GCM Grosvenor Inc.

There have been no material changes to our risk factors set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, other than as set forth below.

We are increasingly utilizing artificial intelligence (“AI”) tools, including large language models, and any prolonged disruption in access to those tools, or any material errors generated by those tools, could adversely affect our operations and expose the Company to legal, regulatory, reputational and financial risks.

We have integrated, and continue to integrate, artificial intelligence tools, including large language models and related generative AI applications, into certain parts of our business operations, including, without limitation, legal, compliance, client services, and administrative functions. While we may utilize artificial intelligence tools to support certain aspects of our investment process, all investment decisions and recommendations are made by human investment professionals, and we do not rely on AI-generated outputs as the sole basis for any investment decision or recommendation. Our increasing incorporation of these technologies exposes us to a number of risks, including our inability to access one or more platforms on which we rely due to service outages, cyberattacks, changes in vendor terms or pricing, regulatory restrictions, or vendor failure. Large language models are also known to produce outputs that are factually inaccurate, incomplete or otherwise unreliable, and may generate output that infringes third-party intellectual property rights. If our personnel rely on erroneous or infringing AI-generated outputs in the context of client communications, regulatory filings, compliance determinations, or other functions without adequate human review and verification, we could suffer significant harm, including material errors in client-facing or regulatory documents, breaches of legal or contractual obligations, regulatory sanctions, reputational damage, and litigation exposure.

The regulatory landscape governing the use of artificial intelligence in financial services is rapidly evolving and remains unsettled, including shifting U.S. federal policy, a growing patchwork of U.S. state AI laws and international AI regulations, and we may incur significant compliance costs, become subject to regulatory investigations, enforcement actions or litigation (and resulting fines, damages or other liability), or be required to modify or discontinue certain AI-assisted workflows if our use of these tools is perceived or determined to be inconsistent with applicable regulatory requirements or guidance. Additionally, the use of these tools may implicate risks related to the confidentiality of client data (including personal information) and proprietary firm information if such information is inadvertently incorporated into model training data or otherwise exposed to third parties. Although we have implemented a range of controls, including but not limited to contractual protections with AI vendors and technical safeguards designed to limit data exposure, there can be no assurance that such measures will be sufficient to fully mitigate these risks in all circumstances. We have also adopted internal policies intended to govern the appropriate use of AI tools and to ensure adequate human oversight of AI-generated outputs; however, there can be no assurance that such policies will be sufficient to prevent harmful errors or misuse, including the use of artificial intelligence tools by our personnel in unauthorized ways or through unapproved third-party applications, or that they will keep pace with the rapid development of AI technology and the evolving regulatory environment. Any of the foregoing risks, if they were to materialize, could have a material adverse effect on our business, financial condition, results of operations, and the interests of our stockholders.