We initiated two new positions in the quarter. We purchased locally headquartered alternative asset manager GCM Grosvenor Inc. (GCMG, Financial). With its over 50-year history,GCM Grosvenor is a pioneer of fund-of-funds investing and provides clients with customized multi-manager portfolios or portfolios of direct investments and co-investments. The company differentiates itself by focusing on middle market and small and emerging investments where it believes it adds the most value for clients. Grosvenor’s competitive advantages also include its long history and expertise in managing across multiple alternative classes, its leadership in ESG and impact investment strategies, its track record of solid performance, and operational scale. The company has the potential to increase its market share, especially through its ESG and Impact strategies, and improve on its economics as it expands globally and gains new business through its secondary, co-investments and direct investments platforms.
From John Rogers (Trades, Portfolio)' Ariel Fund third-quarter 2022 commentary.
