Updated:
FEG
FEG advises institutions on roughly $75B in assets through a multi-manager OCIO and consulting model founded by Tom McCauley in 1986.
FEG
Tom McCauley launched FEG in Cincinnati in 1986, building a consulting and outsourced chief investment officer practice that now works with community foundations, university endowments, healthcare systems, and select family offices across the United States. The firm operates from its Ohio headquarters and an Indianapolis office, serving institutions that typically lack the internal staff to run multi-asset portfolios directly. FEG constructs multi-manager portfolios spanning public equities, fixed income, private equity, private credit, real assets, and hedge funds. The firm emphasizes fund-of-funds structures and direct co-investments across buyout, growth equity, and venture capital, sourcing managers globally with a tilt toward the U.S. and Europe. Its private equity platform has backed funds from GPs including Hellman & Friedman, GTCR, and Advent International, while its real assets sleeve covers infrastructure, energy, and timberland. The firm reported advising on client portfolios representing approximately $75 billion in assets as of 2023, with a professional staff that includes a dedicated research team evaluating over 1,200 managers across asset classes. FEG's client base concentrates on tax-exempt institutions, and the firm also maintains a private wealth division for family offices and high-net-worth individuals. In February 2024, FEG announced the promotion of several senior researchers within its private equity and hedge fund due diligence teams (per the firm, February 2024). FEG's structural differentiator rests in its dual role as both an investment consultant and a discretionary outsourced CIO. Unlike pure consulting firms, it can step in to vote on manager selection and portfolio rebalancing, while retaining the multi-manager open-architecture model that distinguishes it from single-manager asset managers. The firm remains privately held by its employees, insulating it from the quarterly earnings pressure that shapes publicly traded asset management peers.
General information
Firm type
Asset Manager
Year founded
1986
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Cincinnati
Corporate office
Cincinnati, OH, United States
Additional offices
Indianapolis, IN, United States
Principals
Scott D. Harsh
Chief Executive Officer
Anthony M. Festa
President
Thomas E. McCauley
Founder
Frequently asked questions
Who makes investment decisions at FEG?
FEG operates through a centralized investment committee and dedicated asset-class research teams. The committee includes Scott Harsh (CEO), Anthony Festa (President), and senior heads of public markets, private markets, and strategy. Final manager selection and portfolio allocation decisions flow through this group, informed by a research team that conducts onsite due diligence on over 1,200 managers annually.
Does FEG function purely as a consultant or does it take discretionary authority?
FEG offers both non-discretionary consulting and fully discretionary outsourced chief investment officer services. In the OCIO mandate, FEG votes on manager hires, rebalancing, and tactical allocation shifts on behalf of the client. This hybrid model lets smaller institutions access the same portfolio construction rigor as large endowments without building internal investment offices.
What asset classes does FEG cover?
FEG constructs portfolios across public equities, fixed income, private equity, private credit, real assets, and hedge funds. Within private markets, the firm accesses buyout, growth equity, venture capital, infrastructure, energy, and timberland strategies. Its due diligence covers both primary fund commitments and select direct co-investment opportunities alongside its underlying managers.
Which types of institutions does FEG serve?
The firm's client base concentrates on tax-exempt institutions: community foundations, university endowments, healthcare systems, cultural organizations, and select private foundations. FEG also maintains a private wealth practice serving family offices and high-net-worth individuals, though the institutional book remains the dominant share of advised assets.
How is FEG owned and governed?
FEG is privately held by its employees and has remained independent since its founding in 1986. The firm has not taken external private equity investment, distinguishing it from several OCIO competitors that have recapitalized or been acquired by larger financial institutions over the past decade.
What is FEG's approach to manager selection?
FEG runs a multi-stage due diligence process that includes quantitative screening, onsite manager visits, operational risk assessment, and reference checks. The firm evaluates over 1,200 managers globally and maintains an approved list segmented by asset class and strategy. It emphasizes alignment of interests, fee transparency, and organizational stability as core selection criteria.
How does FEG address ESG and impact investing for client portfolios?
FEG integrates ESG considerations into manager due diligence by evaluating how underlying GPs incorporate material environmental, social, and governance factors into their investment processes. For clients with specific mission-aligned or impact objectives, the firm can screen managers and build custom allocations that reflect those mandates, though its core approach remains fiduciary-first.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on registered investment advisers?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: