Northern Trust

Jason Tyler serves as President of Asset Management, overseeing the division's strategy, research, and portfolio implementation. He reports to CEO Michael O'Grady. For specific private market allocations, investment committees and dedicated sector teams make fund selection and direct investment decisions within client mandate parameters (per the firm's official communications).

Northern Trust employs a hybrid model. The firm commits to external private equity, real estate, infrastructure, and hedge fund managers through fund-of-funds vehicles, but also executes direct co-investments and separately managed accounts for larger institutional clients. The mix depends on client size and specific mandate objectives.

Northern Trust's private equity commitments span buyout, growth equity, and venture capital strategies, typically accessed through primary fund investments. The firm does not publicly disclose a stage-specific allocation breakdown, but its institutional mandate favors mature, established fund managers across developed markets.

Northern Trust Asset Management operates as a distinct business unit within the publicly traded parent company. The custody bank administers assets, handles trade settlement, and provides reporting for institutional clients, while the asset management division makes investment decisions. This structure creates a vertically integrated offering that competitor trust banks may replicate but at smaller scale.

Northern Trust offers philanthropic advisory services and administers private foundations and donor-advised funds for client families. These structures remain legally separate from the corporate balance sheet and are governed by independent fiduciary standards. The firm's trust department often serves as corporate trustee for charitable remainder trusts and similar vehicles.

Northern Trust participates in co-investment opportunities when they align with institutional client objectives, typically alongside managers already held in fund-of-funds portfolios. The firm does not run a proprietary co-investment fund, instead offering access through client-directed separately managed accounts. Specific co-investment terms and transaction sizes are not publicly reported.

Northern Trust does not publish exclusion lists, but as a fiduciary managing institutional capital, its alternatives platform has historically avoided early-stage venture capital and highly speculative strategies. The firm's conservative trust-bank heritage means it favors established, operationally mature private markets exposures over emerging or niche sectors.