GCM Grosvenor’s Elevate Strategy struck a deal with Los Angeles buyout investor Excolere Equity Partners to help grow and enhance the impact of companies amid transformation in the education and human capital management sectors in which Excolere invests.
Excolere Managing Partner Tony Miller formally launched his firm in 2022 after his time as co-founder and COO of The Vistria Group and as deputy secretary of the U.S. Department of Education. He set up the effort with long time colleagues and fellow partners Pete Davis and Marcelus DeCoulode, the former president of textbook publisher McGraw Hill and former partner at The Vistria Group, respectively.
“We launched Excolere to further the fundamental role that education and human capital management play in driving economic and societal progress, and to drive superior returns for our investors,” Miller said in a statement. The company’s partnership with GCM Grosvenor will allow it to hire top talent and launch with best-in-class operational infrastructure, he added.
“Our partnership with Excolere is consistent with GCM Grosvenor’s multi-decade history of partnering with exceptional founders early in the evolution of their firms,” said Kevin Nickelberry, co-head of GCM Grosvenor’s Elevate strategy. The firm has more than $18 billion of assets under management invested with small and emerging managers and over $15 billion in assets under management by diverse managers.
Earlier this year, the Elevate Strategy won a $500 million mandate with the California Public Employees’ Retirement System. CalPERS Chief Investment Officer Nicole Musicco commented at the time, “By leveraging GCM Grosvenor’s network, investment platform, and experience investing with small, emerging, and diverse managers, we believe that together we will make an even greater impact.”
The team at Excolere has experienced early success with an oversubscribed investment in EPS School Specialty, a leading developer of curriculum products and services that enhance literacy and math skills for K-12 grade level students.
Sidley Austin LLP served as legal counsel to Excolere Equity Partners and Kirkland & Ellis served as legal counsel to GCM Grosvenor.