Executive summary
NEPC dominated overall mandate closures by number and value in 2024. Within alternative assets specifically, it was NEPC and Meketa that took top spots for the number of mandates advised on.
When looking at the value of mandates for alternative assets searches, Aksia and Meketa were the leading advisors, each representing over $5 billion in mandate value. While some investment consultants are well embedded as leaders in specific asset classes, there is a good diversity of players active in the market, providing manager selection support across the asset class spectrum.
Introduction
Investment consultants are key gatekeepers between managers and investors. Many investors will retain a lead consultant to provide strategic input across the investment function, including around governance, asset allocation, manager selection and performance measurement. However, particularly with larger or more complex investors, multiple consultants may be used for manager selection in specific asset classes or for public and private markets separately.
This analysis covers 1,390 US investor mandates tracked by With Intelligence that closed in 2024, with a total value of $89 billion. We assess which investment consultants supported manager selection processes that resulted in a manager being appointed by the investor, across various asset classes. We rank the consultants most active in each asset class by the number and value of mandates successfully closed.
A significant majority (83%) of investors in this analysis were public defined benefit (Public DB) pension funds. However, a number of other investor types are covered, including Treasury funds, Permanent Funds, Endowments, Trusts and Foundations.
“Investment consultants have emerged as key figures in the alternative investment strategies of the world’s leading institutional investors. But measuring them has always been squishy,” said Leanna Orr, Director of Allocator Content at With Intelligence. “Within that rarified group of consultants, our data identified an elite handful delivering billions in investment deals to benefit those clients – the pensioners, students, and workers who depend on their strong returns.” – Leanna Orr, Director of Allocator Content at With Intelligence.
