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Meketa Fiduciary Management
Meketa Fiduciary Management serves as the discretionary outsourcing unit of Meketa Investment Group, a conventional investment consulting and advisory...
Meketa Fiduciary Management
Meketa Fiduciary Management serves as the discretionary outsourcing unit of Meketa Investment Group, a conventional investment consulting and advisory firm. The fiduciary management line was built explicitly for institutional asset owners — public pension plans, corporate pensions, endowments, and foundations — that prefer to delegate the operational burden of running a multi-asset portfolio while retaining strategic governance at the board level. The unit differs from a traditional consultant because it holds formal discretion over investment decisions, acting as an extension of the client's investment office. The fiduciary management group constructs and manages portfolios that span public equities, fixed income, private equity, real estate, real assets, and hedge fund strategies. Meketa's position as a large advisory firm gives the fiduciary unit access to the manager research and due diligence infrastructure built to serve a broader consulting client base. The implementation typically involves custom policy portfolio design, ongoing tactical tilts, and full operational management of manager selection, monitoring, and rebalancing. Asset-class coverage includes US and international equities, core and opportunistic fixed income, private equity partnerships, private credit, infrastructure, and real estate. Parent company Meketa Investment Group maintains offices in several US cities and provides non-discretionary advisory services to over 200 institutional clients. The fiduciary management unit itself operates as a smaller, dedicated team within that larger organization. The group's institutional client base includes some of the largest public pension systems in the United States, which rely on the outsourced model to fill gaps in internal staffing or to access asset classes where building a direct team is uneconomical. What structurally separates Meketa Fiduciary Management from a pure fund-of-funds manager is the open-architecture, whole-portfolio mandate. Rather than operating discrete commingled vehicles where investors buy in, the fiduciary team builds bespoke segregated portfolios for each client — calibrated to that institution's liability stream, liquidity needs, and governance constraints — while retaining the manager-access benefits that come from the parent firm's scale.
General information
Firm type
Asset Manager
Year founded
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AUM
Undisclosed
Location
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Country
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City
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Corporate office
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Frequently asked questions
How does Meketa Fiduciary Management differ from Meketa's traditional consulting business?
The traditional consulting business provides non-discretionary advice — the client retains final decision-making authority on manager selection, rebalancing, and portfolio changes. The fiduciary management unit takes delegated discretion, meaning Meketa implements and manages the portfolio directly on behalf of the client, acting as an outsourced investment office. This distinction is fundamental to the service model and to how the firm is evaluated by institutional allocators.
What types of clients typically hire an outsourced fiduciary manager?
Institutional asset owners that either lack sufficient internal investment staff to run a sophisticated multi-asset program or want to supplement an existing team with execution capacity. Typical clients include mid-sized public pension systems, corporate defined-benefit plans, private foundations, and endowments. The model is particularly attractive for institutions seeking exposure to private markets — where manager selection, capital call management, and rebalancing are operationally intensive — without building a full internal private-equity team.
Does Meketa Fiduciary Management run pooled funds or create separate accounts for each client?
The unit constructs custom, segregated portfolios tailored to each client's specific investment policy, liability profile, and liquidity constraints. While the underlying building blocks may include commingled fund vehicles from third-party managers, the top-level mandate is a separately managed account, not a pooled vehicle. This structure allows the unit to customize strategic asset allocation and ongoing tactical positioning for each institutional client individually.
What asset classes does Meketa Fiduciary Management cover?
Portfolios span the full institutional opportunity set: public equities (US, international developed, emerging markets), fixed income (core, opportunistic, and structured credit), private equity, private credit, real estate, real assets, and hedge fund strategies. The unit draws on the manager research platform of parent company Meketa Investment Group, which covers thousands of investment strategies across asset classes as part of its advisory work.
Does Meketa Fiduciary Management co-invest or make direct investments alongside its manager relationships?
The fiduciary management mandate is primarily oriented around portfolio construction and manager selection, not direct deal-making. The group implements through investment managers rather than by taking direct operating-company stakes. Any co-investment activity would be embedded within the private-market fund commitments selected for client portfolios, not executed as a standalone direct-investment program.
What governance structure does an institution retain when they outsource to a fiduciary manager?
The client's board or investment committee retains strategic governance: approving the investment policy statement, setting the broad asset-allocation ranges, and establishing risk parameters and spending policy. The fiduciary manager handles tactical implementation within those boundaries — selecting specific managers, executing rebalancing trades, monitoring performance, and managing liquidity. The board typically meets regularly with the fiduciary manager to review outcomes against the established policy.
How is Meketa Fiduciary Management compensated?
The fiduciary management relationship uses an asset-based fee structure tied to the value of the portfolio under management. Specific fee schedules are negotiated directly with each institutional client and depend on portfolio complexity, size, and the scope of delegated discretion. The arrangements are designed to align the manager's incentives with long-term portfolio performance and are typically disclosed transparently within the governing investment management agreement.
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