When the ‘smart money’ needs guidance selecting the best funds, fund managers, and asset allocation strategies, they turn to a select group of investment consultants that increasingly serve as gatekeepers between investors and asset managers. According to the With Intelligence U.S. Investment Consultants Report, NEPC and Meketa Investment Group were the consultants institutional investors relied on most frequently in 2024, while NEPC and Mercer advised on the highest value of investor mandates.
The first annual With Intelligence U.S. Investment Consultants Report analyzes data from nearly 1,400 U.S. investor mandates, totaling more than $89 billion in value, which closed during calendar year 2024. It identifies the top investment consultants in terms of total mandate volume and dollar value of closed mandates, along with analysis of trends in investment consultant activity by asset class and total assets under advisement. The majority (80%) of mandates tracked were for U.S. defined benefit funds, followed by treasury funds, permanent funds, endowments, trusts, and foundations (15%), and health plans, sovereign wealth funds, defined benefit/defined contribution cash balances and insurance vehicles (5%).
“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.
Following are some of the highlights in the With Intelligence U.S. Investment Consultants Report:
- NEPC, Meketa Close Largest Volume of Mandates: NEPC advised on the largest total volume of completed mandates in 2024, with a total of 163. Meketa Investment Group followed with 147 and Mariner Institutional ranked third with 121.
- NEPC, Mercer Lead on Total Value of Mandates: In terms of the total dollar of mandates advised, NEPC led the way in 2024 with $19 billion in closed searches. Mercer followed with $11.5 billion in completed mandates and Meketa Investment Group ranked third in total mandate value with $8.8.
- Private Equity/Venture Capital, Equity, Fixed Income and Private Credit See Highest Volume: The asset classes receiving the most attention from investment consultants were private equity/venture capital, with a total of 385 closed mandates. Equity (345), fixed income (189) and private credit (188) strategies also received significant attention from U.S. investment consultants.
- Aksia, Meketa Lead in Total Assets Under Advisement for alternatives: When it comes to total assets under advisement for alternative asset classes, during calendar year 2024, Aksia led the way with $5.5 billion, followed closely by Maketa with $5.1 billion.
To access the full With Intelligence U.S. Investment Consultants Report, please click here.
