Partners Capital

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.

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

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

• Investment management services
• Outsourced chief investment office
• Endowment investing
• Private equity co-investment
• Multi-asset portfolio management

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices11 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. 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

Core 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

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core and minor.

• iCapitalcoreStrategic or Co-development Partner · 8 February 2026Global 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, LPminorStrategic or Co-development Partner · 1 January 2024Partners 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

Direct 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

• Instagraminstagram.com/partnerscapital

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Partners Capital