Meketa Fiduciary Management

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.

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.

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.

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.

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.

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.

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.