GCM Grosvenor Closes its Labor Impact Fund
"We are grateful for the support of our investors; they share our vision that the
May 2020, the Fund agreed to provide $85 millionin debt financing to Bakersfield Renewable Fuelsfor the retooling of the former Alon oil refinery in Bakersfield, California.
December 2019, the Fund acquired a 49.9% equity interest in the Long Ridge Energy Terminalfrom Fortress Transportation and Infrastructure Investors(NYSE: FTAI) for $150 millionin cash.
- Earlier in 2019, the Fund announced a partnership for the development of a cold storage platform across
the United Statesand Canada, with the first development anticipated to break ground later this year.
These investments combined are projected to generate more than 1.4 million union workhours during construction alone, while providing significant boosts to local governments and economies.
To identify investment opportunities, the Fund leverages GCM Grosvenor's
To achieve the Fund's desired goals, investments in the Fund are verified to meet standards for including union labor and are monitored for adherence to their investment and labor impact theses.
"We view the Fund's responsible contractor policy and overall labor and government due diligence processes as strategic advantages in pursuing infrastructure investments," said
About GCM Grosvenor
GCM Grosvenor is a global alternative asset management solutions provider with approximately
GCM Grosvenor's experienced team of 485 professionals serves a global client base of institutional and high net worth investors. The firm is headquartered in
This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding anticipated benefits and outcomes associated with GCM Grosvenor's funds. These forward-looking statements generally are identified by the words "will," "believe," "expect," "anticipate," "estimate," "intend," "may" and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including the risks and uncertainties described in the "Risk Factors" section of the joint registration statement/proxy statement on Form S-4 and other documents filed by GCM Grosvenor from time to time with the
SOURCE GCM Grosvenor