Information on the target
The Altss Allocator Intelligence Series, crafted by the Altss Research Team, serves as a comprehensive resource for understanding the dynamics of institutional fundraising in alternative investments. This series is particularly valuable for private equity, credit, real assets, hedge funds, and other alternative strategies, providing insights into how investment consultants operate and influence capital allocation decisions. With investment consultants managing over $20 trillion in institutional assets globally, their recommendations play a pivotal role in shaping which managers are considered by institutional limited partners (LPs).
In 2024, investment mandates totaling $89 billion were closed with consultant involvement, highlighting the critical nature of these relationships. Notably, NEPC led the market with 163 mandates worth $19 billion, while Mercer followed with $11.5 billion. This underscores the importance of understanding the consultant landscape for general partners (GPs) seeking to optimize their fundraising strategies.
Industry overview in the target’s specific country
The investment consulting industry in the United States is characterized by a concentrated market dominated by a few key players. As of June 2025, Mercer stands out as the largest investment consultant globally, advising on over $16 trillion in assets. This scale allows Mercer to maintain a robust manager research database, which is essential for GPs looking to gain access to institutional capital. The firm’s acquisition of SECOR Asset Management and Cardano has further enhanced its capabilities in outsourced chief investment officer (OCIO) and liability-driven investing (LDI).
Aon, another major player, advises approximately $4 trillion in institutional assets and has a significant presence in both corporate and non-profit sectors. The recent sale of NFP's wealth businesses to Madison Dearborn Partners illustrates the dynamic nature of the industry, as firms adapt to changing market conditions and client needs. Cambridge Associates, with $610 billion in assets under advisement, continues to influence the endowment and foundation space, particularly through its pioneering "endowment model" that emphasizes high-equity allocations.
Meketa Investment Group and Wilshire Advisors also play critical roles, with Meketa advising on $2.3 trillion and being recognized for its active engagement in private market strategies. Meanwhile, NEPC has established itself as a leader in alternatives research, employing over 360 professionals and serving a diverse client base. The competitive landscape is further complicated by the emergence of OCIO models, which are reshaping how consultants interact with GPs and manage institutional assets.
Overall, the U.S. investment consulting market is evolving rapidly, driven by trends such as the increasing adoption of OCIO models, heightened focus on emerging and diverse managers, and the …