GCM Grosvenor And Hyperion Realty Capital Launch Partnership With An Investment Of Up To $100M From GCMG Into A New Closed-End Vehicle Targeting $200M

As part of the partnership, GCM Grosvenor will join Hyperion's Board of Directors.mThe new vehicle – Hyperion Grocery Retail Partners III (the "Fund") – will primarily target value-add grocery-anchored shopping centers across the Western U.S., focusing on middle-market assets that have historically attracted less institutional capital than larger-format retail investments. Hyperion and GCM Grosvenor intend to build a portfolio of such investments in neighborhood, strip and community centers representing up to approximately $1 billion in aggregate property value as additional investment partners are admitted to the Fund.Hyperion was founded in 2019 by Jon Mendis and established through the lift-out of an experienced grocery-anchored retail investment team. Its principals have collectively executed more than $4 billion in grocery-anchored retail transactions and averaged over 15 years of sector-specific experience. The firm currently owns and operates 10 shopping centers across major West Coast markets, the majority of which were sourced through off-market or relationship-driven opportunities. Mr. Mendis previously led investments at Retail Opportunity Investments Corp. (ROIC), which was acquired in 2025 by Blackstone in a take-private transaction valued at approximately $4 billion.Hyperion's platform vertically integrates acquisitions, asset management, leasing, and property operations, and is distinguished by longstanding industry relationships across the brokerage, ownership and tenant communities. These relationships, particularly with national and regional tenants serving daily-necessity demand, are central to Hyperion’s sourcing capabilities and asset-level execution. The firm's investment strategy centers on well-located neighborhood, strip and community shopping centers anchored by leading national and regional grocers, with value creation opportunities through vacancy lease-up, re-tenanting, mark-to-market rent adjustments, and outparcel monetization. The strategy seeks to capitalize on the defensive nature of daily-needs retail, the complementary tenant demand generated by grocery traffic and a supply environment constrained by limited new development. The fragmented ownership landscape within grocery-anchored retail complements Hyperion’s relationship-driven sourcing strategy by acquiring assets that are under-managed, under-capitalized or subject to stunted ownership succession planning. Combined with resilient demand for in-person shopping, dining, services and entertainment, the sector’s performance through prior downturns – including the 2008 financial crisis and the COVID-19 pandemic – has reinforced its defensive characteristics and renewed institutional interest.