BOSTON–(BUSINESS WIRE)– NEPC, a leading research-driven investment consultant and OCIO provider with $1.7 trillion1 in assets under advisement, today published its fourth annual Diversity, Equity, and Inclusion (DEI) Progress Report. The report aims to uncover the investment-oriented benefits of diversity, supporting NEPC’s goal of establishing itself as a pioneer in Diversity, Equity, and Inclusion (DEI)

This year’s report shows the firm’s continued progress toward NEPC’s Diverse Manager Policy goals, which were initially set in 2019. Most notably, the firm released a new DEI rating system in 2023, modeled partially after its successful ESG ratings. The revamped DEI ratings extend beyond measures of ownership diversity to consider DEI standards for the workplace, portfolio management, governance, policies, and community impact.

“Diversity is no easy subject to broach. We believe that the sincerity and frequency of debates on the matter proves the importance of diversity among our clients. We cannot ignore the broad calls for our industry to pursue investing in a responsible way,” said KC Connors, Partner, Chief Consulting Officer. “We’ve used our learnings over the past four years to implement strategies that produce real results, as evidenced by the success of our DEI ratings and Explorer programs.”

NEPC’s 2023 DEI Progress Report provides insight into the firm’s DEI initiatives from a marketplace perspective. Listed below are highlights from this year’s report:

Client Exposure to Diverse Strategies

  • 58% of NEPC clients use Diverse Manager(s)
  • $45.4B of client’s assets with Diverse Firms
  • 218 client strategies managed by Diverse Firms

Increasing Diversity in NEPC’s Recommended Strategies

The firm continued expanding the Explorer Program, which has been the cornerstone of NEPC’s DEI efforts for several years. At the 2023 Explorer Program Pre-Conference event, an event held prior to NEPC’s Investment Conference, NEPC clients were able to make direct connections and introductions to diverse-owned investment managers that are part of NEPC’s Explorer Program.

  • In 2023, NEPC once again increased the number of diverse-owned managers on its Focus Placement List, positioning the firm to reach its goal of 15% diverse manager representation by the summer of 2024.
  • NEPC conducted 284 interactions with Diverse Management firms in 2023, including both manager meetings and emerging manager conferences.

“Of course, the conversation does not stop here,” said Connors. “The road to diversity in investing is not linear. We see 2024, and every subsequent year, as a year for evaluation and improvement. DEI is integral to NEPC, and we are constantly exploring new ways to make data-driven cases for investing with diverse managers.”

To download the full results of NEPC’s 2023 DEI Progress Report, click here.



NEPC is an independent investment consultant, private wealth advisor, and OCIO provider serving over 400 retainer clients and $1.6 trillion in total assets. Combining a proprietary research team dedicated to the long-term challenges facing investors with our unique client-centric model, NEPC builds forward-looking investment portfolios for institutional investors and ultra-high-net-worth individuals and families. To learn more about NEPC, visit



Emma Rayder
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