy than a growth dividend maintaining is annualized dividend in of as room are X% Friday. enjoy momentum share $X.XX more future We last as our of we of positive earnings. or per for There yield an

have repurchase quarter, program. In the managing also our $XX as under now again authorization opportunities your on our deliver stock, and our take our Thank of 'XX to dilution us, We continue financial program shares $XX quarter we're To compensation forward our in share million to happy focused objectives, end. we million to from in our the repurchase shareholders. for close, repurchased repurchase leaving and plan questions. of value stock look you joining and and we to clients to ahead confidence

Operator

Instructions] with will Cowen. question come Bill TD Katz And first our [Operator from

William Katz

Okay.

a the of you to X withdrawal back Thank for for that moment. sort disclosure that coming was Just impacted it the large quarter. ARS

X, and year? the account the platform, what does of ahead regardless you outsized As concentration or kind reason top terms potential clients, the sight sort in to can into of of top what have the of just second you in of risk then as XX you terms maybe might half size line look sense AUM look any other residual for of you that of withdraw withdraws

Michael Sacks

large concentration are I risk revenue in as and revenue, do AUM, we've the as think account It's have down. but We bigger, you saw accounts large don't Michael. terms some about we the Yes. And as here, it's at all. size the where have of fees gets talked

mix private course, the ARS of kind lot firm, -- versus a of by you and markets. When and our client, to fact lot the diversity of And you have different think that ARS, about a we we one regard diversification look and you makes then concentration. So at when a level even concentration within that revenues, levels actually there's have of of revenue not very then, with strategies you feel have of us have high it's good. of a there, low things as just

was going I there. there. so of for grow And a ago. We And to on X,XXX you goal year we kind flows, time And there. this we X,XXX us expect There's think low think our it we was still obviously. 'XX, of to equal we for up. see FPAUM told FPAUM fee actually goal told business fee see, be ability stabilization client. what we as pretty average gotten it our matter, management some you will than X stabilizing what to ARS the was year left we're it ARS forward be you and we've ARS that the was to for Performance that actually numbers, will much revenue QX, but in a in giving We We on higher that fee think -- that's ticked told and

William Katz

Can know can I don't you the more X that construct? but I assumptions now can between ask helpful. dynamics between throw ARS how the you layer that maybe you if for the down private in the of Very how Jon, see you versus double sort 'XX. sort anyway. within and for break to think between I'll pathway thanks follow-up, FRE markets of a the

Jonathan Levin

do to Happy Bill. Sure, that.

a a kind the from single-digit and that side forecasting private the I on low we've talked markets, of flows things. gross ARS think internally what from of math which that generally is been the at speaking, continuing on almost would private of in look we dissimilar about the not kind growth we've We've kind of from specific what teens trend strategy, neutral to and markets side, returns is budgeting of perspective, kind depending for that has a how think we way getting revenue but environment talked use about double about on high the compounding. number which we low digit seen then the growth of fact

And so basis we we a business and the how would longer term, think over of similar to it -- kind that used look on would a budget is forecast those longer-term assumptions be X-year I period. at to

I the growth growth there, in terms about we the it's the once you a on broadening numbers into those prepared embedded breaking CNYFPAUM, think of lot I of get what have from the down have how think remarks nature. we investor relationships more have when get new from in what client individual or from things embedded those have we talked giving as relationships, of counting that as on real might And don't kind would these acquisition like opportunities of opportunity. of I outsized growth call we about the of you really we're some the explosive market I and talk that things that well outcomes,

Operator

JPMorgan. next the from will Ken And with Worthington question come

Kenneth Worthington

sort of your being and what's Can presence the how about and there. in you versus design as either focus channels. into you distribution talk product So see or management different growing of wealth what maybe of already the digging sort Grosvenor market sees resonating terms deeper deepening with little product a and

And You in mentioned different you it's peers? seem the and In latest of there than to opportunity here. my wealth? sort impact the be set is Infra where investing, what really mind, sustainability

Michael Sacks

Sure.

Michael. it's Ken, So

relatively way. brand the number serious there, will, a channel wealth of it's balance opportunity range specifically pretty is opportunity It's for frankly, pigeon and not that meaning it's kind a significant and strategies. there's different somewhat for balance uninimity in allocation, and or of the allocation opportunity a in the channel. the and today rise sheet the concentrated that it's like huge And going balance think pretty sheet penetration of big wealth to an opportunity, view, at it's and this kind in that is products across Obviously, on underpenetrated small you in all that is significant of I sheet types that a of a generally is near an hole and if us, there and alternatives names. is allocation

highly share infra, credit best-known biggest, handfuls, to there's diversification inside equity, channel years years see is have there and of pretty it of names while to X the in are opportunity that while larger platforms out, on we opportunity concentrated of a -- opportunity names number actually X.X correctly, with actually mentioned X private opportunity where have and to yield products the a out, lot alts, So X real could more handfuls we lion's in of X sustainability in in it than a because on you the players. to X X there's today, that are future in will more XX lot and the

a there. So we lot see of opportunity

Kenneth Worthington

concentration Okay. Great. from portion on Was the return Elevated And absolute that X highlighted of the then the client. What majority? that the business, you just Was redemption redemption... half? vast it

Michael Sacks

a and The could of us was we it described was different very reallocation over a we very, a back -- was see with still where client work continues of restructuring was we work continue strategies significant with portfolio work to client as we to It thing And and wasn't at top-down as come a with it remains of the it that some client it, -- majority. that client that to go want in a and forward. kind time. macro a wasn't

Kenneth Worthington

at very are The gross levels. low at contributions still still are contributions

contributions? think What they performing you to here? of feel really had are Is something a assets. you And start think strategies well. gross number should this attract I where I you that you see the do might mentioned in that past, the we thought

Michael Sacks

outflows not I look, inflows trying is quarter-to-quarter worthwhile. and said, as Yes, time to

budget. that. do have -- -- my do it's hard in to should we very best you a simply our You to should But have opinion,

and and personally assumption obviously you do I help your simplifying X,XXX end that said, believe the We've think don't -- it we than think, -- the will be we lot X,XXX. script in over think several we that. belief. function. not -- was a ARS have per matter we We like Performance that. and year. and se. space, to see be through be stabilized, and higher a think next our AUM my this linear that's this has that not of to the see models now. that that we going I build that's got quarter a have going growth happy we're years. to It's will earlier that through the cycles But I every But that's We been in will You to It's I get on step of believe

Operator

And Crispin Piper comes next Love the with question from Sandler.

Crispin Love

the pipeline being markets. But key Just could for the back curious on has Infrastructure drill compared numbers of than quarter. at changed the opportunity half there, means across stable discussed just second here fundraising. ] quarters. the TE half few for You the a [ outlook just can areas first discuss first. the you But better all And deeper been the you pretty bit improving. mentioned just a then you to of last [indiscernible] if little the private year?

might the prepared in that think have you that mentioned. I missed I remarks

Michael Sacks

half. Jon step having first full. of billion those higher. -- a back, we Last a in of Sure. the and We X of first did $X good said be We've clearly, raised that us mention all, that's take half re-ups $X.X second quarter, sight. billion The obviously in so pipeline will is or talked -- We about thing.

the mentioned still -- those pipeline. we've have billion $X Jon about quarter, We of got of in that re-ups, are the last

about that for we're to funds start of nice going clients a year are that capital we clients new a and that's existing a and continue, we the year, new into fact start that money raising in on we're new a off you there. specialized fundraising with and for, already think good specialized to we strategies. and got We've deploy up you that and the number have quite up market So that's pick talked right you specialized that to fundraising. And have of you we're going move work, good pick obviously, clients

the in back of to regard And half fundraising. so we are the our with year confident

Jonathan Levin

last kind And of the just I Michael add would making to point around acquisition. new was client

leading active had whether of kind sales the or have lack around kind call, we're We of different, and amount have market out across you I -- of of of there, are activity team levels preparing point year environment would the levels a the number more for RFPs busy it's guess, marketing our what of ago. all to than general nature a that metrics the I the are indicators And that activity presentations board. in more better those or word, seems certainly higher it certainly, a a now a would the

Crispin Love

or think you cons side. or kind spreads coming put widened seen just when Great. mostly year-end. on or one discuss pros rate how markets me, impacts, -- it But and private just I We've appreciate cuts can concentrated ARS or kind week or before deal color your the it's all, then question for the recession you there? volatility and past together, this bit. with of across that. And last space any knock the have kind last of of then outlook if late if mostly about or it just whether in in for potential likely week GCM, view so, But you Credit XXX bps then all effects activity at early plenty for on renewed. of and and it so macro talk

Michael Sacks

Yes.

general, -- alt volatile takeaway I biggest markets, your base. from of that's strategies have in your when to alternative tend I reinforce are you the have levels extreme think real attractiveness honestly, of So higher markets appreciation strategies. client the volatile

the of cuts XX% rate economy, XX% the of like and XX% operate the weeks. quarters, few people any on recession, has next real in X As or any slowdown short-term to over doesn't opportunity and have to real impact on a over XX% pretty gone the how to results up some significant last a from longer-term our as see nothing makes That of far chance change we from that has see particularly sort in X, impact intermediate-term or how X-year the we impact writing outlook. realm we

Operator

And our Instructions] question [Operator Stanley. Morgan Ma will from with come Stephanie next

Stephanie Ma

wanted you rates that as against And do latest expanding on thoughts potential we or origination to into asset changing interesting think the how Just areas get How and backdrop, are you opportunities? private cuts? macro cost thinking your about head of credit. other rate about capabilities

Michael Sacks

Thanks for question. the

is I going private think we It very these said the are short-term will why affected in credit we X remarks share to to does -- seen is balance It's prepared of and have it decade it global our continue. more It's a see think have we by a growth next our half going to you've credit and to today. think view in business. are outlook grow. a in continue it items, changes you're going of private about sheet of years the grow, things fundraising than we good that a not there, it it that talk very -- for sector. we has good we And none nothing

enthusiastic it all of think -- a next that. that's every pipeline far I remarks, I remainder in credit the year the in we about in the grows for as year, has as of said think channels. for I our bunch And the the specifically it private -- in we're

investor it in I think channel. the grows individual

grows I institutional think the channel. it

our channel and asset opportunities vertical there. -- our that I strategies think we're private about there. it That opportunities grows and enthusiastic across that credit and

Stephanie Ma

steps scale? appreciate can aspirations margins. maybe cannot over benefits on color cadence realizing continue one business time. But provide some on there between I areas the of what your FRE behind. shift of into where And just the also any trajectory, to of you get tie or are you some Maybe there invest you Great. ongoing then ongoing and to mix other

Michael Sacks

have leverage I know, want some then it with performance margin don't I like to to leverage touched and next we margin Pam, to I the And tightly. clear, and be on think believe in Jon extent solid, looking strong that we year. question that, on we to that addressed over years, touched -- highlight operating were, To were manage you we've operating you comments. because if our take and that. The some think you we several out up the picked got think good, I we margin this expenses trying continued Sure. we your continue on

manage head count We to well. continue

align shareholders. margin lead And team contribute anything We I of our some -- want to things all think opportunity. I try continue these to add? if Pam, and you know, to to you don't to interest or have between Jon,

Jonathan Levin

Yes. and the we've is other generally a care compensation just the businesses and last margin I not and leverage have would it, from that business see investing think just margin I enhancement. you in They in also while over from benefit years. marketplace, from our They existing trends, businesses. appropriately point, you add good still tailwinds. revenue it benefit which seen and these had you've obviously, your in enhancement -- operating people take perspective, to of businesses, allow the are few the business But or your the and they to do one

goal, if years the in linearly where over look our or you the think you a quarter you next having of So last trajectory quarter few think it of all I and the X you've get think hit your margin relative the that and us thing get I to And from sudden of seen at ratably over I of businesses type it's other as don't we're to time. go revenue type kind space. it's it you're growth somewhat

over margins sense kind a can go for You of can get where time.

to think you can't optionality vectors have, of the and of I speaking good in the across important things perspective look feel to what part have everything good just feel at X therefore, you the growth, think multiple all leverage that the going about in board continue the we ways we're I the business, terms to ability out. But the different operating are the to growth, about the years of is business. as revenue on the a of X-year win, different the predict

Michael Sacks

channel. invest and investor We us will of behind, fruitful been what you've And growth invested, talked the several seen that in have in over continue capability a and into investing individual opportunity. investment last We've credit to quarters, distribution we've that's channels invested -- we're think terms into. about we about the that we've we other talked invest clear

can think a think results of So I in real number we from investments. see investing we places those where we're

Operator

Bill comes question TD with next The Katz from Cowen.

William Katz

the opportunity Just fees. zoning on in performance for

so, So Any we in -- couple think XXXX might wondering you Pam, out you that you could answer aggregate has I and array activities if quantum particularly line as may to have week the Which be of between seeing? terms of finally, of the cadence you any the variable and sight this, to the dollars may in market sort comp ratio I do kind it you how have about of of do on current? And How of thinking then it. or questions. missed should the I but you last been sort be volatile migrating apologize, as incentive comes of were of said portfolios of a increase? aside, sort putting see of appreciate that

Michael Sacks

Jon. Sorry,

most in that year margin of ARS Most with a our and of portfolios that of in her is line. at Pam Let's you to incentive year-end. we a it's take fee that And the performance and fourth markets element Most see -- address last last grow levels did bit year that. margin. some line the have carry say that did the that's little from the remarks, crystallized that contributes will last from element you'll but already, quarter, quarters, crystallizes and the fee couple incentive of some as directly, that and grow, the but -- of along which saw revenues in one that this an this, private first, of the there's the

that so the earnings put outperforming And our and we think is, get quarter. case trivial assumption in week and us end the power not count base it's sure, like of ignoring I don't And opportunity. until we too, we you that revenue so, revenue that. But there for a XXXX opportunity instructed last the there as a for or obviously case were we there, of second deck, a base assumption as the earnings

where not to revenue it's some we'll is. XX. it And there, got until you on -- XX there's So there but land things see

Jonathan Levin

most intuitive. Michael crystallizing just extent for the to the year fiscal not but see as fees Bill, us, the the year. mean, I up performance we point as obviously, of not most with crystallization think that our for you fees, portfolio year of multi-strategy ARS the calendar happen live it Michael that's would quarter, quarter. every are you are is that fourth of for manage a But just it I it's is happens measurement Yes. portfolios. -- in clients But most said the which of to said the would why portfolios we We to only lined said, The might portfolios see calendar have in are sometimes be portfolios this, what the of other fourth what performance add day. Michael to that one-off

be, meaning might it them equity strategies or strategies, specific portfolios, value, then that macro of some or maybe have whatever are cetera. credit-specific relative the there et are and strategies vast credit but and majority the they multi-strategy are So equity

And positive alpha last performance protection markets through of difficult couple of that broad-based the kind broad-based positive over strong these the performance seeing even weeks so the is seeing and and more production. we're pretty year-to-date capital we're

Operator

turn back you. that I'll session. now conference over does And to question-and-answer the conclude the

Stacie Selinger

next forward again today. quarter. up engagement, joining you Thank again you. Thank talking We for to following the appreciate either or and the to and we you questions us look

Operator

a and And for This concludes participating gentlemen, everyone you. you day. thank program. Thank has conference. today's ladies hope today's great We in

all may disconnect. You

Grosvenor Capital Management (GCMG) 8 Aug 242024 Q2 Earnings call transcript