We will start the next session. Thank you for joining us. We're lucky enough to have GCM Grosvenor. In case you don't know, Adam Klauber, I cover the company with Jeff Schmitt. There are disclosures on the website. Please look at that if you want to see disclosures. Just two or three words on GCM. I'll introduce Michael Sacks, CEO. We think they are one of the most differentiated franchises within the investment platform business. This franchise has been built up not just in years and decades. As we look for moats, this is a very, very tough franchise to replicate. That's part, obviously, what we like. The other part is they are compounding and continuing to compound. They've been public for a number of years, and they've really done a great job of meeting the growth expectations, and we think the company will continue to compound in the future. With that, Michael, if you want to come up, tell us more about GCM. Thank you. You can all hear this? Sorry, somebody's microphone, I'm moving around here. We prepared a little presentation. We'll try to save some time at the end for questions. For those of you who don't know or aren't really familiar with GCM Grosvenor, we are a $91 billion alternative asset management solutions provider headquartered here in Chicago. We've been around for 55 years. I've been at the firm for the last 36 years and led the firm for the last 30 and change years. I think one of the critical parts of understanding our business is understanding how we fit into the alternative asset management ecosystem. We like to say that we are a solutions provider for capital and with capital. We provide solutions for our clients, where we deploy their capital in a highly diversified manner across all of the alternative asset management strategies, and we seek to give them best-in-class return, and also to give them a lot of operational support and a lot of operational lift. 70% of our client relationships are large, custom separate account relationships, funds of one, where we partner with the client in building that program. We also serve as a critical capital provider to participants in the industry, to sponsors, and to various investment managers in the industry, where we are taking the capital we manage for clients and providing solutions to clients, taking the capital that we manage in accordance with the solutions we're providing to clients, and then providing that capital to sponsors, to participants in the alternative asset management industry in creative ways and being a solutions provider to them as well. We have this very interesting kind of dual identity in the middle of the alternative investment landscape that I think is unique and important for us. We are benefiting from industry tailwinds. The industry is growing. It's really been a multi-decade sort of super cycle, if you will, and you're seeing consistent growth and allocation to alternatives in the institutional space. It moves around a bit in terms of which verticals are growing. Lately, its infrastructure's been growing quite quickly. Private credit's been growing. We'll have some questions on that at the end. Private equity's been a little bit slower growth in terms of increasing allocations, but it's certainly maintaining its allocation. Overwhelming percentage of institutional investors are saying we are maintaining or increasing our allocation to alternatives looking forward into the future. We've been consistently saying that this demand is there, and it's strong, even in 2022, 2023, when fundraising for the industry sort of dipped as a result of the jump up in rates in 2022 and the inflationary pressures and the war in Ukraine. We were saying nobody's leaving, nobody's exiting. It's just a stretched sales cycle, and we saw our fundraising go from a $7 billion- $8 billion level down to $5 billion, $3 billion, back up to $7 billion, $4 billion or something, and then up to $10 billion, $6 billion. Last year's a sort of a record year. That demand has been and remained consistent, and the tailwinds that have grown this alts space for a long time still exist, and they're really sort of given some extra wind speed based on the individual investor opportunity, where there's a 10% allocation in a $150 trillion market as compared to a 30% allocation in the institutional market. Tremendous amount of growth and opportunity from there. We are based here in Chicago, as I said, nine offices, over 500 people. We have five core strategies. Hedge funds are absolute return. We have private equity, infrastructure, credit, and real estate. We're one of the few firms that offers solutions and product in that full breadth of alternative strategies. Within each of these strategies, we are sort of what we call open architecture, which means that we can deploy capital on a primary basis as an allocator. We also invest in all of those areas on a direct basis, on a co-invest basis, a direct oriented, we call it secondaries basis. We have a great ability to find a solution and meet a request or meet a need of any client no matter where they are in the world and how they're structured and what they're interested in solving for. 70% customized separate accounts, I mentioned. Specialized funds or commingled funds are 30% of the business. Largely institutional clients with a significant tenure, large blue-chip institutional clients, significant tenure, very sticky, long-term relationships. We talk about the percentage of our largest clients that have added capital within the last seven years, that's 92%. Our top relationships average 15 years inside those, that we've got relationships that go way back to the 1990s and are still with us and still growing. We've just brought new clients on top of them. It's a very sticky, very loyal client base. One of the things that's worth mentioning is that over half of our clients invest with us in more than one strategy, and over a third of our clients invest with us in both liquid strategies and private market strategies. Those numbers are up and those numbers continue to grow and deepen the relationships between our firm and our client base. Our AUM and our earnings power has been growing and growing at a pretty significant rate. We have seen higher rates of growth in the private market space, which is consistent with where just the flows in the alt space have been. The absolute return strategies have actually performed quite well recently, and we've seen some flows there. We've used a flat flow budgeting methodology for a while. We're not changing that, but we did have net inflows in that space last year. We had net inflows in the first quarter. The pipeline in ARS is higher than it's been in many, many years, and the returns have been quite good at ARS, so we're still going with flat flows, but that is a good business. It's been around for a long time, and we think it does have the ability to hold on to compounding and could experience a net inflow period at some point. It's going to take a lot for us to announce that we're changing our budgeting. We're going to want to see that on a sustained basis, but certainly everything's going in the right direction. In the institutional markets, as I said, the demand is high. The pipeline is full. The infrastructure strategy is still maturing. If you want to think of strategies that find their way onto the efficient frontier, and then they see their model portfolio allocation increase for a while, and they see the investors move towards that over time, you could maybe go and say, let's talk about real estate, which maybe found its way onto the efficient frontier in the 1980s and has been an institutional allocation since the 1980s. Things like hedge funds and private equity in the 2000s, private credit and infrastructure later. Infrastructure's still early days. It's growing significantly. There's a lot of features that make it an attractive institutional strategy. I think we continue to see that go. The growth of the AUM and the ability to fundraise and grow assets remains quite high. We had an investor day in the fall. It was a long presentation. I think 10 different people, nine or 10 different people from Grosvenor presented. We laid out our vision for each of the verticals. We think that we have significant growth opportunity in each of those verticals over the next five years. We think we have that growth opportunity in terms of ability to deploy capital, significant origination today, and the ability to deploy capital today, to originate today in a way that enables us to deploy significantly more capital. To do that with growing margins. We feel very good about that. Inside the private market strategies, we've seen a shift towards direct-oriented strategies, and that's a good shift for a number of reasons. The direct-oriented strategies, things like secondaries, co-invest, direct invest for control, those strategies have higher average revenues for us. They probably have higher margin for us. That's a good evolution. That's a good shift, and we like that mix shift, if you will, within the private markets. What I think is most interesting about today, just having been doing this for a long time, is our approach with that flexibility that I described earlier, we've been able to do things for a long time and solve problems and provide opportunity for a long time. You can't provide that opportunity unless the client's ready to embrace the opportunity. Co-investing has been something that, it's always been there. The certain types of investing, stakes investing, seed investing, those opportunities have been there forever. The client base wasn't necessarily ready to wrap its arms around that until maybe the last decade. I think 15 years ago, 10 years ago even, you'd see a lot of primary-only private equity investors. I think we may have one left in the whole firm now. Everybody has primary, but they have co- and they have secondary, and the percentage of co- and secondary relative to primary is growing. As I said earlier, we think that's value add for the client, and it's delivering better net returns to the client, but it's also a better outcome for us as well, because the fees on those activities are higher, the margins are higher. The evolution of the clients provides us with opportunity that we wouldn't have had in the past, and we've put two vehicles in different stages of evolution in the wealth channel, registered investment vehicles in the wealth channel. We're able to attract institutional capital to seed those vehicles, be able to provide a base of capital in the vehicle when it hits the market day one, and a specified portfolio in the vehicle when it hits the market day one. You wouldn't have dreamed of a large public pension plan providing $300 million to be an anchor investor in a public infrastructure registered vehicle. Honestly, probably five years ago, you wouldn't have thought you were going to see that. The evolution of the client and the sophistication of the client is just more opportunity for us, and it's something that frankly, actually excites me to be able to think you can do more with your clients today than you could have 20 years ago, 15 years ago, even 10 years ago. I think that's a terrific thing. Absolute return strategies was the first strategy Grosvenor ever engaged in back in 1971. This is hedge fund strategies, and basically, these are like the Rodney Dangerfield of the alternative asset management industry. Many people might be too young to even know who Rodney Dangerfield is, but his tagline was, "I get no respect" and hedge funds don't get a lot of respect in the pantheon of alternatives as compared to private equity, private credit, infrastructure, real estate. It's a great business. It's a great business for us. It's been a great return stream for our clients. You see the one year and three-year returns on here. Those are blowing away the target returns that we've talked to the clients about when they invest. Like traditional asset management and in a hedge fund space, you get paid on committed capital. Committed equals invested. You get paid immediately, and you get the compounding. Your revenues grow as your AUM grows, and as I mentioned, we've seen a much better flow environment and a much better pipeline than we've seen in a long time. We still budget. Net flows are flat. We'll keep the compounding, and we'll see what happens with those flows, but it's a very good business. It's high cash flow margin. It's consistent, and we think on a DCF, any kind of valuation basis, it's quite valuable. As I said, it's been around for 55 years, and I've led the firm since the early 1990s, and it's been around the entire time, and it makes money for us every year. It's a valuable part of our business. In different environments, it has different degrees of attractiveness to clients, and this may be an environment where it's pretty attractive. Talked about the customized separate accounts a bit. This is a very good business in the sense that you're really entering into a strategic relationship with these clients. They are relying on you to put a program in place. It's programmatic investing. There's a lot of visibility into the future for this. You have an investment period, and then you have a re-up period, and the way that institutions invest is programmatically, so they don't go in the market and out of the market and in the market. They're running a program, and they're growing. When you make a sale here, we have a 90%+ re-up rate to make the second sale at the end of the first investment period and a similarly significant re-up rate to make the third sale at the end of the second investment period. Not only is it super sticky and you're in part institutional memory for these firms, and you're providing something that's custom-tailored for them, but it's a growing revenue stream over a long period of time, and you have fantastic visibility into growth. You know when your investment period ends. You start to talk to your client who you're meeting with quarterly. Out in front of the end of that investment period, you're talking about the re-up that's coming in one year or coming in nine months, and you start working towards that, and you have great visibility. Our growth rate from re-ups and from what we call cross-sells, which is the private equity client that wants to work with us in infrastructure and private credit or hedge fund client that wants to come over to the private side. The combination of our re-ups and our cross-sells is a significant amount of the fundraising that we need, significant percentage of the fundraising that we need to make our publicly stated objectives of having doubled FRE from 2023- 2028 and having a $1.20 of after-tax adjusted net income by 2028. We reiterated our confidence and our comfort with those goals in our last earnings call. What I'm not sure is well understood is that our go get to make those numbers is not that significant in terms of the amount of new clients, pure new, that we have to go out and raise and find to hit that kind of a level of growth. We think the customized separate account business, in addition to being a very good structure for the client and very sticky for us in terms of client relationship, gives you a level of visibility that you don't have from commingled funds where your re-up rates are typically much lower than they are in custom separate accounts and our daily liquidity registered product. It's just a lot more visibility and a lot more ability to plan. When we talk about our pipeline and we talk about our goals, we are doing all that on a granular bottom-up basis with a fairly significant, a pretty high-quality ability to see three years out at least. I mentioned earlier the individual investor opportunity is pretty massive. The individual investor, and Blair people in the room know this, and I would suspect it's correct for your own kind of client accounts, the individual investor weight in alternatives is significantly below the weight of the top-tier institutions globally. Beyond that, the level of diversification for the individual investor is dramatically less. It's not just that investor's underweight, but that investor is significantly under-diversified with a relatively small, maybe two handfuls of names of the mega firms that have product in the channel. You'll see it's not uncommon to have one PE firm or maybe two that will satisfy a PE allocation inside the individual investor channel, where you'll never find that anywhere inside the institutional channel. We have the ability to win in this channel a lot of different ways. We have the ability to put product on shelf that anybody can buy and anybody can sell. We have talked about the ability to provide private label solutions to RIA firms, to wirehouses, to others, where they can custom design with us along our custom separate account core skill set, something that they, A, think they want for their clients, and B, gives them the ability and the luxury to tell their clients truthfully, "We went out and we found a provider. We sat with them. We worked this out. We think this is better for you, and you can't buy this across the street. You can't buy this from another firm." I think we have done 13 of those deals in the last two years, where we create a private label program for a firm, for an individual RIA team, et cetera. We think we can grow there. We think we can grow with our product on shelf. Finally, there are, I think, allocation opportunities where you can manage a portion of a target date fund or something like that, and you run the alts portion. We got a lot of ways to win in the individual platform. When we talk about our numbers for 2028, we are not assuming any kind of heroic success in this platform. If you talk to a consultant, they would tell you you should continue to grow your institutional business 10% top line and pick up margin or something like that, and you can get your 15% double in five years out of your core institutional business. When you're done doing that, the individual channel should be 30% of your assets in five years' time. If we were assuming anything like that, you would all probably rightly throw me out of the room, and I don't want to model that and own that, but it's a very significant opportunity. Whoops. We've grown. We've got a track record of executing and growing on every level. The last thing I just want to mention is that we have significant earnings power from our incentive fee line today. We have a carry asset that has grown to a half billion dollar for the firm share from $133 million in 2020. Out of that $133 million, we collected the lion's share of that, and yet we've seen that net asset grow significantly, and we have on top of that $510 million of carried NAV, meaning all our portfolios liquidated at the end of the last quarter, we get a $500 million check. It's $2.50 a share or something. On top of that, we got $1 billion of dry powder carry behind that just like you saw from that 133 in the right box, collecting a lot of money, and yet that $133 million grew by $487 million, we would expect some similar type of picture five years out or six years out relative to the $510 million that you see today. Because there's a lot of already linked power behind that as we deploy the capital and as it grows. We talk about that $510 million as a question of when, not if, and as long as that $510 million is growing while it is still in carry at NAV and not in our pocket, we're comfortable with that. We look forward, obviously, to realizing that after time. Five minutes left. I was asked can I keep five minutes, take some questions. If there are any questions that anybody has, happy to address. Nothing's off-limits. Any questions from the audience? Else I've got one or two. Michael, as you mentioned, the infrastructure business is growing quite nicely. Are data centers and related infrastructure playing a big role yet? Is that more in the future? What else is driving that? For us, I would say we have investments. We were an early investor in Vantage Data Centers. It's been a very good investment for us. We've actually taken some of our capital off the table there, and then still riding with a portion of that capital. We have some other data center investments, some other power investments. I think for us, there's for sure representation and there's profit in that space. that we've enjoyed and we hope to enjoy in the future. It's probably a little bit less than what we've maybe seen for the industry as a whole. Certainly, our definition of infrastructure includes digital infrastructure. Sorry for not in the mic. Our definition of infrastructure includes digital infrastructure and we do deploy capital in that space. We do think that is a little bit of a gating issue that has to work for all the power and promise of AI to work. We're investing where we see good risk-reward in that space. Are you seeing more and more interest? It's already a big pocket. Yeah. Are you seeing more interest from clients, by the way? Yeah. It's interesting. It's by and large worked, and it's hot. That's usually a recipe for seeing interest for clients. What I find interesting about the asset management business is sometimes when things work and they're hot, there is a significant chunk of clients that actually sort of have the opposite type of reaction, and they start to worry that is it overheated, is it too hot? Very, very rarely you get real unanimity or something approaching it among the clients. It's just such a large six, 700 invest institutions. Sure. I think, and maybe I shouldn't be saying this, but our ARS business, when the market goes up, there are people that are worried that the market's up and it's more volatile, and they want more hedges. When the market goes down, they lost money, and they want more hedges. It's like that's just I think how it works. Clearly the idea of digital infrastructure being accepted as part of infrastructure. That I think the industry is past. Initially, that was like, "Whoa, that's not infrastructure. I'm talking about an airport, a road, a bridge." Right. That's over. It's digital infrastructure counts. Okay. You mentioned that again, that the hedge fund business has been a great steady free cash generator for a while. Again, despite not getting respect. Yeah. People picking on doom. I think you mentioned that the pipeline's looking good. Yes. Better. What do you think is driving that? I think it's performance to a real degree. I think the volatility in the markets, fear to some extent of what's happening in the markets, dispersion is always part of something that drives, as I mentioned a minute ago, hedge fund flows. The performance has been really good. These are vehicles that are kind of sold with a sort of SOFR + 400-500 target. You saw earlier we've had 12% returns the last three years, 14% last year. You're kind of crushing that target, and so that always helps. Right. Okay. Well, I think we're almost on time, so I'd like to thank Michael, and we'll have a breakout afterwards for those of you who want to join. Thank you.