McMorgan & Company

What McMorgan & Company does

McMorgan & Company is a private, 100% employee-owned institutional investment management firm founded in 1969 and headquartered in San Francisco, California. The firm operates two core platforms: a Global Infrastructure Platform that provides co-investment access to essential assets (ports, utilities, transportation, digital infrastructure, and increasingly renewable energy) alongside large global infrastructure investors such as OMERS and La Caisse (CDPQ); and a Multi-Asset Platform, a managed-accounts offering combining fixed income, equities, and liquid alternatives that surpassed $1B AUM in September 2024. The firm manages $10.9B in total assets as of 12/31/25 (~$7.6B regulatory AUM and ~$3.3B client-service-agent AUM).

The company serves 200+ institutional clients across five segments: Taft-Hartley Plans (its heritage channel), Public Funds, Endowments, Foundations, and Private Clients. Distribution is executed through a regional field sales organization across eight U.S. and Canadian offices (San Francisco, Burbank, Chicago, Philadelphia, Pittsburgh, Walla Walla, Las Vegas, Toronto) supplemented by a dedicated consultant-relations team. Strategic partnerships with ATEL Capital, Ducenta Squared, Farol Asset Management, MacKay Shields, New York Life Real Estate Investors, and Empower broaden the firm's investment capability surface across credit, fixed income, real estate, private equity, and retirement services.

McMorgan generates revenue primarily through recurring asset management fees based on AUM, with pricing negotiated individually and not publicly disclosed. Recent strategic activity includes co-investments in Innergex (2025, with CDPQ) and Waveconn (2026 follow-on, with OMERS), the announced divestiture of its Exolum stake (2026), and the appointment of Thiago Silva as Head of Infrastructure (May 2026). The firm reports 15+ years average client tenure and is led by CEO John Santaguida, President Brian Morton, COO Don Palmer, and CIO Ken Tsuboi.

Name

McMorgan & Company

Legal name

McMorgan & Company LLC

Website

https://mcmorgan.com

Company type

Private

Founded year

1969

Operating status

Operating

Headcount range

11–50 employees

Short description

McMorgan & Company is a private, employee-owned institutional investment manager founded in 1969, managing $10.9B across a Global Infrastructure Platform and a Multi-Asset Platform for 200+ Taft-Hartley Plans, Public Funds, Endowments, Foundations, and Private Clients.

Ownership category

akta.pro rank

Product category

Institutional Asset Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

akta.pro secondary industry

Real Assets Fund of Funds (Real Estate / Infrastructure / Natural Resources FoF) (FSAHAKAG)

Keywords

• Institutional asset management
• Infrastructure co-investments
• Taft-Hartley pension management
• Multi-asset managed accounts
• Fiduciary investment services

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Asset Management Fees: McMorgan generates revenue through management fees based on assets under management ($10.9B AUM as of 12/31/25), including ~$7.6B of regulatory assets under management and ~$3.3B of assets for which McMorgan acts solely as client service agent.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

McMorgan & Company is an independent, employee-owned institutional investment management firm that provides advisory and management services through two core platforms: the Global Infrastructure Platform, which offers co-investments alongside major global pension plans in essential infrastructure assets such as ports, utilities, energy, transportation, and digital communications, and the Multi-Asset Platform, which delivers diversified exposure to global capital markets through tailored managed accounts combining fixed income, equities, and liquid alternatives. The firm primarily serves Taft-Hartley Plans, Public Funds, Endowments, Foundations, and Private Clients, generating revenue through recurring asset management fees on approximately $10.9 billion in AUM.

Product overview

McMorgan & Company operates two core investment platforms: the Global Infrastructure Platform and the Multi-Asset Platform. The Global Infrastructure Platform provides access to diversified co-investments in essential infrastructure assets (ports, utilities, energy, transportation, digital communications) alongside major pension plans and institutional investors, targeting inflation-resilient long-term returns. The Multi-Asset Platform provides diversified exposure to global capital markets through tailored managed accounts combining fixed income, equities, and liquid alternatives for institutional clients. The firm also collaborates with strategic partners including ATEL Capital Group, Ducenta Squared Asset Management, Farol Asset Management, MacKay Shields, New York Life Real Estate Investors, and Empower to broaden investment capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Global Infrastructure Platform Infrastructure investment platform providing institutional clients with access to a diversified portfolio of co-investments alongside some of the largest direct infrastructure investment teams and pension plans in the world, targeting inflation-resilient long-term returns and income through essential infrastructure assets including ports, utilities, energy, transportation, and digital communications.
• Multi-Asset Platform Managed account platform providing diversified exposure to global capital markets through portfolios tailored to each client's objectives, risk tolerance, liquidity needs, and time horizon. Combines fixed income, equities, and liquid alternatives with disciplined portfolio management for institutional clients.

Quantifiable outcome

• $10.9B in assets under management
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core.

• ATEL Capital GroupcoreStrategic or Co-development PartnerATEL Capital Group is an asset management firm with a diverse portfolio spanning equipment leasing, corporate lending, and real estate. The firm provides lease financing to major corporations and debt capital to growth-stage businesses across various industries.
• Ducenta Squared Asset ManagementcoreStrategic or Co-development PartnerDucenta Squared Asset Management is an independent boutique fixed income manager based in Los Angeles. The firm offers traditional, alternative, and customized fixed income solutions across the maturity range and capital structure for institutional and private wealth clients globally.
• Farol Asset ManagementcoreStrategic or Co-development PartnerFarol Asset Management is a private equity firm focused on providing customized and proprietary control and non-control investment solutions. The firm invests private equity capital on behalf of institutional investors seeking specific investment objectives.
• MacKay ShieldscoreStrategic or Co-development PartnerMacKay Shields, a New York Life Investments Company, is a global boutique investment firm providing specialty fixed income expertise across global fixed income markets including municipal bonds, structured credit, corporate credit and emerging market debt.
• New York Life Real Estate InvestorscoreStrategic or Co-development PartnerAs the real estate manager of NYL Investors, Real Estate Investors delivers dedicated solutions through commercial mortgage lending, real estate securities, and private equity real estate investing offered across funds, separate accounts, and programmatic joint ventures.
• EmpowercoreStrategic or Co-development PartnerEmpower is a leading retirement services and personal wealth management company serving over 19.5 million people. The firm offers workplace retirement plans, IRAs, rollover services, and personalized wealth management solutions.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Heitman: Heitman is a real-estate and real-assets investment manager serving institutional clients including public and corporate pensions. It is a relevant peer for McMorgan's real-assets/infrastructure orientation and shared institutional client base.
• StepStone Group: StepStone is a specialist private-markets and co-investment platform serving institutional investors. McMorgan's co-investment model with OMERS and La Caisse is directly analogous to StepStone's core co-invest offering for pension and endowment clients.
• IFM Investors: IFM is a global infrastructure-focused asset manager serving institutional pension clients. Like McMorgan's infrastructure platform, IFM invests in essential infrastructure alongside large pension capital and competes for the same institutional infrastructure mandates.
• Segal Group: Segal is a major Taft-Hartley and public-pension investment consulting firm with deep overlap in multi-employer and labor-union plan advisory. Like McMorgan, it specializes in the institutional fiduciary and consulting layer serving Taft-Hartley plans — a directly comparable niche client base.

Broad incumbents

• Franklin Templeton: Franklin Templeton is a global asset manager with deep institutional, Taft-Hartley, and retirement-plan relationships where McMorgan alumni previously worked. It competes for the same multi-asset and institutional consultant-sourced mandates, but at materially larger scale.
• Brookfield Asset Management: Brookfield is one of the world's largest infrastructure and real-asset managers; Thiago Silva was an investment-team member in Brookfield's early infrastructure days. Brookfield competes for the same institutional infrastructure capital that McMorgan accesses via co-investments with OMERS and La Caisse.
• AllianceBernstein: AllianceBernstein is a global institutional asset manager where McMorgan COO Don Palmer and other alumni previously worked. It serves Taft-Hartley and public pension clients at much larger AUM scale and competes for similar consultant-driven mandates.
• New York Life Investment Management: NYL Investors is the parent of MacKay Shields and NYL Real Estate Investors, both strategic partners of McMorgan. It is a much larger institutional asset manager with overlapping Taft-Hartley and multi-employer plan relationships and a similar broad fixed-income and real-assets platform.

Regional players

• Polen Capital: Polen Capital is a concentrated equity and fixed-income institutional manager where McMorgan's Gregg Kerr previously worked. It serves institutional clients in the US with a similar boutique institutional model but lacks McMorgan's infrastructure and Taft-Hartley specialization.

Emerging players

• WCM Investment Management: WCM is a boutique institutional equity manager serving pension, endowment, and Taft-Hartley clients with a focused active strategy. While WCM lacks McMorgan's infrastructure book, both compete for the same institutional consultant-driven roster slots at Taft-Hartley plans.

Market position

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/mcmorgan-&-company

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 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 McMorgan & Company