Shadmoor Advisors

What Shadmoor Advisors does

Shadmoor Advisors, Inc. is a privately held, founder-owned boutique consulting firm founded in 2014 by Michael Merrigan and headquartered in Southport, Connecticut, with a second office opened near Grand Central Station in New York City in March 2023. The firm provides operational due diligence services exclusively to the alternative investment industry, serving institutional investors and allocators, family offices, funds of funds, wealth management platforms, placement agents, and third-party marketing firms. Its core offering is comprehensive ODD review of investment managers and their funds at inception and on an ongoing basis, covering private equity, hedge funds, venture capital, real estate, and emerging managers across global markets.

The firm delivers engagements through a co-sourced model in which Shadmoor personnel work within client procedures and templates, supplemented by mock ODD reviews, policy documentation drafting, and ongoing monitoring. Its underlying technology is the DiligenceVault platform, utilized for digital diligence, ADV, and reporting modules to centralize research and workflows across more than 7,000 managers on the platform. The firm does not produce database-format reports, does not provide investment ideas, and maintains strict client confidentiality, differentiating it from advisory firms that cross-sell ODD as a secondary service.

Shadmoor monetizes through custom, quote-based professional services engagements with multi-year contracts, paired with subscription-style recurring ODD monitoring. It markets primarily through direct relationship-driven outreach, industry conferences such as GAIM Ops Cayman, membership in the Investment Management Due Diligence Association (IMDDA), targeted webinars with high-profile industry figures, and a thought-leadership video series, The Shadmoor Overlook, launched in 2026. The team has grown from six professionals in 2021 to more than a dozen full-time staff by 2024, with a formalized C-suite including a Chief Operating Officer, Chief Financial Officer, and Chief of Staff as of January 2025.

Name

Shadmoor Advisors

Legal name

Shadmoor Advisors, Inc.

Website

https://shadmoor.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Short description

Shadmoor Advisors is a boutique operational due diligence consulting firm serving institutional alternative investment allocators, family offices, and funds of funds. Founded in 2014, it conducts ODD reviews and ongoing monitoring of investment managers across private equity, hedge funds, venture capital, and real estate via a co-sourced delivery model.

Ownership category

akta.pro rank

Product category

Operational Due Diligence Consulting

NAICS

Management Consulting Services (54161)

SIC

Services-Management Consulting Services (8742)

akta.pro primary industry

Due Diligence Advisory (Commercial/Financial/Operational) (BPAHADAE)

akta.pro secondary industry

Real Estate Due Diligence & Underwriting Advisory (Financial/Operational) (BPAJANAG)

Keywords

• Operational due diligence
• Alternative investment consulting
• Investment manager reviews
• Fund due diligence
• Operational risk consulting

Headquarters

HQ city

Westport

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Operational Due Diligence Consulting Services: Comprehensive ODD reviews of investment managers and their funds for institutional alternative investment allocators. Services include reviews at inception of investment and ongoing monitoring throughout the life of the investment.
2. Co-sourced ODD Staff Augmentation: Services where Shadmoor personnel work within client procedures and templates to supplement and complement internal operational due diligence teams.
3. Third-Party Marketing ODD Assessments: Independent operational risk assessments of investment managers and their funds prior to execution of marketing engagements for third-party marketing firms.

Pricing tiers

Go-to-market motion3 records

Distribution channels1 record

Marketing channels5 records

Core offering

Shadmoor Advisors designs, implements, and executes operational due diligence programs for institutional alternative-asset allocators, providing comprehensive ODD reviews of investment managers and their funds at inception and on an ongoing basis across private and public markets (real estate, venture capital, hedge funds, private equity). The firm operates a co-sourced engagement model in which its personnel work within client procedures and templates, serving as an extension of the client's internal ODD team, and also conducts third-party marketing ODD assessments, mock ODD reviews, and policy documentation drafting.

Product overview

Shadmoor Advisors offers a suite of operational due diligence consulting services focused on investment managers and their funds. The core offering is comprehensive ODD reviews for institutional allocators, supported by staff augmentation modules where Shadmoor personnel work within client systems. Additional services include third-party marketing ODD assessments, mock ODD reviews, and policy documentation drafting for investment managers and placement agents. The firm also produces The Shadmoor Overlook thought leadership video series covering compliance and insurance topics. Services span both private and public markets including real estate, venture capital, hedge funds, and private equity across global markets.

Differentiator

Problem solved

Functional benefit

Brands

• The Shadmoor Overlook: A thought leadership video series that brings together experienced professionals to unpack complex operational topics in asset management.

Products and services

• Operational Due Diligence (ODD) Consulting Services Comprehensive operational due diligence reviews of investment managers and their funds for institutional alternative-investment allocators, conducted at both inception and on an ongoing basis across the full spectrum of alternative strategies including real estate, venture capital, hedge funds and private equity.
• Operational Due Diligence Staff Augmentation Co-sourced engagement where Shadmoor personnel work within the client's own procedures and templates to supplement and complement internal operational due diligence teams at institutional investors.
• Third-Party Marketing ODD Assessments Independent operational risk assessments of investment managers and their funds conducted prior to the execution of marketing engagements for third-party marketing firms.
• Mock Operational Due Diligence Reviews Tailored operational due diligence engagements for placement agents and investment managers that simulate the ODD review process to prepare them for actual institutional-investor assessments.
• Policy Documentation Drafting Customized operational due diligence engagements including drafting of policy documentation for investment managers and placement agents.
• Ongoing ODD Monitoring Continuous monitoring service throughout the investment lifecycle to identify and address operational risks after initial commitments are made.
• The Shadmoor Overlook (Thought Leadership Video Series) A thought leadership video series that brings together experienced professionals from leading firms to unpack complex operational topics in asset management, covering compliance, cybersecurity, insurance, and regulatory issues for an institutional investment audience.

Named customers6 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature1 record

Partnerships

Six partnerships are on record, tiered secondary, core and minor.

• Salus GRCsecondaryStrategic or Co-development Partner · 9 June 2026Shadmoor Overlook Episode 2 featured Chris Lombardy, President of Salus GRC discussing compliance, cybersecurity, and managing risk in asset management. Topics included SEC exam priorities, allocation practices, disclosures and conflicts of interest.
• Fieldstone Insurance Group, LLCsecondaryStrategic or Co-development Partner · 6 May 2026Shadmoor Overlook Episode 1 featured Matt Kinsel, Partner at Fieldstone Insurance Group, LLC discussing insurance coverage in the asset management industry. The episode covered types of coverage asset managers should consider and where gaps commonly arise.
• Optima PartnerssecondaryGTM or Marketing Partner · 27 October 2025Shadmoor and Optima Partners co-hosted a breakfast discussion event for asset management professionals at The Stafford Hotel in London. The session brought together perspectives from across the investment ecosystem. Jean-François Mauvis of Shadmoor and Greg Worsfold of Optima Partners led discussions on operational, regulatory, and investor expectations topics.
• Investment Management Due Diligence Association (IMDDA)coreOthers · 4 March 2022Shadmoor Advisors officially joined the Investment Management Due Diligence Association (IMDDA) as a corporate member. The firm looks forward to learning from operational due diligence industry colleagues, participating in events, and contributing to IMDDA's mission.
• Informa ConnectminorOthers · 2 March 2022Shadmoor Advisors was a sponsor of the GAIM Ops Cayman conference organized by Informa Connect. The event took place in Grand Cayman on April 24-27th.
• DiligenceVaultcoreTechnology or Integration · 4 November 2021Shadmoor selected DiligenceVault's platform to power their operational due diligence services. The partnership enables Shadmoor to centralize research, reporting processes, and workflows. Shadmoor utilizes DiligenceVault's Digital Diligence, ADV and Reporting modules to optimize collection and centralization of fund manager data, tapping into more than 7,000 managers on the platform. The collaboration enhances Shadmoor's ability to efficiently communicate with clients' investment managers on a larger scale and frequency.

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Mercer: Mercer is a large global investment consultant whose Investment Management practice includes manager research and operational due diligence for institutional investors - an incumbent in the same space with much broader consulting offerings.
• Cambridge Associates: Cambridge Associates is a large investment consulting firm advising endowments, foundations, and pensions on manager selection, including operational due diligence on alternative investment managers.
• Waystone: Waystone is a large governance, regulatory, and compliance services provider to the alternative asset management industry, offering operational risk and AIFM services that overlap with Shadmoor's ODD offering.
• Deloitte (Asset Management Advisory): Deloitte's Investment Management practice includes operational due diligence and risk advisory for allocators and managers; a Big 4 incumbent in the same addressable market.
• PwC (Asset Management Advisory): PwC's Asset Management practice provides operational due diligence, regulatory, and risk advisory services, overlapping with Shadmoor's ODD review offerings at the institutional allocator level.
• KPMG (Asset Management Advisory): KPMG's Asset Management practice provides operational and regulatory due diligence advisory to institutional investors and asset managers; a Big 4 incumbent competing for ODD engagements.

Direct peers

• ACA Compliance Group: ACA Compliance Group is a specialized governance, risk, and compliance firm for the asset management industry with a dedicated operational due diligence practice serving institutional allocators of alternative investments - directly comparable to Shadmoor's boutique ODD focus.
• Cipperman Compliance Services: Cipperman is a boutique compliance and operational consulting firm serving investment advisers and asset managers, including ODD-style assessments - directly comparable as a specialist peer serving adjacent market segments.
• Optima Partners: Optima Partners provides operational risk, governance, and regulatory advisory to asset managers and allocators - closely aligned with Shadmoor's operational due diligence focus and recently co-hosted a London breakfast discussion with Shadmoor in October 2025.
• Aksia: Aksia is a specialist alternative investment research and operational due diligence firm serving institutional investors and fund-of-funds allocators; its ODD, monitoring, and consulting offerings overlap closely with Shadmoor's core service set in the alternatives space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 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 Shadmoor Advisors