Consultants and investment firms
The organizations LPs invest through, as the LPs themselves name them.
Consultants and program managers
A public plan’s private-markets consultant screens the funds it sees, and many plans run their emerging-manager program through a fund of funds or an outside firm. Knowing which organization that is tells a manager raising a first fund where an introduction starts.
| # | Organization | Plans it advises | Emerging-manager programs it runs | Foundations that pay it |
|---|---|---|---|---|
| 1 | StepStone Group | 5 | — | — |
| 2 | Aksia | 4 | 1 | — |
| 3 | GCM Grosvenor | — | 4 | — |
| 4 | Albourne | 3 | — | 4 |
| 5 | Barings | — | 3 | — |
| 6 | Hamilton Lane | 3 | — | 1 |
| 7 | Callan | 2 | — | 1 |
| 8 | HarbourVest Partners | — | 2 | — |
| 9 | Meketa Investment Group | 2 | — | 1 |
| 10 | Muller & Monroe Asset Management | — | 2 | — |
| 11 | 50 South Capital | 1 | 1 | — |
| 12 | Fairview Capital Partners | — | 1 | — |
| 13 | Farol Asset Management | — | 1 | — |
| 14 | Franklin Park Associates | 1 | — | — |
| 15 | McKinley Capital Management | — | 1 | — |
| 16 | Mercer | 1 | 1 | 3 |
| 17 | NEPC | 1 | — | 7 |
| 18 | Pathway Capital Management | 1 | — | — |
| 19 | Sapphire Partners | — | 1 | — |
| 20 | Top Tier Capital Partners | — | 1 | — |
| 21 | TPG Next | — | 1 | — |
Investment firms foundations pay
The businesses foundations list on Form 990-PF among their highest-paid contractors for managing or advising on their investments, named by at least 2 foundations. Which foundations pay which firm is in LP Intelligence.
| # | Organization | Foundations that pay it |
|---|---|---|
| 1 | Goldman Sachs | 40 |
| 2 | Cambridge Associates | 36 |
| 3 | Morgan Stanley | 32 |
| 4 | JPMorgan | 31 |
| 5 | Northern Trust | 29 |
| 6 | UBS | 16 |
| 7 | BNY Mellon | 14 |
| 8 | Fidelity | 13 |
| 9 | Monticello Associates | 13 |
| 10 | CAPTRUST | 11 |
| 11 | Eagle Capital Management | 9 |
| 12 | Merrill Lynch | 9 |
| 13 | Pathstone | 9 |
| 14 | Bank of America | 8 |
| 15 | Brown Advisory | 6 |
| 16 | Charles Schwab | 6 |
| 17 | Wells Fargo | 6 |
| 18 | Edgewood Management | 5 |
| 19 | Bessemer Trust | 4 |
| 20 | Parametric Portfolio Associates | 4 |
| 21 | Partners Capital | 4 |
| 22 | Silchester International Investors | 4 |
| 23 | State Street | 4 |
| 24 | STG Partners | 4 |
| 25 | Strategic Investment Group | 4 |
| 26 | Tiedemann Advisors | 4 |
| 27 | Adage Capital Partners | 3 |
| 28 | Aperio Group | 3 |
| 29 | Asset Consulting Group | 3 |
| 30 | Cerity Partners | 3 |
| 31 | Commonfund | 3 |
| 32 | Corient | 3 |
| 33 | East End Advisors | 3 |
| 34 | Fiducient Advisors | 3 |
| 35 | Glenmede | 3 |
| 36 | Hirtle Callaghan | 3 |
| 37 | Icg Advisors | 3 |
| 38 | Iconiq Capital | 3 |
| 39 | Pathstone Family Office | 3 |
| 40 | Relevant Wealth Advisors | 3 |
| 41 | Select Equity Group | 3 |
| 42 | Summit Rock Advisors | 3 |
| 43 | Summit Trail Advisors | 3 |
| 44 | The Colony Group | 3 |
| 45 | The London | 3 |
| 46 | Tiedemann Wealth Management | 3 |
| 47 | WCM Investment Management | 3 |
| 48 | Wellington Management | 3 |
| 49 | Wellington Trust | 3 |
| 50 | Wilmington Trust | 3 |
| 51 | Alliancebernstein | 2 |
| 52 | Aristotle Capital Management | 2 |
| 53 | Ballentine Partners | 2 |
| 54 | Becker Capital Management | 2 |
| 55 | Biltmore Family Office | 2 |
| 56 | BlackRock | 2 |
| 57 | Boston Trust Walden | 2 |
| 58 | Brave Warrior Advisors | 2 |
| 59 | Caprock Group | 2 |
| 60 | Citi | 2 |
| 61 | Cornerstone Capital | 2 |
| 62 | Crewcial Partners | 2 |
| 63 | Dexter Global Equity Te | 2 |
| 64 | Dodge & Cox | 2 |
| 65 | Ehrenkranz Partners | 2 |
| 66 | Fund Evaluation Group | 2 |
| 67 | General Atlantic Service | 2 |
| 68 | Gresham Partners | 2 |
| 69 | Gw&K Investment Management | 2 |
| 70 | Hall Capital Partners | 2 |
| 71 | Hardman Johnston Global Advisors | 2 |
| 72 | Harris Associates | 2 |
| 73 | Investure | 2 |
| 74 | Landseer Advisors | 2 |
| 75 | Marquette Associates | 2 |
| 76 | Mercer Advisors | 2 |
| 77 | Mfo Management | 2 |
| 78 | National Financial Services | 2 |
| 79 | Neuberger Berman | 2 |
| 80 | Neumeier Poma Investment Counsel | 2 |
| 81 | Nia Impact Advisors | 2 |
| 82 | Offit Capital Advisors | 2 |
| 83 | Parkwood Trust | 2 |
| 84 | Partners Capital Investment Group | 2 |
| 85 | Pershing Advisor Solutions | 2 |
| 86 | Prime Buchholz | 2 |
| 87 | RBC Wealth Management | 2 |
| 88 | Sawgrass Asset Management | 2 |
| 89 | Seven Bridges Advisors | 2 |
| 90 | Shapiro Capital Management | 2 |
| 91 | Simon Quick Advisors | 2 |
| 92 | Sonen Capital | 2 |
| 93 | The Burgiss Group | 2 |
| 94 | The Rock Creek Group | 2 |
| 95 | Vanguard | 2 |
| 96 | Vibrato Capital | 2 |
| 97 | Westfuller Advisors | 2 |
| 98 | Westwood Global Investments | 2 |
About the data
Consultants come from each LP’s own documents: the report its holdings were read from, or the pages on how it takes submissions. Program managers are the organizations an LP says run its emerging-manager mandate. Foundations’ investment firms are the businesses a foundation lists among its five highest-paid contractors for investment management or advice on Form 990-PF; the import keeps a contractor only when the return names a business. Names are normalized, so one organization written two ways is counted once. Organizations only: no person’s name is kept. How Hottub reads its sources.