Key Takeaways
- • Meketa Investment Group and NEPC together supported 22% of the 1,492 US investor manager-selection mandates closed in 2025, according to With Intelligence data, making them the most active consultants by volume.
- • Mercer led all consultants by total completed mandate value at $15.7 billion across 107 mandates, while Meketa, RVK and Mercer together accounted for 35% of the roughly $112 billion total closed value.
- • PE/VC was the most common asset class by mandate count at nearly 30%, while equity mandates made up nearly a quarter of mandates tracked.
- • Meketa and Aksia led across alternative asset classes by mandate count, while Mercer advised on the highest value of PE/VC and infrastructure mandates.
Summary
According to With Intelligence's US Investment Consultant Mandates 2026 report, 1,492 US investor mandates tracked by the platform closed in 2025 with a total value of approximately $112 billion. The data covers newly awarded mandates and reweighting mandates, with 26% of the total devoted to asset reweighting. Roughly three-quarters of the investors were public defined benefit pension funds, with treasury funds, permanent funds, endowments, foundations, health plans and trusts also represented.
By mandate volume, Meketa Investment Group and NEPC accounted for 22% of completed mandates and over a third of appointments among the top 10 consultants. By value, Mercer ranked first, generating 26% more mandate value than Meketa from 38% fewer completed mandates. RVK ranked eighth by count but third by value, while Aon Investments ranked tenth by count and seventh by value. Albourne Partners featured among the top 10 by value despite not ranking in the top 10 by volume.
By asset class, PE/VC was the most common, with nearly 30% of mandates closed, and traditional mandates held a large share of search value, with PE/VC the second-largest by total value after fixed income. Within alternatives, Meketa ranked in the top three across all alternative classes except infrastructure, NEPC ranked first in private credit, and Aksia was concentrated in PE/VC. Mercer advised on nearly $10 billion of non-traditional mandate value and more than $9 billion in alternative mandates overall.
The report notes that ongoing uncertainty around inflation, economic growth, supply chains and corporate earnings has likely increased the importance of consultants as investors reassess manager lineups and portfolio exposures.
By mandate volume, Meketa Investment Group and NEPC accounted for 22% of completed mandates and over a third of appointments among the top 10 consultants. By value, Mercer ranked first, generating 26% more mandate value than Meketa from 38% fewer completed mandates. RVK ranked eighth by count but third by value, while Aon Investments ranked tenth by count and seventh by value. Albourne Partners featured among the top 10 by value despite not ranking in the top 10 by volume.
By asset class, PE/VC was the most common, with nearly 30% of mandates closed, and traditional mandates held a large share of search value, with PE/VC the second-largest by total value after fixed income. Within alternatives, Meketa ranked in the top three across all alternative classes except infrastructure, NEPC ranked first in private credit, and Aksia was concentrated in PE/VC. Mercer advised on nearly $10 billion of non-traditional mandate value and more than $9 billion in alternative mandates overall.
The report notes that ongoing uncertainty around inflation, economic growth, supply chains and corporate earnings has likely increased the importance of consultants as investors reassess manager lineups and portfolio exposures.
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