The Michigan Small Emerging Manager Program is designed to invest across small and emerging manager funds, co-investment, and secondary opportunities, focusing on generating returns and increasing diversity of investments. It is sponsored by the State of Michigan Retirement System and co-managed by Barings and GCM Grosvenor.

Michigan Small Emerging Manager Program

Transact Global is a membership organization for diverse emerging fund managers that facilitates the exchange of ideas and connections to assist in raising capital. Self-described as the fastest-growing community, it offers discussions, newsletters, and networking opportunities.

Transact Global

Grosvenor Capital Management, L.P. is global alternative asset management solutions provider. The firm primarily provides its services to pooled investment vehicles. It also provides its services to investment companies, high net worth individuals, pension and profit sharing plans and state or municipal government entities. The firm invests in equity and alternative investment markets of the United States and internationally. The firm invests in multi-strategy, credit-focused, equity-focused, macro-focused, commodity-focused, and other specialty portfolios. It focuses in hedge fund asset classes, private equity, real estate, and/or infrastructure, credit and absolute return strategies. It also focuses in primary fund investments, secondary fund investments, and co-investments with a focus on buyout, distressed debt, mezzanine, venture capital/growth equity investments. The firm seeks to make regionally-focused investments in middle-market buyout. It prefers to invest in aerospace and defense, advanced electronics, information technology, biosciences, and advanced materials. It focuses on Ohio and the Midwest region. The firm employs fundamental and quantitative analysis. Grosvenor Capital Management, L.P. was founded in 1971 and is based in Chicago, Illinois with additional offices in North America, Asia and Europe.

Grosvenor Capital Management, L.P.

Recast Capital is focused on investing in and empowering emerging managers in venture capital with a strategy that emphasizes diversity and thoughtful portfolio management.

Metric
Company Name	Michigan Small Emerging Manager Program	Transact Global	Grosvenor Capital Management, L.P.	Recast Capital
Symbol			GCMG
MSH ID	COM:MSEMPROGRAM	CO:TRANSACTGLOBAL	COM:GCMGROSVENOR	COM:RECASTCAPITAL
Market	PRIVATE	PRIVATE	STOCKS	PRIVATE
Sector	Financial Services & Finance	Financial Services & Finance	Financial Services	Financial Services & Finance
Industry	Asset Management	Investment Management	Asset Management	Venture Capital
Country	US	US	US	US
Stage			Post-IPO
Employee Count		101	550
Website	msemprogram.com	transactglobal.co	gcmgrosvenor.com	recastcapital.com
LinkedIn
Founders

Metric
Market Cap		1.89B
Enterprise Value
Monthly Web Traffic	109	14.52K	1
Web Traffic Growth	-0.85	0.95	-0.78
Valuation
Raised Capital			3.60M

Metric
Revenue			436.14M
Revenue (LTM)
Revenue (NTM)
Gross Profit			80.09M
EBITDA			-16.58M
Operating Income			-19.28M
Net Income			12.77M
EPS			0.30
Diluted EPS			-0.28
Revenue 2022
Revenue 2023
Revenue 2024
Revenue 2025
Revenue 2026

Metric
Revenue Growth (LTM)
Revenue Growth (NTM)
Gross Profit Growth (LTM)
EBITDA Growth (LTM)
Net Income Growth (LTM)
14-Day Growth Score
28-Day Growth Score
90-Day Growth Score
365-Day Growth Score

Metric
Gross Profit Margin			0.37
Operating Profit Margin			0.08
EBITDA Margin			-0.04
Net Profit Margin			0.04
Return on Equity			0.11
Return on Assets			0.03
Return on Capital Employed			0.08

COM:MSEMPROGRAM

Michigan Small Emerging Manager Program

Company Overview

Market Metrics

Financial Performance

Growth Metrics

Profitability Ratios

Valuation Multiples

Operational Metrics

Cash Flow Metrics

Balance Sheet Metrics

Efficiency Metrics

Metric
P/E Ratio			53.11
P/B Ratio			-15.05
Revenue Multiple (LTM)
Revenue Multiple (NTM)
EBITDA Multiple (LTM)
EBITDA Multiple (NTM)
Price to Sales Ratio			4.76
EV Multiple			324.32

Metric
Days Sales Outstanding			47.13
Days Payables Outstanding
Days Inventory Outstanding			113.08
Operating Cycle			167.18
Cash Conversion Cycle			111.27
Asset Turnover			0.92

Metric
Operating Cash Flow			92.06M
Free Cash Flow			88.30M
Cash Flow to Debt			0.28
Operating Cash Flow/Sales			0.27
Free Cash Flow Yield			0.08

Metric
Cash & Equivalents			44.35M
Accounts Receivable			-17.56M
Inventory			110.30M
Goodwill			28.96M
Debt to Capitalization			1.08
Debt to Assets			0.85
Current Ratio			1.35
Quick Ratio			1.75

Metric
Rule of 40 (LTM)
Rule of 40 (NTM)
Stock Comp to Revenue			0.29
R&D to Revenue
SG&A to Revenue			0.23