Item 8.01 Other Events.
As previously reported by GCM Grosvenor Inc. (together with its consolidated
subsidiaries, the "Company"), in a transaction effective January 1, 2020,
Grosvenor Capital Management Holdings, LLLP, a subsidiary of the Company
("GCMH") and its affiliates transferred certain indirect partnership interests
related to historical investment funds managed by GCMH and its affiliates to
Mosaic Acquisitions 2020, L.P. ("Mosaic") in a transaction referred to as the
"Mosaic Transaction." The limited partner of Mosaic is a third-party investor
affiliated with the Canada Pension Plan Investment Board (the "third-party
investor"). Mosaic holds limited partnership interests representing financial
assets of the Company including a right to certain carried interest generated by
funds raised prior to December 31, 2019 and certain funded general partner
interests and to-be-funded general partner interests.
On July 2, 2021, GCMH exercised its option to purchase the interest in Mosaic
held by the third-party investor for a net purchase price of approximately $163
million, adjusted for true-up distributions and expenses through the closing
date, and inclusive of a $13 million negotiated discount. GCMH's purchase will
result in the interest held by the third-party investor no longer being
accounted for as a redeemable noncontrolling interest of the Company.
Forward-Looking Statements
This Current Report on Form 8-K contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements generally are identified by the words
"believe," "project," "expect," "anticipate," "estimate," "intend," "strategy,"
"future," "opportunity," "plan," "may," "should," "will," "would" and similar
expressions. Forward-looking statements are predictions, projections and other
statements about future events that are based on current expectations and
assumptions and, as a result, are subject to risks and uncertainties. Many
factors could cause actual future events to differ materially from the
forward-looking statements in this Current Report on Form 8-K, including without
limitation, the historical performance of GCM Grosvenor's funds may not be
indicative of GCM Grosvenor's future results; risks related to redemptions and
termination of engagements; effect of the COVID-19 pandemic on GCM Grosvenor's
business; the variable nature of GCM Grosvenor's revenues; competition in GCM
Grosvenor's industry; effects of government regulation or compliance failures;
market, geopolitical and economic conditions; identification and availability of
suitable investment opportunities; risks relating to our internal control over
financial reporting; and risks related to the performance of GCM Grosvenor's
investments. You should carefully consider the foregoing factors and the other
risks and uncertainties described in the "Risk Factors" sections of the Annual
Report on Form 10-K/A filed by GCM Grosvenor Inc. on May 10, 2021 and its other
filings with the U.S. Securities and Exchange Commission. These filings identify
and address other important risks and uncertainties that could cause actual
events and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only as of the date
they are made.
Readers are cautioned not to put undue reliance on forward-looking statements,
and GCM Grosvenor assumes no obligation and does not intend to update or revise
these forward-looking statements, whether as a result of new information, future
events, or otherwise, except as required by law.
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