NEPC

NEPC operates as an investment consultant and outsourced CIO for institutional asset owners. The firm does not manage commingled funds or proprietary investment products. It evaluates, selects, and monitors external managers across public and private markets, with authority ranging from non-discretionary advisory to full discretionary OCIO mandates depending on the client relationship.

Megan Tener, the Chief Investment Officer, leads the research and investment decision framework. She heads a team of roughly 100 research professionals organized across asset-class pods. CEO Sam Austin oversees firm strategy and client relationships. The firm’s investment committee sets the forward-looking capital market assumptions and manager-approval guidelines that shape all client recommendations.

NEPC is an investment consultant and discretionary advisor, not an asset manager. It does not manufacture or sponsor financial products. Its sole revenue source is institutional advisory fees, which distinguishes its conflict profile from firms that both advise on and sell proprietary strategies.

The firm’s private markets coverage includes buyout, growth equity, venture capital, private credit, real estate, infrastructure, and natural resources. NEPC maintains a manager-research database covering several hundred private-market firms globally and constructs customized private-market programs for its institutional clients.

NEPC serves over 400 institutional clients, with a concentration among US public pension funds, Taft-Hartley plans, healthcare organizations, and endowments and foundations. The firm has expanded its insurance general account advisory practice in recent years, reflecting a broader institutional shift toward outsourced portfolio management.

NEPC is employee-owned with no external parent entity. This contrasts with several large consulting peers that are owned by private equity firms or asset managers. The ownership structure reinforces the firm’s independent research function and means its capital-market assumptions and manager recommendations do not need to accommodate a corporate parent’s proprietary product shelf.

NEPC’s offices are all within the US, though the firm advises on global portfolios. Its research teams cover managers and direct investments across North America, Europe, and Asia. The firm serves non-US clients on a selective basis, primarily those with ties to existing US institutional relationships.