Grosvenor Capital Management, L.P. (NASDAQ:GCMG) Q3 2023 Earnings Call Transcript

Michael Sacks: So would tell you that not a lot of change from where we saw that a quarter ago, which is pretty wide discounts relative to historical discounts. People not – LP-led secondaries not seeing huge volume increases and a little hesitancy to take those discounts and GP-led secondaries kind of continuing to be where most of the activity is. I think in general without being — without pretending to have any kind of a crystal ball we do think that the pent-up demand for transaction activity, the pent-up demand for liquidity and secondary — therefore, secondary market activity, we do see that picking up next year. And Jon — it’s something Jon has spoken about and I think may have spoken about publicly. But recently, but we kind of see the — that spread between where the bid is, where the ask is waiting for kind of to figure out where rates are we just think we’re getting closer, I guess it’s definitional but to that resolving itself and we see activity levels picking up next year sort of one way or another.

Michael Cyprys: Great. Thank you.

Operator: Our next question comes from Chris Kotowski with Oppenheimer. Please go ahead.

Chris Kotowski: Yeah. Good morning. I was wondering you’ve mentioned in the past that a good deal of your fundraising comes from high net worth individuals and wealth management clients, but it seems like it’s been more on the account — customized kind of accounts. And I’m wondering how high up on your list of priorities is a retail — a comingled retail fund vehicle?

Michael Sacks: Thank you, Chris. It’s a good question. I think in general the — what you’re referring to I think is the fact that our individual investor fundraising has like insurance exceeded most quarters are its representation in our total AUM. So it’s growing as a percentage of our AUM. We very much see that continuing and we want to bring more focus to our individual investor efforts. We want to bring more products to the individual investor channel. We want more internal resources dedicated to the individual investor channel and we look forward to reporting on that over the course of the next four, eight quarters more than once.

Chris Kotowski: Okay. Thank you.

Operator: [Operator Instructions] I’m not showing any further questions.

Stacie Selinger: Thank you again for joining us today. Please feel free to reach out with any follow-ups. And if not we look forward to speaking with you again next quarter.

Operator: Ladies and gentlemen, thank you for participating in today’s conference. This concludes today’s program. We hope everyone has a great day. You may all disconnect.