GCM Grosvenor (Nasdaq: GCMG) announced the final close of its inaugural Credit Secondaries Fund, raising $1.2 billion in total commitments across the fund and related strategies, according to a press release.

The Chicago-based alternative asset manager said the capital was raised in and alongside the Credit Secondaries Fund, which focuses on the private credit secondary market, with an emphasis on opportunistic corporate and asset-backed investments.

Fred Pollock, Chief Investment Officer at GCM Grosvenor, said the fund "reflects growing investor demand for dedicated private credit secondary solutions and marks an important milestone for our credit platform."

The firm said the strategy draws on its existing $17+ billion credit platform and is designed to source and evaluate opportunities across credit sub-strategies. It sits alongside GCM Grosvenor's existing primary funds, co-investments, and direct investing capabilities.

Steve McMillan, Head of Credit Research at GCM Grosvenor, noted that the strategy relies on "disciplined underwriting at the single name and fund level, deep market knowledge, relationships, and strong sourcing capabilities."

GCM Grosvenor manages approximately $91 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return strategies. The firm is headquartered in Chicago with offices across North America, Europe, and Asia.