Banner Capital, a lower middle market private equity firm based in Salt Lake City, has announced a strategic partnership with GCM Grosvenor (Nasdaq: GCMG), a Chicago-based alternative asset management firm with approximately $91 billion in assets under management.

GCM Grosvenor is backing Banner through its Elevate strategy, which provides anchor capital to emerging private equity managers. The partnership marks the Elevate strategy's fifth manager investment. The Elevate Fund closed in December 2024 with nearly $800 million in committed capital and counts the California Public Employees' Retirement System (CalPERS) among its investors.

Banner, led by founders Tanner Ainge and Tyler Price, focuses on founder-owned businesses in the Intermountain West with $4 million to $15 million in EBITDA. The firm manages approximately $630 million in assets as of December 31, 2025, and operates from offices in Utah and Arizona.

GCM Grosvenor's Elevate strategy provided anchor capital for Banner Capital Fund II. The fund's first investment is Western Pavement Services, Inc., an asphalt maintenance platform with operations in Arizona, Utah, and Nevada.

"We are thrilled to welcome GCM Grosvenor and the Elevate team as partners," said Ainge. "Beyond capital, we believe our partnership with Elevate will truly take us to the next level in becoming a leader in our niche."

Kevin Nickelberry, Managing Director and Co-Head of GCM Grosvenor's Elevate strategy, cited Banner's "differentiated strategy, a proven team, and a clear and executable path to building an enduring platform" as reasons for the partnership.

Elizabeth Browne, also a Managing Director and Co-Head of the Elevate strategy, noted that the Intermountain West has a "fraction of the institutional capital and GP competition you find in other regions."

According to the press release, which cites McGuireWoods LLP, the independent sponsor market in the United States now encompasses more than 1,500 firms. GCM Grosvenor states that approximately $21 billion of its assets under management is allocated to emerging managers.