PEO Partners

What PEO Partners does

PEO Partners, LLC is a US-based private investment management firm founded in early 2019 by Randy Cohen, a Harvard Business School professor, and Jean-Louis Lelogeais, a former co-founder of SVP Global. The firm builds systematic liquid alternatives designed to replicate the return profile of private equity using publicly traded securities, targeting pension funds, institutional investors, asset managers, and family offices. Its distribution mix combines a direct US-registered mutual fund (the PEO Private Equity Access Fund, launched May 2021), a sub-advisory mandate with Mackenzie Investments in Canada (seeded at CAD $15M in December 2020), and a co-branded Liquid PE Indices product with Loomis Sayles and Merqube launched in May 2024.

The firm's underlying technology is a proprietary four-component investment framework — InvestCore, Select StocksCore, TargetOverlay, and HedgeOverlay — used to translate private equity return drivers into liquid public-market exposures. This methodology is supported by a research partnership with Cambridge Associates, which provides private markets data and benchmarking. The firm has explicitly acknowledged that customer acquisition remains a key challenge, and its revenue model is asset-management-fee based, generating management fees on its own fund and sub-advisory fees on partner mandates, with index licensing economics layered in via the Loomis Sayles/Merqube relationship.

Operationally, the firm remains a small, founder-led boutique. Governance build-out is visible through the October 2022 addition of Ray Joseph to the Advisory Board, and thought-leadership activity (including a March 2025 white paper on Liquid Private Equity in the 60/40 portfolio debate) signals active positioning for further institutional mandate and product growth, though no AUM, headcount, or revenue figures are publicly disclosed.

Name

PEO Partners

Legal name

PEO Partners, LLC

Website

https://peo-partners.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

PEO Partners is a US-based investment manager that builds systematic liquid alternatives replicating private equity return profiles via a proprietary four-component framework, distributing through its own mutual fund, a Mackenzie Investments sub-advisory mandate, and a co-branded Liquid PE Indices product with Loomis Sayles and Merqube.

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Sub-advisory Fees: Non-discretionary sub-advisory services to institutional asset managers like Mackenzie Investments, generating recurring management fees based on assets under advisement
2. Fund Management: Management fees from proprietary fund products including the PEO Private Equity Access Fund launched in May 2021

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

PEO Partners is an institutional investment management firm that builds and manages liquid Private Equity alternative strategies. It uses a proprietary investment model to replicate leveraged buyout (LBO) performance in public markets via a proprietary fund, sub-advisory services to major asset managers, and co-branded liquid PE indices. The firm delivers PE-like returns with lower fees and daily liquidity compared to traditional private equity funds.

Product overview

PEO Partners operates as a Private Equity Liquid Alternatives platform offering multiple investment products and research. The core offerings include the PEO Private Equity Access Fund (launched May 2021) and liquid PE indices co-branded with Loomis Sayles and Merqube (launched May 2024). The company also serves as sub-advisor to Mackenzie Investments for their Private Equity Replication mutual fund. The platform is built on a proprietary investment model that seeks to replicate private equity returns in public markets. In addition to investment products, the firm publishes research and commentary on topics including liquid private equity, portfolio allocation, and market analysis.

Differentiator

Problem solved

Functional benefit

Products and services

• PEO Private Equity Access Fund A liquid alternative investment fund designed to deliver performance comparable to average LBO (Leveraged Buyout) performance net of fees in the public markets, using a proprietary investment model to replicate private equity themes. Targeted at institutional investors and asset managers.
• Private Equity Replication Mutual Fund (Mackenzie sub-advisory) Non-discretionary sub-advisory service provided by PEO Partners to Mackenzie Investments (Canadian asset manager with CAD $200 Billion AUM) for their Private Equity Replication mutual fund. Designed for institutional and retail investors seeking PE-like returns through a Canadian mutual fund wrapper.
• Liquid PE Indices (Loomis Sayles / Merqube co-branded) Two liquid Private Equity indices co-branded with Loomis Sayles and Merqube (calculation agent), providing benchmark exposure to liquid private equity alternatives. Designed for institutional investors, asset managers, and index product users seeking transparent PE-style return benchmarks.

Quantifiable outcome

• Performance comparable to average LBO performance net of fees in public markets
• +1 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered flagship, core and minor.

• Loomis SaylesflagshipStrategic or Co-development Partner · 1 May 2024In May 2024, launched two liquid PE indices co-branded with Loomis Sayles, a prominent investment management firm with almost $300 Billion AUM. Loomis Sayles provides brand credibility and distribution reach for the index products.
• MerqubecoreTechnology or Integration · 1 May 2024In May 2024, partnered with Merqube as calculation agent for the liquid PE indices. Merqube is described as an emerging fintech leader in index products.
• Mackenzie InvestmentscoreStrategic or Co-development Partner · 1 December 2020PEO Partners serves as non-discretionary sub-advisor to Mackenzie Investments, a Canadian asset manager with CAD $200 Billion in assets, for the Private Equity Replication mutual fund launched in December 2020 with CAD $15 Million initial investment.
• Leading Private Markets Investment Consulting FirmminorStrategic or Co-development PartnerEntered into a partnership with a leading private markets investment consulting and asset management firm (unnamed in source materials).

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Moonfare: Digital private equity platform offering curated PE fund access with lower minimums and enhanced liquidity features. Directly comparable to PEO Partners in building liquid, accessible private equity exposure for institutional and high-net-worth investors.
• CAIS: Alternative investment platform that connects wealth managers with hedge funds, private equity, and private credit managers. Comparable to PEO in providing institutional-grade access infrastructure for alternatives, with similar distribution model targeting advisors and asset managers.
• iCapital: Technology platform providing advisors and institutional investors access to private equity, private credit, and hedge fund investments. Directly comparable to PEO in enabling liquid, scalable institutional access to PE-style strategies through structured product and sub-advisory relationships.
• Hamilton Lane: Private markets investment manager with both fund-of-funds and liquid/private credit alternatives offerings. Directly comparable to PEO Partners in building liquid access vehicles that provide PE-style exposure, with overlapping institutional pension and asset manager clients.

Broad incumbents

• Apollo Global Management: Global alternative asset manager with private equity, credit, and insurance balance-sheet strategies including public market alternatives. Broad incumbent comparable in building liquid alternatives exposure strategies targeting pension and institutional allocators.
• Carlyle Group: Global alternative asset manager with private equity, credit, and investment solutions businesses serving institutional clients. Broad incumbent with overlapping institutional pension and asset manager clientele to PEO Partners' target segments.
• KKR: Global investment firm with public markets, private equity, credit, and infrastructure strategies, including liquid alternatives offerings. Broad incumbent comparable to PEO in offering PE-like exposure through public market vehicles while competing across multiple distribution channels.
• Blackstone: Largest global alternatives manager with private equity, credit, real estate, and growing liquid alternatives franchises (BCRED, BCRED-N, BREIT-adjacent public products). Broad incumbent competing directly with PEO in liquid PE-style strategies for institutional capital.
• Russell Investments: Global investment management firm with multi-asset solutions including liquid alternatives and outsourced CIO services for institutional clients. Broad incumbent comparable in offering institutional allocators liquid alternatives strategies within portfolio solutions.

Emerging players

• Cliffwater: Alternative investment advisory and management firm focused on private credit, real assets, and hedge funds. Comparable to PEO in developing liquid alternative investment strategies targeting institutional pension and endowment allocators.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/peo-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 PEO Partners