CION Grosvenor Management

No. CION Grosvenor Management is a registered investment adviser that externally manages CION Investment Corporation, a publicly traded business development company (BDC). It pools capital from retail and institutional investors rather than managing a single family's wealth. Its structure and regulatory oversight under the Investment Company Act of 1940 clearly separate it from the family-office framework.

The firm primarily originates and manages senior secured loans to private US middle-market companies, typically in sponsor-backed transactions. Its portfolio via CION Investment Corporation includes first-lien, second-lien, and unitranche debt across industries such as healthcare services and specialty manufacturing. Positions are disclosed in quarterly SEC filings and have included companies like Orthopedic Care Partners.

As the external manager of a BDC, the firm earns a base management fee calculated as a percentage of total assets and an incentive fee tied to investment income and capital gains. This fee structure is standard for externally managed BDCs and is detailed in CION Investment Corporation's public filings. It is fundamentally different from a family office's cost-recovery or single-principal compensation model.

The CION platform was co-founded by Michael Reisner and Mark Gatto. Together they built the distribution and investment infrastructure that supports both CION Investment Corporation and other vehicles within the network. Reisner and Gatto's backgrounds in financial services distribution informed the firm's focus on retail and high-net-worth investor access to alternatives.

The strategy is overwhelmingly credit-focused, with the majority of the portfolio held as senior secured floating-rate loans. While BDCs occasionally receive equity co-investment features or warrants alongside debt positions, CION Investment Corporation's equity exposure has historically been modest and incidental to its lending activities.