NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to the Class A Notes, Class B Notes, and Class C Notes to be issued by GCM Grosvenor Diversified Alternatives Issuer LLC (in such capacity, the “Issuer”).
The primary purpose of the Issuer will be to utilize the Notes’ proceeds to make capital commitments to various closed-end fund vehicles to be managed by Grosvenor Capital Management, LP and its affiliates (GCM). Proceeds from the Notes will initially be used to acquire Liquid Assets, Liquid Products, and finance various transaction costs. As capital calls are made from the underlying Drawdown Products, the Investment Manager will utilize available cash flows and if required, will liquidate the transaction’s Liquid Products to finance these obligations.
GCM is a large independent alternative asset manager. Founded in 1971, GCM now has a global presence, with 166 investment professionals headquartered across nine global offices. As of June 30, 2021, the Company manages $67 billion of AUM for over 500 institutional clients through SMAs (77%) and commingled funds (23%). Approximately $41 billion of AUM is invested in private markets, including private equity, private credit, and infrastructure. The remaining $26 billion is invested broadly across absolute return strategies. 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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Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
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Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
