GCM Grosvenor is making a seed investment in new private equity firm Excolere Equity Partners, a GCM Grosvenor spokeswoman said.
GCM is making the minority investment through its Elevate strategy, which makes seed investments in small, emerging and diverse private equity managers. As of June 30, GCM Grosvenor had about $76 billion of assets under management, including $505 million in the Elevate strategy. GCM declined to provide the size of its stake in Excolere.
Excolere Equity Partners, which launched in 2022, makes buyout investments in the education and human capital management sectors. Excolere was co-founded by Tony Miller, managing partner, a former co-founder and chief operating officer of private equity firm Vistria Group. Before that, Miller was the deputy secretary and chief operating officer at the U.S. Department of Education.