Grosvenor Inc. (GCMG) received an updated ownership filing showing that Michael Jay Sacks, together with several affiliated LLCs, beneficially owns 141,672,819 shares of Class A Common Stock, representing 70.0% of the class as of December 31, 2025.
The percentages are calculated based on 60,721,681 shares of Class A Common Stock outstanding and assume redemption of related partnership interests into Class A shares on a one-to-one basis. All voting and dispositive powers are reported as shared across the affiliated entities, indicating highly concentrated control.
Positive
None.
Negative
None.
Insights
Filing confirms very concentrated control with a 70% beneficial stake.
The disclosure shows Michael Jay Sacks and affiliated entities with 141,672,819 Class A shares beneficially owned, or 70.0% of Grosvenor Inc.’s Class A Common Stock as of December 31, 2025. This calculation assumes one‑for‑one redemption of partnership units into Class A shares.
All voting and dispositive powers are listed as shared among entities such as Grosvenor Holdings, L.L.C., Progress LLC, and Progress Subsidiary LLC, with Progress Subsidiary LLC alone linked to 90,155,396 units. The structure centralizes control under Mr. Sacks as ultimate managing member.
The amendment mainly updates current ownership levels and entity attributions rather than introducing new transactions. Future company decisions, including governance matters, are likely to reflect this concentrated ownership profile, given the reported majority position and shared voting power across these related entities.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
GCM Grosvenor Inc.
(Name of Issuer)
Class A Common Stock, par value $0.0001
(Title of Class of Securities)
36831E108
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
36831E108
1
Names of Reporting Persons
Michael Jay Sacks
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
141,672,819.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
141,672,819.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
141,672,819.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
70.0 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
36831E108
1
Names of Reporting Persons
Grosvenor Holdings, L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
133,965,014.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
133,965,014.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
68.8 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: (Limited Liability Company)
SCHEDULE 13G
CUSIP No.
36831E108
1
Names of Reporting Persons
Grosvenor Holdings II, L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,226,977.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,226,977.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,226,977.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.0 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: (Limited Liability Company)
SCHEDULE 13G
CUSIP No.
36831E108
1
Names of Reporting Persons
GCM Grosvenor Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,480,828.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,480,828.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,480,828.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.9 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: (Limited Liability Company)
SCHEDULE 13G
CUSIP No.
36831E108
1
Names of Reporting Persons
GCM Progress LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
90,155,396.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
90,155,396.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
90,155,396.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
59.8 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: (Limited Liability Company)
SCHEDULE 13G
CUSIP No.
36831E108
1
Names of Reporting Persons
GCM Progress Subsidiary LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
90,155,396.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
90,155,396.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
90,155,396.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
59.8 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: (Limited Liability Company)
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
GCM Grosvenor Inc.
(b)
Address of issuer's principal executive offices:
900 North Michigan Avenue, Suite 1100, Chicago, IL 60611.
Item 2.
(a)
Name of person filing:
Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons." This statement is filed on behalf of:
Michael Jay Sacks
Grosvenor Holdings, L.L.C.
Grosvenor Holdings II, L.L.C.
GCM Grosvenor Management, LLC
GCM Progress LLC
GCM Progress Subsidiary LLC
(b)
Address or principal business office or, if none, residence:
The principal business address of the Reporting Persons is c/o GCM Grosvenor Inc., 900 North Michigan Avenue, Suite 1100, Chicago, IL 60611.
(c)
Citizenship:
Grosvenor Holdings, L.L.C. is organized under the laws of the state of Illinois. Grosvenor Holdings II, L.L.C., GCM Grosvenor Management, LLC, GCM Progress LLC and GCM Progress Subsidiary LLC are each organized under the laws of the state of Delaware. Michael Jay Sacks is a citizen of the United States.
(d)
Title of class of securities:
Class A Common Stock, par value $0.0001
(e)
CUSIP No.:
36831E108
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The ownership information presented below represents beneficial ownership of the shares Class A Common Stock as of December 31, 2025, based upon 60,721,681 shares of Class A Common Stock outstanding as of December 31, 2025. The ownership information assumes the redemption of the common units of Grosvenor Capital Management Holdings, LLLP ("Common Units") held by the Reporting Persons for shares of the Issuer's Class A Common Stock on a one-to-one basis.
Michael Jay Sacks 141,672,819
Grosvenor Holdings, L.L.C. 133,965,014
Grosvenor Holdings II, L.L.C. 3,226,977
GCM Grosvenor Management, LLC 4,480,828
GCM Progress LLC 90,155,396
GCM Progress Subsidiary LLC 90,155,396
(b)
Percent of class:
Michael Jay Sacks 70.0%
Grosvenor Holdings, L.L.C. 68.8%
Grosvenor Holdings II, L.L.C. 5.0%
GCM Grosvenor Management, LLC 6.9%
GCM Progress LLC 59.8%
GCM Progress Subsidiary LLC 59.8%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Michael Jay Sacks 0
Grosvenor Holdings, L.L.C. 0
Grosvenor Holdings II, L.L.C. 0
GCM Grosvenor Management, LLC 0
GCM Progress LLC 0
GCM Progress Subsidiary LLC 0
(ii) Shared power to vote or to direct the vote:
Michael Jay Sacks 141,672,819
Grosvenor Holdings, L.L.C. 133,965,014
Grosvenor Holdings II, L.L.C. 3,226,977
GCM Grosvenor Management, LLC 4,480,828
GCM Progress LLC 90,155,396
GCM Progress Subsidiary LLC 90,155,396
(iii) Sole power to dispose or to direct the disposition of:
Michael Jay Sacks 0
Grosvenor Holdings, L.L.C. 0
Grosvenor Holdings II, L.L.C. 0
GCM Grosvenor Management, LLC 0
GCM Progress LLC 0
GCM Progress Subsidiary LLC 0
(iv) Shared power to dispose or to direct the disposition of:
Michael Jay Sacks 141,672,819
Grosvenor Holdings, L.L.C. 133,965,014
Grosvenor Holdings II, L.L.C. 3,226,977
GCM Grosvenor Management, LLC 4,480,828
GCM Progress LLC 90,155,396
GCM Progress Subsidiary LLC 90,155,396
Grosvenor Holdings II, L.L.C. is the record holder of 3,226,977 Common Units. GCM Grosvenor Management, LLC is the record holder of 4,480,828 Common Units. Grosvenor Holdings, L.L.C. is the record holder of 43,802,630 Common Units and 6,988 shares of Class A Common Stock. GCM Progress Subsidiary LLC is the record holder of 90,155,396 Common Units. The Common Units may be redeemed by the Reporting Persons at any time for shares of the Issuer's Class A Common Stock on a one-to-one basis.
Mr. Sacks is the ultimate managing member of each of Grosvenor Holdings, L.L.C., Grosvenor Holdings II, L.L.C. and GCM Grosvenor Management, LLC. Grosvenor Holdings, L.L.C. is the sole member of GCM Progress LLC, which is the sole member of GCM Progress Subsidiary LLC. As a result, Mr. Sacks may be deemed to share beneficial ownership of the securities held by the Reporting Persons.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What ownership stake in GCMG does Michael Jay Sacks report on this Schedule 13G/A?
The filing reports that Michael Jay Sacks beneficially owns 141,672,819 shares of Grosvenor Inc. Class A Common Stock, representing 70.0% of the class. This percentage is based on outstanding shares and assumes redemption of related partnership units into Class A shares.
Which entities affiliated with Michael Jay Sacks hold significant GCMG interests?
Affiliated reporting entities include Grosvenor Holdings, L.L.C., Grosvenor Holdings II, L.L.C., Grosvenor Management, LLC, Progress LLC, and Progress Subsidiary LLC. Each reports shared voting and dispositive power over Class A Common Stock or related units that may be redeemed into Class A shares.
How is the 70.0% ownership in Grosvenor Inc. calculated in this filing?
The 70.0% figure is based on 60,721,681 Class A shares outstanding as of December 31, 2025. It assumes that Common Units of Grosvenor Capital Management Holdings, LLLP held by the reporting persons are redeemed on a one‑to‑one basis into Grosvenor Inc. Class A Common Stock.
What voting and dispositive powers are reported for GCMG shares in this Schedule 13G/A?
The filing shows no sole voting or dispositive power for any reporting person. Instead, all listed ownership, including 141,672,819 shares for Michael Jay Sacks, is held with shared voting and shared dispositive power among the related entities described in the ownership structure.
How much of GCMG’s Class A stock is tied to Progress-related entities?
Progress LLC and Progress Subsidiary LLC each report beneficial ownership and shared powers over 90,155,396 shares or units linked to Class A Common Stock, representing 59.8% of the class. These entities are ultimately controlled through Grosvenor Holdings, L.L.C. and Michael Jay Sacks.
What is the relationship between Common Units and Class A shares of Grosvenor Inc.?
Common Units of Grosvenor Capital Management Holdings, LLLP held by the reporting persons may be redeemed for Grosvenor Inc. Class A Common Stock on a one‑to‑one basis. The reported beneficial ownership and percentages treat these units as if fully redeemed into Class A shares.
