Overview
NEPC is one of the largest independent investment consulting firms in the United States, headquartered in Boston with offices in several other US cities. The firm advises institutional investors on over $1.7 trillion in total assets, providing guidance on asset allocation, manager selection, and portfolio construction across public and private markets.
NEPC’s alternatives practice is a significant component of the firm’s consulting platform, helping institutional clients design and implement their private equity, real estate, private credit, hedge fund, and infrastructure programs. The firm’s research team evaluates hundreds of private equity and alternative fund managers annually, providing clients with ranked recommendations and ongoing monitoring of their alternative investment portfolios.
The firm has been growing its outsourced CIO practice, providing smaller institutional investors with discretionary portfolio management that includes private market allocations. This OCIO business gives NEPC direct capital allocation authority, making the firm both an advisory gatekeeper and a direct decision-maker for a meaningful pool of institutional capital.
How to Approach
GPs should approach NEPC through its alternatives research team, which conducts manager evaluations and develops recommendations for the firm’s consulting clients. Building a relationship with NEPC can provide access to a large network of institutional investors who rely on the firm’s advice for their private equity allocation decisions.
The firm evaluates GPs through a structured process, and managers who are positively rated can expect to receive introductions and referrals from NEPC’s consulting relationships. GPs should be prepared to present detailed track record data, team information, and fund terms. NEPC’s OCIO practice also represents direct capital allocation opportunities, as the firm makes investment decisions on behalf of its discretionary clients.
Frequently Asked Questions
What types of institutional investors does NEPC advise?
NEPC advises a broad range of institutional investors including public pension funds, corporate retirement plans, endowments, foundations, healthcare systems, and Taft-Hartley plans. The firm's client base represents over $1.7 trillion in total assets under advisement. NEPC's consulting engagements range from pure advisory relationships to outsourced CIO mandates.
How does NEPC evaluate private equity managers?
NEPC's private equity research team evaluates managers through a comprehensive due diligence process that includes strategy assessment, track record analysis, team evaluation, operational due diligence, and fund terms review. The firm rates managers on a proprietary scale and maintains a research database that tracks fund performance, GP team changes, and market trends. NEPC's manager recommendations are tailored to each client's portfolio objectives and risk tolerance.
Does NEPC offer discretionary investment management?
Yes. In addition to its traditional consulting practice, NEPC offers outsourced CIO (OCIO) services where the firm has discretionary authority to implement investment decisions on behalf of clients. This service is particularly attractive to smaller endowments and foundations that may not have internal investment staff. NEPC's OCIO practice manages approximately $200 billion in assets.
