Our Methodology
We built this list with three things in mind: insight on the firm’s investment preferences and key alternative analysts, an understanding of their process of how they allocate to managers within alternatives, and whether or not they have a proven track record of sizable alternative investment?
Within this list you will find many large institutions in North America which includes Consultants, Banks, Broker Dealers, Pensions, Fund-of-Funds, Endowments, Foundations, and RIAs.
Because this list contains assets at the firm level, you will find many Consultants towards the top. It’s important to note that they are such a key component to the success of your strategies as they act as a gatekeeper for many firms out there, especially those that aren’t on this list.
Account Name | Channel | Metro Area | Total AUM |
---|---|---|---|
Willis Towers Watson | Consultant | New York City | $3,000,000,000,000 |
AON Hewitt | Consultant | Chicago | $3,000,000,000,000 |
Morgan Stanley | Broker-Dealer | New York City | $2,400,000,000,000 |
Callan Associates | Consultant | San Francisco | $2,000,000,000,000 |
Meketa Investment Group | Consultant | Boston | $1,400,000,000,000 |
Bank of America Merrill Lynch | Broker-Dealer | New York City | $1,200,000,000,000 |
NEPC | Consultant | Boston | $1,000,000,000,000 |
Wilshire Associates Inc. | Consultant | Los Angeles | $996,000,000,000 |
Cambridge Associates | Consultant | Boston | $900,000,000,000 |
Goldman Sachs Group Inc. | Bank | New York City | $900,000,000,000 |
State Street Global Advisors | Consultant | Boston | $600,000,000,000 |
J.P. Morgan Private Bank | Bank | New York City | $600,000,000,000 |
Aberdeen Asset Management | Private Equity Fund of Funds | London | $600,000,000,000 |
Albourne | Consultant | San Francisco | $550,000,000,000 |
The Blackstone Group | Hedge Fund of Funds | New York City | $538,000,000,000 |
CPP Investments | Public Pension Fund | Toronto | $434,000,000,000 |
California Public Employees' Retirement Systems | Public Pension Fund | Sacramento | $410,000,000,000 |
Citi Group Private Bank | Bank | Philadelphia | $390,000,000,000 |
CDPQ | Public Pension Fund | Montreal | $333,000,000,000 |
Graystone | Consultant | New York City | $320,000,000,000 |
Segal Marco Advisors | Consultant | New York City | $315,000,000,000 |
SEI Investments | Broker-Dealer | Philadelphia | $307,000,000,000 |
StepStone Partners | Consultant | Cleveland | $296,000,000,000 |
Mercer Investment Consulting | Consultant | Chicago | $250,000,000,000 |
California State Teachers' Retirement System | Public Pension Fund | Sacramento | $242,800,000,000 |
Marquette Associates | Consultant | Chicago | $240,000,000,000 |
New York City Comptroller's Office | Public Pension Fund | New York City | $221,000,000,000 |
New York State Common Retirement Fund | Public Pension Fund | Albany | $216,000,000,000 |
Truist (SunTrust Bank) | Bank | Atlanta | $211,000,000,000 |
DiMeo Schneider & Associates | Consultant | Chicago | $200,000,000,000 |
Wells Fargo Private Bank | Bank | St. Louis | $200,000,000,000 |
British Columbia Investment Management Company (BCI) | Sovereign Wealth Fund | Vancouver | $171,000,000,000 |
Florida State Board of Administration | Public Pension Fund | Jacksonville | $170,000,000,000 |
Public Sector Pension Investment Board | Public Pension Fund | Montreal | $169,800,000,000 |
Lyxor Asset Management | Hedge Fund of Funds | Paris | $167,000,000,000 |
Teacher Retirement System of Texas | Public Pension Fund | Austin | $160,000,000,000 |
BlackRock Alternative Investors (BAI) | Hedge Fund of Funds | New York City | $150,000,000,000 |
Aksia | Consultant | New York City | $150,000,000,000 |
Washington State Investment Board | Public Pension Fund | Seattle | $140,000,000,000 |
Office of the Chief Investment Officer of the Regents | Endowment | San Francisco | $120,000,000,000 |
Oregon State Treasury | Public Pension Fund | Portland | $111,600,000,000 |
State of Wisconsin Investment Board | Public Pension Fund | Madison | $109,960,000,000 |
Bessemer Trust | RIA | New York City | $107,000,000,000 |
Pinebridge Investments LLC | Private Equity Fund of Funds | New York City | $104,000,000,000 |
Alberta Investment Management Corp | Sovereign Wealth Fund | Toronto | $103,700,000,000 |
Minnesota State Board of Investments | Public Pension Fund | Minneapolis | $102,400,000,000 |
Monticello Associates | Consultant | Denver | $100,000,000,000 |
Ohio Public Employees Retirement System | Public Pension Fund | Columbus | $97,313,000,000 |
Healthcare of Ontario Pension Plan (HOOPP) | Public Pension Fund | Toronto | $94,100,000,000 |
The World Bank | Public Pension Fund | Washington, DC | $86,000,000,000 |
State Teachers Retirement System of Ohio | Public Pension Fund | Columbus | $80,900,000,000 |
New Jersey Division of Investment | Public Pension Fund | Princeton | $80,486,000,000 |
Virginia Retirement System | Public Pension Fund | Richmond | $76,900,000,000 |
State of Michigan Investment Board | Public Pension Fund | Lansing | $75,550,000,000 |
Cliffwater | Consultant | Los Angeles | $75,000,000,000 |
Massachusetts PRIM | Public Pension Fund | Boston | $74,800,000,000 |
Ellwood Associates | Consultant | Chicago | $73,000,000,000 |
Investment Management Corporation of Ontario (IMCO) | Public Pension Fund | Toronto | $70,000,000,000 |
Kaiser Permanente Foundation Health Plan | Endowment | San Francisco | $68,720,000,000 |
UBS Asset Management (Alternatives) | Hedge Fund of Funds | New York City | $65,000,000,000 |
Fort Washington Investment Advisors | RIA | Cincinnati | $64,800,000,000 |
HarbourVest | Private Equity Fund of Funds | Boston | $64,000,000,000 |
Pathway Capital Management | Private Equity Fund of Funds | Los Angeles | $61,483,340,335 |
Prime, Buchholz & Associates | Consultant | Boston | $60,000,000,000 |
Pennsylvania Public School Employees' Retirement | Public Pension Fund | Harrisburg | $59,100,000,000 |
Los Angeles County Employees' Retirement Association | Public Pension Fund | Los Angeles | $58,445,094,901 |
Grosvenor Capital Management, L.P. | Hedge Fund of Funds | Chicago | $55,000,000,000 |
Teachers Retirement System of the State of Illinois | Public Pension Fund | Springfield, IL | $54,200,000,000 |
Tennessee Consolidated Retirement System | Public Pension Fund | Nashville | $52,000,000,000 |
iCapital Network | Broker-Dealer | New York City | $50,870,000,000 |
Pantheon Ventures | Private Equity Fund of Funds | San Francisco | $50,000,000,000 |
University Of Texas Investment Management Company | Endowment | Austin | $49,816,000,000 |
Colorado Public Employees Retirement Association | Public Pension Fund | Denver | $49,300,000,000 |
Texas Permanent School Fund | Endowment | Austin | $46,500,000,000 |
Illinois Municipal Retirement Fund | Public Pension Fund | Chicago | $44,700,000,000 |
AlpInvest | Private Equity Fund of Funds | New York City | $44,000,000,000 |
Adams Street Partners | Private Equity Fund of Funds | Chicago | $41,000,000,000 |
Harvard Management Company | Endowment | Boston | $40,900,000,000 |
Angeles Investment Advisors | Consultant | Los Angeles | $40,000,000,000 |
Allianz Capital Partners | Private Equity Fund of Funds | New York City | $35,000,000,000 |
Morgan Stanley AIP | Hedge Fund of Funds | Philadelphia | $35,000,000,000 |
Texas County & District Retirement System | Public Pension Fund | Austin | $33,800,000,000 |
Investcorp | Hedge Fund of Funds | New York City | $31,000,000,000 |
Texas Municipal Retirement System | Public Pension Fund | Austin | $31,000,000,000 |
Pennsylvania State Employees Retirement System | Public Pension Fund | Harrisburg | $31,000,000,000 |
The Yale Investments Office | Endowment | Stamford | $30,300,000,000 |
Man FRM | Hedge Fund of Funds | New York City | $30,000,000,000 |
Stanford Management Company | Endowment | Menlo Park | $30,000,000,000 |
Employees' Retirement System of Texas | Public Pension Fund | Austin | $28,600,000,000 |
MIT Investment Management Company | Endowment | Boston | $26,073,044,000 |
San Francisco Employees' Retirement System | Public Pension Fund | San Francisco | $26,000,000,000 |
Ascension Investment Management | Foundation | St. Louis | $26,000,000,000 |
Canterbury Consulting | Consultant | Los Angeles | $24,000,000,000 |
Los Angeles (CA) Fire & Police Pension System | Public Pension Fund | Los Angeles | $23,300,000,000 |
KAUST Investment Management Company | Endowment | Washington, DC | $23,000,000,000 |
DUMAC (Duke University Management Company) | Endowment | Raleigh | $19,000,000,000 |
EnTrust Global | Hedge Fund of Funds | New York City | $18,000,000,000 |
Northwestern University Investment Office | Endowment | Chicago | $15,479,786,000 |
Penn Office of Investments | Endowment | Philadelphia | $14,700,000,000 |
The Rock Creek Group | Hedge Fund of Funds | Washington, DC | $14,314,017,679 |