NEPC

What NEPC does

NEPC, LLC is a Boston-headquartered, employee-owned investment consulting firm founded in 1986 by Richard M. Charlton. The firm operates a direct enterprise field sales motion across 17 offices (16 U.S. plus London), employing 380+ investment professionals and serving 400+ institutional and private wealth clients with $1.9T+ in assets under advisement as of 2026. NEPC is structured as a private LLC with no public ticker and no parent company.

The firm's offering splits into Advisory Solutions (investment policy, asset allocation, manager search, operational due diligence, performance measurement) and OCIO Services (full discretionary outsourced CIO). It serves eight specialized segments: Endowments & Foundations ($122B across 175 portfolios), Healthcare ($137B across 45+ clients), Defined Contribution ($680B across 300+ plans), Insurance ($56B across 35+ portfolios), Taft-Hartley ($51B across 50 clients), Corporate Defined Benefit ($128B across 95 plans), Public Funds ($890B across 70+ clients), and Private Wealth ($28.8B across 50 UHNW clients). Proprietary technology includes the Total Enterprise Management asset allocation tool, an Enterprise Risk Model for healthcare, and the NEPC OCIO Platform. A Sustainable Investment Solutions add-on covers impact investing and diverse manager access.

NEPC generates revenue through subscription/recurring investment advisory fees based on assets under advisement and scope of services, with pricing not publicly disclosed. Following the 2024 sale of its OCIO division to Hightower Advisors, NEPC continues to operate as a distinct entity with its own leadership, brand, and a strategic OCIO advisory relationship with Hightower covering $1.5T in client assets. The firm announced a leadership succession effective January 1, 2026: Tim McCusker as President (and CEO-designate in January 2027) and Sarah Samuels as Chief Investment Officer, alongside the promotion of nine new partners/principals.

Name

NEPC

Legal name

NEPC, LLC

Website

https://nepc.com

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

251–500 employees

Short description

NEPC is a Boston-based, employee-owned investment consulting firm that delivers advisory and OCIO services across asset allocation, manager research, and outsourced CIO to 400-plus institutional and private wealth clients managing more than $1.9 trillion in assets under advisement.

Ownership category

akta.pro rank

Product category

Investment Consulting

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

akta.pro secondary industry

Institutional Consultants & Fiduciary Management (Investment Consulting) (FSAAAGAJ)

Keywords

• Investment consulting services
• Outsourced CIO services
• Institutional asset allocation
• Defined contribution consulting
• Pension fund advisory

Headquarters

HQ city

Boston

HQ country

United States

HQ region

North America

Offices17 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Advisory Services: NEPC generates revenue through investment consulting fees for advisory and OCIO services. Fees are typically based on assets under advisement and the scope of services provided. The firm operates as an employee-owned partnership structure.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

NEPC is a full-service investment consulting firm that provides research-driven Advisory Solutions (investment policy, asset allocation, manager search, operational due diligence, performance measurement) and OCIO (Outsourced Chief Investment Officer) Services to institutional and private wealth clients. The firm combines proprietary analytical tools, deep multi-asset-class research, and a 6:1 client-to-consultant service model to advise on approximately $1.9 trillion in client assets across 400+ clients.

Product overview

NEPC is a full-service investment consulting firm offering a unified platform combining Advisory Solutions and OCIO Services. The Advisory Solutions module provides traditional consulting across investment policy, asset allocation, manager search, operational due diligence, performance measurement, and vendor search. The OCIO Services module offers full outsourced CIO capabilities. Both services span across specialized sub-brands serving distinct client segments: Endowments & Foundations, Healthcare, Defined Contribution, Insurance, Taft-Hartley, Corporate Defined Benefit, Public Funds, and Private Wealth. The firm also offers Sustainable Investment Solutions as an add-on focusing on diverse managers and impact investing. The overall architecture is a platform with multiple practice area modules, all drawing on shared research capabilities, investment teams, and proprietary tools.

Differentiator

Problem solved

Functional benefit

Products and services

• OCIO Services Outsourced Chief Investment Officer solution providing comprehensive and customized discretionary investment management with unbiased advice and no hidden incentives; combines strong governance with well-researched asset allocation and investment management solutions for institutional clients. Manages $153.5B in OCIO assets across 126 clients and 295 investment programs.
• Advisory Solutions Investment advisory services including investment policy development, asset allocation, manager search and selection, operational due diligence, performance measurement, vendor search, and client education. Delivered across all client segments — endowments and foundations, healthcare, defined contribution, insurance, Taft-Hartley, corporate defined benefit, public funds, and private wealth.
• Sustainable Investment Solutions Sustainable investment solutions focusing on diverse managers and impact investing, including a Diverse Manager Committee and an Impact Investing Committee with 20+ consultants serving 50+ clients. $34B has been invested with diverse firms and 40% of clients utilize diverse managers.
• Stratum One Pooled Employer Plan (PEP) Pooled Employer Plan (PEP) launched to streamline retirement plan management through a partnership with Empower and NPPG. Provides fiduciary oversight and competitive investment pricing for pooled employer plan clients.

Quantifiable outcome

• 96% Taft-Hartley retention rate over ten years (through 12/31/2025)
• +2 more outcomes

Named customers8 records

Segments8 records

Ideal customer profiles8 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and supporting.

• Hightower AdvisorscoreStrategic or Co-development Partner · 10 June 2026NEPC has a strategic relationship with Hightower Advisors, where NEPC serves as the institutional investment consulting partner providing investment strategies and funds through NEPC's OCIO division. Hightower acquired NEPC's OCIO division in 2024 for approximately $1.6 trillion in assets, and NEPC advises on over $1.5 trillion in client assets through this relationship. The partnership enables Hightower to offer expanded family office services to ultra-high-net-worth clients.
• GTBA (Gregg M. Teirstein & Associates)supportingStrategic or Co-development Partner · 10 June 2026GTBA is a Los Angeles-based business management and family office firm that partners with Hightower and NEPC to provide comprehensive wealth and business management services for ultra-high-net-worth clients.
• EmpowersupportingTechnology or Integration · 16 March 2026NEPC partnered with Empower to launch Stratum One, a Pooled Employer Plan (PEP), leveraging Empower's recordkeeping platform for the PEP offering that provides fiduciary oversight and competitive investment pricing.
• NPPG (National Plan Participants Group)supportingTechnology or Integration · 16 March 2026NPPG is a partner in NEPC's Stratum One Pooled Employer Plan, contributing to the retirement plan management solution that leverages NEPC's OCIO platform for competitive investment pricing and fiduciary oversight.

Scale indicators18 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Mercer Investment Consulting: Mercer is a global investment consulting and OCIO provider serving institutional pensions, endowments, and foundations. Comparable to NEPC in serving institutional OCIO mandates but with broader HR/benefits consulting scale and deeper international footprint.
• Aon Investments: Aon's investment consulting business provides OCIO and advisory services to institutional pension and DC clients. Comparable to NEPC in institutional consulting but operates within a broader risk and human capital consulting platform.
• Willis Towers Watson Investment Services: WTW's investment business advises pension plans, endowments, and foundations on asset allocation and manager research. Comparable in institutional OCIO and advisory scope, with broader insurance and risk consulting integration.

Direct peers

• Cambridge Associates: Cambridge Associates is a leading private investment consulting firm advising endowments, foundations, and private wealth clients on investment strategy and manager selection. Highly comparable to NEPC's E&F and OCIO offerings with similar research-driven approach.
• Meketa Investment Group: Meketa is an employee-owned investment consulting firm serving public funds, corporate plans, E&F, and OCIO clients. Direct peer to NEPC given similar ownership structure, client segments, and mid-sized institutional focus.
• Wilshire Advisors: Wilshire provides investment consulting, OCIO, and asset allocation services to institutional clients including pensions, foundations, and endowments. Comparable to NEPC across institutional segments and recently lost senior consultant Rose Dean to NEPC.
• RVK (Rocaton): RVK is an institutional investment consulting firm serving corporate DB/DC, healthcare, public funds, and E&F clients. Comparable to NEPC in segment coverage and consulting model; several NEPC partners previously worked at Rocaton.
• Marquette Associates: Marquette Associates is an independent investment consulting firm serving institutional clients including E&F, healthcare, and corporate plans. Comparable to NEPC in mid-sized institutional focus with similar research-driven model.
• Segal Marco Advisors: Segal Marco Advisors provides investment consulting to public sector, Taft-Hartley, and corporate DB clients. Comparable to NEPC in Taft-Hartley and public fund segments with similar employee-owned ethos.
• Verus Investments: Verus is an institutional investment consulting firm serving public funds, E&F, corporate plans, and healthcare clients. Comparable to NEPC in segment breadth and research-focused OCIO/advisory capabilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/nepc_llc
• YouTubeyoutube.com/channel/UCj88IAuFJo31edZXyRWzFeQ
• Facebookfacebook.com/nepcllc
• LinkedInlinkedin.com/company/nepc

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about NEPC