The video starts with a blue title slide that says “Shaping Success: Tony Miller Reflects on Excolere’s First Year Milestones” and the entire video is narrated by Tony Miller, Managing Partner of Excolere.  

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The video shows Tony sitting in front of some greenery and his name and title pop up on the bottom right corner of the screen. 

At Excolere, we’re committed to being the, the premier 
 
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investor in the middle market buyout space and education 
 
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and human capital management. 
 
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The video changes to show a man and woman talking to each other while the man shows the woman something on a screen. 

 
The importance of human capital of talent 
 
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is, it’s always been important. 
 
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The video changes to show two women and a man working together at a desk in front of a laptop. 

 
It’s only gonna be increasingly important over 
 
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the, the decades to come. 
 
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Building a firm is not just being a good investor, 
 
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The video changes back to Tony. 

 
it really is having to get lease space, hire people, 
 
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put legal agreements in place. 
 
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It, it is a lot of building a firm. 
 
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The video switches to a more up-close angle of Tony.  

 
At the same time, your core business 
 
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is making good investments. 
 
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The screen changes to show a block quote: “The real advice of how you’re successful, is build a really capable team.” 

 
And so the real advice of 
 
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how you’re successful is build a really capable team, a team 
 
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The video changes back to the up-close shot of Tony. 

 
that you can work with, that you can delegate, 
 
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that can really compliment you 
 
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because you really do need a team 
 
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The video changes back to the longer shot of Tony.  

 
to launch a successful firm. For us, you know, 
 
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we have real expertise in understanding the public policy 
 
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and the regulatory aspects of the sector, 
 
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and we think that gives us a distinctive 
 
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advantage as investors. 
 
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The video changes to show the view of students in a classroom watching as a teacher wrtites numbers on a whiteboard.  

 
Part of our fundamental belief in the education 
 
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and human capital space, given the size of the sector, is 
 
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The video changes to show two men in hard hats working on a job site.  

 
that it’s important to be diversified in your investment 
 
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as you build and construct your portfolio. 
 
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The video changes back to the up-close shot of Tony.  

 
We started with an investment in K-12 
 
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The video changes to show a woman tutoring a young boy at a library desk. 

 
in supplemental instruction really aimed at 
 
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The video changes back to the up-close shot of Tony.  

 
how do you improve reading interventions 
 
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for younger children in school, um, who are reading at times, 
 
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in some cases multiple grades below grade level. 
 
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The video changes to show a student’s feet as he walks up stairs carrying a backpack.  

 
Second investment is in early childhood, 
 
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beyond just what we call custodial care. 
 
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The screen shows a block quote: “It’s not just daycare, but atually cognitive, emotional, and social development.”  

 
It’s not just daycare, but acting with the cognitive 
 
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and emotional and social development. 
 
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The video changes back to the long shot of Tony.  

 
And then our third investment, the company’s working 
 
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with large school districts where they are recruiting 
 
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The video shows a group of high-school age students sitting on bleachers eating lunch and socializing.  

 
students who’ve dropped out of high school. 
 
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And so now they’re bringing them back into 
 
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The video shows two men working together on a machine. 

 
an educational environment. 
 
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With the support that we’ve had from Grosvenor 
 
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and the Elevate platform, 
 
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The video changes back to the long shot of Tony.  

 
we really do feel like we’ve been very successful in 
 
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building, if you will, the whole investment infrastructure. 
 
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A block quote appears on screen: “For us it was a conscious decision. Is there a partner there who can add value beyond just capital?” 

 
And so, for us, it was a conscious decision of, you know, 
 
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is there a partner out there that could really add value 
 
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The video changes back to the close-up of Tony.  

 
beyond just capital, um, beyond just credibility, 
 
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but could bring, um, capability. 
 
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The video changes to the long shot of Tony.  

 
Well, how do you make sure that early in six months, 
 
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in 12 months, you’ve got a robust compliance function 
 
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and processes stood up, right? 
 
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Grosvenor was critical in helping us, one, be aware of that, 
 
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build our capabilities so that you are well prepared. 
 
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The video changes to the up-close shot of Tony.  

 
With the benefit of the Grosvenor operations team, right? 
 
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A picture of Tony on stage at SEM Consortium 2025 with his fellow paneslists appears on screen.  

 
That’s a very kind of tangible source of value 
 
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that we don’t have the resources to do inhouse training. 
 
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The photo changes to one of Tony and Elizabeth Browne engaged in conversation at SEM Consortium 2024.  

 
The fact that it extends a relationship 
 
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that I’ve personally had with the Grosvenor community, 
 
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The photo changes to Tony and Elizabeth smiling on stage with the other panelists in the background.  

 
if you will, um, over the last 15 plus years. 
 
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Um, that’s something that is very satisfying, um, 
 
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The video changes back to the long shot of Tony. 

 
and very validating, right? 
 
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And, and it’s not unnoticed, um, clearly in in, 
 
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in our investor community as they recognize the standards 
 
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that that Grosvenor sets. 
 
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And the fact that they would invest in us as a, 
 
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as an anchor investor speaks volumes. 
 
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The end of the video is a blue screen with the GCM Grosvenor logo in white in the top write and “GCM Grosvenor’s Elevate platform provides catalytic seed capital with the primary goal to support small, emerging, and diverse private equity firm founders in launching and scaling their firms through broad strategic support across key non-investment functions. Elevate was pleased to make its first investment in Excolere Equity Partners in October 2023. Learn more at https://www.gcmgrosvenor.com/sponsor-solutions.”