Investment Consultants as Gatekeepers: The Manager Selection Process, OCIO Shift, and GP Engagement Strategy in 2026

Altss Allocator Intelligence Series Written by the Altss Research Team — OSINT-driven LP intelligence for alternative investment fundraising.

Why This Article Exists

If you are raising a fund — private equity, credit, real assets, hedge fund, or any alternatives strategy — understanding how investment consultants operate is essential to building an effective institutional fundraising plan. Consultants control access to the largest pools of institutional capital, and their recommendation process determines which managers institutional LPs consider.

Investment consultants advise on more than $20 trillion in institutional assets globally. The top 10 general consultants alone advise on approximately 90% of U.S. pension fund assets, according to research published through the American Finance Association (Andonov et al.). In 2024, 1,390 U.S. investor investment mandates totaling $89 billion in value closed with consultant involvement, according to With Intelligence's inaugural U.S. Investment Consultants Report (July 2025). NEPC advised on the largest total volume and value of completed mandates in 2024 — 163 mandates worth $19 billion — while Mercer placed second by value at $11.5 billion.

These numbers represent capital where consultant involvement is a standard part of the allocation process. For the majority of institutional LPs, the consultant recommendation is a prerequisite — or at minimum a strong influence — in manager selection decisions.

This guide explains exactly how that process works, who controls it, what GPs must do to enter it, and what the current landscape looks like as of February 2026.

What This Analysis Cannot Tell You

This article provides a strategic framework based on publicly available data, regulatory filings, academic research, consultant publications, and OSINT signals. It cannot tell you the internal rating a specific consultant has assigned to your fund, the precise timing of a particular pension fund's upcoming manager search, or whether a specific consultant will accept your meeting request. Every fundraising engagement is unique to the GP's strategy, track record, and relationship history. The information here is designed to help GPs structure their approach — not replace the judgment of experienced fundraising professionals or legal counsel.

Editorial note: All data points in this article are verified against primary sources (SEC filings, consultant disclosures, transaction announcements, regulatory documents, and peer-reviewed research). Where figures have an as-of date, the most recent publicly available data is used. See the full Sources section at the end of this article.

For a comprehensive methodology on using public intelligence to identify and prioritize allocators, see the Altss OSINT Framework for Private Markets Intelligence.

The Consultant Landscape in 2026: Who Controls What

The Major Firms and Their Scale

The institutional investment consulting market is dominated by a concentrated group of firms. Understanding their scale, structure, and client focus is a prerequisite for any GP developing a consultant engagement strategy.

Mercer (subsidiary of Marsh McLennan, NYSE: MRSH) Mercer is the world's largest investment consultant by assets under advisement, with over $16 trillion in worldwide advisory assets as reported to Pensions & Investments as of June 30, 2025 (P&I Research Center, 48 participating firms). Mercer manages over $300 billion in outsourced assets under management as of September 30, 2025, making it the largest OCIO provider globally. Mercer serves corporate defined benefit and defined contribution plans, public pension funds, endowments, foundations, insurance companies, and healthcare systems. In May 2025, Mercer acquired SECOR Asset Management, and in November 2024, it acquired Cardano — both moves expanding its OCIO and LDI capabilities. Key detail for GPs: Mercer maintains one of the most formalized manager research databases in the industry, with dedicated teams covering each asset class. Mercer's manager rating system classifies strategies on a multi-tier scale, and being rated is a prerequisite for inclusion in most client searches. Note: Marsh McLennan rebranded to "Marsh" effective January 2026 (ticker changed from MMC to MRSH). Mercer will continue operating under its own name through a transition period, with adoption of the unified Marsh brand expected beginning 2027.

Aon (NYSE: AON) Aon advises on approximately $4 trillion in institutional assets globally and manages approximately $150 billion on a delegated (OCIO) basis. Aon's investment consulting practice spans corporate defined benefit and defined contribution plans, public and governmental plans, and non-profit organizations. In September 2025, Aon signed a definitive agreement to sell a significant majority of NFP's wealth businesses — Wealthspire Advisors, Fiducient Advisors, Newport Private Wealth, and related platforms — to Madison Dearborn Partners for approximately $2.7 billion. The transaction closed on October 30, 2025, and the combined entity launched as Wealthspire, an independent firm overseeing more than $580 billion in assets under management or advisement as of June 30, 2025. GPs should note: Aon's institutional investment consulting arm remains within the parent company and continues to serve its institutional advisory clients directly. The divestiture of NFP's wealth businesses does not affect Aon's core institutional consulting and OCIO capabilities.

Cambridge Associates Cambridge Associates manages $610 billion in assets under advisement as of March 31, 2025, serving endowments, foundations, pension plans, healthcare systems, and family offices. The firm typically works with clients overseeing portfolios exceeding $125 million. Cambridge Associates is especially influential in the endowment and foundation space, where it pioneered the "endowment model" of high-equity, broad diversification including significant alternatives allocations. The firm employs approximately 300 senior investment professionals with an average of 18 years of industry experience. Cambridge maintains a proprietary database of over 10,000 funds from more than 2,500 managers. In late 2025, Cambridge expanded its presence in Switzerland through the acquisition of SIGLO Capital Advisors AG, a Zurich-based alternatives specialist. Cambridge met its goal of doubling investments with diverse managers three years ahead of schedule — 62% of clients now hold investments with diverse managers (defined as minimum 33% owned by women and/or people of color).

Meketa Investment Group Meketa advises on approximately $2.3 trillion in advisory assets and manages approximately $27.4 billion in discretionary assets as of December 31, 2024. The firm employs 240+ total employees, including 160+ investment professionals and 60+ research professionals with an average of 25 years of industry experience. Meketa serves defined benefit and defined contribution plan sponsors (Taft-Hartley, public, corporate, and non-profit), foundations, endowments, corporations, and healthcare organizations. Meketa is entirely employee-owned. According to With Intelligence's July 2025 report, Meketa was the second-most active consultant in 2024 by mandate volume (147 mandates) and third by total mandate value ($8.8 billion). Meketa was the most active investment consultant in the first half of 2023 for private market strategies, ahead of Hamilton Lane, Albourne Partners, Aksia, and StepStone Group (Nasdaq, October 2023). In 2019, Meketa merged with Pension Consulting Alliance, creating a combined advisory base exceeding $1.7 trillion at the time. In February 2024, Meketa launched Meketa Capital, a new division offering infrastructure funds to retail investors — signaling the broader democratization trend.

Wilshire Advisors Wilshire has approximately $1.5 trillion in assets under advisement as of December 31, 2024, including approximately $123 billion in discretionary assets under management. Wilshire provides consulting services to more than 500 institutional and financial professional clients globally, including pension funds, foundations, endowments, central banks, insurance companies, and family offices. Wilshire also operates the Trust Universe Comparison Service (TUCS), one of the industry's oldest performance benchmarking databases. Wilshire was acquired by private equity firms CC Capital and Motive Partners, with the transaction completing in 2024. Under the new ownership, Jason Schwarz was named CEO in April 2025. GPs should monitor how Wilshire's manager research process and technology capabilities evolve under private equity ownership.

NEPC NEPC is one of the industry's largest investment consulting firms, serving over 400 retainer clients with total assets exceeding $1.66 trillion (per NEPC's own disclosure at the time of the Hightower transaction, October 2024). NEPC was the most active consultant in 2024 by mandate volume (163 mandates) and led all consultants by total mandate value ($19 billion in closed searches), according to With Intelligence. NEPC employs over 360 professionals and is headquartered in Boston. The firm is particularly notable for its alternatives research depth — over 25 experts dedicated to alternative assets — and its manager rating system, which classifies strategies on a 1-to-5 scale (1 being the highest conviction). A "1-rated" strategy designation from NEPC is a powerful institutional signal that can significantly accelerate fundraising with NEPC's client base.

In a significant structural development, Hightower Holding agreed in October 2024 to acquire a majority stake in NEPC, with the deal expected to close in early 2025. NEPC retains approximately 20% ownership and will continue to operate independently, retaining its executive team, investment process, and culture. NEPC Managing Partner Mike Manning joined Hightower's board of directors upon closing. The combined entity represents over $1.8 trillion in assets under advisement and $258 billion in assets under management. Cerulli Associates noted the acquisition was driven by Hightower's desire to access NEPC's institutional client base and quality manager research platform. For GPs: a positive NEPC rating may increasingly open doors not just to traditional institutional LPs, but also to UHNW and family office capital accessed through Hightower's network of 140+ advisory practices. NEPC was originally employee-owned; the Hightower majority stake changes this structure, though NEPC professionals retain significant equity stakes.

Callan Callan is a leading independent investment consulting firm with a distinctive approach to manager research. Unlike most consultants, Callan does not create ratings for managers, classify them beyond asset class, or maintain an approved manager list. Instead, Callan screens every manager in its proprietary database by asset class for every search it conducts, including diverse and emerging firms. This open-architecture approach means GPs do not need a pre-existing rating to be considered — but they do need to be in Callan's database with current, accurate information. Callan's process is merit-based and starts from scratch for each search. Callan also publishes active RFPs directly on its website, providing GPs with real-time visibility into institutional demand.

Other Significant Consultants Several other firms play critical gatekeeper roles in specific segments:

Verus Investments: Over $1 trillion in assets under advisement as of June 30, 2025 (per P&I). Founded 1986 (originally Wurts & Associates, renamed 2015). Strong in public funds, corporate plans, and Taft-Hartley.
RVK: Significant Taft-Hartley and public plan presence, independent and employee-owned.
Marquette Associates: Maintains a proprietary database of over 50,000 notes on 18,000 products managed by 4,500+ investment managers; conducts approximately 3,600 manager meetings per year. Member of ICSWG-US.
Segal Marco Advisors: ESG and governance focus; member of ICSWG-US.
SEI: Combined consulting and OCIO platform.
StepStone Group: Specialized in private markets consulting and co-investment.
Albourne Partners: Global alternatives consultant; won the private markets consulting mandate for the $12.2 billion Illinois Police Officers' Pension Investment Fund in early 2025.
Aksia: Led all consultants in total assets under advisement for alternative asset classes in 2024, with $5.5 billion, per With Intelligence.
WTW (Willis Towers Watson): Major global consultant; published "Top Investment Actions in 2026" (December 2025). Member of ICSWG-US.

Market Concentration: Why This Matters for GPs

Academic research published through the American Finance Association (Andonov, Bauer, and Cremers) found that the top 10 general consultants advise on almost 90% of U.S. pension fund assets. The average number of consultants per pension fund increased from 1.6 in 2001 to 2.4 in 2020, largely driven by the hiring of specialized consultants for alternative assets. This means a typical large public pension fund has both a general consultant (for asset allocation and traditional manager selection) and one or more specialized consultants (for private equity, real assets, hedge funds, and private credit).

For GPs, this concentration has a practical implication: a focused strategy targeting 5-7 key consultants can, in theory, unlock the majority of U.S. institutional consultant-intermediated capital. Spreading thin across 20+ consultants is less effective than deep, sustained engagement with the firms most relevant to your strategy and LP target market.

How the Consultant Manager Selection Process Actually Works

Understanding the internal mechanics of consultant manager research is essential for GPs. The process varies by firm but follows a broadly consistent framework — one that parallels the LP decision cycle allocators follow when evaluating any manager.

Stage 1: Universe Construction and Initial Screening

Consultants maintain proprietary databases of investment managers, built over decades of meetings, questionnaire responses, and performance data submissions. DeMarche Associates, for example, maintains a database of over 2,600 managers and 9,000 products. Marquette's database contains over 50,000 notes on 18,000 products. These databases are the starting universe from which all searches begin.

To enter this universe, a GP must typically complete a consultant-specific manager questionnaire, provide quarterly composite performance results, and agree to notify the consultant immediately when significant changes occur within their firm (key person departures, strategy shifts, regulatory actions, etc.).

The initial screening filters include: manager tenure, AUM size, investment vehicle options, liquidity provisions, track record length, and adherence to stated strategy. Managers who do not meet basic quantitative thresholds — typically minimum track record of 3-5 years and minimum AUM thresholds that vary by strategy — are screened out before any qualitative review.

OSINT signal for GPs: Many large public pension fund RFPs and consultant searches are posted publicly. Callan publishes active RFPs directly on its website — recent examples include searches for the Cook County Pension Fund (international small cap equity) and the State Universities Retirement System of Illinois (real assets). State procurement portals in Illinois, California, New York, and Texas also post investment consultant RFPs and manager search notices. Monitoring these postings provides real-time visibility into which asset classes are in demand. For a systematic approach to this type of intelligence collection, see the Altss OSINT Framework.

Stage 2: Qualitative Review and Due Diligence Questionnaire

Managers that pass initial screening undergo a qualitative review of the firm and specific strategy. At this stage, consultants evaluate: investment philosophy, depth and expertise of portfolio management teams, firm growth and stability, repeatability of the investment process, and organizational health (beneficial ownership, key person risk, succession planning).

If the strategy remains compelling, the consultant sends a detailed due diligence questionnaire (DDQ). These questionnaires are extensive — often 50-100+ pages — and cover: attribution of performance (what drives returns?), capture ratios (how does the manager perform in up versus down markets?), historical drawdowns (magnitude and duration of loss periods), and detailed operational questions about compliance, service providers, and back-office infrastructure. For more on how allocators approach operational due diligence, see the Family Office Due Diligence Process Framework — many of the same principles apply across institutional channels.

Critical GP mistake: Many GPs treat the DDQ as a box-checking exercise and assign it to junior IR staff. This is the wrong approach. The DDQ is your primary written communication with the analyst who will determine your rating. Every answer should be precise, substantiated with data, and consistent with your verbal pitch.

Stage 3: Deep-Dive Research and On-Site Due Diligence

Managers that progress through the DDQ review undergo on-site due diligence visits. Consultants send senior research analysts to the GP's office to interview portfolio managers, traders, analysts, and key operational personnel. They examine buy/sell processes, portfolio construction methodology, compliance frameworks, and operational infrastructure.

At firms like DeMarche, the on-site findings are compiled into a strategy profile that is reviewed by a Manager Review Committee (MARC) — a group of senior consultants and portfolio managers that serves as an internal due diligence review board. This committee meets regularly (often weekly) to evaluate managers and assign them to proprietary peer universes.

Stage 4: Rating Assignment and Ongoing Monitoring

Following due diligence, the consultant assigns an internal rating. The structure varies:

NEPC's Rating System (representative example, as disclosed in their public materials):

Rating 1: Highest conviction. Strategy has a clearly articulated investment thesis; manager is sufficiently resourced and incentivized to execute. NEPC's Investment Strategy Team believes these are "best ideas" positioned to deliver on stated investment thesis and target return over a full investment cycle.
Rating 2: Positive view. Strategy is articulated and manager is resourced, but single factor or mosaic of factors leads to a 2 rather than 1 rating.
Rating 3: Constructive view. Strategy can play an appropriate role in certain portfolios; no unreasonable risks identified.
Rating 4: Unfavorable view due to issues, weaknesses, or risks that challenge ability to execute.
Rating 5: Significant concerns about effectiveness or viability of the strategy.
Watch: Issues have surfaced which may or may not undermine long-term viability but are not considered serious in the near-term.
Client Review: Very serious issues, potentially significant enough to violate original investment thesis. Clients advised to formally review relationship. Cannot participate in searches unless client specifically requests.
Terminate: NEPC has lost confidence and recommends termination. A 48-Hour Letter is distributed to clients with exposure.

Mercer's approach: Mercer uses a tiered rating system where strategies are classified across multiple dimensions. Being "rated" by Mercer — even at a neutral or constructive level — is a prerequisite for inclusion in client searches. Unrated managers are effectively invisible to Mercer's client base.

Callan's approach: As noted above, Callan is distinctive in that it does not maintain an approved list or rate managers. Every manager in the relevant asset class database is screened for every search. This makes Callan potentially more accessible to emerging managers, but also means there is no persistent "rating" that carries forward between searches.

What this means for GPs: The rating is not static. It requires ongoing engagement — annual updates, quarterly performance data, proactive notification of material changes, and periodic re-underwriting. GPs that secure a positive rating and then go silent for 18 months risk downgrade or removal from active consideration. The reporting package you deliver to consultants is a trust signal — treat it with the same rigor as your LP communications.

Stage 5: Client Search and Recommendation

When a consultant client (pension fund, endowment, etc.) has a need to hire or replace a manager, the consultant conducts a search within the relevant asset class. Rated managers that match the client's criteria are presented in a shortlist, typically 3-5 finalists. The client's investment committee then conducts its own interviews and selects a manager.

The consultant's role here is critical: they frame the narrative. The way a consultant describes your strategy, the peer comparisons they choose, and the risk factors they highlight shape the investment committee's perception before you ever enter the room. This is why the relationship with the research analyst covering your strategy matters as much as the formal rating.

The OCIO Shift: What GPs Must Understand

The outsourced chief investment officer (OCIO) model is the single most important structural trend reshaping the consultant-GP relationship.

Scale and Growth

The OCIO market has more than tripled in size in less than a decade, from just over $1 trillion in 2015 to more than $3.3 trillion by year-end 2024. Cerulli Associates projects the industry will grow to $5.6 trillion by 2029 — a 10.6% average annual growth rate — driven by an expected $1.3 trillion in new inflows from first-time OCIO adopters. Nearly half of those new assets are expected to come from corporate defined benefit or contribution plans (43.4%). (Source: The Cerulli Report — U.S. Outsourced Chief Investment Officer Function 2025, published November 20, 2025.)

The mandates are growing larger. In October 2025, Eli Lilly announced a $25 billion OCIO mandate with Goldman Sachs Asset Management. Goldman previously won a $40 billion mandate with Shell pensions. BlackRock closed its own $30 billion OCIO deal with Shell in 2024. Cerulli expects 9.6% of all institutional assets to be managed by OCIOs by 2029, up from 7.6% in 2024.

Union pension funds, endowments and foundations, and corporate pension funds are most likely to outsource or consider doing so (at 50%, 50%, and 42%, respectively), according to the 2025 CIO Outsourced Investment Manager Survey. Organizations with $500 million to $1 billion in assets are the adoption sweet spot — approximately 75% either outsourced or planned to, compared with 31% for organizations with assets of $1 billion or more.

What OCIO Means for GP Fundraising

When a pension fund or endowment moves from a non-discretionary consulting model to a full OCIO mandate, the GP's point of contact changes fundamentally.

Under non-discretionary consulting: The consultant recommends, but the client's investment committee makes the final hiring decision. The GP must win over both the consultant analyst AND the investment committee. There are two audiences.

Under OCIO: The consultant/OCIO provider has full discretion to hire and terminate managers. The GP's only audience is the OCIO's investment team. The investment committee has delegated execution authority. The OCIO can move faster — but they are also harder to reach because they control a larger pool of capital and receive a higher volume of manager pitches.

Practical implications:

GPs should map which of their target LPs use non-discretionary consulting versus OCIO, and tailor their approach accordingly. LP intelligence platforms that track real-time capital movements can help identify OCIO transitions as they happen.
OCIO providers are increasingly price-sensitive because their own fees are under scrutiny. GPs should expect more aggressive fee negotiations from OCIO clients than from non-discretionary consulting relationships. Understanding GP economics and how to structure flexible fee arrangements is essential.
OCIO mandates tend to favor managers already rated by the consulting firm's research team. If you are seeking capital from a pension fund that just transitioned to Mercer OCIO, and you are not rated by Mercer's investment team, you are effectively locked out.
The consolidation trend is real: 42% of searches completed by OCIO consultants in 2024 were replacement searches — clients replacing one OCIO with another. When an OCIO is replaced, the incoming provider typically re-underwrites the entire manager roster, creating both risk (existing managers may be terminated) and opportunity (new managers may be added).

The Consultant Engagement Playbook for GPs

Step 1: Identify Which Consultants Matter for Your Strategy

Not all consultants are equally relevant to all GPs. A $200 million venture capital fund has a different consultant universe than a $2 billion private credit platform. The right approach depends on your strategy, target LP type, and ticket size expectations.

By strategy type:

Private equity / venture capital: Meketa (most active in private markets, per Nasdaq), Cambridge Associates (endowment-model expertise), NEPC (highest volume of mandates), Albourne, Aksia, StepStone
Private credit: NEPC, Meketa, Mercer, Aon — private credit saw 188 closed mandates in 2024 per With Intelligence, making it the fourth-most active asset class
Real assets / infrastructure: Wilshire, Callan, Meketa, NEPC
Hedge funds / liquid alternatives: Aksia, Albourne, Cambridge Associates, NEPC
Traditional equity and fixed income: Mercer, Aon, Callan, Wilshire, NEPC, Verus

By LP type:

Public pension funds: Mercer, Aon, Wilshire, Callan, Meketa, NEPC, RVK, Verus
Taft-Hartley (union) pension funds: Meketa, NEPC, Segal Marco
Corporate defined benefit: Mercer, Aon, WTW
Endowments and foundations: Cambridge Associates, NEPC
Healthcare systems: NEPC, Mercer, Cambridge Associates

Step 2: Enter the Database

Before any engagement, ensure your firm is registered in each target consultant's manager database. This typically requires:

Completing the consultant's standard manager questionnaire: Each firm has its own format. Mercer, Aon, NEPC, Meketa, Cambridge Associates, Callan, and Wilshire all maintain separate questionnaires. Budget 20-40 hours per questionnaire for a thorough, high-quality submission.

Submitting GIPS-compliant composite performance data: Consultants require verified performance data, typically quarterly, with at least 3-5 years of track record for traditional strategies and at least one full vintage cycle for private markets.

Providing updated Form ADV and organizational information: Beneficial ownership structure, key person biographies, AUM history, client concentration, and fee schedules.

Registering on eVestment / Morningstar / PitchBook: Many consultants pull initial screening data from third-party databases. Ensuring your data is current on eVestment (now part of Nasdaq) and similar platforms increases your discoverability. For a comparison of how these platforms stack up for LP intelligence, see Altss vs PitchBook vs Preqin vs Dakota.

Step 3: Proactive Outreach and Relationship Building

The consultant analyst covering your asset class is your primary relationship. Not the head of the firm, not the client relationship managers — the research analyst who writes the notes and assigns the rating.

Meeting cadence: Aim for an initial introductory meeting, followed by at least annual update meetings. If you are in active fundraising, quarterly touchpoints are appropriate. Marquette Associates alone conducts approximately 3,600 manager meetings per year — they expect and welcome proactive outreach.

What to bring to a consultant meeting:

Updated pitch materials, ideally customized to the consultant's client base profile
Transparent attribution analysis explaining what drove returns
Clear articulation of your competitive advantage and why it is sustainable
Honest acknowledgment of periods of underperformance and what you learned
Organizational update: new hires, departures, AUM changes, strategy evolution
Client references (with permission)

What NOT to do:

Do not pitch the consultant as if they are an LP. They are evaluators, not investors (unless they are also an OCIO with discretion).
Do not bypass the research analyst to go directly to the client relationship manager. This is viewed negatively and can damage your standing.
Do not submit incomplete or outdated DDQs. The analyst's time is limited; wasting it with poor data undermines your credibility.
Do not be evasive about team changes, performance issues, or fund terms. Consultants talk to hundreds of managers; they can detect when something is being obscured. The same principle of source triangulation that LP intelligence platforms use to verify allocator data is exactly what consultants apply to GP claims.

Step 4: Navigate the Emerging Manager and DEI Dimension

Institutional consultants — and their clients — are increasingly focused on emerging and diverse managers.

Cambridge Associates met its goal of doubling investments with diverse managers three years ahead of schedule, with 62% of clients holding investments with diverse managers. The New York City pension systems increased exposure to emerging managers by almost $3 billion in fiscal year 2024-2025, bringing total emerging manager exposure to $13.02 billion (up from $10.36 billion in FY2024). NYC's Bureau of Asset Management maintains a database of 2,000+ diverse and emerging manager contacts. (Source: NYC Comptroller MWBE and Emerging Manager Pension Investments Report, 2025.)

NEPC publishes dedicated emerging manager research and includes diverse firms in every search regardless of size. Several states have mandated or strongly encouraged emerging manager allocations.

For emerging GPs: This environment is more favorable than at any prior point. However, "emerging manager" programs have specific definitions that vary by consultant and client:

NYC defines emerging managers as firms with no more than $10 billion firm-wide AUM, or funds up to $3 billion raised by firms with up to $5 billion AUM and less than 10 years of institutional track record.
Some consultants define "emerging" as first or second institutional fund. Others use AUM thresholds.
DEI designations typically require minimum 33% ownership by women and/or people of color.

For first-time fund managers navigating this landscape, the First-Time Fund Manager Playbook provides a data-driven roadmap covering anchor investors, track record attribution, GP staking and seeding arrangements, and family office targeting strategies.

OSINT approach: Public pension fund board meeting minutes are among the most valuable intelligence sources for emerging GPs. NYC's Comptroller publishes detailed MWBE and emerging manager reports. CalPERS, CalSTRS, and other large public plans publish investment committee agendas and meeting minutes that disclose upcoming manager searches, consultant recommendations, and allocation decisions.

Step 5: Monitor and Adapt

Consultant relationships are not "set and forget." The landscape shifts continuously:

Consultant turnover: When the analyst covering your strategy leaves, your relationship resets. Monitor LinkedIn for analyst moves. Introduce yourself to the replacement promptly.
Client changes: When a pension fund replaces its consultant (which happens frequently — the AFA research shows pension funds change general consultants often in response to underperformance), the new consultant may have no awareness of your strategy. Proactively reach out.
OCIO transitions: When a client moves from non-discretionary to OCIO (or switches OCIO providers), the new provider re-underwrites all manager relationships. This is both a risk and an opportunity. Monitor public filings and board minutes for OCIO transition announcements. LP intelligence platforms that track real-time capital movements — including OCIO transitions, consultant changes, and mandate announcements — can supplement manual monitoring.
Regulatory shifts: Executive Order 14330 (August 7, 2025) directed the DOL, Treasury, and SEC to expand access to alternative assets for retirement plans. The DOL subsequently rescinded its 2021 Supplemental Private Equity Statement on August 12, 2025, removing the chilling effect on private equity in DC plans. With over $8.7 trillion in 401(k) assets alone as of Q1 2025 (Investment Company Institute), consultants are developing new frameworks for private market inclusion in DC plans. GPs positioning for this opportunity should engage consultants early.

Conflicts of Interest: What GPs Should Know

The consultant industry faces structural conflicts that GPs should understand and use as context for engagement.

The Advisory-to-OCIO Conflict

Many consultants now operate both non-discretionary advisory businesses and discretionary OCIO businesses. When a consultant recommends that a client move from advisory to OCIO — and that same consultant is the OCIO provider — the conflict of interest is inherent. The consultant earns higher fees under the OCIO model (discretionary management fees exceed non-discretionary consulting fees). Academic research from the American Finance Association found that pension funds prefer to hire larger consultants that combine advisory and asset management services, despite their conflicting interest and potentially biased recommendations.

For GPs, this conflict matters because: OCIO consultants may favor proprietary or affiliated strategies in their discretionary portfolios, potentially disadvantaging third-party managers. Monitoring a consultant's OCIO portfolio composition — available through SEC Form ADV filings and public pension fund disclosures — can reveal whether they genuinely operate an open-architecture platform or tilt toward in-house solutions.

The Pay-to-Play Perception

Consultant databases and conferences sometimes involve sponsorship opportunities. GPs should be aware that sponsoring a consultant conference or paying for a database listing does not — and should not — influence the manager rating process. Reputable consultants maintain strict firewalls between commercial relationships and research teams. However, the perception of pay-to-play can create reputational risk for both GPs and consultants.

SEC Oversight in 2026

The SEC's Division of Examinations 2026 priorities, released in November 2025, emphasize fiduciary duty compliance for investment advisers, including review of: the impact of advisers' financial conflicts on providing impartial investment advice; advisers' consideration of factors associated with investment advice (cost, objectives, risks, potential benefits, volatility, time horizon); emerging risks including AI usage and operational resiliency; and Regulation S-P compliance (incident response programs). GPs should expect institutional LPs and their consultants to intensify due diligence on fee transparency, conflict disclosure, and operational compliance — areas where strong practices will differentiate fund managers.

Mapping the Decision Cycle: From Initial Contact to Allocation

The timeline from first consultant meeting to fund commitment varies significantly by strategy type, LP type, and consultant process. Based on aggregate industry data and OSINT signals:

Traditional public markets strategies: 6-12 months from initial screening to mandate award. Consultants typically run formal searches with defined timelines: initial screening (2-4 weeks), DDQ and shortlisting (4-8 weeks), finals presentations (2-4 weeks), committee approval (4-8 weeks).

Private equity and venture capital: 12-24 months from initial consultant meeting to fund commitment. Private markets searches involve deeper diligence, on-site visits, reference checks, legal review of fund terms (LPA and subscription agreement review), and investment committee approval. For emerging managers in private equity, the timeline can extend to 24-36 months.

Private credit: 9-18 months. Private credit has seen accelerating search activity (188 closed mandates in 2024 per With Intelligence) and faster decision cycles than traditional PE, reflecting the greater urgency of credit deployment and the more liquid nature of some strategies.

Real assets and infrastructure: 12-24 months. Similar to private equity in diligence depth but often complicated by additional regulatory requirements for real asset investments.

Key timing considerations for GPs:

Begin consultant engagement at least 18-24 months before your target fundraising launch for private markets strategies. If you wait until the fund is in market, you are too late for most consultant-intermediated capital. For a comprehensive view of current fundraising dynamics, see the Guide to Fundraising in 2025.
Investment committee meeting calendars at institutional LPs are typically quarterly. Missing a cycle means waiting 3 months — which in fundraising terms can be decisive.
Many consultants conduct annual "research weeks" or "manager days" where they review new and existing strategies. Securing a slot in these events is a high-value opportunity.

OSINT Intelligence for Consultant Engagement

Public Data Sources for GP Intelligence

The following publicly accessible sources provide actionable intelligence for GPs targeting consultant-intermediated capital. For a complete methodology on building an LP intelligence program, see the Altss OSINT Framework for Private Markets Intelligence.

Pension fund board meeting minutes: Most U.S. public pension funds publish investment committee agendas, meeting minutes, and consultant presentations online. These documents reveal: which consultants are advising the fund, which asset classes are under review, upcoming manager searches, and specific investment committee decisions. CalPERS, CalSTRS, NYC Comptroller, Texas TRS, Florida SBA, and dozens of other large plans publish these regularly.

Consultant RFP postings: Callan publishes active RFPs on its website. State procurement portals also post investment consultant RFPs and manager search notices. Illinois, California, New York, and Texas are particularly transparent.

SEC Form ADV filings: Every registered investment adviser — including consultant firms — files Form ADV with the SEC. These filings disclose AUM, client types, fee structures, conflicts of interest, and ownership information. Form ADV for Mercer, Aon, NEPC, Meketa, Wilshire, and others are publicly available on the SEC's Investment Adviser Public Disclosure (IAPD) database.

Pensions & Investments annual surveys: P&I publishes annual rankings of the largest investment consultants by worldwide institutional assets under advisement (48 firms responded to the June 30, 2025 survey), as well as OCIO rankings. These provide valuable benchmarking data.

With Intelligence U.S. Investment Consultants Report: Published July 2025 (inaugural edition), this report analyzes 1,390 U.S. investor mandates totaling $89 billion closed in 2024. Rankings by mandate volume: NEPC (163), Meketa (147). Rankings by mandate value: NEPC ($19B), Mercer ($11.5B), Meketa ($8.8B). Asset class breakdown: PE/VC (385 mandates), equity (345), fixed income (189), private credit (188). 83% of mandates came from public defined benefit pension funds.

Dakota Marketplace and eVestment: Third-party platforms that track RFPs, consultant searches, and manager hiring/firing decisions across institutional channels. For a comparison of how Altss's LP intelligence differs from these platforms, see Altss vs PitchBook: 5 Key Differences in LP Database Accuracy.

The Hightower-NEPC Signal and What It Means for Distribution

The Hightower-NEPC transaction (announced October 2024, expected close early 2025) signals a structural shift. As Institutional Investor reported, Hightower CEO Bob Oros stated: within the first two weeks of announcing the deal, a $1 billion DC plan came in from one of Hightower's advisors that they previously would not have been able to win. Meanwhile, a $20 million DC plan that came into NEPC — too small for NEPC to bid on — was directed to Hightower. This is part of a broader trend of wealth management firms acquiring consulting capabilities. For GPs, the line between institutional and wealth channel distribution is blurring. A positive NEPC rating may increasingly open doors not just to traditional institutional LPs, but also to UHNW and family office capital accessed through Hightower's network of 140+ advisory practices managing approximately $156 billion. For more on how to approach family office fundraising specifically, see Elevate Family Office Fundraising with Altss.

Current Trends Shaping Consultant Decisions (January-February 2026)

Private Markets in Defined Contribution Plans

Executive Order 14330 (signed August 7, 2025), titled "Democratizing Access to Alternative Assets for 401(k) Investors," directed federal agencies to expand access to alternative assets for retirement plans. Five days later, on August 12, 2025, the DOL rescinded its December 21, 2021 Supplemental Private Equity Statement, which had a "chilling effect on the market" according to the current DOL. The EO's 180-day deadline for new guidance expires February 3, 2026, meaning updated DOL frameworks are imminent.

With over $8.7 trillion in 401(k) assets as of Q1 2025 (Investment Company Institute) — and total DC plan assets significantly higher when including 403(b), 457, and other plans — the opportunity is substantial. BlackRock announced in June 2025 that it would launch a 401(k) target-date fund in the first half of 2026 with a 5-20% allocation to private investments. Empower, the country's second-largest retirement plan provider, is partnering with Apollo to begin allowing private assets in accounts.

Key consultant requirements for DC-appropriate strategies include: daily or periodic valuation capability, liquidity management, reasonable fee structures, and robust operational infrastructure. GPs building products for the DC channel should engage consultants early — particularly NEPC, Meketa, Aon, and Mercer, all of whom are actively researching DC-appropriate private market solutions.

WTW's 2026 Investment Priorities

WTW published its "Top Investment Actions in 2026" in December 2025, highlighting: pooled employer plans (PEPs) with $25 billion+ in expected assets by end of 2025 (up from $10 billion two years prior); real assets as strategic allocations driven by depreciation changes in the 2025 U.S. Budget Bill; liquid diversifier strategies including macro, relative value, and catastrophe bonds; and the evolving role of liability-driven investing (LDI) within total portfolio approaches. GPs whose strategies align with these themes should reference WTW's published priorities in consultant conversations to demonstrate awareness of the allocator perspective.

Fee Pressure and OCIO Competition

The rapid growth of OCIO has attracted over 130 providers. Cerulli's Chris Swansey noted that "larger OCIO providers will likely increase fee pressure on smaller competitors as assets concentrate among the largest providers" and that "if organic growth opportunities eventually decline, large OCIO firms are expected to seek inorganic growth through acquisitions." For GPs, this creates a secondary effect: OCIO providers under fee pressure will increasingly push for lower management fees and more favorable fund terms from the GPs they allocate to. Preparing for fee negotiations — including offering separate account options, fee breaks for larger commitments, and co-investment access — strengthens a GP's competitive position in consultant-mediated fundraising.

ESG Integration and the ICSWG-US

Fourteen institutional investment consulting firms in the U.S., with worldwide assets under advisement totaling more than $33 trillion, established the Investment Consultants Sustainability Working Group (ICSWG-US) in May 2021. Members: ACG, Aon, Callan, Cambridge Associates, Marquette Associates, Meketa, Mercer, NEPC, RVK, Segal Marco Advisors, SEI, Willis Towers Watson, Wilshire, and Verus. While ESG integration approaches vary by consultant and client, GPs should be prepared to articulate their ESG practices, measurement frameworks, and reporting capabilities.

Strategic Framework: Consultant Engagement by GP Stage

First-Time Fund (Fund I)

Reality: Most major consultants will not rate a Fund I manager without a prior institutional track record. The primary path to consultant engagement for emerging GPs is:

Identify consultants with formal emerging manager programs (NEPC, Cambridge Associates, Callan, Meketa)

Target smaller and mid-size consultants (Marquette, RVK, Verus) that may have lower AUM and track record thresholds

Leverage state-mandated emerging manager programs where consultants are required to source diverse and emerging managers

Build a track record through separately managed accounts, seeding capital, or GP staking arrangements before launching the fund

Consider targeting Callan specifically for its open-architecture, no-approved-list approach

For a complete fundraising playbook for first-time managers — including anchor investor strategy, family office targeting, and track record packaging — see the First-Time Fund Manager Playbook.

Fund II-III ($250M-$1B)

Sweet spot: This is where consultant engagement becomes most productive. The GP has a verifiable track record, established operations, and a clear investment thesis that has been tested through a market cycle. Priority actions:

Ensure registration in all target consultant databases with current, complete data

Initiate formal due diligence processes with 3-5 priority consultants

Seek a rating from at least 2-3 major firms before launching fundraising

Engage specialized private markets consultants (Aksia, Albourne, StepStone) in addition to general consultants

Performance metrics matter at this stage. Consultants will benchmark your TVPI, DPI, and IRR against vintage year peers. Ensure your performance data is GIPS-compliant, audited, and presented with clear deal-level attribution.

Established Platform ($1B+ AUM)

Maintenance and expansion: Established GPs should focus on deepening existing consultant relationships, expanding coverage to additional consultants, and positioning for OCIO allocations. Priority actions:

Maintain annual or semi-annual update meetings with all rated consultants

Proactively communicate material changes (positive or negative) within 48 hours

Develop DC-appropriate product structures to position for the emerging defined contribution opportunity

Monitor OCIO transitions at existing LP clients and engage the incoming OCIO provider immediately

Offer co-investment and separate account options to strengthen consultant-mediated relationships

Summary: The 10 Rules for Consultant Engagement

Start early. Begin consultant engagement 18-24 months before fundraising for private markets strategies. If you start when the fund is in market, you are already behind.

Be in the database. If you are not in the consultant's manager database with current data, you do not exist. Complete every questionnaire thoroughly.

Know the analyst. The research analyst covering your asset class is your most important relationship. Not the CEO. Not the relationship manager. The analyst.

Respect the process. The consultant's due diligence process is rigorous for a reason — they are fiduciaries to their clients. Never try to shortcut it.

Be transparent. Acknowledge periods of underperformance, team changes, and challenges directly. Consultants discover these things regardless; the question is whether you told them first.

Maintain the relationship. A positive rating requires ongoing engagement. Annual updates, quarterly data submissions, and proactive communication are non-negotiable.

Map the OCIO landscape. Identify which of your target LPs use OCIO versus non-discretionary consulting, and understand who has discretion over the allocation decision.

Monitor public signals. Pension fund board minutes, consultant RFPs, and regulatory filings are publicly accessible intelligence. Use them. The Altss OSINT Framework provides a systematic methodology for this.

Prepare for fee pressure. The OCIO boom is intensifying competition, and consultants are pushing for lower fees on behalf of their clients. Have your negotiation framework ready.

Think long-term. A consultant relationship is a 5-10 year asset. One meeting does not produce a rating. One rating does not produce an allocation. The GPs who succeed in consultant-intermediated fundraising are the ones who invest consistently in the relationship over multiple fund cycles.

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