Amendment No. 6, dated as of June 23, 2021, to the Credit Agreement, dated as of January 2, 2014, among Grosvenor Capital Management Holdings, LLLP, as borrower, Grosvenor Holdings, L.L.C., Grosvenor Holdings II, L.L.C., GCM Grosvenor Management, LLC, GCM Grosvenor Holdings, LLC, GCM, L.L.C., the several lenders from time to time parties thereto, and Morgan Stanley Senior Funding, Inc., as administrative agent, collateral agent and swingline lender

AMENDMENT NO. 6 dated as of June 23, 2021 (this “Amendment”) to the CREDIT AGREEMENT, dated as of January 2, 2014, as amended by that certain Amendment No. 1, dated as of August 18, 2016, that certain Amendment No. 2, dated as of April 19, 2017, that certain Omnibus Amendment No. 1, dated as of August 15, 2017, that certain Amendment No. 3, dated as of August 22, 2017, that certain Amendment No. 4, dated as of March 29, 2018, and that certain Amendment No. 5, dated as of February 24, 2021 (as heretofore amended, the “Credit Agreement”), among GROSVENOR CAPITAL MANAGEMENT HOLDINGS, LLLP, a Delaware limited liability limited partnership (the “Borrower”), GROSVENOR HOLDINGS, L.L.C., an Illinois limited liability company, GROSVENOR HOLDINGS II, L.L.C., a Delaware limited liability company, GCM GROSVENOR MANAGEMENT, LLC, a Delaware limited liability company, GCM GROSVENOR HOLDINGS, LLC, a Delaware limited liability company, GCM, L.L.C., a Delaware limited liability company, each GUARANTOR and GP ENTITY party thereto, the LENDERS and LETTER OF CREDIT ISSUERS party hereto, and MORGAN STANLEY SENIOR FUNDING, INC. (“MSSF”), as Administrative Agent, Collateral Agent and Swingline Lender.

The Borrower has requested the establishment of Incremental Term Loans denominated in U.S. Dollars pursuant to Section 2.14 of the Credit Agreement (which Loans shall be added to and become part of the existing Class of Amendment No. 5 Initial Term Loans) (the “Incremental 2028 Term Loans”).

Morgan Stanley Bank, N.A. has agreed to make Incremental 2028 Term Loans on the Amendment No. 6 Effective Date (as defined below) (in such capacity, the “Initial Incremental 2028 Term Lender”) in a principal amount not to exceed $110,000,000 (the “Incremental 2028 Term Loan Commitment”), on the terms and subject to the conditions provided for herein.

This Amendment constitutes an Incremental Agreement pursuant to Section 2.14(f) of the Credit Agreement.

MSSF has been designated by the Borrower to act, and has agreed to act, as sole lead arranger and sole bookrunner (in such capacity, the “Arranger”) for this Amendment and the transactions contemplated hereby.

In accordance with Section 2.14(f) of the Credit Agreement, the Administrative Agent, the Initial Incremental 2028 Term Lender, the Credit Parties, Holdings, the Parent GPs and the GP Entities have each agreed, subject to the terms and conditions stated below, to the transactions described herein.

Capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Credit Agreement, as amended by this Amendment (the “Amended Credit Agreement”).  The rules of interpretation set forth in Section 1.2 of the Credit Agreement are hereby incorporated by reference herein, mutatis mutandis.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the parties hereto hereby agree as follows:

SECTION 1.  Incremental 2028 Term Loans.

(a)          Incremental 2028 Term Loans.  (i) Subject to and upon the terms and conditions set forth herein and in the Amended Credit Agreement, the Initial Incremental 2028 Term Lender agrees to make, on the Amendment No. 6 Effective Date, Incremental 2028 Term Loans to the Borrower in an aggregate principal amount that shall not exceed the Incremental 2028 Term Loan Commitment.  The Incremental 2028 Term Loans (A) shall be made on the Amendment No. 6 Effective Date and shall be denominated in U.S. Dollars, (B) may, following the initial borrowing on the Amendment No. 6 Effective Date, at the option of the Borrower be maintained as, and/or converted into, ABR Loans or Eurodollar Loans as provided for Amendment No. 5 Initial Term Loans in the Amended Credit Agreement and (C) may be repaid or prepaid in accordance with the provisions of the Amended Credit Agreement, but once repaid or prepaid may not be reborrowed.  It is understood and agreed that the Incremental 2028 Term Loans made on the Amendment No. 6 Effective Date shall be funded at 99.25% of the principal amount thereof, and notwithstanding such discount all calculations hereunder with respect to the Incremental 2028 Term Loans, including the accrual of interest and the repayment or prepayment of principal, shall be based on 100% of the stated principal amount thereof.  The Incremental 2028 Term Loan Commitment of the Initial Incremental 2028 Term Lender shall automatically terminate upon the making of the Incremental 2028 Term Loans on the Amendment No. 6 Effective Date or, if not previously terminated, at 5:00 p.m. (New York City time) on the Amendment No. 6 Effective Date.

(ii)          The funding of the Incremental 2028 Term Loans on the Amendment No. 6 Effective Date shall be made in the manner contemplated by Section 2.4 of the Credit Agreement.  On the Amendment No. 6 Effective Date, the Borrower shall apply the proceeds of the Incremental 2028 Term Loans (net of the OID applicable thereto), together with cash on hand at the Borrower and its Subsidiaries, on or after the Amendment No. 6 Effective Date (A) to finance the exercise of the Borrower’s option to purchase the interest in Mosaic Acquisitions 2020, L.P. held by a third party investor affiliated with the Canada Pension Plan Investment Board and pay any fees and expenses arising therefrom, (B) to pay fees and expenses in connection with the transactions contemplated by this Amendment and (C) to the extent any such proceeds remain, for working capital requirements and other general corporate purposes of the Borrower or its Subsidiaries.

(b)          Incremental 2028 Term Loans Generally.  (i) On the Amendment No. 6 Effective Date, and notwithstanding anything to the contrary set forth in the Credit Agreement, the Incremental 2028 Term Loans shall be added to (and form a part of) each Borrowing of outstanding Amendment No. 5 Initial Term Loans on a pro rata basis (based on the relative sizes of the various outstanding Borrowings in respect of Amendment No. 5 Initial Term Loans), so that each Lender of Amendment No. 5 Initial Term Loans (including the Incremental 2028 Term Loans established hereunder) will participate proportionately in each then outstanding Borrowing of Amendment No. 5 Initial Term Loans (it being agreed, however, that interest will begin accruing on the Incremental 2028 Term Loans on the Amendment No. 6 Effective Date and the first interest payment in respect of each such outstanding Borrowing of Amendment No. 5 Initial Term Loans that occurs after the Amendment No. 6 Effective Date shall be disbursed to the Amendment No. 5 Initial Term Lenders in a manner that gives effect to the interest accrual provisions of the Incremental 2028 Term Loans provided in this Section 1(b)(i)).

(ii)          The parties hereto acknowledge that the provisions of Section 2.14 of the Credit Agreement will apply to the establishment of the Incremental 2028 Term Loans hereby, with (A) the Incremental 2028 Term Loans becoming a part of the existing Class of Amendment No. 5 Initial Term Loans, (B) the Incremental 2028 Term Loans having terms identical to the Amendment No. 5 Initial Term Loans (other than with respect to issue price and the date from which interest shall begin to accrue) and otherwise being subject to the provisions, including any provisions restricting the rights, or regarding the obligations, of the Credit Parties and any provisions regarding the rights of the Term Lenders, of the Amended Credit Agreement and the other Credit Documents, (C) the Initial Incremental 2028 Term Lender constituting a “Amendment No. 5 Initial Term Lender”, “Term Lender” and a “Lender” under the Amended Credit Agreement and the other Credit Documents for all purposes thereof, (D) each Incremental 2028 Term Loan constituting an “Incremental Term Loan”, an “Amendment No. 5 Initial Term Loan”, a “Term Loan” and a “Loan” under the Credit Agreement and the other Credit Documents for all purposes thereof and (E) the Incremental 2028 Term Loans constituting a part of the “Amendment No. 5 Initial Term Loan Facility” under the Amended Credit Agreement and the other Credit Documents for all purposes thereof.

SECTION 2.  Amendments.  Effective as of the Amendment No.  6 Effective Date:

(a)          Section 1.1 of the Credit Agreement is hereby modified by adding the following definitions in the appropriate alphabetical order:

“Amendment No. 6” shall mean the Amendment No. 6 dated as of June 23, 2021, to this Agreement, among the Administrative Agent, the Lenders party thereto, the Credit Parties, Holdings, the Parent GPs and the GP Entities.

“Amendment No. 6 Effective Date” shall have the meaning provided in Amendment No. 6.

(b)          The definitions set forth below are hereby amended and restated in their entirety as follows:

“Amendment No. 5 Initial Term Lender” shall mean each Lender with an Amendment No. 5 Initial Term Loan Commitment or holding an Amendment No. 5 Initial Term Loan (including, for the avoidance of doubt, any Incremental 2028 Term Lender with an Incremental 2028 Term Loan Commitment established under Amendment No. 6 or holding an Incremental 2028 Term Loan established under Amendment No. 6).

“Amendment No. 5 Initial Term Loan Facility” shall mean the Amendment No. 5 Initial Term Loans (including, for the avoidance of doubt, any Incremental 2028 Term Loans established pursuant to Amendment No. 6).

“Amendment No. 5 Initial Term Loans” shall have the meaning provided in Section 2.1(a) (including, for the avoidance of doubt, any Incremental 2028 Term Loans established pursuant to Amendment No. 6).

“Incremental 2028 Term Lender” shall mean each Lender with an Incremental 2028 Term Loan Commitment or holding an Incremental 2028 Term Loan.

“Incremental 2028 Term Loans” shall have the meaning provided in Amendment No. 6.

“Incremental 2028 Term Loan Commitment” shall have the meaning provided in Amendment No. 6.

(c)          Clause (c) of definition of the term “Borrowing” set forth in Section 1.1 of the Credit Agreement is hereby amended and restated as follows:

“(c) (i) the incurrence of one Type and Class of Incremental Term Loan on an Incremental Facility Closing Date (or resulting from conversions on a given date after the applicable Incremental Facility Closing Date) having, in the case of Eurodollar Loans, the same Interest Period (provided that ABR Loans incurred pursuant to Section 2.10(b) shall be considered part of any related Borrowing of Eurodollar Loans) or (ii) the Extended Term Loans of one Type and Class established on the same date pursuant to the same Extension Agreement (or resulting from conversions on a given date) and having, in the case of Eurodollar Loans, the same Interest Period (provided that ABR Loans incurred pursuant to Section 2.10(b) shall be considered part of any related Borrowing of Eurodollar Loans); provided that the Amendment No. 5 Initial Term Loans of one Type established on the Amendment No. 5 Effective Date or the Amendment No. 6 Effective Date pursuant to Amendment No. 5 or Amendment No. 6 (or resulting from conversions on a given date after the Amendment No. 5 Effective Date or Amendment No. 6 Effective Date, as applicable) and having, in the case of Eurodollar Loans, the same Interest Period shall be considered a Borrowing (provided that ABR Loans incurred pursuant to Section 2.10(b) shall be considered part of any related Borrowing of Eurodollar Loans),”.

(d)          The definition of the term “Amendment No. 5 Transactions” is hereby amended to strike “(such facility, the “Amendment No. 5 Initial Term Loan Facility”)”.

(e)          Section 2.5 is hereby amended by replacing “$725,000” with “$1,000,000”.

(f)          Section 5.1(b) of the Credit Agreement is hereby amended to replace “that occurs prior to the date that is six months after the Amendment No. 5 Effective Date” with “that occurs prior to the date that is six months after the Amendment No. 6 Effective Date”.

SECTION 3.  [Reserved.]

SECTION 4.  Conditions to Effectiveness of Amendment No. 6.  This Amendment shall become effective on the first date (the “Amendment No. 6 Effective Date”) on which the following conditions shall have been satisfied or waived:

(a)          The Administrative Agent shall have received counterparts of this Amendment that, when taken together, bear the signatures of (i) each Credit Party, (ii) each Holdings, (iii) each Parent GP, (iv) each GP Entity, (v) the Administrative Agent and (vi) the Initial Incremental 2028 Term Lender.

(b)          The Administrative Agent shall have received evidence that all fees previously agreed in writing among the Borrower and the Arranger in respect of this Amendment, and all reasonable out-of-pocket expenses of the Administrative Agent (including the reasonable fees, disbursements and other charges of Cravath, Swaine & Moore LLP) payable by the Borrower for which invoices have been presented at least two Business Days prior to the Amendment No. 6 Effective Date, shall have been paid by the Borrower.

(c)          The Administrative Agent shall have received a Notice of Borrowing for the Incremental 2028 Term Loans to be made on the Amendment No. 6 Effective Date, setting forth the information specified in Section 2.3 of the Credit Agreement, with such modifications thereto as shall be reasonably satisfactory to the Administrative Agent.

(d)          The Administrative Agent shall have received favorable written opinions of Simpson Thacher & Bartlett LLP, counsel to the Borrower, and Sidley Austin LLP, special Illinois counsel to the Borrower, each dated the Amendment No. 6 Effective Date and addressed to the Administrative Agent and the Initial Incremental 2028 Term Lender and in form and substance reasonably satisfactory to the Administrative Agent.  The Borrower hereby instructs its counsel to deliver such opinions to the Administrative Agent and the Initial Incremental 2028 Term Lender.

(e)          The Administrative Agent shall have received a certificate from the Borrower, dated the Amendment No. 6 Effective Date and executed by an Authorized Officer of the Borrower, which shall certify that, as of the Amendment No. 6 Effective Date, at the time of and after giving effect to the transactions contemplated hereby, (i) no Default or Event of Default shall have occurred and be continuing, and (ii) all representations and warranties made by any Credit Party (and Holdings, each Parent GP and each GP Entity that is a party to any of the Credit Documents) contained in Section 8 of the Credit Agreement or in the other Credit Documents (including this Amendment) shall be true and correct in all material respects (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date, and except that the representations and warranties contained in Section 8.9(a) of the Credit Agreement shall be deemed to refer to the most recent annual and quarterly Section 9.1 Financials then delivered pursuant to the Credit Agreement; provided that the words “Closing Date” as set forth in Sections 8.8, 8.10, 8.15(a) and 8.17 of the Credit Agreement shall be deemed to refer to the Amendment No. 6 Effective Date); provided that any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects on the Amendment No. 6 Effective Date or on such earlier date, as the case may be (after giving effect to such qualification).

(f)          The Administrative Agent shall have received a copy of the resolutions, in form and substance reasonably satisfactory to the Administrative Agent, of the applicable governing body of each Person that is a Credit Party as of the Amendment No. 6 Effective Date and of Holdings, each Parent GP and each GP Entity that is a party to any of the Credit Documents (or a duly authorized committee thereof) authorizing (i) the execution, delivery and performance of this Amendment and (ii) in the case of the Borrower, the extensions of credit contemplated under this Amendment.

(g)          The Administrative Agent shall have received true and complete copies of (i) the Organizational Documents of each Person that is a Credit Party as of the Amendment No. 6 Effective Date and of Holdings, each Parent GP and each GP Entity that is a party to any of the Credit Documents and (ii) such other documents and certifications, each dated as of, or where applicable as of a recent date prior to, the Amendment No. 6 Effective Date, as the Administrative Agent may reasonably require to evidence that each such Person is duly organized or formed, validly existing, in good standing and qualified to engage in business in the State of such Person’s organization or formation, as applicable, and other customary matters; provided that in the case of (i) the Organizational Documents and (ii) the incumbency and specimen signatures of the officers executing this Amendment and the other documents required to be provided to the Administrative Agent on the Amendment No. 6 Effective Date as provided for herein, of each of the Credit Parties, Holdings, Parent GPs and GP Entities, a certificate from an Authorized Officer certifying that there has been no change to the Organizational Documents and the incumbency and specimen signature of each such officer included in the closing certificates provided on the Amendment No. 5 Effective Date shall be deemed to satisfy this condition with respect to such matters.

(h)          The Administrative Agent shall have received a certificate from an Authorized Officer of the Borrower, in form and substance reasonably satisfactory to the Administrative Agent, demonstrating that after giving effect to the consummation of this Amendment, the Borrower and its Subsidiaries, on a consolidated basis, are Solvent.

(i)          The Administrative Agent and the Arranger shall have received at least three Business Days prior to the Amendment No. 6 Effective Date all documentation and other information concerning the Credit Parties, Holdings, Parent GPs and GP Entities that has been reasonably requested in writing at least ten Business Days prior to the Amendment No. 6 Effective Date by the Administrative Agent or the Arranger (on behalf of itself and/or the Initial Incremental 2028 Term Lender) and that the Administrative Agent or the Arranger reasonably determine is required by United States regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act.

SECTION 5.  Reaffirmation of Obligations.  Each Credit Party, Holdings, Parent GP and GP Entity hereby unconditionally and irrevocably (a) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Credit Documents (including the Amended Credit Agreement) to which it is a party (or to which another Credit Party, Holdings, Parent GP or GP Entity is party on such Person’s behalf), (b) ratifies and reaffirms each grant of a Lien on, or security interest in, its property made pursuant to the Credit Documents to which it is a party (or to which another Credit Party, Holdings, Parent GP or GP Entity is party on such Person’s behalf) and confirms that such Liens and security interests continue to have full force and effect at law following the effectiveness of this Amendment to secure the Obligations (including any Obligations in respect of the Incremental 2028 Term Loans), subject to the terms thereof, and (c) in the case of each Guarantor, ratifies and reaffirms its guaranty of the Obligations (including any Obligations in respect of the Incremental 2028 Term Loans) pursuant to the Guarantee and confirms that the Guarantee continues to have full force and effect at law, notwithstanding this Amendment.

SECTION 6.  Representations and Warranties.  The Credit Parties, Holdings, Parent GPs and GP Entities hereby represent and warrant, on the Amendment No. 6 Effective Date (after giving effect to the effectiveness of this Amendment) that:

(a)          no Default or Event of Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Amendment;

(b)          all representations and warranties made by any Credit Party (and Holdings, each Parent GP and each GP Entity that is a party to any of the Credit Documents) contained in Section 8 of the Credit Agreement or in the other Credit Documents are true and correct in all material respects with the same effect as though such representations and warranties had been made on and as of the Amendment No. 6 Effective Date (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date, and except that the representations and warranties contained in Section 8.9(a) of the Credit Agreement shall be deemed to refer to the most recent annual and quarterly Section 9.1 Financials then delivered pursuant to the Credit Agreement; provided that the words “Closing Date” as set forth in Sections 8.8, 8.10, 8.15(a) and 8.17 of the Credit Agreement shall be deemed to refer to the Amendment No. 6 Effective Date); provided that any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects on the Amendment No. 6 Effective Date or on such earlier date, as the case may be (after giving effect to such qualification); and

(c)          this Amendment has been duly authorized, executed and delivered by each Credit Party, Holdings, Parent GP and GP Entity, and this Amendment constitutes a legal, valid and binding obligation of each Credit Party, Holdings, Parent GP and GP Entity, enforceable against each Credit Party, Holdings, Parent GP and GP Entity in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other laws affecting creditors’ rights generally and by general principles of equity.

SECTION 7.  Reference to and Effect on the Credit Agreement and the Credit Documents.  (a)This Amendment constitutes a Credit Document.  On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in each of the other Credit Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment.

(b)          The Credit Agreement, as specifically amended by this Amendment, is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed.  Without limiting the generality of the foregoing, the Security Documents executed prior to the Amendment No. 6 Effective Date and all of the Collateral described therein do and shall continue in full force and effect to secure where they purport to do so the payment of all Obligations of the Credit Parties, Holdings, Parent GPs and GP Entities under the Credit Documents, in each case as amended by this Amendment.

(c)          The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Administrative Agent, the Collateral Agent, any Lender, the Swingline Lender or any Letter of Credit Issuer under any of the Credit Documents, nor constitute a waiver of any provision of any of the Credit Documents.

SECTION 8.  Costs and Expenses.  The Borrower agrees to pay all reasonable and documented or invoiced out-of-pocket costs and reasonable expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Amendment and any other documents prepared in connection herewith, and the consummation and administration of the transactions contemplated hereby, including the reasonable fees, disbursements and other charges of Cravath, Swaine & Moore LLP (counsel to the Administrative Agent) in accordance with Section 13.5 of the Credit Agreement.

SECTION 9.  Incremental Facility Request.  This Amendment shall constitute a written notice by the Borrower delivered to the Administrative Agent requesting an Incremental Term Loan under Section 2.14(a) of the Credit Agreement.

SECTION 10.  Master Consent to Assignment.  In connection with the primary syndication of the Incremental 2028 Term Loans and related rights and obligations under the Amended Credit Agreement, the Borrower hereby consents to the sale and assignment by the Initial Incremental 2028 Term Lender to the Persons or Affiliates of such Persons set forth on Exhibit A hereto, and the purchase and assumption by such Persons or their respective Affiliates from the Initial Incremental 2028 Term Lender, of Incremental 2028 Term Loans in an aggregate amount not to exceed the amount set forth opposite each such Person’s name on Exhibit A.

SECTION 11.  Execution in Counterparts; Electronic Signatures.  This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by facsimile transmission or other electronic transmission (i.e., a “pdf” or “tif”) or any electronic signature complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signature and Records Act or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law.

SECTION 12.  No Novation.  The Credit Parties have requested, and the Lenders party hereto have agreed, that the Credit Agreement be, effective from and after the Amendment No. 6 Effective Date, amended as set forth herein.  Such amendment shall not constitute, and is not intended to result in, a novation of any indebtedness or other obligations owing to the Lenders, the Swingline Lender, any Letter of Credit Issuer, the Administrative Agent or the Collateral Agent under the Credit Agreement or any other Credit Document.

SECTION 13.  Governing Law.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

SECTION 14.  Submission to Jurisdiction; Waivers.  The provisions of Section 13.13 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis, as if set forth in full herein.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.