Hyperion Realty Capital (“Hyperion”), a vertically integrated real estate investment manager focused primarily on U.S. grocery-anchored retail, today announced a strategic partnership with GCM Grosvenor (Nasdaq: GCMG), a leading middle market real estate platform builder and GP stakes investor. The platform will launch with an investment of up to $100 million from GCM Grosvenor, on behalf of its investment funds, into a new closed-end vehicle targeting $200 million of equity. As part of the partnership, GCM Grosvenor will join Hyperion’s Board of Directors.

The 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.

Peter Braffman, Managing Director at GCM Grosvenor, said, “We are excited to partner with Jon and the Hyperion team to help build a leading grocery-anchored retail platform. Hyperion’s deep operating experience and industry relationships make them an ideal partner in the grocery-anchored retail space.”

Jon Mendis, Hyperion’s CEO and Founder, added, “GCM Grosvenor is an ideal strategic partner for this next chapter of our growth. Their industry leadership and investment excellence strengthen our team and our platform as we continue to build a leading, vertically integrated investment platform focused on necessity-based retail. We look forward to a long and successful partnership.”

About Hyperion Realty Capital

Hyperion Realty Capital is a vertically integrated real estate investment manager specializing in U.S. grocery-anchored retail (GAR). The firm acquires, owns and operates shopping centers anchored by leading daily-necessity retailers, utilizing its integrated investment and operating platform to pursue compelling risk-adjusted returns on behalf of its investment partners. For more information, visit hyperioncre.com.

About GCM Grosvenor

GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $97 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return strategies. Specializing in alternatives for more than 50 years, the firm serves a global institutional and individual client base through a team of approximately 550 professionals. GCM Grosvenor is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul, and Sydney. For more information, visit gcmgrosvenor.com.

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