GCM Grosvenor Releases Labor and Economic Impact Report for its Labor Impact Fund
June 22 2021 - 9:30AM
GCM Grosvenor (Nasdaq: GCMG), a global alternative asset management
solutions provider, today released the 2020 Labor and Economic
Impact Report for its Labor Impact Fund (“LIF” or the “Fund”) which
focuses exclusively on infrastructure investments in the United
States and Canada.
The 2020 Labor and Economic Impact Report examines the impact of
the Fund’s initial four investments, including approximately 2.9
million union work hours created during construction, and
approximately $2.2 billion in regional economic impact. The full
report can be found here.
“We believe that collaborating with organized labor to create
compelling infrastructure investment opportunities and a positive
impact for union workers is a smart strategy,” said Michael Sacks,
Chairman and Chief Executive Officer of GCM Grosvenor. “We continue
to have conviction in the initial fund investments from a risk
reward perspective and are thrilled with the labor and economic
impacts.”
The Fund’s strategy is designed to be a collaborative approach
to infrastructure investing that relies on a partnership with key
stakeholders, including organized labor and government, in an
effort to optimize project execution.
“Identifying those stakeholders who can be impacted by an
investment opportunity and bringing them into the process is
critical to helping mitigate risk and improve investment outcomes,”
said Jorge Ramirez, a GCM Grosvenor Managing Director. “It is an
approach that can enhance the opportunity while benefiting workers
and the communities in which they live.”
The Labor and Economic Impact Report, which will be updated and
released annually, also cites the extensive revenue generation the
LIF investment activity has created for governments at every level.
According to the report, approximately $260 million of tax revenues
will be realized through these four investments.
“Infrastructure investing can have a profound impact on a
community,” said Matthew Hynes, Managing Director and Head of Labor
and Government Strategies for GCM Grosvenor. “From job creation to
new tax revenues for government, the economic impact can be felt
throughout a region.”
About the Labor Impact FundThe 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
generated through close cooperation across labor, government, and
private capital. The Fund held its final close on September 7,
2020, with $893 million in committed capital. For more about GCM
Grosvenor’s Labor Impact Strategy, visit
https://www.gcmgrosvenor.com/labor-impact-investing.
LIF has made four investments to date:
- In November 2020, LIF committed $70
million in equity capital to Vantage Data Centers’ newly
established growth platform to develop, construct, and lease data
centers.
- In May 2020, LIF 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, LIF invested $155
million to partner in the development and construction of the Long
Ridge Energy Terminal.
- In 2019, LIF announced a partnership
for the development of a cold storage platform across the U.S. West
Coast, with the first development expected to be operational by the
end of 2021.
About GCM GrosvenorGCM Grosvenor (Nasdaq: GCMG)
is a global alternative asset management solutions provider with
approximately $65 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 approximately 500
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, Toronto, London, Tokyo, Hong
Kong, and Seoul. For more information, please visit:
www.gcmgrosvenor.com.
Source: GCM Grosvenor
Media ContactTom Johnson and Will
BraunAbernathy MacGregor tbj@abmac.com / whb@abmac.com
212-371-5999
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