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Alternative Market Briefing

GCM Grosvenor raises $893m for impact fund

Tuesday, September 15, 2020

Laxman Pai, Opalesque Asia:

GCM Grosvenor, a global alternative asset management solutions provider with approximately $57 billion in assets under management, announced the final close for its Labor Impact Fund with $893 million in the capital.

"GCM Grosvenor's Labor Impact Fund originates and executes infrastructure projects that leverage the inclusion of union labor as a contributing factor to enabling attractive risk-adjusted returns," said a press release from the US-based alternative investment manager.

The goal of the strategy is to find compelling infrastructure investment opportunities that can be unlocked through close cooperation across labor, government, and private capital, it added.

"Our robust investment activity to date demonstrates the effectiveness of our differentiated approach to infrastructure investing. We believe that our strategy will generate positive outcomes for labor, improve infrastructure assets and communities, and generate an attractive risk-adjusted return," claimed Fred Pollock, GCM Grosvenor's Chief Investment Officer.

The Labor Impact Fund has made three investments to date: In May 2020, the Fund agreed to provide $85 million in debt financing to Bakersfield Renewable Fuels for the retooling of the former Alon oil refinery in Bakersfield, California.

In December 2019, the Fund acquired a 49.9% equity interest in the Long Ridge Energy Terminal from Fortress Transportation and Infrastructure Investors for $150 mi......................

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