What Fund Evaluation Group, LLC does

Fund Evaluation Group, LLC (FEG) is an independent, 100% employee-owned institutional investment management and consulting firm founded in 1988 and headquartered in Cincinnati, Ohio, with additional offices in Dallas and Indianapolis. The firm provides Outsourced CIO (OCIO), non-discretionary Advisory Services, discretionary Portfolio Management, and Private Wealth Solutions to endowments, foundations, healthcare organizations, and family offices. FEG manages over $100 billion in assets under advisement as of September 30, 2025, across marketable strategies, private capital, hedge funds, and real assets.

The firm generates revenue through investment advisory fees tied to assets under advisement, structured as recurring recurring subscription-style engagements rather than transactional or commission-based pricing. FEG employs a direct, relationship-driven enterprise sales model supported by a formal RFP/proposal process, a dedicated business development team (now led by a Head of Client Development), and a multi-channel thought-leadership engine including the proprietary annual Community Foundation Survey (10th edition, 113 respondents, $41B AUA in 2025) and the Insight Bridge Podcast. Affiliated registered investment adviser entities (FEG Curio Investors, FEG Private Investors, FEG Investment Services) provide additional fund vehicles under separate regulatory filings.

FEG became 100% employee-owned through an ESOP transition in 2017 and is led by CEO J. Alan Lenahan (since January 1, 2024), Presidents Patrick Rogers and William Goslee, Chairwoman Rebecca Wood, CIOs Gregory Dowling and Nolan Bean, and newly appointed CTO Holly Laiveling (March 4, 2026). The firm is federally registered with the SEC under the Investment Advisers Act of 1940, maintains CCPA-compliant privacy practices, and operates proxy voting policies under the oversight of Chief Compliance Officer Julie Thomas.

Name

Fund Evaluation Group, LLC

Legal name

Fund Evaluation Group, LLC

Website

https://feg.com

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

101–250 employees

Short description

Fund Evaluation Group, LLC is an independent, 100% employee-owned institutional investment management firm founded in 1988, providing Outsourced CIO, advisory, and portfolio management services to endowments, foundations, healthcare organizations, and family offices across $100B+ in assets under advisement.

Ownership category

akta.pro rank

Product category

Institutional Investment Advisory

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282), Services-Engineering, Accounting, Research, Management (8700)

akta.pro primary industry

ESG/Sustainable Investment Advisory (FSAEAAAJ)

Keywords

• Investment advisory services
• Outsourced CIO services
• Institutional portfolio management
• Manager due diligence
• Investment consulting

Headquarters

HQ city

Cincinnati

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Advisory and OCIO Fees: FEG generates revenue through investment advisory fees, likely based on assets under advisement (AUA). As a federally registered investment adviser providing discretionary and non-discretionary investment advice, the firm charges fees for portfolio management, manager selection, due diligence, and advisory services. The firm has more than $100 billion in assets under advisement as of 9/30/2025.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Fund Evaluation Group, LLC (FEG) is an independent, employee-owned investment management firm that designs and manages complete investment programs for institutional clients. The firm delivers Outsourced CIO (OCIO), non-discretionary advisory services, discretionary portfolio management, and private wealth solutions, covering portfolio strategy, manager research, due diligence, risk, liquidity, and governance. FEG manages over $100 billion in assets under advisement across endowments, foundations, healthcare organizations, financial advisors, and family offices.

Product overview

FEG Investment Advisors is an independent, employee-owned investment management firm providing a unified platform of investment advisory and portfolio management services. The core offering centers on Outsourced CIO (OCIO) and Advisory Services for institutional clients including endowments, foundations, and healthcare organizations, complemented by Private Wealth Solutions for family offices. The firm manages over $100 billion in assets under advisement through its portfolio management capabilities and asset class expertise spanning marketable strategies, private capital, and alternatives. FEG also produces proprietary research including the annual Community Foundation Survey and the Insight Bridge Podcast. The firm operates affiliated fund vehicles including FEG Curio Investors, FEG Private Investors, and FEG Investment Services, each with separate regulatory filings.

Differentiator

Problem solved

Functional benefit

Products and services

• Outsourced CIO (OCIO) Full-service outsourced chief investment officer solution that manages complete investment programs including portfolio strategy, risk management, liquidity, and governance for institutional clients such as endowments, foundations, and healthcare systems.
• Advisory Services Non-discretionary investment consulting providing manager research, due diligence, asset allocation advice, and strategic investment guidance to institutional investors who retain internal discretion over their portfolios.
• Portfolio Management Discretionary portfolio management service that designs and manages complete investment programs aligned with each client's spending requirements, risk tolerance, and mission-driven objectives.
• Private Wealth Solutions Investment advisory services tailored for private clients, family offices, and institutions serving multigenerational clients, providing institutional-grade portfolio management and access to private capital opportunities.

Quantifiable outcome

• Over $100 billion in assets under advisement
• +2 more outcomes

Named customers3 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

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Mercer Investment Consulting: Mercer (a Marsh McLennan business) is a global investment consulting and OCIO provider serving institutional clients. Overlaps with FEG in OCIO, advisory, and manager research, but operates at much larger global scale as part of a broader professional services portfolio.
• Aon (Investment Consulting): Aon's investment consulting practice serves institutional clients with advisory, OCIO, and manager research across a global professional services platform. Comparable to FEG in institutional consulting, but operates as part of a much larger diversified parent.
• Russell Investments: Russell Investments is a global asset manager and OCIO provider serving institutional clients with investment consulting, manager research, and implementation services. Overlaps with FEG in OCIO and consulting, but operates at much larger global scale.

Direct peers

• NEPC, LLC: NEPC is an independent, employee-owned investment consulting firm providing OCIO and advisory services to institutional clients including endowments, foundations, and healthcare systems. Directly comparable to FEG in business model, client mix, and ownership structure.
• Meketa Investment Group: Meketa is an employee-owned investment consulting and OCIO firm serving public and corporate pensions, endowments, and foundations. Closely comparable to FEG in ownership structure, client focus on institutional investors, and OCIO/advisory model.
• Cambridge Associates: Cambridge Associates is one of the largest independent OCIO and investment consulting firms serving endowments, foundations, and private clients. Direct peer to FEG given overlapping institutional client base, OCIO model, and nonprofit specialization.
• RVK, Inc. RVK is an independent investment consulting firm providing OCIO and advisory services to public funds, corporate pensions, endowments, and foundations. Comparable to FEG in business model and institutional client mix.
• Marquette Associates: Marquette Associates is an independent institutional investment consulting and OCIO firm serving pensions, endowments, foundations, and healthcare organizations. Comparable to FEG in target client base and OCIO/advisory offering.
• Pavilion Advisory Group: Pavilion Advisory Group provides institutional investment consulting and OCIO services to endowments, foundations, and other mission-driven organizations. Comparable to FEG in client segment and OCIO/advisory offering.
• Verus Investments: Verus is an independent institutional investment consulting firm providing OCIO and advisory services to pensions, endowments, foundations, and healthcare clients. Directly comparable to FEG in service model and institutional client focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/fund-evaluation-group

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about Fund Evaluation Group, LLC