Moody’s changes Grosvenor view

Moody's Investors Service said it affirmed GCM Grosvenor Inc.'s corporate family rating of Ba2 and probability of default rating of Ba2-PD and also the Ba2 rating of the senior secured bank credit facility issued by Grosvenor Capital Management Holdings, LLLP.

The outlook was changed to positive from stable.

“The change in outlook to positive from stable to reflects improvement in Grosvenor's credit metrics driven by organic AUM growth, increasing AUM mix diversification, lower financial leverage and an expanding fee related earnings margin,” the agency said in a news release.

“The company has continued to grow private markets management fees despite a difficult fundraising environment for private market managers due the lack of realizations from M&A and IPO activity.”

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