OCIOs and Investment Consultants as LPs: GP Fundraising Guide 2026

By Dawid, Founder of Altss. Writing about allocator intelligence and fundraising strategy.

If you are a fund manager raising capital for a private equity, venture, private credit, or real asset fund, the single most important thing to understand about OCIOs and investment consultants is this: they control access to more institutional capital than any other intermediary in alternative investments — and they are not your LP. They are the gatekeeper standing between you and your LP.

The U.S. OCIO market reached $2.5 trillion in assets under management in 2025, representing 75% of global OCIO AUM — a 16% year-over-year increase. Global OCIO AUM reached $3.52 trillion as of March 2025 — a 14.6% jump from the prior year, based on annual survey data from leading providers. The global market is projected to reach $5.78 trillion by 2030. Altss analysis of institutional data sources estimates that 9.6% of all institutional assets — including corporate DB and DC plans, endowments, foundations, health systems, private wealth, insurance general accounts, and public DB plans — will be managed by OCIOs in the near term, up from 7.6% in 2024. Separately, the investment consulting industry advised on nearly 1,400 U.S. investor mandates totaling more than $89 billion in closed searches during 2024 alone. Private equity and venture capital was the most active category, with 385 closed mandates, followed by equity (345), fixed income (189), and private credit (188). When you add non-discretionary advisory relationships where consultants influence but do not directly control allocation decisions, the capital surface these intermediaries touch exceeds $4 trillion.

On December 31, 2025, a structural shift took effect: the CFA Institute's new GIPS Guidance Statement for OCIO Portfolios became mandatory for all OCIO firms claiming compliance with Global Investment Performance Standards. For the first time, OCIOs must report performance using standardized composite structures, disclose gross-of-fees and net-of-fees returns, report proprietary fund fee arrangements, and classify portfolios by strategic asset allocation type (liability-focused vs. total return). This is the most significant transparency event in the OCIO industry's history — and it changes how GPs evaluate which OCIOs are worth targeting, because comparable performance data will, for the first time, reveal which providers are generating actual alpha versus riding market beta.

That capital flows through pension funds, endowments and foundations, corporate retirement plans, insurance companies, healthcare systems, and union pension trusts. These asset owners retain consultants and OCIOs specifically to handle fund manager selection, asset allocation, and portfolio construction — the exact functions that determine whether your fund gets a meeting, survives diligence, or receives an allocation. If you are not visible to the consultant or OCIO that advises your target limited partners, you are functionally invisible to the capital they control.

This guide covers how these intermediaries actually work, what distinguishes an OCIO from a non-discretionary consultant, how their decision chains differ, who the dominant firms are in 2026, what they look for in fund managers, how emerging manager programs function, and the OSINT signals that tell you when a consultant relationship is about to change — which is the single highest-value fundraising signal in the institutional channel.

What Makes OCIOs and Consultants Different from Every Other LP Type

Every other LP type in the Altss coverage series — family offices, pension funds, endowments, sovereign wealth funds, insurance companies, fund of funds, and corporate venture capital — deploys its own capital. OCIOs and consultants deploy someone else's capital with a fiduciary obligation attached. This creates a fundamentally different dynamic in every dimension that matters to a GP.

The decision-maker is not the capital owner. In every other LP relationship, the person writing the check has authority over the capital. With OCIOs and consultants, the person recommending or executing the allocation is an employee or partner of an advisory firm that has been retained by the asset owner. The consultant's incentive structure is not identical to the asset owner's. The consultant needs to demonstrate value through process rigor, manager research depth, and defensible decision-making — not through concentrated bets on high-conviction managers. This means your pitch must satisfy two audiences simultaneously: the intermediary's investment criteria and the end client's mandate constraints.

The approval timeline is structurally longer. Industry benchmarks from public search databases and RFP filings show that the average consultant-mediated manager search takes 16 to 30 weeks from search initiation to mandate close. OCIO-mediated allocations can move faster — 8 to 16 weeks — because the OCIO has discretionary authority and does not need to present recommendations to a client investment committee for approval. But even OCIO timelines are longer than direct family office allocations (which can close in 4 to 8 weeks under principal-led decision-making) because OCIOs must document their process against fiduciary standards.

The relationship architecture is layered. When a pension fund retains Mercer as a consultant, Mercer may advise on asset allocation, conduct manager searches, and monitor existing managers — but the pension fund's investment committee makes final decisions. When that same pension fund retains Goldman Sachs Asset Management as an OCIO, Goldman Sachs has discretionary authority to hire and fire managers, rebalance portfolios, and implement tactical allocation changes without going back to the committee for each decision. The GP's access point, pitch format, and relationship cadence differ completely depending on which model the asset owner uses.

The Two Models: OCIO vs. Non-Discretionary Consultant

The distinction between these two models is the single most important structural variable in institutional fundraising. Getting it wrong wastes months.

Non-discretionary investment consulting is the traditional model. The consultant advises; the client decides. The consultant conducts manager research, maintains an approved manager list (sometimes called a "buy list" or "recommended list"), and presents search results to the client's investment committee. But the committee retains final authority over every hire and fire decision. The consultant's leverage comes from information asymmetry — the committee depends on the consultant's research because it lacks the staff, time, or expertise to evaluate hundreds of fund managers independently.

For GPs, this means two things. First, you must get on the consultant's approved list before you can access any of their client relationships. Second, even after you are on the list, the consultant must actively recommend you for a specific client search — and the client committee must then approve the allocation. This is a two-stage gate.

OCIO (outsourced chief investment officer) is a discretionary model. The OCIO has been delegated fiduciary authority to make investment decisions on behalf of the asset owner. The OCIO selects managers, implements portfolio changes, and reports results — all without requiring investment committee approval for individual decisions. The client's role shifts from approving each allocation to overseeing the OCIO's process and reviewing aggregate portfolio performance.

For GPs, OCIO relationships compress the decision chain. You are pitching one decision-maker (the OCIO's investment team) rather than navigating a recommendation through a consultant and then through a client committee. But the bar is often higher because the OCIO bears direct fiduciary liability for every allocation. A consultant who recommends a poorly performing manager shares reputational risk with the client committee. An OCIO that selects a poorly performing manager bears the full weight of fiduciary accountability alone.

The consultant-to-OCIO conversion trend. This is where the market is moving and where GPs must pay attention. The OCIO market has tripled from just over $1 trillion in 2015 to more than $3.3 trillion by year-end 2024. New adoption is the strongest driver of growth — approximately $1.3 trillion in new OCIO inflows are projected through 2029. Union pension funds, endowments and foundations, and corporate pension funds are the segments most likely to outsource, at 50%, 50%, and 42% respectively. Approximately 75% of organizations with between $500 million and $1 billion in assets either outsource or plan to — compared with 31% for organizations with assets of at least $1 billion.

This means a meaningful portion of the institutional capital that was previously accessible through consultant relationships is migrating to OCIO structures where the GP's access point changes entirely. If your target pension fund used to retain NEPC as a non-discretionary consultant and you had a relationship with NEPC's research team, that relationship still matters. But if the pension fund converts to an OCIO model with a different provider — say Goldman Sachs or Russell Investments — your NEPC relationship no longer controls access. You now need a relationship with Goldman's OCIO team.

How the Consultant Approved List Actually Works

The approved list — variously called the "buy list," "recommended list," "rated list," or "manager research database" — is the infrastructure that connects consultant research to client allocations. For GPs, this is the institutional equivalent of a credit score: if you are not on the list, you do not exist to the consultant's client base.

How managers get on the list. Consultant research teams maintain coverage universes of hundreds to thousands of managers across asset classes. Getting initial coverage typically requires meeting a set of threshold criteria: minimum AUM (usually $100 million or more for institutional strategies, lower for emerging manager tracks), minimum track record (typically three years of audited performance), institutional-quality operations (independent administrator, third-party audit, robust compliance), and LP reporting infrastructure (quarterly reporting, annual meetings, ILPA-compliant templates).

Once a manager meets threshold criteria, the consultant assigns an analyst to conduct qualitative and quantitative research. The analyst evaluates investment process, team stability, organizational structure, portfolio construction discipline, risk management, alignment of interests, and operational infrastructure. Based on this research, the consultant assigns a rating — typically a tiered system (e.g., "Buy," "Hold," "Sell" or numbered tiers). Only managers rated in the top tiers are actively recommended in client searches.

How the search process works. When a consultant's client needs a manager in a specific asset class, the consultant defines search parameters (strategy type, geographic focus, fund size, vintage, ESG requirements), screens the approved list for qualified managers, and produces a shortlist — typically 8 to 15 managers. From this shortlist, 3 to 5 finalists present to the client's investment committee. The committee selects one or two for allocation.

Public RFP filings and consultant search databases show that the typical search cycle from initiation to mandate close is 16 to 30 weeks. For private markets (PE, VC, private credit, real assets), the timeline skews longer — 20 to 40 weeks — because LP due diligence requirements are more complex and commitment timing must align with fund closing schedules.

Replacement searches matter more than new searches. 42% of OCIO-related searches completed by consultants in 2024 were replacement searches — clients replacing one manager or OCIO with another. For GPs, replacement searches are the highest-signal opportunity in institutional fundraising because the capital is already allocated to your strategy's asset class. The asset owner is not debating whether to invest in private equity; they are debating which private equity manager to invest with. Altss tracks consultant search announcements, RFP filings, and public board meeting minutes to identify replacement searches in real time — often weeks before they appear in consultant databases.

Who's Active: The Dominant Firms GPs Must Know in 2026

The OCIO and consulting landscape is consolidating rapidly. Large-scale OCIO providers — those above the 90th percentile in AUM — now account for 61% of global OCIO assets, up from 49% in 2017. More than 130 firms offer OCIO services, but the top tier controls the overwhelming majority of discretionary capital.

Mercer — $548 billion in OCIO AUM. The largest OCIO provider globally. Mercer acquired Cardano (November 2024) and SECOR Asset Management (May 2025) to deepen its liability-driven investing and fiduciary management capabilities. Mercer's investment consulting practice has advised institutional clients for more than five decades. The dual consulting/OCIO structure creates a built-in conversion pipeline: clients often start as consulting relationships and migrate to OCIO as governance needs increase. For GPs, Mercer's scale means that a single "Buy" rating from Mercer's manager research team can unlock access to hundreds of institutional clients simultaneously. Conversely, a downgrade or coverage termination can close off an entire channel overnight.

Goldman Sachs Asset Management — $450 billion in OCIO assets under supervision globally (as of September 2025). Goldman's OCIO unit has executed a deliberate strategy of winning mega-mandates and then absorbing the asset owner's in-house investment team — a "liftout" model that compounds capability with each win. The mandate pipeline tells the story: UPS pension ($43.4 billion), Shell international pensions ($40 billion), BAE Systems ($28.8 billion — the largest OCIO mandate in UK history), and Eli Lilly ($25 billion, closed October 2025 after CIO Susan Ridlen retired in August). In the BAE Systems deal, Goldman did not just win the assets — it hired BAE's entire in-house investment team, which had been executing novel cashflow and liability-driven investing. Goldman's OCIO head Tim Braude described the liftout pattern explicitly: the firm "expected over time, as markets mature, there would be a transition of in-house teams towards asset managers." This was not a one-off. Goldman previously absorbed teams from Bombardier ($5.4 billion pension and insurance mandate, 2024), Weyerhaeuser (via Aptitude Investment Management acquisition, 2018), and executed OCIO acquisitions of Verus ($21 billion, 2017) and Pacific Global Advisors ($18 billion, 2015). For GPs, the Goldman liftout model means something specific: when Goldman wins an OCIO mandate, the incoming team may already have existing manager relationships from their prior in-house role — and Goldman's own research team will overlay those relationships with its institutional framework. GPs who had direct relationships with the departing in-house CIO may retain some continuity, but only if they also have standing with Goldman's OCIO research infrastructure.

BlackRock — more than $300 billion in OCIO mandates globally. BlackRock closed a $30 billion OCIO deal with Shell in 2024 (Shell split its pension assets across multiple providers). BlackRock's combination of passive capabilities (iShares), private markets (via the Global Infrastructure Partners and HPS Investment Partners acquisitions), and technology (Aladdin platform) makes it a vertically integrated OCIO that can implement entire portfolios internally — which creates a structural conflict that GPs must understand. BlackRock's own manager research team (BMR) conducts third-party manager research for OCIO clients, but the platform's default architecture favors proprietary products for index, factor, and ETF allocations. When BlackRock serves as OCIO, the probability that BlackRock-affiliated products receive allocations over external managers is higher than with independent OCIOs. External fund managers compete for the active and alternatives allocation — typically 20% to 40% of total portfolio — not the full mandate.

Russell Investments — $327 billion in OCIO AUM. Russell's heritage is in manager research and multi-manager solutions. For GPs, Russell's research universe is one of the deepest in the industry, and a Russell recommendation carries significant weight with institutional investors globally.

Captrust — $209 billion in OCIO AUM. Fifth largest. Captrust has been acquiring advisory practices aggressively, expanding from its base in retirement plan consulting into broader institutional OCIO.

NEPC — $1.7 trillion in total assets under advisement, with over 400 retainer clients. NEPC led all consultants in total mandate value in 2024 with $19 billion in closed searches. Tim McCusker was appointed President effective January 2026, and Sarah Samuels was named CIO. The Hightower acquisition (announced late 2024) gives NEPC access to Hightower's private wealth distribution network, creating a new channel for managers who get NEPC coverage to access high-net-worth capital alongside institutional allocations. This is a structurally significant shift — NEPC's manager research can now influence capital flows across both institutional and private wealth segments simultaneously.

Meketa Investment Group — tied with NEPC for the most mandates closed by number in 2024. Meketa advises major public pension systems and has deep expertise in alternative investments. Meketa and Aksia led on total assets under advisement for alternative asset classes specifically, each representing over $5 billion in alternative mandate value in 2024.

Aksia — $5.5 billion in alternative assets under advisement in 2024, leading all consultants in alternatives mandate value. Aksia specializes in alternatives due diligence and advises large pension systems and sovereign wealth funds on hedge fund, private equity, and private credit allocations.

Cambridge Associates — the dominant consultant for endowments, foundations, and family offices in private markets. Cambridge's 2026 outlook warned that allocators should be cautious on seed-stage venture funds, noting that only 15.5% of seed companies funded in Q1 2023 had raised a Series A as of Q1 2025. Cambridge advised that nearly 90% of venture capital asset class value has been driven by the top 10% of companies — reinforcing Power Law selectivity as the primary lens through which Cambridge evaluates VC managers. For emerging VC managers, this means Cambridge requires extraordinary evidence of access to outlier outcomes, not just a differentiated thesis.

Wilshire Advisors — focuses on asset allocation modeling and portfolio analysis for pension plans and institutional investors. Wilshire's capital market assumptions and risk modeling inform how client portfolios are designed.

Aon — approximately $149 billion in global discretionary OCIO assets. Aon is one of the "Big Three" consulting firms (alongside Mercer and WTW) that together control approximately 60% of the investment consulting and fiduciary management market. Aon's consulting-to-OCIO conversion pipeline is a core growth strategy. Aon's attempted $30 billion acquisition of Willis Towers Watson in 2020–2021 was blocked by the DOJ on antitrust grounds — had it closed, the combined entity would have dominated the consulting/OCIO landscape with an insurmountable share. For GPs, Aon's dual consulting/OCIO structure means that client relationships may shift from advisory to discretionary without a formal transition announcement. Track Aon client account team changes as signals of conversion.

WTW (Willis Towers Watson) — exceeded $100 billion in delegated investment AUM globally. WTW's delegated investment solutions business has been growing rapidly, driven by corporate pension funds and UK defined benefit schemes seeking full outsourcing. WTW is a major OCIO player in both the U.S. and UK markets. For GPs targeting European pension capital channeled through OCIO structures, WTW is a critical relationship.

SEI — approximately $204 billion in OCIO AUM with over 40 years of institutional OCIO experience. SEI was one of the earliest firms to offer the delegated investment model, starting in the early 1990s. SEI's long operating history means it has been through multiple market cycles — a differentiator it emphasizes against newer OCIO entrants. SEI's technology platform is proprietary and integrated, which appeals to smaller endowments and foundations that need a full-service solution. For GPs, SEI's endowment and foundation client base is a key channel for alternatives allocations.

State Street Global Advisors — $216 billion in OCIO AUM with 40+ years of experience. SSGA offers full outsourcing, partial outsourcing, and tactical overlay solutions across client segments. State Street's combination of custody, asset management, and OCIO creates an integrated platform that competes directly with BlackRock for total solution mandates.

Northern Trust Asset Management — over 40 years of OCIO experience serving retirement plans, not-for-profits, and family offices. Northern Trust's OCIO practice emphasizes open-architecture manager research and portfolio customization. Kate McCabe, a practice executive at Northern Trust Asset Servicing who leads OCIO strategy, noted that consolidation among larger OCIO providers is accelerating, making differentiation harder for smaller firms.

Schroders Solutions — the February 2026 signal. On February 5, 2026 — three days before this publication — Schroders Solutions won a full OCIO mandate from the E.ON UK Group of the Electricity Supply Pension Scheme, following a competitive selection process. This follows Schroders Solutions' earlier fiduciary management wins from Aga Rangemaster Group Pension Scheme and RNIB Retirement Benefits Scheme. Schroders' UK OCIO expansion illustrates the global nature of the OCIO trend — the mandate pattern that has driven Goldman and BlackRock's growth in the U.S. is replicating across UK and European pension schemes. For GPs targeting UK pension capital, Schroders Solutions is now an active OCIO decision-maker to track.

How OCIO and Consultant Investment Committees Actually Work

Understanding the internal decision chain at these firms is essential for GPs who want to time their outreach correctly and pitch the right person.

At non-discretionary consultants (e.g., NEPC, Meketa, Aksia, Cambridge):

Analyst coverage. A sector analyst covers your strategy. For private equity, this typically means a dedicated PE research team with analysts covering buyout, growth, venture, secondaries, private credit, and real assets separately. The analyst conducts initial screening, reviews your materials, and decides whether to initiate formal coverage.

Manager research committee. If the analyst recommends coverage, your fund goes to an internal committee that assigns a rating. This committee meets regularly (weekly to monthly depending on the firm) and debates ratings across the coverage universe. Getting a top-tier rating — "Buy" or equivalent — typically requires in-person meetings with the analyst and senior members of the research team, site visits, reference calls, and a full operational due diligence review.

Client search process. When a client initiates a search, the consultant's client team (distinct from the research team) identifies managers from the approved list that match the client's parameters. The client team presents a shortlist to the client's investment committee. The GP presents to the committee (typically a 45- to 60-minute presentation followed by Q&A), and the committee votes.

At OCIO firms (e.g., Goldman Sachs, Mercer OCIO, BlackRock, Russell):

Research/sourcing. The OCIO's investment team identifies managers through internal research, consultant recommendations (many OCIOs also retain external consultants for specific asset classes), and direct GP outreach.

Investment committee. The OCIO's internal investment committee reviews and approves allocations. This is a single decision point — the GP does not present to the end client's committee. The OCIO committee meets on a regular cycle (monthly to quarterly for new manager additions, more frequently for tactical decisions).

Implementation. Once approved, the OCIO executes the commitment on behalf of the client pool. Many OCIOs pool client capital into commingled vehicles or model portfolios, which means a single OCIO allocation decision can deploy capital from dozens of underlying clients simultaneously.

The critical insight for GPs: With consultants, your path to capital has two gates (consultant approval + client committee). With OCIOs, it has one (OCIO investment committee). But the OCIO gate is often harder to pass because the OCIO bears direct fiduciary responsibility and must justify the selection against their entire coverage universe. There is no diffusion of accountability.

Emerging Manager Programs: The Institutional On-Ramp

For first-time and early-stage fund managers, emerging manager programs are the primary entry point to institutional capital. These programs are typically run by large public pension systems, sometimes in partnership with consultants or fund of funds managers who serve as advisors to the program.

CalPERS committed $1 billion in 2023 to identify and support next-generation investor entrepreneurs in private markets. CalPERS defines emerging managers in private assets as firms with fund sizes of $2 billion or less and raising their first, second, or third institutional fund. Fund of fund advisors traditionally operate the program — sourcing, selecting, conducting diligence, and managing commitments.

Texas Teacher Retirement System (TRS) has committed $6.2 billion to 254 emerging managers across 438 investments. TRS defines emerging managers as firms managing less than $3 billion, with a preference for fund sizes under $1 billion, and managers raising their fourth institutional fund or earlier. First-time investments typically range from $10 to $30 million. Managers who perform well "graduate" from the emerging manager program to TRS's Premier List for trust-level allocations. The TRS/ERS Emerging Manager Virtual Conference is held in February 2026.

New York State Common Retirement Fund has committed $11.6 billion to its emerging manager program. The program invests directly and through program partners (fund of funds managers) who source and diligence managers. Seventeen managers in the current portfolio have graduated from the emerging manager program to direct fund-level allocations.

New York City Retirement Systems approved an Evergreen Direct Emerging Manager Program in private equity allocating approximately $600 million to emerging managers annually. The systems also increased their emerging manager allocation in public equity from 6% to 10%. Emerging and MWBE managers in the NYC systems portfolio have outperformed their respective benchmarks, with an average PME spread of 5% in private markets.

Hamilton Lane operates an institutional-scale emerging and diverse manager platform with $10.3 billion and $2.4 billion in assets under management for diverse-led and emerging managers respectively. Hamilton Lane defines emerging managers as GPs raising their first, second, or third institutional fund with fund sizes under $2 billion.

For GPs, the practical framework:

The First-Time Fund Manager Playbook covers this in detail, but the core sequence is: identify which pension systems and institutional investors run active emerging manager programs, determine which consultants or fund of funds advisors operate those programs, and target the advisor relationship first. You do not cold-email CalPERS's investment staff with a Fund I pitch. You build a relationship with the fund of funds advisor who manages CalPERS's emerging manager program, get into their sourcing pipeline, and work through their diligence process. The advisor's recommendation to CalPERS carries the institutional credibility that a direct approach cannot.

What OCIOs and Consultants Actually Want from Fund Managers

The criteria are broadly similar across firms but the emphasis differs depending on whether you are dealing with a non-discretionary consultant, a discretionary OCIO, or an emerging manager program.

Process defensibility over concentrated conviction. Consultants and OCIOs must justify every manager selection to their clients, their compliance teams, and in some cases to regulators and auditors. They cannot defend an allocation by saying "we had a strong gut feeling." They need documented, repeatable, auditable investment processes. Your pitch deck should emphasize process architecture: how you source deals, how you evaluate opportunities, how you construct portfolios, how you manage risk, how you make exit decisions. Every step must be describable as a system, not a judgment call.

Team stability and succession planning. Consultant research teams track partner and investment team turnover as a leading indicator of organizational risk. If your senior partner left last year and you have not addressed it transparently, the consultant will downgrade you or terminate coverage. If you are a Fund I manager, the consultants want to see evidence that your team has worked together before — ideally at a prior firm with a verifiable track record — and that your organizational structure can survive a key person departure.

Operational infrastructure. Independent fund administration, annual audits by a recognized firm, robust compliance policies, cybersecurity protocols, LP reporting that meets ILPA standards, and a clear side letter policy. These are table stakes. Consultants will terminate coverage over operational deficiencies faster than over performance issues.

Alignment of interests. Meaningful GP commitment (typically 1% to 5% of fund size), reasonable fee structures (management fee, carried interest, hurdle rate), and no economic arrangements that create misalignment — such as accelerated carry schedules, transaction fees that bypass the fund waterfall, or affiliated service providers that inflate expenses.

Performance attribution, not just performance numbers. Consultants do not just ask "what was your TVPI?" They ask "how did you generate it?" A consultant's research framework breaks your performance into components — deal sourcing alpha, entry multiple discipline, operational value creation, exit timing — and evaluates each component independently. A GP with a 2.0x TVPI driven by a single outlier position will be rated differently than a GP with 1.8x TVPI driven by consistent value creation across the portfolio.

The Fee Structure GPs Need to Understand

Understanding how OCIOs and consultants get paid illuminates their incentives — and their conflicts.

Non-discretionary consultants charge retainer fees (typically flat annual fees based on client AUM tier) plus additional fees for specific services: manager searches, asset allocation studies, special research projects, travel, and board education. Some consultants also receive fees from managers — through conference sponsorships, database listings, or "pay-to-play" arrangements — which creates a conflict that sophisticated asset owners and GPs should track.

OCIO providers charge a percentage of assets under management. For large institutional mandates ($1 billion+), the OCIO advisory fee typically runs around 5 basis points (0.05%). But the OCIO advisory fee is only one component of total cost. Underlying investment manager fees — which the OCIO selects — often represent the largest portion. Total all-in fees (OCIO advisory + manager fees + custody + transaction costs) typically range from 40 to 70+ basis points depending on asset allocation complexity and the share allocated to alternatives.

The conflict to watch: OCIOs that are affiliated with large asset management firms (BlackRock, Goldman Sachs, Mercer/affiliated managers) have an incentive to allocate client assets to their own proprietary products. This is not illegal — it is disclosed — but it means a portion of OCIO-controlled capital will never reach external fund managers regardless of their quality. Altss tracks OCIO provider ownership structures and proprietary product usage to help GPs identify which OCIOs operate genuinely open-architecture models versus those with significant proprietary allocation biases.

The Targeting Framework

Not all OCIOs and consultants are equally relevant to your fundraise. The targeting hierarchy depends on your fund's strategy, size, vintage, and market position.

Tier 1 — Consultant research coverage (the prerequisite). If you are an institutional-quality manager with $250 million+ AUM and a three-year track record, your first priority is getting rated by the major consultants: Mercer, Cambridge Associates, NEPC, Aksia, Meketa, Wilshire. A top-tier rating from any one of these firms gives you access to their entire client base. This is the highest-leverage activity in institutional fundraising — a single research relationship can generate dozens of client introductions.

Tier 2 — OCIO direct relationships. If you are targeting OCIO-controlled capital specifically, you need direct relationships with the investment teams at Goldman Sachs OCIO, BlackRock OCIO, Russell Investments, Mercer OCIO, SEI, and Captrust. These teams source managers through their own research plus consultant recommendations. Even if you have consultant coverage, proactive outreach to OCIO investment teams increases the probability that you are included in their implementation portfolios.

Tier 3 — Emerging manager program advisors. If you are a Fund I, Fund II, or Fund III manager with AUM below $2 billion, you should target the fund of funds advisors and program partners who operate emerging manager programs for large pension systems. GCM Grosvenor ($71 billion AUM, serves as seed investor and catalyst for emerging and diverse managers), Hamilton Lane, and the fund of fund advisors retained by CalPERS, TRS Texas, and NYCRS are the critical relationships.

Tier 4 — Search consultants for OCIO transitions. When an asset owner decides to hire or replace an OCIO, they typically retain a search consultant to run the process. These searches are high-value moments for GPs because the incoming OCIO will rebuild the manager portfolio from scratch or conduct a full review of existing managers. Altss tracks OCIO transition announcements, CIO departures at asset owners (which are leading indicators of OCIO adoption), and consultant search filings to flag these opportunities.

What determines timeline:

Targeting Path

Typical Timeline to Allocation

Consultant approved list → client search → committee approval

6–12 months

OCIO direct relationship → IC approval → implementation

3–8 months

Emerging manager program → advisor recommendation → program allocation

4–12 months

OCIO transition → portfolio rebuild → new manager selection

6–18 months

What GPs Get Wrong

Pitching the asset owner when a consultant controls access. If a pension fund retains Cambridge Associates for private markets consulting, you do not pitch the pension fund's staff directly. You pitch Cambridge. If you bypass the consultant and go to the client, the consultant will learn about it and it will damage your relationship with the consultant. The consultant's research team will interpret direct client outreach as a signal that you either do not understand institutional fundraising process or are trying to circumvent their due diligence — neither interpretation helps you.

Assuming all OCIO capital is accessible. Large OCIOs with proprietary asset management arms allocate a significant portion of client assets to in-house products. GPs who target BlackRock's OCIO book without understanding what percentage goes to iShares products and BlackRock private markets funds will overestimate the addressable capital. Altss profiles of OCIO providers include open-architecture vs. proprietary allocation estimates to help GPs calculate realistic accessible capital.

Treating consultant coverage as a one-time event. Getting a "Buy" rating is not permanent. Consultants review ratings annually or semi-annually. Performance deterioration, team departures, organizational changes, operational incidents, or failure to maintain communication with the consultant research team can result in a downgrade. The GP who gets rated and then stops engaging with the analyst loses the relationship — and the rating.

Ignoring the Hightower-NEPC convergence. The Hightower acquisition of NEPC created a $1.8 trillion financial services entity that spans institutional consulting, OCIO, and private wealth advisory. Managers who previously viewed institutional consultant relationships and wealth management distribution as separate channels now face a world where NEPC's research ratings influence both. If you are a mid-market PE or credit manager, NEPC coverage now gives you a pathway to both institutional pension allocations and Hightower's RIA network — but only if you structure your fund terms and minimum investment sizes to accommodate both channels.

Underestimating replacement search dynamics. 42% of OCIO searches in 2024 were replacement searches — clients switching from one OCIO or manager to another. These searches represent faster paths to capital than new mandate searches because the allocation budget already exists. GPs who monitor consultant search announcements and public investment board meeting agendas can identify replacement searches weeks before they are formally announced.

What's Changing in 2026

Mega-mandate concentration is accelerating. Goldman Sachs won four mandates exceeding $25 billion each in the past 18 months: UPS ($43.4 billion), Shell ($40 billion), BAE Systems ($28.8 billion), and Eli Lilly ($25 billion). BlackRock's Shell OCIO deal was $30 billion. These single mandates are larger than the total OCIO AUM of most mid-tier providers. The implication for GPs: capital is concentrating in fewer OCIO decision-making centers. A relationship with Goldman's OCIO team or BlackRock's multi-asset solutions team has exponentially more capital leverage than a relationship with a regional OCIO managing $5 billion. But competition for attention from these mega-OCIOs is fierce, and smaller managers may find more receptive audiences at mid-tier providers like SEI, Northern Trust, or Schroders Solutions.

Defined contribution is now the fastest-growing OCIO channel. DC plans are projected to lead all institutional segments in OCIO inflows over the next five years, with $294 billion in expected flows — surpassing corporate pension funds ($248 billion). Captrust's OCIO business demonstrates the shift: DC clients drove a 61% surge in outsourced AUM to $138.1 billion, with DC client count jumping by 240 to 1,330 in a single year. For GPs, this matters because DC plan OCIO allocations favor different structures — target date funds, managed accounts, and semi-liquid alternatives — rather than traditional LP fund commitments. Managers building DC-accessible vehicles or interval fund structures are positioned to capture this channel; managers relying exclusively on traditional drawdown fund structures are not.

The GIPS Guidance Statement changes the competitive landscape. The CFA Institute's Guidance Statement for OCIO Portfolios, effective December 31, 2025, is now mandatory for all OCIO firms claiming GIPS compliance. For the first time, OCIO providers must report performance using standardized composite structures categorized by strategic asset allocation (liability-focused vs. total return, with mandated allocation ranges). They must present both gross-of-fees and net-of-fees time-weighted returns, disclose proprietary fund fee arrangements, and report the percentage of composite assets in private markets and hedge funds. Previously, OCIO performance reporting had no industry standard — firms cherry-picked composites, used low-bar benchmarks (some compared private equity returns to the S&P 500 rather than PE-specific benchmarks), and varied widely in how they treated legacy assets and fee layers. GPs should watch for the first wave of GIPS-compliant OCIO reports in Q1–Q2 2026 — they will reveal which providers are generating manager selection alpha in alternatives versus simply riding beta. OCIOs under performance pressure will be more open to differentiated managers.

Consolidation is reshaping the landscape. Hightower's controlling stake in NEPC. Mercer acquiring Cardano and SECOR. Rich Nuzum leaving Mercer after 33 years to become head of OCIO at Franklin Templeton Investment Solutions. These moves signal that the boundary between traditional consulting, OCIO, and wealth management is dissolving. For GPs, this means your consultant relationship may suddenly be embedded within a different organizational structure with different priorities. Track ownership changes — 67% of OCIO search consultants report that ownership changes are driving increased replacement search activity.

The Goldman "liftout" model is becoming the OCIO playbook. Goldman's pattern of acquiring not just mandates but entire in-house investment teams — BAE Systems, Bombardier, Weyerhaeuser — is creating a compounding advantage that other OCIOs are now replicating. Each liftout brings domain expertise (liability-driven investing, sector-specific allocation), client continuity, and personnel who already have manager relationships. For GPs, this means CIO departures at asset owners are not just OCIO adoption signals — they may be liftout signals, where the departing team is joining an OCIO provider and bringing their existing manager roster with them. Monitor where departing CIOs and investment team members land.

Private wealth is the new growth frontier for OCIOs. Larger OCIO providers are expanding from institutional clients (pensions, endowments) into nonprofit and private wealth segments. The Hightower-NEPC deal is the clearest example: Hightower's RIA network gets access to NEPC's institutional manager research, and NEPC's institutional clients get Hightower's private wealth distribution. For GPs, this blurs the line between institutional and wealth channels. A manager who is approved by an OCIO that serves both institutional and private wealth clients can potentially access both capital pools through a single relationship. But fund terms must accommodate both: institutional investors need LP reporting, ILPA compliance, and advisory committee governance, while private wealth channels need lower minimums, simplified subscription processes, and potentially evergreen or semi-liquid structures.

The distribution drought is creating new OCIO behavior. Private market distribution yields have been at decade-long lows. Continuation vehicles are estimated to represent at least 20% of distributions in 2026 as LPs overwhelmingly choose to sell rather than roll. Secondary transaction volume exceeded $160 billion in 2025. OCIOs are responding by increasing allocations to secondaries strategies as a base layer in private market portfolios to offset unexpected primary fund cash flow volatility. For GPs raising secondary funds or offering co-investment vehicles, OCIO demand is elevated. For GPs raising primary PE or VC funds, the distribution drought means OCIOs have less rebalancing capital available and are being more selective about new commitments.

AI and technology are not yet changing consultant behavior — but they will. Cambridge Associates' 2026 outlook warned about AI-focused seed fund proliferation, noting that pre-revenue AI seed funds may capture the zeitgeist but may not capture the Power Law. Consultants are becoming more skeptical of AI narratives that lack fundamental business model evidence. Meanwhile, OCIO providers are investing in portfolio analytics and risk technology (BlackRock's Aladdin, Mercer's proprietary platforms) that increase the speed and depth of manager evaluation — which raises the bar for GPs who need to present data in formats that integrate with these systems.

OSINT Signals for OCIO and Consultant Targeting

These are the public signals Altss tracks to identify high-value targeting opportunities before they are widely visible.

CIO departures at asset owners. When Eli Lilly's CIO Susan Ridlen retired in August 2025, Goldman Sachs was appointed OCIO by October 2025 — a two-month window. When Rocky Mountain Pension Plan's CIO Randy Baum announced retirement, the plan issued a formal OCIO RFP on January 7, 2026. When South Carolina Retirement System Investment Commission's CIO Geoffrey Berg departed the $47.2 billion pension fund in August 2025, interim CIO Bryan Moore was named immediately — creating a window where the system's manager relationships and allocation priorities are in active review. CIO departures at endowments, foundations, pension funds, and corporate benefit plans are the strongest leading indicators of OCIO adoption or replacement. Altss monitors LinkedIn executive changes, public board meeting agendas, and press announcements to flag these departures.

Public board meeting agendas and minutes. State and municipal pension funds publish investment committee meeting agendas and minutes. These documents contain manager search authorizations, consultant recommendations, OCIO evaluation discussions, and asset allocation changes — all of which are fundraising signals. When a pension fund's minutes show a discussion about "evaluating OCIO providers" or "consultant review," a search is imminent.

RFP filings. Many institutional investors publish formal Requests for Proposal for OCIO services and manager searches. Altss aggregates RFP filings from pension systems, endowments, and public entities to track active searches by asset class, geography, and mandate size.

Consultant personnel changes. When a senior analyst who covers your strategy leaves Mercer for NEPC, your coverage status at Mercer may change and your opportunity at NEPC may open. Consultant team changes are leading indicators of research coverage disruption.

Contact decay signals. OCIOs and consultants have higher personnel turnover than direct allocators. Altss maintains ≤30-day refresh cycles on decision-maker contacts specifically because the intermediary layer introduces an additional source of contact decay. A fundraising campaign built on six-month-old consultant contact data will have a meaningful failure rate.

Annual ranking publications as signal sources. Industry publications — including annual consultant surveys, OCIO market studies, and investment consulting reports — publish rankings that reveal which consultants are gaining or losing mandate volume and in which asset classes. Altss monitors these publications as OSINT inputs. A consultant gaining PE mandate share is more likely to be actively rating new PE managers.

GIPS compliance status as a transparency signal. Following the December 31, 2025 effective date of the GIPS Guidance Statement for OCIO Portfolios, Altss tracks which OCIO providers have adopted the new mandatory composite structures and fee disclosures. Providers that claim GIPS compliance and produce standardized reports are signaling institutional maturity and transparency. Providers that do not claim GIPS compliance — or delay adoption — may face scrutiny from search consultants and asset owners, creating replacement search triggers. As the industry noted, "over time, if firms are not GIPS compliant, search consultants and their clients will be asking why not."

Live OCIO mandate announcements. On February 5, 2026, Schroders Solutions won the E.ON UK Group Electricity Supply Pension Scheme OCIO mandate following a competitive selection process — an active signal that Schroders Solutions is now managing a new pool of institutional capital that requires manager relationships across asset classes. Tracking mandate announcements in real time reveals which OCIOs are actively building or rebuilding manager portfolios, which is the optimal moment for GP outreach.

FAQ

What is the difference between an OCIO and an investment consultant?

An investment consultant advises asset owners on investment decisions but the asset owner retains final decision-making authority. An OCIO has been delegated discretionary authority to make investment decisions — including hiring and firing fund managers — on behalf of the asset owner. The OCIO acts as a co-fiduciary. For GPs, this means the approval path differs: consultants require a recommendation plus client committee approval (two gates), while OCIOs require only their internal investment committee approval (one gate).

How do I get on a consultant's approved manager list?

Start by identifying which consultants are most active in your strategy's asset class. Submit your materials to the relevant research team. If you meet their threshold criteria (AUM, track record, operational infrastructure), the consultant will assign an analyst to evaluate your fund. Building a relationship with the analyst is essential — attend consultant-hosted conferences, respond promptly to data requests, and provide transparent, accurate information. The rating process typically takes 3 to 9 months from initial engagement.

Can a small or emerging manager access OCIO-controlled capital?

Yes, through emerging manager programs and specialized consultants. Large pension systems (CalPERS, TRS Texas, NYCRS, Illinois TRS) run dedicated programs with billions allocated to emerging managers. These programs typically define "emerging" as first through third institutional fund, with AUM thresholds ranging from $1 billion to $3 billion depending on the asset class. OCIOs focused on endowments and foundations (TIFF, Cambridge Associates, Commonfund) also allocate to emerging managers, particularly in venture capital and private equity.

How does OCIO consolidation affect my fundraise?

Consolidation concentrates capital in fewer decision-making centers. The top five OCIO providers control more than $2 trillion in combined assets. For GPs, this means a single relationship with a top-tier OCIO has more capital leverage than ever — but competition for allocation is also more intense. Smaller OCIOs may offer more accessible entry points and more receptive investment teams. Track ownership changes: when an OCIO is acquired, the incoming owner often reviews and restructures the manager portfolio, creating both risk (existing relationships may be disrupted) and opportunity (new relationships can form during the rebuild).

What should my data room include for consultant diligence?

At minimum: PPM, LPA, audited financial statements (fund and management company), track record with deal-level attribution, team biographies with employment history verification, compliance manual, valuation policy, cybersecurity assessment, ESG policy (if applicable), ILPA-compliant reporting samples, and references from existing LPs. Consultants who specialize in alternatives (Aksia, Meketa, Cambridge) will also request operational due diligence questionnaires covering counterparty risk, business continuity, insurance coverage, and key person provisions.

How does the CVC-as-LP model compare to the OCIO model?

Corporate venture capital deploys corporate balance sheet capital with strategic alignment requirements. OCIOs deploy pooled institutional capital with fiduciary obligations and no strategic agenda. CVC decision chains involve business unit stakeholders and corporate development teams. OCIO decision chains involve professional investment committees with documented research processes. CVCs can move faster on individual decisions but are subject to corporate budget cycles and strategic pivots. OCIOs move on institutional timelines but provide more stable, committed capital once allocated.

How does family office capital compare to OCIO-controlled capital?

Family offices typically have concentrated decision authority and move faster — 4 to 8 weeks from first meeting to commitment is common. OCIOs operate on institutional timelines — 3 to 12 months. Family offices can take concentrated positions in conviction managers. OCIOs must diversify across managers within each asset class. For Fund I managers, family office capital (covered in detail in our family office database) typically arrives first, with OCIO and consultant-mediated capital following in Fund II or Fund III once the track record and operational infrastructure meet institutional thresholds.

The Altss family office and institutional investors database provides OSINT-derived intelligence on 9,000+ family offices and institutional LPs — including insurance companies, pension funds, endowments, foundations, sovereign wealth funds, OCIOs, and fund-of-funds — with verified decision-maker contacts, mandate signals, and timing intelligence. Every profile originates from public sources, passes through human verification, and is re-verified on a ≤30-day cadence. To see how the platform maps the allocators most likely to be receptive to your strategy, see the platform.