Investment Consultants

Aksia supervises $366 billion, $331 billion advisory, $36 billion discretionary, with a pure focus on alternatives. The New York-based firm handles sourcing, pacing, portfolio construction, operational due diligence, monitoring, and reporting across primaries, SMAs, co-investments, and secondaries. Clients pick their governance model: fully non-discretionary, fully discretionary, or something in between. That flexibility, combined with eight offices spanning New York, London, Tokyo, Hong Kong, Dubai, and beyond, makes Aksia one of the go-to specialists for institutions building out alternatives programs.

Albourne Partners is a specialist global investment consultant focused exclusively on alternative investments, advising institutional investors on approximately $800 billion in hedge fund, private equity, private credit, and real asset allocations. The firm operates across 11 global locations spanning North America, Europe, and Asia. Albourne explicitly does not compete with clients for investment capacity and does not offer OCIO mandates or fund-of-funds products, maintaining strict independence as a non-discretionary advisor. The firm provides portfolio advice, manager research, operational due diligence, fintech solutions, and implementation support. Albourne is particularly valued by large institutions seeking specialized alternatives expertise without the conflicts inherent in firms that both advise and manage capital. Albourne's client base spans pensions, endowments and foundations, financial institutions, family offices, and insurance companies, and the firm runs several named industry initiatives, including Open Protocol, a standardized risk and exposure reporting template, and The Shape of Fees, its fee transparency research.

AndCo Consulting is an independent, employee-owned investment consulting firm advising on approximately $180 billion in institutional assets. Headquartered in Orlando, Florida, AndCo serves public pension funds, endowments, foundations, healthcare systems, and corporate retirement plans across the United States. The firm provides non-discretionary investment consulting including asset allocation, manager research and selection, performance monitoring, and alternative investment advisory. AndCo operates as a pure consulting firm without OCIO, proprietary products, or asset management services, maintaining strict independence in its advisor recommendations. The firm has built a particularly strong presence among mid-sized public pension systems and nonprofit institutions in the southeastern United States.

Aon Investments USA Inc., the SEC-registered investment adviser within Aon's investment consulting practice, reports $150.9 billion in regulatory assets under management (SEC Form ADV Part 2A, as of December 31, 2025). The firm was renamed from Aon Hewitt Investment Consulting, Inc. in 2020 and organizes its practice around four client types (defined benefit, defined contribution, public funds, and non-profit and endowment clients), providing asset allocation, manager research and selection, liability-driven investment strategy, and plan de-risking advice. Investment consulting sits alongside the parent firm's broader retirement and risk advisory practice, giving clients access to actuarial and enterprise risk capabilities alongside investment strategy. The team works with plan governance committees on investment policy statements, target-date fund evaluation, and regulatory compliance across multiple jurisdictions.

bfinance is an independent investment consultancy that has advised on investments exceeding $330 billion, serving clients with total assets in excess of $9 trillion. Headquartered in London with 12 offices across 47 countries, bfinance provides manager selection, strategic asset allocation, portfolio design, ESG advisory, operational due diligence, fee reviews, and risk reporting. The firm operates purely as an advisory consultant without OCIO or discretionary management services, tailoring solutions to each institutional client. bfinance is known for its competitive manager search process and proprietary analytics platform that evaluates thousands of investment strategies across all asset classes. The firm has completed more than 1,900 manager search engagements for over 620 clients, and its May 2026 Manager Intelligence and Market Trends research tracked mounting fee pressure across private markets managers.

Callan advises on $3.0 trillion in institutional assets from its San Francisco base, serving corporate and public pensions, endowments, and foundations since 1973. Two things set Callan apart. First, its proprietary database, one of the largest collections of institutional manager performance data in the industry, and the annual Callan Institutional Investor Survey, which has become a standard reference for asset allocation trends. Second, Callan is a pure advisory firm with no OCIO offering. It does not manage assets, which eliminates the conflicts that come with wearing both hats.

Cambridge Associates advises on $600 billion across advisory and discretionary mandates, with roots going back to 1973 and a client base anchored by endowments and foundations. The firm offers three models: full discretionary OCIO, non-discretionary advisory, and asset-class-specific mandates spanning PE, hedge funds, real assets, private credit, co-investments, and secondaries. About 300 senior investment professionals staff the platform, averaging 18 years of experience, and the firm holds a 95 percent annual client retention rate. Cambridge's proprietary private investment benchmarks are an industry standard, and its alternatives research is among the deepest in the consulting world. In March 2026, Cambridge Associates partnered with S&P Global and Mercer to launch new private markets performance datasets covering private credit and real assets.

CAPTRUST is a majority employee-owned investment advisory firm that has ranked number one on Financial Advisor magazine's RIA list for discretionary and non-discretionary AUM for ten consecutive years. The firm advises on approximately $850 billion in institutional and private client assets, providing investment advisory, co-fiduciary, and consulting services to retirement plan sponsors, nonprofit organizations, and institutional investors. Headquartered in Raleigh, North Carolina, CAPTRUST operates more than 40 offices nationwide with over 30 years of experience. While the firm is primarily known as an RIA, its institutional consulting division provides non-discretionary advice to plan sponsors on manager selection, asset allocation, and fiduciary governance. In May 2026, the firm continued its acquisition-driven growth by adding Stillwater Capital Advisors, a $1.25 billion Pennsylvania-based private wealth firm.

Cliffwater is an investment advisory firm specializing in alternative investments, advising institutional investors on approximately $350 billion in assets. Headquartered in Marina del Rey, California, Cliffwater provides research, due diligence, and advisory services across private equity, private credit, hedge funds, real assets, and infrastructure. The firm is unique among consultants in that it also manages direct lending strategies through Cliffwater Corporate Lending Fund and related vehicles. Cliffwater is known for its proprietary alternatives database and research platform, and its consulting practice advises public pension funds, endowments, foundations, and other institutional investors on manager selection and portfolio construction in alternatives. CEO Stephen Nesbitt leads the firm, whose Cliffwater Enhanced Lending Fund marked its five-year anniversary with a 12 percent annualized net return since inception.

Fund Evaluation Group, known as FEG, is an investment advisory firm providing both consulting and outsourced CIO services to institutional investors. Headquartered in Cincinnati, Ohio, FEG advises on approximately $95 billion in institutional assets across endowments, foundations, healthcare systems, and other nonprofit organizations. The firm offers two primary service models: a consulting approach where clients retain full decision-making authority while receiving strategic guidance, and an OCIO model where the FEG team works as a full investment office. FEG also offers values-aligned investing solutions, managed portfolios, and proprietary research through its Curio platform. The firm is led by Chief Investment Officer Greg Dowling alongside Holly Laiveling, who was appointed Chief Technology Officer in March 2026, part of a senior team that also includes Charles Luecke and Andrew Manley.

Marquette advises on $429 billion across 425+ clients with a 99 percent retention rate over the past decade, a number that speaks for itself. The Chicago-based firm is 100 percent employee-owned and runs five U.S. offices with 145+ professionals. Services include investment consulting, DC consulting, OCIO, and private client advisory. Marquette has built a particularly strong franchise with nonprofits, healthcare systems, and endowments, though it also serves public and corporate pensions and insurance companies. CEO Brian Wrubel leads a partner group that includes Chief Compliance Officer Linsey Schoemehl Payne and Director of Research Greg Leonberger; OCIO portfolio strategist Jessica Noviskis appeared on Bloomberg Markets in July 2026 to discuss market conditions.

Meketa advises on $1.8 trillion in institutional assets and has been at it since 1978, one of the longer track records in the consulting business. The firm is employee-owned with no proprietary products. Its client base spans corporations, endowments, foundations, public funds, healthcare organizations, and Taft-Hartley plans, but Meketa is best known for advising large public pension systems. Coverage extends across public markets, private markets, real estate, and liquid alternatives, with both consulting and fiduciary management OCIO available. In March 2026, the firm announced a new shareholder addition to its employee-ownership structure.

Mercer advises on $16.2 trillion in global institutional assets, making it the largest investment consultant in the world by a wide margin. A Marsh McLennan subsidiary, Mercer covers the full consulting spectrum: manager research, asset allocation, portfolio construction, and sustainable investment advisory for pensions, endowments, foundations, insurers, and sovereigns. The firm also runs a sizable OCIO business and an alternatives sourcing platform, but its consulting practice stays non-discretionary. Clients get recommendations and implement themselves. Its manager research database covers thousands of strategies and is one of the most referenced in the industry.

Morningstar Investment Management, a subsidiary of Morningstar Inc., advises on approximately $265 billion in institutional and intermediary assets. The firm leverages Morningstar's renowned research platform, including its proprietary Morningstar Analyst Ratings and quantitative assessment tools, to provide manager selection, asset allocation, portfolio construction, and investment consulting services. Operating from Chicago, the firm serves retirement plan sponsors, financial advisors, and institutional investors seeking research-backed advisory solutions. Morningstar Investment Management offers both advisory and managed portfolio services, with its consulting practice distinguished by the depth and transparency of its manager research methodology.

NEPC advises on $1.7 trillion in institutional assets, serving public pensions, endowments, foundations, healthcare systems, insurance companies, Taft-Hartley plans, and corporate retirement plans out of Boston since 1986. The firm is employee-owned with no proprietary products, which keeps its manager recommendations clean of conflicts. NEPC covers the full advisory toolkit, asset allocation, manager research, portfolio construction, risk management, performance monitoring, and also offers discretionary OCIO for institutions that want to delegate implementation. In March 2026, the firm launched a pooled employer plan (PEP) to simplify retirement plan management for smaller organizations, and it named a new head of marketable equities in July 2026.

Prime Buchholz is an institutional investment consulting firm founded in 1988, advising on approximately $76 billion in assets for foundations, hospitals, schools, pensions, and endowments. Headquartered in Portsmouth, New Hampshire, with offices in Boston and Atlanta, the firm provides investment consulting, hybrid and implemented solutions, outsourced CIO services, and mission-aligned investing. Prime Buchholz offers its PrimePlus managed platform for institutions seeking a turnkey portfolio solution. The firm emphasizes independence, transparency, and custom strategies for each institution, maintaining long-term advisory relationships with nonprofit and mission-driven organizations.

RVK is an independent, employee-owned investment consulting firm providing strategic investment advice and co-fiduciary services to corporate and public retirement systems, Taft-Hartley funds, endowments, foundations, and other nonprofit institutions. Headquartered in Portland, Oregon, with regional offices in Boise, Chicago, and New York City, RVK advises on over $3 trillion in institutional assets under advisement. The firm operates as a pure investment consultant without proprietary products or OCIO mandates, differentiating itself through independent, conflict-free advice. RVK is known for its rigorous quantitative research capabilities and long-term client relationships built on transparency and fiduciary accountability. In September 2024, the Pennsylvania State Employees' Retirement System hired RVK, an example of the co-fiduciary mandates the firm is known for.

Segal Marco Advisors is an investment consulting firm advising on approximately $470 billion in institutional assets, with particular expertise in Taft-Hartley multiemployer plans, public pension funds, endowments, and foundations. Headquartered in New York, the firm was formed through the combination of Segal Advisors and Marco Consulting Group, creating one of the largest consultants serving the union and public sector institutional market. The firm provides non-discretionary investment consulting including asset allocation, manager research and selection, performance monitoring, and alternative investment advisory. Segal Marco is known for its deep expertise in the regulatory and governance requirements specific to multiemployer and public pension funds. Co-Presidents Seth Almaliah and John Marco lead the firm.

Verus advises on over $1.1 trillion in institutional assets, working with public pensions, nonprofits, multi-employer plans, and corporate retirement plans. Founded in 1986 as Wurts & Associates and based in Seattle, the firm provides both non-discretionary consulting and OCIO services. In February 2026, Verus announced a merger with Cerity Partners that extends the platform into private wealth advisory alongside its institutional practice, a combination that reflects the blurring line between institutional consulting and wealth management. The combination formally closed in March 2026.

WTW advises on $4.0 trillion in institutional assets and manages $162 billion in delegated OCIO mandates. The firm operates on an open-architecture model: clients choose between a pure advisory relationship where they retain decision-making authority, or a delegated solution where WTW implements strategy end to end. The consulting practice covers investment strategy, asset allocation, manager research, and monitoring for corporates, public pensions, endowments, insurers, and sovereigns across 40+ countries.