KBRA Affirms the Notes Issued by GCM Grosvenor Diversified Alternatives Issuer LLC
8 Nov 2023 | New York
KBRA has affirmed the outstanding ratings and outlooks assigned to the Class A Notes, Class B Notes and Class C Notes (collectively, the “Notes”) issued by GCM Grosvenor Diversified Alternatives Issuer LLC (in such capacity, the “Issuer”).
Since last year’s review, transaction performance has been generally stable. Deployment and realization pace have been broadly in line with initial expectations. The outstanding amount of debt is unchanged, with small improvements in the value of underlying collateral contributing to a marginal improvement in overall LTV. As initially planned, the portfolio has been transitioning from Money Market and Liquid Products towards a larger weighting in Drawdown Products. KBRA’s decision to affirm the outstanding ratings on the Notes and maintain a Stable outlook considers all the above factors, as well as GCM’s demonstrated ability to continue deployment into Drawdown Products of representative quality and characteristics as initially projected.
GCM is a large independent alternative asset manager. Founded in 1971, GCM now has a global presence, with 173 investment professionals headquartered across eight main global offices. As of June 30, 2023, the Company manages $76 billion of AUM, of which $53 billion is invested in private markets, including private equity, private credit, and infrastructure. GCM has a diverse institutional investor base coupled with a lengthy track record of stable performance and demonstrated capital raising capabilities.
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