GCM Grosvenor Pacific, L.P. Private Equity and Infrastructure

San Diego City Employees’ Retirement System GCM Grosvenor Pacific, L.P. 1Q 2021 Private Equity and Infrastructure Performance Report

September 2021 CONFIDENTIAL – NOT FOR REDISTRIBUTION

The Notes and Disclosures following this presentation are an integral part of this presentation and must be read in connection with your review of this presentation. GCM Grosvenor®, Grosvenor®, Grosvenor Capital Management®, GCM Customized Fund Investment Group® and Customized Fund Investment Group® are trademarks of Grosvenor Capital Management, L.P. and its affiliated entities. This presentation has been prepared by Grosvenor Capital Management, L.P. and GCM Customized Fund Investment Group, L.P. ©2021 Grosvenor Capital Management, L.P. and GCM Customized Fund Investment Group, L.P. All rights reserved. First Quarter Market Update As of March 31, 2021 Private Equity Infrastructure

. Global private equity fundraising in 1Q 2021 totaled $205 billion, . 23 unlisted infrastructure funds reached a final close in 1Q 2021, securing representing a year-over-year increase of 32%, but a decline of 11% approximately $22 billion of investor commitments, a quarter-over- compared to 4Q 2020. quarter decrease and closed capital. . Buyout funds accounted for 39% of capital raised during the quarter, . The majority of the capital raised went to 10 European funds at $9.2 FUNDRAISING while Venture/Growth at 37%, saw its largest capital raise in the past billion. However, 5 North American funds had final closes totaling over UPDATE eight quarters with nearly $76 billion in new commitments closed. $7.5 billion in capital making the average close size far larger in North . North America saw a year-over-year increase of 13% in new capital America. raised, while activity in Europe saw a nearly 167% increase with $42 million in capital raised, and Asia saw a 32% increase.

. Global buyout investment volume in 1Q 2021 reached $173 billion, a 61% . In 1Q 2021, 556 infrastructure transactions were completed, with an increase year-over-year and a 2% increase relative 4Q 2020. estimated aggregate transaction value of $82 billion, representing a 20% › North America saw over 57% of the total volume with $99 billion in decrease in volume and 24% increase in value relative to 1Q 2020. INVESTMENT 1Q alone, representing a year-over-year increase of 63%. › Renewable energy continued to represent the busiest sector with › Europe, which accounted for 33% of total volume saw a 50% increase 65% of the total number of transactions, followed by utilities and ACTIVITY over the same period. conventional energy, with 9% and 8%, respectively, of the total . While North American deal volume remained steady at $99 billion during activity. 1Q 2021, deal count slightly fell from 4Q 2020 numbers with a 10% decrease in the number of transactions.

. Large buyout entry valuations in the U.S. were at their highest level in . Significant dry powder from recent fundraising activity as well as robust over two decades, with an average of 11.5x. This was in line with average leverage availability, low interest rates, and the demand for yield entry valuations in Europe, where LTM Q1 2021 multiples averaged 11.6x. continue to result in high competition for quality assets, driving higher VALUATION . Global M&A and exit activity continued to see significant activity, but a valuations. LEVELS small slowdown relative to the prior quarter. 45 IPOs took place during . Infrastructure investors increasingly looking for more value added the quarter and over $1.2 billion in M&A deal value, which represent opportunities, where valuations can be more reasonable. quarter-over-quarter decreases of 12% and 5%, respectively.

. Average leverage levels for large buyout deals in the U.S. saw an increase . Low interest rate environment and yield focus have facilitated favorable during the first quarter to 6.4x, representing their highest level in over lending terms in recent years. LEVERAGE two decades. . However, we believe infrastructure funds continue to use prudent levels TRENDS . European large buyout leverage levels remain elevated as well, but of leverage to maintain the ability to generate potentially attractive cash slightly lower than the US with averages around 5.7x for LTM 1Q 2021. yields after covering debt service. However, middle market leverage levels were lower at 5.3x for LTM 2021.

Sources: Preqin, May 2021; S&P Leveraged Buyout Review, 1Q 2021. Third-party information providers do not accept liability from the information and the context from which it is drawn. MMBO: TEV $250mm-$499mm; LgBO: TEV ≥$500mm. No assurance can be given that any investment will achieve its objectives or avoid losses. Past performance is not necessarily indicative of future results. 2 First Quarter Performance Update As of March 31, 2021 We are pleased to provide San Diego City Employees’ Retirement System (“SDCERS”) with an update on GCM Grosvenor Pacific, L.P. (the “Fund”) for the first quarter of 2021.

. SDCERS’ combined Market Value of assets in the Fund at the end of 1Q 2021 is $615.6 million, which represents 6.3% of SDCERS’ total plan market value › The Market Value of the Private Equity portfolio is $524.6 million (5.4% of SDCERS’ total plan) MARKET › The Market Value of the Infrastructure portfolio is $91.0 million (0.9% of SDCERS’ total plan) VALUE

. Since inception, SDCERS’ net IRR and MOIC are 14.2% and 1.42x, respectively › The Private Equity portfolio has generated a 15.1% net IRR and 1.43x net MOIC › The Infrastructure portfolio has generated an 10.3% net IRR and 1.35x net MOIC INVESTMENT PERFORMANCE

. During the first quarter, the Fund committed $25.0 million to three new investments › In aggregate, the Fund contributed $35.6 million to investments and received $16.6 million in distributions from investments during the quarter › Since inception, the Fund has made total capital commitments of $1.2 billion and total capital INVESTMENT contributions to investments of $1.0 billion, while distributions received from investments ACTIVITY have totaled $860.6 million (82.5% of total capital contributions to investments)

3 First Quarter Valuation Summary As of March 31, 2021 The market value of the Fund’s investments at the end of 1Q 2021 was approximately $699 million, up 8.1% from 4Q 2020. This was primarily driven by $36 million of capital contributions and $34 million of unrealized gains, which were partially offset by $17 million of distributions received from investments.

x Fund Portfolio Valuation Analysis Summary

Amount in USD millions, unless otherwise noted

Inception to Date First Quarter 2021

$1,600.0 $516.7 $1,559.6 $800.0 $35.6 $33.6 $699.0 $1,400.0 $700.0 $646.4

$1,200.0 $600.0 ($16.6) $1,042.9 $860.6 $1,000.0 $500.0

$800.0 $400.0

$600.0 $300.0

$400.0 $200.0 $699.0 $200.0 $100.0

$0.0 $0.0 Capital Contributed Gain/(Loss) Total Value Market Value Contributions Distributions Gain/(Loss) Market Value to Investments December 2020 March 2021 Market Value Distributions

Please see the Notes and Disclosures following this presentation entitled “GCM Grosvenor Pacific, L.P. Quarterly Update Endnotes” for endnotes. Returns do not take into account application of management fees, allocable expenses, and carried interest at the GCM Grosvenor fund level and returns would be lower if net-of-fee performance was presented. No assurance can be given that any investment will achieve its objectives or avoid losses. Past performance is not necessarily indicative of future results.

1 4 First Quarter Performance and Cash Flow Attribution As of March 31, 2021 First Quarter Valuation Change Analysis | $33.6 million ($ in millions) Legend

$40.0 Private Equity Primaries $35.0 $2.8 $33.6 $0.7 $0.0 Private Equity Seasoned Primaries $2.1 $30.0 $6.5 $0.2 Private Equity Secondaries $25.0 $4.9 Private Equity Co-Investments $20.0 $16.3 Infrastructure Primaries $15.0

$10.0 Infrastructure Seasoned Primaries

$5.0 Infrastructure Secondaries

$0.0 Infrastructure Co-Investments PE PE PE PE INF INF INF INF Gain/(Loss) Primaries Seasoned Secondaries Co-Investments Primaries Seasoned Secondaries Co-Investments Primaries Primaries First Quarter Contributions | $35.6 million First Quarter Distributions | $16.6 million 5.6%

30.9% 31.4%

49.7%

0.1%1 2.2% 56.8% 3.7% 11.5%

7.8% 1. First Quarter Distributions excludes negative distributions amounts due to recalled distributions. Please see the Notes and Disclosures following this presentation entitled “GCM Grosvenor Pacific, L.P. Quarterly Update Endnotes” for endnotes. Returns do not take into account application of management fees, allocable expenses, and carried interest at the GCM Grosvenor fund level and returns would be lower if net-of-fee performance was presented. No assurance can be given that any investment will achieve its objectives or avoid losses. Past performance is not necessarily indicative of future results. 5 GCM Grosvenor Pacific, L.P.: Partnership Summary As of March 31, 2021 The Fund was launched on September 15, 2009 to identify, evaluate, and invest in opportunities that, in GCM Grosvenor’s view, can generate attractive returns while seeking to minimize risks, and has generated strong performance to date.

Amount (in USD millions) GCM Grosvenor Pacific, L.P. As of March 31, 2021 Private Equity Infrastructure Total Capital Committed $ 992.1 $ 208.9 $ 1,201.0 Capital Contributed to Investments 859.2 183.7 1,042.9 Capital Contributed to Investments as a % of Capital Committed 86.6% 87.9% 86.8% Number of Active Investments 66 19 85 Number of Realized Investments 26 12 38 Number of Total Investments 92 31 123 Distributions from Investments 703.9 156.8 860.6 Distributions from Investments as a % of Capital Contributed to Investments 81.9% 85.3% 82.5% Estimated Market Value of Investments 603.8 95.2 699.0 Estimated Market Value of Investments as a % of Capital Contributed to Investments 70.3% 51.8% 67.0% Estimated Market Value of Investments as a % of Total Market Value 86.4% 13.6% 100.0% Total Value of Investments 1,307.6 252.0 1,559.6

San Diego City Employees' Retirement System

Investor Net Multiple 1.43x 1.35x 1.42x Investor Net IRR 15.1% 10.3% 14.2%

6 GCM Grosvenor Pacific, L.P.: Investment Performance by Type As of March 31, 2021 All amounts in USD millions, unless otherwise noted. Private Equity | Investment Multiple & IRR Infrastructure | Investment Multiple & IRR Investment IRR Investment IRR

30. 0% 1.72x 30. 0% 1.59x 1.52x 1.52x

25. 0% 1.42x 1.37x 25. 0% 1.28x 1.35x 1.19x 21.9% 1.20x

20. 0% 20. 0% 19.0% 16.5% 15. 0% 15.7% 15. 0% 14.2% 12.0% 11.8% 12.6% 10. 0% 10. 0% 8.2% 8.0%

5.0% 5.0%

0.0% 0.0% Private Equity Private Equity Private Equity Private Equity Private Equity Infrastructure Infrastructure Infrastructure Infrastructure Infrastructure Primaries Seasoned Secondaries Co-Investments Program Primaries Seasoned Secondaries Co-Investments Program Primaries Primaries

Investment Type $ Funded % of Total Investment Type $ Funded % of Total Private Equity Primaries $361.3 42% Infrastructure Primaries $25.6 14% Private Equity Seasoned Primaries 137.9 16% Infrastructure Seasoned Primaries 35.9 19% Private Equity Secondaries 106.1 12% Infrastructure Secondaries 65.6 36% Private Equity Co-Investments 253.9 30% Infrastructure Co-Investments 56.5 31% Private Equity Program $859.2 100% Infrastructure Program $183.7 100%

Please see the Notes and Disclosures following this presentation entitled “GCM Grosvenor Pacific, L.P. Quarterly Update Endnotes” for endnotes. No assurance can be given that any investment will achieve its objectives or avoid losses. Past performance is not necessarily indicative of future results. Returns do not take into account application of management fees, allocable expenses, and carried interest at the GCM Grosvenor fund level and returns would be lower if net-of-fee performance was presented.

7 GCM Grosvenor Pacific, L.P.: Investment Performance by Strategy As of March 31, 2021 All amounts in USD millions, unless otherwise noted. Private Equity | Investment Multiple & IRR Infrastructure | Investment Multiple & IRR Investment IRR Investment IRR

2.25x

2.18x 45. 00%

255.3% 40. 00% 1.73x 1.75x 1.58x 1.62x 35. 00% 1.52x 1.43x 1.47x 1.47x 1.37x 30. 00% 1.27x 1.19x 1.25x

25. 00% 14.7% 20.3% 20. 00% 0.75x 12.4% 11.2% 17.2% 17.7% 12.6% 16.5% 15. 00% 14.0%

10. 00% 9.9% 0.25x

5.00%

MMBO LgBO DistressedMezzanine VC / GE Pooled Private 0.00% Core Core Plus / Opportunistic Infrastructure -0.25x Equity Value-Add Program

Investment Strategy $ Funded % of Total Investment Strategy $ Funded % of Total Middle-Market Buyout (“MMBO”) $370.6 433% Core $30.7 17% Large Buyout (“LgBO”) 75.4 9% Core Plus / Value-Add 58.0 28% Special Situation – Distressed 145.9 17% Opportunistic 95.1 52%

Special Situation – Mezzanine 125.7 15% Infrastructure Program $181.6 100% Venture Capital / Growth Equity (“VC / GE”) 3.4 <1% Pooled 138.2 16% Private Equity Program $859.2 100% Please see the Notes and Disclosures following this presentation entitled “GCM Grosvenor Pacific, L.P. Quarterly Update Endnotes” for endnotes. No assurance can be given that any investment will achieve its objectives or avoid losses. Past performance is not necessarily indicative of future results. Returns do not take into account application of management fees, allocable expenses, and carried interest at the GCM Grosvenor fund level and returns would be lower if net-of-fee performance was presented.

8 GCM Grosvenor Pacific, L.P.: Portfolio Performance As of March 31, 2021 All amounts in USD millions, unless otherwise noted. Fiscal year-end is June 30. Investment Pace Number of Investments Total Investments 123 Invested Capital 120 114 $1, 000.0 107 38 87% Realized Investments 98 Percent of Total Capital Commitments 100 91 78% 84 33 $800.0 70% 80 69 60% 25

$600.0

52% 60 $1,043 46 43% $942 $400.0 $840 33% $723 40 $620 27 11 $515 $200.0 17 8 17% 20 11 6 7 12% 5 3% 5% $393 3 3 1% $38 $209 0 $0. 0 $12 $65 $139 1 FY FY FY FY FY FY FY FY FY FY FY FYTD FY FY FY FY FY FY FY FY FY FY FY FYTD 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Distribution Pace1 Investment Multiple and IRR2 $1, 000.0 Distributions Investment Multiple $900.0 1.50x Percent of Total Invested Capital 83% Investment IRR 1.48x 1.49x $800.0 79% 83% 1.44x 1.44x 1.36x $700.0 1.33x 1.33x 64% 1.31x

$600.0 55% 1.23x $500.0 47% 1.17x 25.5% 23.5% $400.0 $861 43% $780 1.09x 21.7% 35% 37% 20.1% 18.4% 18.8% 19.5% 18.4% $300.0 $667 17.1% 15.1% 15.8%

$200.0 $464 18% 11.5% 10% $340 $100.0 $244 $4 $12 $145 $0. 0 1%$0 $49 $89 FY FY FY FY FY FY FY FY FY FY FY FYTD FY FY FY FY FY FY FY FY FY FY FY FYTD 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

1 Represents recallable and non-recallable proceeds received from the investments as of June 30 of each year. 2 MOIC and IRR dates represent investment valuation dates and cash flows through June 30 of each year. Returns do not take into account application of management fees, allocable expenses, and carried interest at the GCM Grosvenor fund level and returns would be lower if net-of-fee performance was presented. Please see the Notes and Disclosures following this presentation entitled “GCM Grosvenor Pacific, L.P. Quarterly Update Endnotes” for endnotes. No assurance can be given that any investment will achieve its objectives or avoid losses. Past performance is not necessarily indicative of future results.

9 GCM Grosvenor Pacific, L.P.: Portfolio Diversification by Commitment As of March 31, 2021 All amounts in USD millions, unless otherwise noted. Vintage Year Strategy

Category # of inv. $ amount % Private Equity Investments 92 $992.1 83% Middle-Market Buyout 46 $367.0 31% Category # of inv. $ amount % Large Buyout 12 100.8 8% Pre-2009 21 $68.3 6% Distressed 14 177.2 15% 2009-2011 18 145.9 12% Mezzanine 14 119.6 10% 2012-2014 30 278.1 23% Growth Capital 1 4.3 0% 2015-2017 27 371.4 31% Pooled 5 223.2 19% 2018-2020 22 267.4 22% Infrastructure Investments 31 $208.9 17% 2021 5 $70.0 6% Core 3 $33.3 3% Core Plus/Value Add 13 62.9 5% Opportunistic 15 112.6 9%

Investment Type Geography

Category # of inv. $ amount % Category # of inv. $ amount % Primary Partnership 29 $467.3 39% North America 99 $877.3 73% Seasoned Primary 11 159.5 13% Global 13 245.8 21% Co-Investments 53 342.5 29% Europe 8 61.0 5% Secondaries 30 231.7 19% Asia 3 16.9 1%

Pies are calculated based on committed capital as of March 31, 2021. Please see the Notes and Disclosures following this presentation entitled “GCM Grosvenor Pacific, L.P. Quarterly Update Endnotes” for endnotes. No assurance can be given that any investment will achieve its objectives or avoid losses.

10 New Investments in 1Q 2021

During the first quarter of 2021, the Fund committed $25.0 million to three new investments, taking total commitments to investments to $1.2 billion.

Vintage Commitment Investment Investment Name Investment Strategy / Business Description Year (in USD million) Type

Private Equity $25.0

Founded in 2010 and headquartered in Los Angeles, CA, Project Gummy is a high growth, leading manufacturer and supplier of branded mochi ice cream products in the US. The Private Equity Project Gummy 2021 $10.0 Company sells its products primarily through mass and grocery channels, including customers Co-Investment like Walmart, Target, Costco, Kroger, and Publix.

Project Indigo II is a consumer identity theft protection and credit monitoring services business Private Equity Project Indigo II 2021 serving the consumer identity monitoring market, providing credit reporting, dark web and $10.0 Co-Investment application monitoring, identity restoration, and family protection services.

Project Triton II is one of the leading providers of bottled water in North America with products Private Equity Project Triton II 2021 sold nearly in all retail outlets across the US. The Company comprises of eight highly $5.0 Co-Investment recognizable brands sold through retail, home, and office delivery channels.

11 Investments Realized in 1Q 2021

During the first quarter of 2021, the Fund had one full realization.

Vintage Commitment Investment Investment Name Investment Strategy / Business Description Year (in USD million) Type

Infrastructure $4.9

Project Atlanta (the “Portfolio”) is one of the largest operating renewable power generation portfolios in the world. The Portfolio consists of 55 individual assets located in 14 countries, with investments in the U.S., Mexico, Australia, Italy and Portugal accounting for Infrastructure Project Atlanta 2014 $4.9 approximately 75.0% of the value of the platform. At the time of investment, these assets were Co-Investment relatively new, with an average life of approximately five years and average remaining life of approximately 20 years.

12 GCM Grosvenor Pacific, L.P.: Portfolio Benchmarking As of March 31, 2021 The Fund has generated a combined net IRR to SDCERS of 14.2% since inception and has performed favorably relative to SDCERS’ policy benchmarks for private equity and infrastructure.

Private Equity Infrastructure

16.3% 15.1% 15.4% 10.3%

7.0%

Policy / Peer Secondary / Public 1 1 3 SDCERS Benchmark2 Benchmark2 SDCERS CPI + 500 bps

1. Net Investor IRR to SDCERS since inception as of March 31, 2021. 2. As of March 31, 2021. Source: AON Hewitt & San Diego CERS. The policy or peer benchmark represents IRR for the top 50th percentile of the Burgiss Private iQ database for funds labeled as Buyout, Venture Capital, Growth Equity, Distressed Debt, and Equity Generalist, for 2009-2020 vintage year funds as a composite. The secondary or public market benchmark represents a 300 basis point premium to the combined annualized returns of the Dow Jones US Total Stock Market Index (67% weight) and the MSCI All Country World Index ex-US (33% weight) since the inception of the Private Equity program (March 1, 2010). 3. As of March 31, 2021. Represents a 500 basis point premium to the annualized change in the Consumer Price Index (“CPI”) since the inception of the Infrastructure program (January 1, 2009). Please see the Notes and Disclosures following this presentation entitled “GCM Grosvenor Pacific, L.P. Quarterly Update Endnotes” for endnotes. No assurance can be given that any investment will achieve its objectives or avoid losses. Past performance is not necessarily indicative of future results.

13 Glossary of Terms Definitions

Commitment: Amount that is allocated to the underlying funds

Contributions/Funded/Invested Capital: Includes amounts called for investments

Distributions: Represents recallable and non-recallable proceeds received from investments.

IRR: Internal Rate of Return

Fund: GCM Grosvenor Pacific, L.P.

FY: Fiscal Year

LgBO: Large Buyout

Market Value: Represents the fair value reported by the underlying funds as of period-end, or earlier, adjusted for cash flows through period end, where applicable, pursuant to GCM Grosvenor’s valuation policy. If applicable, for co-investments, the fair value is determined by the General Partner/Investment Manager as of period-end pursuant to GCM Grosvenor’s valuation policy.

MMBO: Middle-Market Buyout

MOIC: Multiple of Invested Capital

SDCERS: San Diego City Employees’ Retirement System

Total Value: Represents the market value plus distributions

TVM: Represents the total value divided by the funded amount.

Vintage Year: The year in which the first influx of investment capital is delivered to a project or company. This marks when capital is contributed by the fund or a partnership begins drawing down from its investors

14 GCM Grosvenor Pacific, L.P. Quarterly Update Endnotes Notes and Disclosures Universal

• No assurance can be given that any investment will achieve its objective or avoid losses.

• All Fund data is as of March 31, 2021, unless otherwise noted. All fund investment and co-investment valuations are as of March 31, 2021, unless otherwise noted. • Investor net returns include management fees, allocable expenses and carried interest, as applicable, at the Fund level. Such returns are net of Fund-level leverage. Estimated net IRRs and multiples for SDCERS’ Fund interests are reflective of investments made in respect of private equity and infrastructure investments across the Fund’s 2009-1 Investment Series, 2011-1 Investment Series, 2012-1 PE Investment Series and 2014-1 Investment Series. Please note that for purposes of the respective net IRR and multiple calculations, Fund-level management fees were calculated for each specific investment. Fund-level expenses were allocated across private equity and infrastructure investments based on original commitment amounts related to investments. The calculations also reflect carried interest that has been allocated across private equity and infrastructure investments based on the net gains achieved on the respective strategies. Additional information on the calculation methodology described above is available upon request. SDCERS’ balances, multiples and IRRs relating to the individual 2009-1 Investment Series, 2011-1 Investment Series, 2012-1 PE Investment Series and 2014-1 Investment Series are reflected in the quarterly capital account statement and/or are available upon request

• Investment returns do not take into account the application of management fees, allocable expenses and carried interest, as applicable, at the Fund level and returns would likely be lower if investor performance (net of management fees, allocable expenses and carried interest, as applicable) was presented. Unless otherwise indicated, investment returns do not take into account the application of leverage and returns would be different if levered performance was presented. Fund Investment Report presents underlying fund portfolio level information as well as the size, commitment and cash flow information regarding the Fund’s investments in the underlying funds. The Fund adopts the underlying fund managers’ fair market value for the underlying portfolio companies.

15 GCM Grosvenor Notes and Disclosures

This presentation is being provided by Grosvenor Capital Management, L.P. and/or GCM Customized Fund Investment Group, L.P. (together with their affiliates, “GCM Grosvenor”). GCM Grosvenor (NASDAQ: GCMG) is a global alternative asset management solutions provider across private equity, infrastructure, real estate, credit, and absolute return investment strategies. Since 1971, the firm is dedicated to delivering value for clients in the growing alternative investment asset classes. GCM Grosvenor’s experienced team of professionals serves a global client base of institutional and high net worth investors. The firm is headquartered in Chicago, with offices in New York, Los Angeles, Toronto, London, Tokyo, Hong Kong, and Seoul. The information contained in this presentation (“GCM Information”) relates to GCM Grosvenor, to one or more investment vehicles/accounts managed or advised by GCM Grosvenor (the “GCM Funds”) and/or to one or more investment vehicles/accounts (“Underlying Funds”) managed or advised by third-party investment management firms (“Investment Managers”). GCM Information is general in nature and does not take into account any investor’s particular circumstances. GCM Information is neither an offer to sell, nor a solicitation of an offer to buy, an interest in any GCM Fund. Any offer to sell or solicitation of an offer to buy an interest in a GCM Fund must be accompanied by such GCM Fund’s current confidential offering or risk disclosure document (“Fund Document”). All GCM Information is subject in its entirety to information in the applicable Fund Document. Please read the applicable Fund Document carefully before investing. Except as specifically agreed, GCM Grosvenor does not act as agent/broker for prospective investors. An investor must rely on its own examination in identifying and assessing the merits and risks of investing in a GCM Fund or Underlying Fund (together, “Investment Products”), and each prospective investor should consult its own attorney, business advisor and tax advisor as legal, business, tax and related matters concerning any Investment Products. A summary of certain risks and special considerations relating to an investment in the GCM Fund(s) discussed in this presentation is set forth below. A more detailed summary of these risks is included in the relevant Part 2A of Form ADV for the GCM Grosvenor entity (available at: http://www.adviserinfo.sec.gov) and as well as those described under the section entitled “Risk Factors” in GCM Grosvenor's filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Regulatory Status- neither the GCM Funds nor interests in the GCM Funds have been registered under any federal or state securities laws, including the Investment Company Act of 1940. Investors will not receive the protections of such laws. Market Risks- the risks that economic and market conditions and factors may materially adversely affect the value of a GCM Fund. Illiquidity Risks- Investors in GCM Funds have either very limited or no rights to redeem or transfer interests. Interests are not traded on any securities exchange or other market. Strategy Risks- the risks associated with the possible failure of the asset allocation methodology, investment strategies, or techniques used by GCM Grosvenor or an Investment Manager. GCM Funds and Underlying Funds may use leverage, which increases the risks of volatility and loss. The fees and expenses charged by GCM Funds and Underlying Funds may offset the trading profits of such funds. Valuation Risks- the risks relating to the fact that valuations of GCM Grosvenor funds may differ significantly from the eventual liquidation values, and that investors may be purchasing/redeeming on such potentially inaccurate valuations. Tax Risks- the tax risks and special tax considerations arising from the operation of and investment in pooled investment vehicles. Institutional Risks- the risks that a GCM Fund could incur losses due to failures of counterparties and other financial institutions. Manager Risks- the risks associated with investments with Investment Managers. Structural and Operational Risks- the risks arising from the organizational structure and operative terms of the relevant GCM Fund and the Underlying Funds. Cybersecurity Risks- technology used by GCM Grosvenor could be compromised by unauthorized third parties. Foreign Investment Risk- the risks of investing in non-U.S. Investment Products and non-U.S. Dollar currencies. Concentration Risk- GCM Funds may make a limited number of investments that may result in wider fluctuations in value and the poor performance by a few of the investments could severely affect the total returns of such GCM Funds. In addition, GCM Grosvenor and the Investment Managers are subject to certain actual and potential conflicts of interest. An investment in an Underlying Fund may be subject to similar and/or substantial additional risks and an investor should carefully review an Underlying Fund’s risk disclosure document prior to investing. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in GCM Grosvenor’s filings with the SEC. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS, AND THE PERFORMANCE OF EACH INVESTMENT PRODUCT COULD BE VOLATILE. AN INVESTMENT IN AN INVESTMENT PRODUCT IS SPECULATIVE AND INVOLVES SUBSTANTIAL RISK (INCLUDING THE POSSIBLE LOSS OF THE ENTIRE INVESTMENT). NO ASSURANCE CAN BE GIVEN THAT ANY INVESTMENT PRODUCT WILL ACHIEVE ITS OBJECTIVES OR AVOID SIGNIFICANT LOSSES.

16 GCM Grosvenor Notes and Disclosures (continued) By your acceptance of GCM Information, you understand, acknowledge, and agree that: (a) GCM Information is confidential and proprietary, and you may not copy, transmit or distribute GCM Information, or any data or other information contained therein, or authorize such actions by others, without GCM Grosvenor’s express prior written consent, except that you may share GCM Information with your professional investment advisors to assist in evaluating GCM Grosvenor or an Investment Product, and (b) GCM Information may only be used by you for the purpose of evaluating GCM Grosvenor or an Investment Product and for no other purpose. If you are a professional financial adviser, you may share GCM Information with those of your clients that you reasonably determine to be eligible to invest in the relevant Investment Product (GCM Grosvenor assumes no responsibility with respect to GCM Information shared that is presented in a format different from this presentation). Any violation of the above may constitute a breach of contract and applicable copyright laws. 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