Cartesian Growth Corporation (GLBL): BCG Matrix [Dec-2025 Updated]

Cartesian Growth's portfolio shows a clear playbook: high-growth "stars" in impact investing and strategic alternatives are driving top-line momentum and capture premium client segments, while entrenched cash cows in core wealth management and U.S. fiduciary services generate the recurring cash and margins that bankroll expansion; selectively funded question marks in Europe and Asia/Middle East will test the firm's ability to scale and integrate acquisitions, and underperforming legacy real estate and transactional advisory "dogs" are being wound down to simplify operations and lift consolidated returns-read on to see how these allocation choices will shape growth and risk going forward.

Cartesian Growth Corporation (GLBL) - BCG Matrix Analysis: Stars

Stars - Impact Investing and Values-Aligned Strategies: AlTi Global's impact and values-aligned strategies represent a Star for Cartesian Growth Corporation (GLBL) due to a combination of high market growth and strong relative market share. AlTi Global manages approximately $5,000,000,000 in assets specifically committed to impact and values-aligned strategies as of late 2025. The global market growth rate for ESG-integrated assets currently exceeds 12% annually, positioning this segment in a high-growth industry. Core wealth management revenues that include these strategies rose 10% year-over-year to $57,000,000 in Q3 2025, while the broader platform reports a 96% client retention rate, underscoring substantial recurring revenue potential and client stickiness.

Stars - Strategic Alternatives and Asset Management: The strategic alternatives segment also qualifies as a Star, targeting high-growth alternative investments favored by ultra-high-net-worth (UHNW) clients. This segment contributed significantly to $52,000,000 in core segment revenue reported in mid-2025. Market growth for alternative assets is projected at 15% through 2025, driven by family offices and UHNW individuals seeking diversification beyond public equities. AlTi invests approximately $520,000,000 of its own capital alongside clients, enhancing deal access and aligning incentives, while a global footprint of 19 offices facilitates sourcing of exclusive co-investment opportunities.

Performance and operational metrics for the two Star segments are summarized below:

Key strategic attributes and actions supporting Star status:

• Scale: $5.0B AUM in impact strategies provides material market presence and pricing power.
• High growth exposure: Alignment with >12% ESG and ~15% alternatives market CAGR captures rapid demand expansion.
• Client economics: $57M and $52M recent core revenues indicate meaningful contribution to firm top line.
• Retention and referral: 96% retention sustains low acquisition costs and high lifetime value.
• Skin-in-the-game: $520M proprietary co-investment capital strengthens deal flow and client alignment.
• Distribution leverage: 500+ professionals and 19 offices enable targeted penetration of UHNW segments.

Implications for investment and resource allocation: To maintain and extend Star performance, continued capital allocation toward distribution buildout, proprietary co-investment capacity, product innovation in ESG-integrated and alternative offerings, and technology-enabled client servicing is indicated by current metrics. Prioritizing margin optimization while preserving growth momentum will be essential as these segments scale within Cartesian Growth Corporation's portfolio.

Cartesian Growth Corporation (GLBL) - BCG Matrix Analysis: Cash Cows

Cash Cows

The Core Wealth Management and Capital Solutions segment is a primary cash cow for Cartesian Growth Corporation (GLBL), delivering significant recurring revenue, high margins, and scale in assets under management (AUM). In Q2 2025 this business unit generated $52.4 million in revenue and reported a 26.0% adjusted EBITDA margin as of December 2025. Recurring revenue now comprises 99% of segment income, producing predictable cash flows that fund corporate operations and inorganic growth initiatives. The firm manages/advises $82.0 billion in assets across North America, Europe, and Asia-Pacific, with client concentrations skewed to ultra-high-net-worth individuals and institutional mandates. High barriers to entry in the UHNWI advisory space (regulatory complexity, deep client relationships, reputational capital) underpin stable ROI and low churn.

Key operational and financial drivers for the Core Wealth Management & Capital Solutions cash cow include:

• Recurring fee model: 99% of segment revenue from advisory and management fees, creating predictable monthly/quarterly cash inflows.
• Scale benefits: $82B AUM delivers fee dilution, lower per-dollar servicing costs and cross-sell opportunities.
• High margin profile: 26% adjusted EBITDA margin supports internal capital generation for M&A and technology investments.
• Client stickiness: Multi-decade relationships and bespoke service offerings limit attrition and price sensitivity.
• Regulatory moat: Licensing, trust structures and compliance expertise deter new entrants seeking UHNWI mandates.

The United States Fiduciary and Trust Services unit is a second cash cow, contributing stable management fees and demonstrating high retention and low incremental capital requirements. The trust company operations have driven a 7% increase in total management fees, which reached $52.0 million in Q3 2025. Client retention for the fiduciary business has remained at 96% since 2021, reflecting very high switching costs and strong brand loyalty. Approximately 59% of the firm's AUM is U.S.-based, providing a mature revenue base and predictable cash generation. This unit requires minimal CAPEX relative to new market entries, enabling surplus free cash flow to support acquisitions and strategic initiatives.

Key operational and financial characteristics of the U.S. Fiduciary & Trust Services cash cow:

• Predictable fee streams: Management and trustee fees produce steady quarterly revenues with low volatility.
• High retention: 96% client retention since 2021 reduces acquisition pressure and preserves lifetime value.
• Mature market exposure: 59% of AUM domiciled in the U.S. yields regulatory stability and predictable demand.
• Low CAPEX intensity: Limited capital requirements enable high free cash flow conversion and funding of strategic M&A.
• Cross-sell synergy: Trust relationships support distribution of Wealth Management and Capital Solutions products, improving marginal revenue per client.

Combined financial contribution and strategic implications:

Cartesian Growth Corporation (GLBL) - BCG Matrix Analysis: Question Marks

Dogs - Question Marks

In the BCG portfolio framework, the 'Question Marks' quadrant comprises high market-growth opportunities where Cartesian Growth Corporation (GLBL) currently holds low relative market share. Two primary initiatives fall into this category: European multi-family office expansion via the AlTi Global acquisition of Kontora, and targeted market development in the Middle East and Asia. Both initiatives require significant capital and operational scaling to transition from Question Marks to Stars or Cash Cows.

European Multi Family Office Expansion (AlTi Global - Kontora acquisition)

AlTi Global completed the acquisition of Hamburg-based Kontora in Q1 2025, adding approximately USD 15,000,000,000 in assets under management and advisement. The acquisition provides an entry point into Germany, the third-largest ultra-high-net-worth (UHNW) market globally, where continental Europe exhibits above-average wealth-growth rates estimated at 6-8% CAGR for UHNW segments (2024-2028). AlTi's current market share in continental Europe is estimated at 0.2% within the targeted UHNW advisory segment, classifying this initiative as a Question Mark.

• Key success drivers: seamless integration of CRM and portfolio management platforms, regional regulatory compliance, cross-selling to existing Kontora UHNW clients.
• Operational priorities: migrate legacy systems to a unified custody and reporting stack, local talent retention programs, centralized compliance and AML controls.
• Near-term constraints: upfront IT spend, local licensing timelines, cultural integration of advisory teams.

Middle East and Asian Market Development

AlTi is pursuing accelerated entry into the Middle East and Asia, targeting double-digit wealth-creation corridors where regional wealth growth rates range from 10% to 15%+ annually for HNW/UHNW cohorts (varies by market and segment). Current measured market share in these geographies is below 0.05% for targeted onshore private wealth services, placing these efforts squarely in the Question Marks bucket. Consolidated adjusted EBITDA remains constrained at approximately USD 4,000,000 due to high setup costs including local licensing, office establishment, and partner onboarding.

• Strategic approach: form joint ventures and distribution alliances with local banks and family offices; prioritize licensed onshore entities in key jurisdictions (e.g., UAE, Singapore, Hong Kong).
• Resource allocation: reallocation of sales and product teams, targeted marketing budgets, and subsidized pricing for first-year advisory mandates to build track record.
• Key risks: geopolitical/regulatory volatility, high customer acquisition costs, slow conversion from pipeline to fee-generating AUM.

Performance milestones and KPIs required to justify continued investment include achieving: (1) 50-100 basis points of net margin on new AUM within 36 months; (2) cumulative new AUM of USD 8-12 billion per region within 3-5 years; (3) platform integration completion within 12-18 months to reduce advisory delivery cost by 20-30%.

Cartesian Growth Corporation (GLBL) - BCG Matrix Analysis: Dogs

Question Marks - Dogs: Legacy International Real Estate Business

The Legacy International Real Estate business is being actively wound down as of December 2025 to simplify global operations and reallocate capital toward core businesses. In Q2 2025 this segment delivered a negative contribution of $1.0 million to adjusted EBITDA and the exit incurred non-recurring, non-cash impairment charges of $100.0 million. Management cites low market growth, persistent margin dilution on consolidated results, and operational complexity as primary drivers for the divestment decision.

The financial and operational profile of the Legacy International Real Estate business is summarized below.

Key risks and actions associated with this exit:

• Risk: Realization gap between book impairment and sale proceeds - action: targeted asset disposition and structured sale processes to protect value.
• Risk: Short-term earnings volatility due to impairment recognition - action: communicate one-time nature and emphasize ongoing margin improvement post-exit.
• Risk: Operational wind-down costs and legal/transactional spend - action: centralize exit management to cap additional costs.
• Performance KPI: Eliminate negative EBITDA contribution by FY2026; reduce consolidated operational complexity metric by targeted % (internal KPI).

Question Marks - Dogs: Non-Core Advisory and Transactional Services

Legacy non-core advisory and transactional services have been deprioritized in favor of transitioning to recurring revenue models. These services now represent less than 1% of total revenue after the firm shifted from 83% recurring revenue to 99% recurring in 2025. The one-off transactional advisory market is highly competitive, offers lower margins than core businesses, and generates earnings volatility tied to transaction cycles.

Actions, benefits and KPIs for non-core advisory reduction:

• Action: Reduce CAPEX allocation and headcount exposure in transactional advisory; shift resources to high-growth impact and alternative platforms.
• Benefit: Increase predictability of cash flows and protect higher-margin core EBITDA (26% benchmark).
• KPI: Maintain ≥99% recurring revenue mix; keep non-core advisory revenue <1% of total; target consolidated EBITDA margin uplift after reallocation (internal target to exceed prior period by defined basis points).
• Risk: Market for recurring products must sustain growth to offset lost transaction fees - mitigant: accelerate cross-sell within wealth management and capital solutions.