CHICAGO, Sept. 14, 2020 /PRNewswire/ -- GCM Grosvenor, a
global alternative asset manager, announced today that it completed
the final close for its Labor Impact Fund (the "Fund") on
September 7, 2020, Labor Day in
the United States, with
$893 million in committed capital, at
the high end of its targeted range.
GCM Grosvenor's Labor Impact Fund originates and executes
infrastructure projects that leverage the inclusion of union labor
as a contributing factor to enabling attractive risk-adjusted
returns. The goal of the strategy is to find compelling
infrastructure investment opportunities that can be unlocked
through close cooperation across labor, government and private
capital.
"We are grateful for the support of our investors; they share
our vision that the Labor Impact Fund's strategy is an effective
way to deploy infrastructure capital," said Fred Pollock, GCM Grosvenor's Chief Investment
Officer. "Our robust investment activity to date demonstrates the
effectiveness of our differentiated approach to infrastructure
investing. We believe that our strategy will generate positive
outcomes for labor, improve infrastructure assets and communities,
and generate an attractive risk-adjusted return."
The Labor Impact Fund has made three investments to date:
- In May 2020, the Fund agreed to
provide $85 million in debt financing
to Bakersfield Renewable Fuels for the retooling of the former Alon
oil refinery in Bakersfield,
California.
- In December 2019, the Fund
acquired a 49.9% equity interest in the Long Ridge Energy Terminal
from Fortress Transportation and Infrastructure Investors (NYSE:
FTAI) for $150 million in cash.
- Earlier in 2019, the Fund announced a partnership for the
development of a cold storage platform across the United States and Canada, with the first development anticipated
to break ground later this year.
These investments combined are projected to generate more than
1.4 million union workhours during construction alone, while
providing significant boosts to local governments and
economies.
To identify investment opportunities, the Fund leverages GCM
Grosvenor's $57 billion investment
platform, its network of manager relationships and industry
partners, as well as those in government and organized labor.
To achieve the Fund's desired goals, investments in the Fund are
verified to meet standards for including union labor and are
monitored for adherence to their investment and labor impact
theses.
"We view the Fund's responsible contractor policy and overall
labor and government due diligence processes as strategic
advantages in pursuing infrastructure investments," said
Jon Levin, President of GCM
Grosvenor.
About GCM Grosvenor
GCM Grosvenor is a global alternative asset management solutions
provider with approximately $57
billion in assets under management across private equity,
infrastructure, real estate, credit, and absolute return investment
strategies. The firm is in its 50th year of
operation and is dedicated to delivering value for clients in the
growing alternative investment asset classes.
GCM Grosvenor's experienced team of 485 professionals serves a
global client base of institutional and high net worth investors.
The firm is headquartered in Chicago, with offices in New York, Los
Angeles, London,
Tokyo, Hong Kong and Seoul.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws, including
statements regarding anticipated benefits and outcomes associated
with GCM Grosvenor's funds. These forward-looking statements
generally are identified by the words "will," "believe," "expect,"
"anticipate," "estimate," "intend," "may" 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 press
release, including the risks and uncertainties described in the
"Risk Factors" section of the joint registration statement/proxy
statement on Form S-4 and other documents filed by GCM Grosvenor
from time to time with the U.S. Securities and Exchange Commission
(the "SEC"). 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.
View original
content:http://www.prnewswire.com/news-releases/gcm-grosvenor-closes-its-labor-impact-fund-301130007.html
SOURCE GCM Grosvenor