GCMG - Earnings call transcript Q4 2024 | Grosvenor Capital Management, L.P.

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Operator

Good day, and welcome to the GCM Grosvenor 2024 Fourth Quarter and Full Year Results Call. [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. to Call. Fourth welcome Year and and Earnings XXXX morning, GCM Quarter Grosvenor's Full Good joined GCM and I'm Michael Pam Today, by Sacks; Executive and Bentley. President, Officer, Chief John Levin; Chief Officer, Grosvenor's Financial Chairman

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

to we important assessing A in which for available our view again joining performance earnings both measures also and in supplement, nearest business. non-GAAP on metrics of you reconciliation are of can as our to us. non-GAAP be Thank found We'll the of our the refer metric that GAAP earnings website. presentation

And with to to Michael discuss our that, turn results. over I'll the call

Michael Sacks

everyone. morning, Thanks, Stacie. Good

very year to and We full a report quarter fourth pleased are strong XXXX.

profit. solid had for and to regard performance, in years. strategic that growth progress saw clients a with financial to results With of will good contribute coming exceed financial good regard our over report both the our but and number year our not fundraising expectations, that we only Importantly, . to to a growth a strong significant results we priorities finish key that our

XXXX. fee-related XX% our adjusted the our net earnings increased XX%, of quarter, income the increased to compared quarter as In fourth and fourth

full good earnings the goal the start net results by XXXX, earnings fee-related XXXX. income represent fee-related XX% a XX% over increased year XXXX adjusted and For toward our prior doubling of year. These increased

that ability to confident have our long achieve In linear, XXXX, that path be we also in we realize leverage our remain will in goal the not business. to While we continue to our operating seen target.

and in see Our expansion end earnings XXXX we XX% for year opportunity XX% and fee-related of We the continue was our continued XX% business compared for FRE the leverage operating margin have to XXXX. forward. believe margin at in to going

XXXX. of XXXX, During a increase we $X.X achieved compared XX% to fundraising, billion total

second with We half. as the that growth expected, of are the in exceeded fundraising half that pleased our first pleased that, and in the year

more was our X importantly, $X.X billion fundraising years. quarter fourth fundraising quarter robust. Our late-stage our And of than in highest pipeline remains

Elevate the particularly our is pipeline a build commitments our billion development in Looking our yet $X.X that in Fund, a with fundraising of to were That exceed to a which a $X.X successful market second XXXX. final and year private million, we our re-upps [ closing specialized The on $XXX strategy not first-time for is particularly teams, at private first-time ] upon expect total that last for a highest quarter fourth for of billion is today equity closed funds. the fund respectable raised to record. market specialized fund, saw a Elevate and business created on fundraising year, funds, mainstream. regard strategy, nearly our close difficult seating we at XXXX with We for investment based bottoms-up

the We've and excited we to over that expect about, next grow we're fund that strategy made from investments some X the Elevate years.

of close Advantage our final the we'll fund, quarter, IAF second final Fund, our equity third Infrastructure X the co-invest close X. private This and of GCF see

than and be vintage of XXXX, We next will predecessor we oriented fund closings their both of the hold and results equity funds, our funds CIS fund, Later first we for plan look reporting those direct X to our quarter. next expect secondaries GSFI [ in larger private on forward those infrastructure X to ].

in made our Beyond success, to we business and a number regard fundraising financial priorities. progress meaningful XXXX key of with

brought billion last our year, value of credit or Clients number investment are talent team. important raised recognizing credit complementary total the hires of XX% we our our over platform, we to year. funds raised deepened a who $X.X During of with the expertise where

As their grow partner credit to believe and point diversified be a fund serving as positioned secondaries. investments, credit for and well entry single are we evolve a of value-added we investors private co-investments of allocations, portfolio primary credit a

last performance. management We ARS XXXX our also The performance saw return in flows stabilizing improvement picture year by investment platform enabled ARS. was absolute fees with excellent business is The improving in strategies year-over-year.

generated the for Our gross return fourth indices return peers. full outperforming a gross and multi-strategy XX.X% composite quarter and in a year X.X% the

annual returns the ARS exceeded $XX fees years, the fee million performance million. in marking X generated performance revenue, last Those $XX in third time

we incentive and As and of strong $XXX the in power adjusted at in that growth fee support net yet carry income million time. our should is earnings have money, remains firm previously, unrealized value at in significant carry net not over with discussed share work asset

discussed for product channel. to Finally, offerings our priorities as in quarter, XXXX investor individual the of expand at we one our last was distribution and length

weeks that of million million portfolio ago, announced $XX infrastructure XX open X we infrastructure and assets powder. a ceded $XXX dry interval our with fund across is Just for of investment

looking sharing confidence out. our us we is sales financial fund, time assuming capabilities tailwinds the investor the product are potential for not revenue XXXX and that in from over from While individual XXXX by take to of investing created look and The significant some do its will to further meaningful. build, in success this future. in believe anticipate it forward news give we our We and time strategic

achievable ways with And and targets next, we've a that, diversified always it said I'll will discuss turn remain our Jon. win. Our number and platform to Jon as over us to gives as growth of

Jonathan Levin

Michael. The us platform the is of and we and you, hallmarks in we with how key classes, strategic types. clients. clients sizes ways implement The in a and our Thank most our which importantly, our with are flexibility of investments platform work all breadth, asset across positioning can depth our diversification win advantage to of

alternative a for Our the investment and . positioning attractive of in the in capabilities embedded and unique stability, provide future. combination optionality growth industry this platform

with Alts the or client the or wealth the individual or public need grow fund to help small, as find and pension, whether is clients a portfolios around I a time of set. myself trusted alternative a spent continue significant are investors. assist where a world, We X in hear opportunity big of and amount our clients I a representing generally to under build regardless resourced world partners sovereign investor the common They to percentage programs. to firm themes. of out attack

we asset exposure they credit need [indiscernible] varies classes. certain by It secondaries, portfolio any client an positioning across all their given sizes mandates is different alternative incorporating where needs geography can area help for variation with the very with clients or all their mentioned, alternative Now client. types. that of or co-investments platform. all the The good our into news like compete can Michael and a a could of means This of we as to nearly that be specific flexibility

involved in This can in markets as evolve alternative us breadth win and breadth means evolve and strategies. combination areas. with privilege private of our classes, clients nearly every with partnerships of their which shift and various they their with distinct portfolios being able clients of flexibility public provide uniquely the across that into coverage also nature allocations our Our asset with clients, deep expand our we includes environment new as to the both between

we've for trend a public, of contributor For of example, class past calls, strategies. credit was been to and behind has beneficiary and recent We discussed years. XXXX many massive infrastructure to demand we our and as see our Infrastructure fastest-growing We've investor been their both investors fundraising. persistence focus the significant a been asset this have prioritizing went these market. credit since the in in allocations private on

our greater market capture believe of coverage strategies, we full particular, to ability diversify credit grow as origination with unlocked across ideally investors our significant combined share and In positions exposures. us strategies credit credit their

less We raised occurred X While strong significantly a growth contributed years our billion generation. of sentiment absolute it return than XXXX, strategies in investor strategy for alpha meaningful prior and combined. XXXX. higher fundraising, in 'XX on strong The in to heels the and improvement has contributor the was the $X.X performance to our 'XX

range of wide clients Our growth numerous business diversification and meet the of environments ability for demands but in stability, important a also to provide paths market upside. and

comes by a strategy, that our Said another dependent confidence XXXX so and many client from earnings on way, our the in fact backdrop. we aren't or doubling to single therefore, win ways have fee-related

it to in We also in ways those momentum important as continue last new driving offerings Michael and win. expect therefore, an And we our create more was said, to initiatives, expand XXXX. year, year and

turn to over that, call Pam. With the I'll

Pamela Bentley

Jon. Thanks,

in results are business. we fourth XXXX that the as broader momentum strong enjoying and Our quarter a the exemplify

AUM ended year management the under at year fee-paying $XX and billion $XX ended Assets at the billion.

$X.X AUM ending increase year-over-year a XXXX drove billion. yet Our level in strong at not a record XX% of fundraising contracted fee-paying our

which not markets, the yet fee-paying X very million AUM of fees 'XX, enjoyed over of organic from We a fee-paying growth. catch-up the Elevate. increased and over growth, it we our AUM and few fourth 'XX fourth contracted to over quarter years. of Our next again, was for fees, IAS market foundation convert private a driver key of XX% provides to management strong expect Private quarter $X inclusive

have close first the QX. $X of catch-up million IAS X, 'XX, final lower expect in end the million fees primarily which of of its quarter $X will to from We at

first earlier After growth markets We absolute entered X's in QX 'XX, the the ARS beginning X% solid of we our quarter IAF X% year, of around QX quarter market year-over-year. minimal return fees and that fundraising periods, pipeline strategies year-over-year. close, performance. management therefore, this year are their management from they we management In the to At 'XX. private fees 'XX 'XX. expect funds a of excellent expect with activity X% be ex of increase our catch-up would did, the final fees stabilize investment of the 'XX, our XX% by in which expectation spoke will we catch-up We about fee heels to of of increasing in in first to fees expecting on

our to expenses. Turning

while expenses asset, related We FRE $XX compensation, long-term including investing Our a million. talent incentive combination of our disciplined Fourth motivate to compensation compensation in fee-related managing awards, remain to our compensation equity employees. earnings and talent quarter through greatest and sequentially fee-related compensation also align awards. is our philosophy and in incentivizing and annual declined

with basis, 'XX, general first and we to compensation XX% and quarterly Looking XX%, be to line $XX on average. expect the Pulling down full and year administrative slightly to other together were factors, benefits fee-related in and in quarter in slightly quarter, stable those higher fourth of respectively. or expenses a fourth the than FRE-related QX. remain Non-GAAP sequential and our our grew levels quarter we 'XX million expect these and earnings

As our long-term 'XX our in have double -- by Michael FRE to noted, to XXXX. continue our we confidence goal

have results million Turning of of $XX the $XX of is million have realizations annual environment million comprised quarter, our Carried annual carried $XX starting $XX last to performance realized We over stand entering Run years. but fees These $XX fees X $XX improve. in rate performance at fees. million exceeded the annual time interest. the been XXXX performance to third muted, to million. million, the we fees and brought incentive

it carried end stood the quarter unrealized end, XXXX, believe that we of million what than was double provides significant and upside. as $XXX gross at Our of more at interest

healthy strong, Our maintaining we dividend quarterly balance sheet is share. of are and a per $X.XX

future and positive dividend for dividend our as of in Friday, a we X.X% is yield, we room there As enjoy earnings. growth momentum had

our under repurchase share our Board repurchase a increase also plan, in recently and continue our $XX million We authorization shares repurchase to approved program.

close, to As confidence we million now a to 'XX the our business forward and significant giving reminder, remaining opportunities we're you objectives. program heading take clients our in we to us, our ahead industry happy deliver to into in financial look us value again intend to questions. and the largely dilution. To use joining to enjoy tailwinds $XX shareholders. for and Thank We your manage now long-term

Operator

Sandler. Instructions] [Operator Love question is from And first coming Crispin with our Piper

Crispin Love

My margins. first question FRE is on

annual the discuss could And steady continue cap an range the is margin out mid-XX% believe you your in and look of over if you beyond? margins curious driving years as term? But higher several long had on You've margins. growth further, outlook you margins basis a do can on to there you

Michael Sacks

We we've the you. your last had did we've operating improvement over and Thank leverage very to point, Thanks for the that several margin strong question. significant years. note -- FRE

clear . FRE us. a think We do have seeing of as margin continue grow. time be also operating just years' to we're that that's, of and continued leverage. we margins that goes to think far we I looking FRE wanted We cap have And a think X that can we ahead our continued as expansion out do year or sort

'XX. several next from current while I we there's suppose margins at some think have doubling from point, we're levels, to cap, those our grow the but room over years we a

Crispin Love

fundraising, was XXXX. about I appreciate That that. secondly, And cadence the then for Perfect. on curious helpful.

the You XXXX I expected higher And guide quarter your quarter. heard had to a than very in be fourth XXXX. strong

first some mentioned in closing funds You the quarter.

look a about As can basis? out a worth you as calling XXXX talk quarter-to-quarter on the you whole, else cadence there fundraising? is at And anything of expected

Michael Sacks

that? to Jon, take Sure. want you

Jonathan Levin

Sure.

gives for to your historical specific Crispin, felt think before and some our works contextualize is question it kind for macro to environment I environment, us better the was was we I us, the be we up one which commentary for like a made, 'XX. the of think, thing how 'XX than better some We tough thought and just around had that think, 'XX of So continues answering right? back to 'XX going fundraising we that improve, we feels sector 'XX us. commentary than fundraising and was it

re-up of of have what just kind a of the separate specifically, insights us, profile. business because lot and account the into we in given for a But happens year

meant year, we have So of funds going which closings. account specialized separate into activities, have market and particular to a a to clients we to which scheduled are know said, their are know go re-up, you as

at a And of year feel look so we but pretty in better say, bottoms-up kind that than over the a buildup, of all some 'XX. be we year time, there'll on to to 'XX good kind like based and be go have number, can of get that is going period yes, baseline

situations and where is a can You it specific a When slips quarter something it to on contract happen, particular comes where tougher, -- the can when little they someone be big will sign meant day a to bit what chunky like gets right? moves. that's next get to literally those it quarter have and sick, and

course The So I calendar year the type the the we therefore, But that guidance quarter-by-quarter you is tell over would strong. kind feel of don't 'XX specific of know is looking what that year. about that strong analysis. we'd a re-up of is pipeline 'XX you than good and inside better give the of

Operator

JPMorgan. Our Ken with next Worthington from coming question is

Kenneth Worthington

private to business. of the look build the from bit a AUM pipeline from faster this how pace fee-paying see pipeline was quite we Maybe then should in conversion The markets building conversion first, XXXX? to you've in the pipeline fee-paying pipeline nice of a AUM, got pace

you're Do we generating? reason, sort nice I is sales the it the better the -- strong maybe of see for given growth market that should seasoning the to mean some pipeline? pickup a lag Or conditions, continue it of

Michael Sacks

Ken. Thanks, about actually This we've is before. talked something

make specific that the ramping how away, there's the . of a time whether funds you the pipeline lot fee away that how macro of specific very is start paying its dates, specifically, period, funds, So funds the funds, invested and building which fees about fees right amount a turn converts is obviously, pay point, fees invested fees, there's AUM are your or start turn most when pay the at a on then which are pay The a important attractiveness fees on the fee-paying the thing committed on to assumption capital And and over periods the funds specific as is whether remain with committed strong. they their essentially pipeline from catch-up catch-up fees strategies of the demand. prior is where to of on. raised and right an environment function and

closing. Jon talked going on yet capital significant We've fees of turn XXXX, fundraising. we you And upon -- to there, year, met as not on had of where all fee-paying as turn we of AUM, published raise for a just -- since invested. those on it's that what immediately pace give is schedule back a about, fixed first hard contracted, we Every it's fees to where sort amount very specific turn and which those fees either the

of above. Every that much think had type described. business and is time of and mix year, think every all of so it every the we We're of And we quarter, winning don't I it's that fee changed is sort met type we've has you, first fee. that of that -- I from the new -- I

and we've you that fee I I price we levels don't trying there's said effective so to fee think in price actual margins of and to similar on the been of But fee time. of result business, know cash past us structures over in similar we're collections a to that different change it there. when types

Jonathan Levin

fee-paying or so I the the John, add you're metric billion. if would but AUM year and thing. the $X.X at was of I'm billion, not $X.X the contract which year that a But at, is is from $X.X you to look billion, at sure of which in yet ended is was is you fee-paying this sense makes on contributions not year at the us. Ken, at which basis, that look with And looking XX%. beginning which the not just one capital started if exactly not X/X CNYFPAUM We about the about CNYFPAUM so up we walk AUM

period about a about year of being beginning of it's in that of X a years, work, the way time-based X/X invested kind or would about think If that's is whether you being program base numbers an of investment generally line. that number

Kenneth Worthington

Okay. Great.

the know, business dialogue with years, the about change of we a change Like, are its having. see having seeing market I one that think just customers? generation, the again, valuation better I absolute alpha we or don't guess, you in dialogue nature your the the you're of you're As the are maybe return had to starting reception levels,

Michael Sacks

good. was Performance Yes.

now, And there change so dialogue. a it whenever think of as it significant the this there. year change. good been that of But the which is may And in time is business while good, for dialogue you as long good has performance may is general, performance be how the a terms have is quite outlook in the in we've vary solid changes. for It I pipeline The at a in time. had whenever a

case while the sort the we doesn't while certainly regard for the prospects fundraising so to hasn't a base ARS of have in our And -- pipeline than are profile with in and been decent. And more budgeting we optimistic changed. is

Operator

Our next with Chris question coming is Kotowski from Oppenheimer.

Christoph Kotowski

Yes.

I Pam's guidance we got make correct. wanted private First, outlook, the markets fee to sure just on

would X. the $X.X catch-up quarter though So you or quarter, fees mentioned million first in be X and

is catch-up or... to looking the $X.X [indiscernible] which guidance Do I million being first $X than quarter. million less equal, said have or I you was at of all million, fees, there, XX% you So be think sequentially. gave in prior million, right But the would up, markets there Then year XX%. $X quarter that the fourth things private down $X we're only

Michael Sacks

Chris, for Thank just joining and me it's for the question. let Michael. So -- you

said, providing clear, sure kind just me wanted make make reiterate numbers. to to Let of it's we were apples-to-apples sure we Pam just what

had about we And and private growth, so just it ex management wanted past, we in to up fee lay out. the talked catch market catch-up with all

$X was we and okay, than which expect fees. lower million for So QX, quarter quarter, is lower million, we fees $X Pam 'XX, of than catch-up specifically, said of what expect catch-up first to first ex the

growth, year-over-year. excluding private million markets to XX% So fee that million management $X $X

catch-up So to 'XX versus and million is QX private that QX excluding walk fees, management was to $X add the QX. for 'XX, million on up fees 'XX $X our XX%, that, market

Christoph Kotowski

And the there the wonder tenant side a bit the potential have guess months? Or also, XX I a like talk what that I'm specifically, if you listed you can any important look Great. -- an 'XX. then should on 'XX like the look the channel? And effort the What's more could effort vehicles you color little equity launched. Okay. different a is in next to bit what on private get I a to on wondering, then color on anchor the you the in XX give get And side? and And also retail goal would is did you like? if give wirehouses? Is is there distribution -- success to on marketing to on to infrastructure

Michael Sacks

Sure.

So you there. got a bunch of really good stuff in

-- I clear first, to frankly, people some bunch that launched dry expecting can million capital, we it not in $XXX in say we in significant terrific specified way, it, were of prepared very powder. look invested we because not would we which launched currently you clear with portfolio from be that at infrastructure we're of contribution comments, such tried are So around in called revenue that as and 'XX is fund a a our and that remarks our anchor, it and

a is want the and a to with what in vehicle launch question, the real investors, going We the up. bake potential revenue, going That clear always we we 'XX, end it We're It has by a of we real to firm, don't about think in as be a mean firm. but to capital leg for anchor feel 'XX. private to just very really all will good going for like us you the revenue, were I 'XX. to a for time. launched as telling there. It you ton obviously, over for or don't there's terrific for that, we it build. us expect equity not of 'XX can. you'd is and that's capital your way This real if at build said, and think be to But

find our in eventually the initially, that focus wirehouse the historically, There's are and a -- in a terrific world is and world, space, relationship RIA and represented IBD is be the over eventual optimistic build individual -- home a to option infrastructure the the the in individual a that investor real here is that in world independent, for and where thing, of the know, effort maybe real product the marketing be us. RIA for but investors as going revenue to not probably is that would it but been generator the 'XX. and not comes We portion of has it significant in time, But having can it's and wirehouse. crowded the of space significant 'XX, AUM going not from this focuses, that a channel ton to initial high-quality -- will set we our by this be is in it's you the hope

update investors there. as people and talking things more to over how So we're there one about update we are RIA both that to is things individual do choice ultimately, -- you nice hope forward we continuing substantive talk of time space, there eventually, name. look have for capabilities space about And brand to and and the the we'll the on. terms our in into about to over time going of and more just with we marketing are We this pursuing that our investor our

Operator

Bill Our coming question with Katz next TD is Cowen. from

William Katz

carry opportunity carried Maybe just the for the focusing on realized portfolio.

quarter-on-quarter sort sort ratio activity we associated How of this the was think revenue low up that the the pick to payments the about extent wondering, do payout both were with and comp ratio to and Just rather realizations. those to it after like year-on-year. GCMG contractual the looks the quarter, of backdrop monetization

Michael Sacks

firm the carry by firm owned of that, was When about owned year. you're by last is that the talking the -- percentage revenue, that -- belong gross that the

William Katz

Right.

if sorry, I at complex look -- -- the strip a question. I such if So out it's

So you then I the if the and GCMG and out ] have, contractual you NCI, that that to I at fees, back for look have cetera, at we the I didn't carry the et out payment look the [ the pay employees. and which rest, performance payment

did I is correctly of think, I I ratio been think that quarter, plus. if math sort averaging XX% around your XX% it's sort that from this and disclosure, of

is So think was it a about quantum to opportunity here? wondering how the payout as I just -- that Or ratio.

I guess should think is, payout variable how So the realizations? broader question on about we

Michael Sacks

to think I it's that a the great -- question ask.

third X $XX past base on rate We've years. last time the of the over the case think that side, main carry been is upside of the budgeting look on the I We've run years, way ton last at have performance X of on this million the the of about from that year $XX fees carry. the $XX gross we should a had generated X you it -- -- million. We that it's It's lot think $XX And a way is in it the million. amount there's the that about we shown the years fees kind for few side. there. million. at ARS is ARS We from separate a of performance

If you look the look in been at much you below ground number comes . the firm, at the carry the has carry when to the the we that of percentage how of own. significantly that carry

Historically by firm half and in carry years. over comes yet in we of around and the of that The owned half coming $XXX is a carry the the in from right revenues, the XX own the the of because owned last carry that, in first gross carry. carry owns the ground that's the of the has below and been the firm million lot share less well it's firm over owned firm's ground. older So

carry over owns firm much is XX of think over next was than higher we the dollars last the it year. that years the last So percentage including XX the years,

and that than higher in ground the it's ever the amount carry And of been. is

realized. be is you've there because very carry to in picture more ground the got So good the

firm at carry You've got you dry at but frankly, got behind NAV. that. or that's a owning is the call ton powder carry not to whatever yet And carrier the you've of the want value, more it, of asset

could So replenish of over time as NAV we're that higher it. carried enjoying the percentage

So out of we very earnings that's power line. that we got a from looking a -- think lot

Jonathan Levin

and everything Bill. ratio higher compensation. being element I which about, then year incentive And the might I paid which quarters have the was was to that out referring with the your at that which lower of was further you're fourth inquiring full Michael year a think in well? quarter, there, cash-based of been fee-related earlier the there's is to. the a you brought what question said the also Is which XX% as agree one part in percentage

William Katz

Exactly, Jon.

Jonathan Levin

so yes, is true. that And

we I that think, guided, that, So historically always to XX% XX%. would be number had

the the you came part quarters of get year but most that the so but bounce of not bit, that at crystallized fourth can a fees hedge for the little know, is in quarter. in around because, the think range. end as carry, performance fund Part And full I high the the

line that of with margin So fourth higher the in to bring in that in top end the the fourth historically. that range be the happening we've allowed given effectively the full quarter year quarter to

William Katz

more of just the And the back to growth? by years be of coming a line you of the map drive of might couple folks contribution. road just then bit how and say, a maybe many talk where might subsection bottom the terms of in in appreciate have. years couple moment. opportunity how for you additions little the this of I that headcount be to challenges sort over about union sort retail you see is greatest what a out of terms And next distribution meaningful many of distribution just Okay. Can and geographically or maybe on of

Jonathan Levin

Happy we Michael add to of channels a the has the one, in Michael question on that handful on have focused address But been success and people who where of channel. can noted just so that response the to to from historically Chris, in Bill. our wirehouse as are lot a

a with our a the group you recently distribution think called know, CION also infrastructure we've from help a going resources through that's standpoint. capability I to that As partnership for was distribution launched, extended product

not leverage approach. work we've where you've and successfully your that you're some seen for space others We're building there model nicely. own together distribution kind while help your capabilities exclusive. our you many have in think distribution those where X-pronged mutually areas a got going and to And partners And can coexist I of are this they're things internally,

over seen partnerships investing think using the case is of have of that you've success with a in and going of The we're space that you'll marginal into lot dollar We're investing news the more I of always in share think the lot of investment space investor type a model. it into in is in distribution. and within a -- invest that And us see distribution. that distribution business. I months, think weeks, the always raise today lot going coming But to distribution, is capital individual have absolutely I quarters

Operator

any the turn time. this [Operator no Instructions] will for call now questions it I closing appears are further remarks. And there to back Stacie at

Stacie Selinger

out. us for Thank today. . next a engagement We we again follow-ups, there reach questions. not, good you to quarter. the look you, appreciate day. feel If If and Have free forward to are speaking everyone, the with joining

Operator

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

may You all disconnect.

Grosvenor Capital Management (GCMG) 10 Feb 252024 Q4 Earnings call transcript