Partners Capital
Partners Capital is a global investment office managing over $77 billion across 11 offices for endowments, foundations, family offices, and institutional clients, providing OCIO services, private markets mandates, and co-investment opportunities through its proprietary endowment-style framework.
- Company typePrivate
- Founded2001
- HeadquartersSan Francisco, United States
- Headcount251–500
- GTM typeB2B
- OfferingServices
What Partners Capital does
Partners Capital is a global investment office founded in 2001 by Stan Miranda, managing over $77 billion in assets across 11 offices worldwide (Boston, London, New York, San Francisco, Dallas, Paris, Zürich, Singapore, Hong Kong, Abu Dhabi, and Dubai) with more than 400 professionals. The firm serves institutional and private clients — including university endowments (Oxford, Cambridge, INSEAD), charitable foundations, pension funds, family offices, and high-net-worth families — through three core offerings: an Outsourced Chief Investment Office (OCIO) service providing customized portfolio construction and policy development, private markets mandates across alternative asset classes, and the Merlin co-investment platform with over $2 billion deployed across 60+ transactions since 2019. Asset class coverage spans absolute return, liquid credit, private debt, private equity, public equities, real estate, and uncorrelated strategies including catastrophe reinsurance, litigation funding, life settlements, and music royalties.
The firm's investment methodology is built on the proprietary Advanced Endowment Approach (AEA) — an evolution of the Yale endowment model combining multi-asset class diversification, institutional-grade manager selection, and risk management — alongside the Partners Capital Risk-Managed Endowment Approach (PRMEA) and an equity-like risk measurement framework that quantifies both public and private investments on a comparable risk basis. Partners Capital earns revenue primarily through recurring investment management and advisory fees on a subscription basis, with bespoke pricing negotiated per mandate; the firm also generates performance-based economics from co-investment vehicles such as Merlin IV ($1B+ closed February 2026).
The firm received its first external institutional capital via a minority investment from General Atlantic in February 2024. Arjun Raghavan, who joined the firm in London in 2007 and previously led the firm's Asian operations, serves as global CEO, with founder Stan Miranda having transitioned to Chairman Emeritus in July 2024. The firm is regulated across nine jurisdictions (SEC, CFTC, FCA, MAS, SFC, AMF, DFSA, ADGM FSRA, and FINMA), enabling cross-border institutional mandate acquisition.
Partners Capital firmographics
Firmographics- Name
- Partners Capital
- Legal name
- Partners Capital Investment Group, LLP
- Website
- https://partners-cap.com
- Company type
- Private
- Founded year
- 2001
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Partners Capital is a global investment office managing over $77 billion across 11 offices for endowments, foundations, family offices, and institutional clients, providing OCIO services, private markets mandates, and co-investment opportunities through its proprietary endowment-style framework.
- Ownership category
- akta.pro rank
Partners Capital industry classification
Industry- NAICS
- Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282), Investors, Nec (6799)
- akta.pro primary industry
- Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)
- akta.pro secondary industries
- Corporate Finance & Capital Advisory (BPAHADAB), Institutional Capital Introduction (LP/Family Office/Endowment Matching) (FSAEALAI), Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG), Real Estate Funds — Opportunistic / Development (FSANAEAI)
Keywords
Where Partners Capital is headquartered
LocationHeadquarters
- HQ city
- San Francisco
- HQ country
- United States
- HQ region
- North America
Offices11 records
Markets served
Partners Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others
Revenue model
- Investment Management and Advisory Fees: Partners Capital generates revenue through investment management fees and advisory fees for its OCIO (Outsourced Chief Investment Office) services, private markets mandates, and co-investment offerings. The firm serves institutional clients including endowments, foundations, pension funds, and family offices with bespoke investment portfolios across multiple asset classes including absolute return, private equity, private debt, real estate, and public equities.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Partners Capital product offering
Product offeringCore offering
Partners Capital is a global investment office delivering Outsourced Chief Investment Office (OCIO) services, Private Markets mandates, and Co-Investment opportunities to endowments, foundations, family offices, and institutional investors. The firm constructs bespoke multi-asset class portfolios spanning absolute return, liquid credit, private debt, private equity, public equities, real estate, and uncorrelated strategies, guided by its proprietary Advanced Endowment Approach.
Product overview
Partners Capital is a global investment office offering a unified platform of investment management services. The core offering is the Outsourced Chief Investment Office (OCIO) service, which provides customized portfolio construction and management. The platform also includes Private Markets Mandates covering all major asset classes, and the Merlin IV Co-Investment Fund for private equity co-investment opportunities. Asset class strategies span Absolute Return, Liquid Credit, Private Debt, Private Equity, Public Equities, Real Estate, and Uncorrelated Strategies. The firm employs the Advanced Endowment Approach (AEA), a proprietary investment methodology developed from endowment investing principles, to guide portfolio construction across its offerings.
Differentiator
Problem solved
Functional benefit
Products and services
- Outsourced Chief Investment Office (OCIO) Full-service outsourced investment office providing customized portfolio construction, investment policy development, and ongoing portfolio management for institutional and private clients.
- Private Markets Mandates Investment mandates covering private equity, private debt, real estate, and other alternative asset classes with access to institutional-quality managers for endowments, foundations, and family offices.
- Merlin IV Co-Investment Fund Private equity co-investment fund targeting lower-middle-market and middle-market buyouts with typical investments of $25 million to over $100 million per transaction alongside private equity managers.
Quantifiable outcome
- Superior risk-adjusted returns through multi-asset class diversification
- +1 more outcomes
Companies that use Partners Capital
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
Partners Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Partners Capital partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core and minor.
- iCapitalcoreGlobal fintech iCapital and Partners Capital launched an enhanced private equity initiative, transitioning from a closed-end fund pilot to an open-ended evergreen structure targeting wealth managers and financial advisors across Asia, Europe, and the Middle East. The partnership leverages iCapital's technology ecosystem and marketplace platform to enable everyday private investors to access institutional-grade private equity opportunities previously reserved for major investors. With iCapital servicing over $1 trillion in assets globally and Partners Capital managing more than $70 billion.
- Dunes Point Capital, LPminorPartners Capital announced a co-investment partnership with Dunes Point Capital on an investment into Eastern Communications Ltd., with Dunes Point Capital serving as the lead private equity investor.
Scale indicators8 records
Recent moves8 records
Expansion highlights6 records
Partners Capital competitors and assessment
Company assessmentDirect peers
- Aon (Investment Solutions): Aon's OCIO and investment consulting business serves institutional clients with multi-asset mandates. Direct peer with comparable institutional client mix including endowments and foundations.
- Meketa Investment Group: Independent investment consulting and OCIO firm specializing in serving endowments, foundations, and public pensions. Direct peer with a similar focus on mid-sized institutional OCIO mandates.
- Cambridge Associates: The leading OCIO and investment consulting firm serving endowments, foundations, and private clients globally. Closest direct peer to Partners Capital given nearly identical client base, multi-asset class OCIO mandate, and proprietary investment frameworks.
- Mercer Investments: Global OCIO and investment consulting arm of Marsh McLennan serving endowments, foundations, pension funds, and family offices. Direct peer in multi-asset OCIO mandates with comparable institutional client base and proprietary manager research.
- Russell Investments: Global OCIO provider serving institutional investors including endowments and foundations. Direct peer with multi-asset OCIO solutions and outsourced investment office capabilities.
- NEPC: Independent investment consulting firm offering OCIO services to endowments, foundations, and pension funds. Direct peer in the institutional OCIO market with comparable client profile.
- StepStone Group: Global private markets investment firm with significant OCIO and advisory capabilities. Peer in the private markets co-investment and advisory space, with a focus on institutional clients similar to Partners Capital's Merlin platform.
- Verus Investments: Independent OCIO and investment consulting firm serving institutional clients including foundations and endowments. Direct peer with comparable scale and institutional client focus.
- Albourne: Investment consultant specializing in alternative investments including hedge funds, private equity, and real estate. Peer in the institutional advisory space with similar endowment and foundation client base.
Broad incumbents
- BlackRock: World's largest asset manager with broad OCIO capabilities through BlackRock Solutions. Larger incumbent offering overlapping multi-asset portfolio construction but as part of a much wider product portfolio.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
Partners Capital social profiles
Digital presencePartners Capital compliance and trust
Trust signalCompliance9 records
Partners Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Partners Capital leadership team
Management profileNumber of profiles
Profiles8 records
Partners Capital subsidiaries and ownership
Company hierarchySubsidiaries1 record
Partners Capital funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Partners Capital M&A and investment
M&A and investmentM&A
Investments5 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Partners Capital
What does Partners Capital do?
Partners Capital is a global investment office delivering Outsourced Chief Investment Office (OCIO) services, Private Markets mandates, and Co-Investment opportunities to endowments, foundations, family offices, and institutional investors. The firm constructs bespoke multi-asset class portfolios spanning absolute return, liquid credit, private debt, private equity, public equities, real estate, and uncorrelated strategies, guided by its proprietary Advanced Endowment Approach.
Is Partners Capital a public or private company?
Partners Capital is a private company. It is classified as venture growth investor backed and is currently operating.
When was Partners Capital founded?
Partners Capital was founded in 2001. It employs 251 to 500 people.
Where is Partners Capital based?
Partners Capital is headquartered in San Francisco, United States, in the North America region.
How does Partners Capital make money?
One revenue line is on record: investment Management and Advisory Fees.
Who are Partners Capital's main competitors?
Direct peers on record are Aon (Investment Solutions), Meketa Investment Group, Cambridge Associates, Mercer Investments, Russell Investments, NEPC, StepStone Group, Verus Investments and Albourne. BlackRock is listed as a broad incumbent.
Does Partners Capital have an API?
No public API is recorded for Partners Capital.
What industry is Partners Capital in?
Its primary akta.pro industry code is FSAAACAG, Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions), with a secondary code of BPAHADAB, Corporate Finance & Capital Advisory. Its NAICS code is 523940 and its SIC code is 6282.