GCM Grosvenor Elevate Fund Holds Final Close at Nearly $800 Million, the Largest Debut Private Equity Seeding Fund of Its Kind, Signaling Strong Continued Support for Small and Emerging Firm Founders
Rhea-AI Summary
GCM Grosvenor (Nasdaq: GCMG) has announced the final close of its inaugural Elevate Fund with nearly $800 million in committed capital. The fund, launched in 2023, focuses on making seed investments in small and emerging private equity firms targeting lower- and middle-market buyout strategies.
The fund received significant backing from CalPERS with a $500 million commitment, alongside investments from corporate, endowment, foundation, insurance, and family office investors. GCM Grosvenor, which manages $80 billion in total assets, including $20 billion with small and emerging managers, has already made two investments through Elevate:
- Excolere Equity Partners, led by Tony Miller (announced October 2023)
- Invidia Capital Management, founded by Jo Natauri (announced May 2024)
A third investment is expected to be announced soon, with plans for two to three more investments in 2025.
AI-generated analysis. Not financial advice.
Positive
- Successfully raised nearly $800M for debut private equity seeding fund
- Secured anchor investment of $500M from CalPERS
- Already completed two investments with established industry veterans
- Strong institutional investor backing across multiple sectors
- Pipeline of additional investments planned for 2025
Negative
- None.
News Market Reaction – GCMG
On the day this news was published, GCMG declined 0.07%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
CHICAGO, Jan. 23, 2025 (GLOBE NEWSWIRE) -- GCM Grosvenor (Nasdaq: GCMG), a leading global alternative asset management firm, today announced its inaugural Elevate Fund (“Elevate”) has completed its final close with nearly
Elevate builds on GCM Grosvenor’s strong, multi-decade track record of investing in small and emerging managers and the firm’s position as a leading investor in the small- and middle- and middle market. The
“We are proud to celebrate this significant milestone for our Elevate strategy,” said Elizabeth Browne, Managing Director and Co-Head of GCM Grosvenor’s Elevate Strategy. “The depth and quality of our limited partners underscores a growing market recognition of the value being created by emerging managers in private equity and our ability to structure partnerships with some of the best firm founders in market today.”
Elevate’s diversified investor base includes the California Public Employees’ Retirement System (CalPERS), which launched the strategy with a
"Our partnership reflects an ongoing commitment to innovation in emerging manager investing,” said Peter Cashion, Managing Investment Director for Sustainable Investing at CalPERS. “We look forward to continued success in supporting the next generation of exceptional investment talent.”
To date, Elevate has made two investments, with a third expected to be announced in the coming weeks. The first investment, Excolere Equity Partners, a leading education and human capital management investment firm founded by Tony Miller, former Co-Founder and COO of The Vistria Group and Deputy Secretary of the U.S. Department of Education, was announced in October 2023. The second investment, announced in May 2024, was with Invidia Capital Management, a healthcare investment firm founded by Jo Natauri, a 25-year healthcare veteran who most recently served as Partner and Global Head of Private Healthcare Investing at Goldman Sachs.
“We are excited to have Tony and Jo as partners and value their exceptional domain expertise, the caliber of the firms they have built and the quality of companies in which they continue to invest,” said Kevin Nickelberry, Managing Director and Co-Head of GCM Grosvenor’s Elevate Strategy. “Their notable progress in establishing leading firms and effectively raising and deploying capital is both inspiring and a compelling affirmation of their vision, capabilities, and leadership.”
Elevate expects to make two to three more investments in 2025.
About GCM Grosvenor
GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately
About Excolere Equity Partners
Excolere Equity Partners is a private equity firm based in Los Angeles focused on the Education and Human Capital Management sector. Working in partnership with management, Excolere leverages its extensive sector experience, operational expertise and public policy insights to accelerate the growth, enhance the impact, and increase the long-term value for the companies in which it invests. For more information, please visit https://excolerepartners.com.
About Invidia Capital Management
Invidia Capital Management is a healthcare-oriented private equity firm based in New York and focused on upper-middle market investments in North America. It was founded in 2024 by Jo Natauri, formerly the Global Head of Private Healthcare Investing at Goldman Sachs. Jo Natauri has 25+ years of experience in the healthcare sector, with a diverse background that includes private equity investment, board membership, investment banking, and operational leadership. Invidia aims to reinvent the approach to the middle market by leveraging mega-cap expertise and network, utilizing a wide array of value creation levers, offering broader exit options, and maintaining a balanced risk/reward profile. For more information, please visit www.invidiacap.com.
Media Contact
Tom Johnson and Abigail Ruck
H/Advisors Abernathy (on behalf of GCM Grosvenor)
tom.johnson@h-advisors.global / abigail.ruck@h-advisors.global
