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Sarah is a partner in NEPC, which oversees $1.7 trillion in assets under advisement. Sarah leads the firm’s 45-person investment manager selection team across private and public markets, directing $4 billion annually in private markets commitments. Previously, she was managing director at Wellesley College and deputy CIO at Mass PRIM. Sarah serves on several boards, including the CFA Society Boston and Girls Who Invest, and founded the Boston chapter of PEWIN. She holds CFA and CAIA designations. Sarah is an angel investor and author of the children’s book “Braving Our Savings.” She also founded the 30 Seconds of Bravery movement to promote financial literacy.

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CIO: What actionable thing have you learned over the course of your career that has proven itself this year?

SAMUELS: Bias exists in every corner of the investment world, from committees and boards to LPs and GPs. Over the past 20+ years, I’ve studied how to build teams and processes that rise above these biases to make clearer, more rational investment decisions. That means embracing second-level thinking, fostering a CIO mindset and designing structures that filter noise and anchor around true signals. These tools, while underutilized, help us avoid pitfalls like recency bias, herding, mistaking luck for skill or paying active fees for beta exposure. Ultimately, these tools create better investment outcomes and more resilient teams.

CIO: What asset classes look good to you now? Why?

SAMUELS: In today’s environment, characterized by a flatter efficient frontier, narrow market leadership and deal slowdowns across private equity, venture and real assets, this is a prime moment to be a provider of capital. Both LPs and GPs are facing liquidity constraints, driving demand for creative solutions like continuation vehicles, NAV loans and dividend recaps.

This dynamic creates opportunity on two fronts. First: Secondary markets, spanning venture, buyout, credit, real estate and infrastructure, are offering compelling entry points as institutional allocators seek liquidity. Second: Lending to GPs, corporations and real asset sponsors via transitional capital, capital solutions or asset-based lending can generate solid yields and diversified exposure.

But discipline is critical. Success in this market hinges on selecting the right partners who can navigate complexity and deploy capital thoughtfully.

CIO: How has institutional consulting changed in the last five years and what do you expect to change over the next five?

SAMUELS: The growth of OCIO services has reshaped consulting, and that trend will only accelerate. As fiduciary demands grow and internal resources shrink, OCIO offers a path forward. But success depends on alignment. Partnering with an OCIO that isn’t looking to drive profits to other business lines, but is truly focused on investment outcomes, will define the next era of trusted relationships.

Consulting is also becoming more investor-led. Our team at NEPC brings experience as LPs, GPs and asset managers; we’ve sat in every seat at the table. That perspective helps us deliver stronger execution, implementation and empathy for what clients face.

Clients themselves are evolving too: from public funds wanting real-time data access to endowments focused on mission and turnover to DC plans navigating litigation risks. Across the board, there’s a growing demand for technology, governance support and conflict-free advice. Consulting in the future won’t just be about expertise; it will be about empowering clients to operate with confidence, clarity and peace of mind.