capital cities

What capital cities does

Capital Cities, LLC is a privately held, SEC-registered investment advisory firm headquartered in Indianapolis, Indiana, founded in 1998 by Bill Mauger and Joe Bill Wiley. The firm delivers non-discretionary investment consulting to institutional clients including public funds, retirement plans (defined benefit and defined contribution), foundations, endowments, trusts, and operating funds. Service offerings span strategic planning and analysis, portfolio construction, investment manager due diligence (qualitative and quantitative), fiduciary governance support, and specialized consulting for participant-directed 401(k)/403(b) plans and 529 education savings plans.

The firm's operating model is high-touch and principal-led, delivered through a small Investment Committee of credentialed professionals (CFA, CAIA, Investments & Wealth Institute). Capital Cities generates revenue via investment advisory and consulting fees on a recurring/relationship basis, with pricing negotiated individually with each institutional client; no proprietary technology platform or productized analytics layer is disclosed, and service delivery relies on customized reporting, vendor coordination, and person-to-person engagement rather than a software product. The firm also maintains a separate RIA entity, Capital Cities Investments.

Capital Cities is founder-owned with no parent company or external institutional investor, markets domestically (with a Midwest concentration) to U.S. residents only, and grew to $43 billion in assets under advisement as of December 31, 2025. GTM is direct, enterprise field sales led by founding principals, supported by professional and political networks rather than broad marketing campaigns.

Name

capital cities

Legal name

Capital Cities, LLC

Website

https://capcities.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

11–50 employees

Short description

Capital Cities, LLC is an Indianapolis-based SEC-registered investment advisory firm, founded in 1998, providing high-touch consulting and fiduciary support to institutional clients including public funds, retirement plans, foundations, endowments, trusts, and operating funds.

Ownership category

akta.pro rank

Headquarters

HQ city

Indianapolis

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations

Revenue model

1. Investment Advisory and Consulting Fees: Capital Cities generates revenue through investment advisory and consulting fees for services rendered to institutional clients including public funds, retirement plans, foundations, endowments, trusts and operating funds. As an SEC-registered investment advisor, the firm charges fees for objective investment advice, portfolio analysis, and fiduciary duty support.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Capital Cities, LLC is an independent investment advisory firm that delivers consulting and advisory services to institutional clients including public funds, retirement plans, foundations, endowments, trusts, and operating funds. Its services span strategic planning and analysis, portfolio construction, investment manager research and due diligence, fiduciary guidance, and specialized consulting for participant-directed plans such as 401(k), 403(b), and 529 plans, all provided through a principal-led, high-touch engagement model under SEC-registered investment adviser status.

Product overview

Capital Cities, LLC operates as a single, unified investment advisory service rather than a platform with separate modules. The firm offers comprehensive investment consulting to institutional clients, serving public funds, retirement plans (both defined benefit and defined contribution), foundations, endowments, trusts, and operating funds. Core services include strategic planning and analysis, portfolio construction, investment manager research and due diligence, fiduciary guidance, and administrative support. The firm also provides specialized consulting for participant-directed plans such as 401(k), 403(b), and 529 plans. All services are delivered through a team-based model with high-touch, customized client engagement.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Advisory and Consulting Services Comprehensive investment consulting solutions delivered to institutional clients including public funds, retirement plans, foundations, endowments, trusts, and operating funds. Services include strategic planning, portfolio construction, investment manager due diligence, and fiduciary guidance.
• Defined Contribution Plan Consulting Specialized consulting for participant-directed retirement plans including 401(k) and 403(b) plans, focused on developing and overseeing investment strategies and policies.
• 529 Plan Consulting Customized solutions for education savings plans, providing investment strategy development and ongoing review services.
• Institutional Investment Manager Due Diligence Investment manager research including ongoing due diligence and qualitative and quantitative analysis to support client portfolio decisions.
• Fiduciary Services Advisory services helping clients navigate fiduciary responsibilities including investment policy statement development and ongoing fiduciary governance support.

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators1 record

Recent moves5 records

Expansion highlights3 records

Direct peers

• Meketa Investment Group: Boston-based investment consulting firm with deep public fund and endowment client base. Comparable in service offerings (manager due diligence, asset allocation, fiduciary support) to Capital Cities.
• RVK, Inc. Portland-based institutional investment consulting firm serving public funds, corporate plans, and endowments. Similar size, independent structure, and focus on manager research and portfolio consulting.
• Marquette Associates: Chicago-based institutional investment consulting firm serving public funds, foundations, endowments, and corporate plans. Directly comparable to Capital Cities in client mix, AUA scale, and independent advisor model.
• 40|86 Advisors: Indianapolis-based institutional investment advisory firm. Robert Pelkey (Capital Cities Director of Operations) previously worked there, suggesting geographic and service overlap with Capital Cities' Midwest institutional practice.
• NEPC, LLC: Boston-based independent investment consulting firm serving public funds, endowments, foundations, and corporate plans. Closely comparable independent RIA model serving similar institutional segments.
• DiMeo Schneider & Associates: Chicago-based institutional investment consulting firm serving endowments, foundations, and corporate plans. Notably, Corey Waddell (Capital Cities Director of Consulting) previously worked there, indicating comparable practice areas and client overlap.

Broad incumbents

• Mercer Investment Consulting: Global investment consulting arm of Mercer (Marsh & McLennan). Serves similar institutional clients with broader capabilities, deeper resources, and global footprint. Capital Cities team member previously worked at Mercer.
• Aon Investments: Investment consulting arm of Aon plc, serving institutional clients globally. Much larger incumbent with broader service portfolio including actuarial, risk, and benefits consulting alongside investment advisory.
• Cambridge Associates: Boston-based global investment consulting firm serving endowments, foundations, and pension plans. Larger, broader-scope incumbent with overlapping manager research and portfolio advisory offerings.
• Wilshire Associates: Santa Monica-based investment consulting and technology firm serving institutional clients. Provides overlapping portfolio consulting and manager research services at greater scale than Capital Cities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/capital-cities-llc

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

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 capital cities