The first annual With Intelligence U.S. Investment Consultants Report that 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%).
The key points highlighted in the release:
- 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.
This comes, as With notes, as investment consultants have emerged as key figures in the space.
US Investment Consultants
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.
Read the full report here by With Intelligence
