Pensions & Investments: Education key to unlocking private markets potential for sponsors, asset managers
In this Pensions & Investments article on the slow but evolving adoption of private markets in defined contribution plans, NEPC Partner Mikaylee O’Connor shares insight on implementation challenges and where these investments fit best. Visit Pensions & Investments to read the full article.
For alternatives asset managers coveting the DC market, questions of cost, transparency, administration and financial returns converge on one word: education.
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“Most plans have significant allocations to target-date funds,” said Mikaylee O’Connor, partner and team leader of NEPC’s defined contribution practice. It’s the easiest for sponsors to understand from a liquidity and allocation standpoint, she added.
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“Where we get hung up the most is the implementation” of new products, O’Connor said. “Who will create the best DC-friendly vehicles”
Sponsors also must be vigilant in assessing the quality of private markets asset managers, O’Connor said.
Click here to continue reading the full Pensions & Investments article.
FundFire: Volatility Narrows Endowment-Return Gap, See Best and Worst Performers
NEPC Principal Colin Hatton was quoted in this recent FundFire article examining how market volatility, active management, and AI exposure shaped endowment performance in 2025. Visit FundFire to read the full analysis and insights from NEPC’s latest endowment report.
Market volatility vastly impacted 2025 endowment performance, narrowing the gap between smaller and larger endowment returns and giving a boost to portfolios with actively managed funds.
The University of Wisconsin-Madison came out on top with a whopping 16.2% return for its $4.9 billion endowment, according to NEPC‘s most recent report on endowments.
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“For those that had strong performance, active management certainly added to returns, but that was not the case across the board,” said Colin Hatton, principal on NEPC’s endowments and foundations team. “There was a large dispersion amongst manager returns across public and private equity markets.”
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Lower middle-market buyouts and growth equity/venture had certain funds with very strong returns, he said. And venture capital returns got a boost from some of the early artificial intelligence winners that had significantly higher valuations, Hatton added.
Publicly traded AI-related stocks also fueled gains for the top-performing funds, according to the report.
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“We think this is going to be a trend with more institutions using the secondary market as a portfolio management tool,” Hatton said. “2025 saw overall [limited partner] secondary transactions increase to all-time highs. In some cases, it will be to rebalance towards targets, in others, it may be based on broader portfolio management considerations and expectations on… forward looking returns from their capital.”
Chief Investment Officer: How Higher Education Endowments Thrived in Fiscal 2025
NEPC Principal Colin Hatton was quoted in Chief Investment Officer on the drivers behind strong FY2025 university endowment returns, including the impact of public equities, active management, and AI-related exposure. Visit Chief Investment Officer to read the full article and explore the complete analysis.
Higher allocations to public markets and prudent stock selection led those with top-quartile returns in fiscal 2025, according to NEPC.
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“WISIMCO’s investment fund benefited from equity market gains generally and effective stock selection,” wrote Colin Hatton, a principal on the endowments and foundations team at NEPC, in its report. “In the endowment’s recent annual financial report, Michael Stohler, the WISIMCO CIO, noted that strong stock selection within their public equity allocation in particular, as well as in the private markets, did most to enhance results.”
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NEPC’s Hatton wrote that while large equity allocations benefited smaller endowments, investment managers’ returns were dispersed broadly.
“This suggests that active management was a meaningful factor in returns for the top performing funds,” Hatton wrote in the report. “We believe that manager selection will continue to be a driver for the strongest performing endowments going forward. This is particularly true within private markets, where the difference between top and bottom quartile performers is much broader than in public markets.”
Click here to read the full article on the Chief Investment Officer site.
NEPC Deepens Collaboration with MSCI to Enhance Private Markets Capabilities
Boston, MA – NEPC, LLC (“NEPC”), a leading investment consultant and outsourced chief investment officer, today announced that it has deepened its long-standing partnership with MSCI, a leading provider of critical decision support tools and services for the global investment community, by implementing MSCI’s Private Capital Solutions to enhance NEPC’s private markets analytics and capabilities.
Through this collaboration, NEPC will leverage MSCI’s private markets data, analytics, and research solutions to support portfolio construction, benchmarking, risk assessment, and performance analysis across private equity, private credit, real assets, and other private markets strategies. This collaboration reflects NEPC’s commitment to leveraging data-driven solutions and best-in-class technology to help clients navigate evolving market conditions amid growing demand for sophisticated private markets expertise.
“By expanding our work with MSCI, we are elevating the tools and insights we bring to clients as they evaluate opportunities, manage risk, and make informed investment decisions, reinforcing NEPC’s commitment to delivering high-quality analytics to clients,” said Kellie Kane, Partner and Chief Operating Officer at NEPC.
“As private markets allocations grow in scale and complexity, investors require deeper transparency, consistent benchmarking and more robust risk insights,” said Luke Flemmer, Head of Private Assets at MSCI. “We’re pleased to provide NEPC with integrated private capital data and analytics that enhance the precision and confidence behind their portfolio construction and advisory decisions.”
To learn more about MSCI’s Private Capital Solutions, visit here.
Dakota Live! Podcast: NEPC Uncovered: The OCIO Model, Private Markets & What’s Next with Scott Perry
NEPC’s Scott Perry joined the Dakota Live! podcast to discuss the future of the OCIO model, manager evaluation, private markets, strategic partnerships, and more. Listen to the podcast on Spotify or Apple Podcast.
“In this episode of Dakota Live!, Robert Morier welcomes Scott Perry, Partner and Head of OCIO Portfolio Strategy at NEPC, for a candid look at how the OCIO model is evolving amid rising complexity and growing demand for private markets. Scott breaks down NEPC’s “secret sauce”—from second-level thinking and cross-asset research collaboration to a 250-point due-diligence checklist and the operational “dirty work” that truly distinguishes a discretionary partner. He also discusses industry consolidation, NEPC’s strategic partnership with Hightower, and why private market capabilities and model portfolios are increasingly bridging the gap between institutional and wealth management, all while reflecting on the role of relationships, teamwork, and even a bit of basketball in building durable client trust.”
Pensions & Investments: Consultants find new paths through AI-concentrated markets beyond tech giants
NEPC’s Chief Investment Officer, Tim McCusker, is featured in this Pensions & Investments article discussing how AI-driven market concentration is shaping today’s investment landscape and influencing portfolio construction. Visit Pensions & Investments to read the full piece.
The boom around artificial intelligence has created persistent concentration at the top end of the U.S. stock market, leading to a multistep problem for investment consultants helping their clients navigate both a fast-evolving technology and a unique investment environment.
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The potential risks and rewards of AI stretch beyond just the performance of the Big Tech stocks, said Tim McCusker, partner and CIO at NEPC.
“I’m sort of thinking about it the way you have to think about technology now. There is a sector called technology, but technology is in every single asset class and every single sector. And I think you have to start thinking about artificial intelligence in the same way,” McCusker said.
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“Hedge funds seem to be back on the menu in a way that they haven’t been for most of the last few years,” NEPC’s McCusker said.
Meketa and NEPC are among the 10 largest consulting firms worldwide, according to P&I’s latest survey… NEPC reported $1.7 trillion, up more than 4% from 2024.
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However, McCusker said that clients looking to add geographic diversity to their stock exposures shouldn’t be too concerned that one good year has made international equities too expensive. He said relative weakness of the S&P 500 is explained more by a drop in the U.S. dollar than an underlying shift in the global economy.
“International has been a good place to be this year, but when you look through it, it’s really about the dollar more than anything else. … So it still seems like a reasonable time and a reasonable entry point to buy non-U.S. exposure,” McCusker said.
Click here to continue reading the full Pensions & Investments article.
NEPC Names Tim McCusker President; Appoints Sarah Samuels to CIO
McCusker named successor CEO, transitioning to the role in January 2027
BOSTON, December 10, 2025 – NEPC, LLC (“NEPC”), a leading investment consultant and outsourced chief investment officer, today announced the appointment of Tim McCusker as President, effective January 1, 2026. McCusker has nearly two decades of experience at NEPC, most recently serving as Chief Investment Officer (“CIO”), and will work closely alongside Chief Executive Officer (“CEO”) Michael Manning over the next twelve months before transitioning to the role of CEO in January 2027. With McCusker’s appointment to President, Sarah Samuels has been appointed to CIO, following seven years at the firm as Partner and Head of Investment Manager Selection, overseeing private markets, public markets and hedge fund investments.
“It has been a privilege to lead NEPC and work closely with our clients over the last 28 years of significant growth and change,” said Manning. “As we celebrate our 40th anniversary and look to the next chapter of NEPC’s evolution, Tim is the right choice to lead us forward. He has played an integral role at NEPC over the last two decades and has always exemplified the qualities that define NEPC: deep investment expertise, sound judgement and an unwavering commitment to our clients and our people. Importantly, Tim has worked within all of our client segments and has a keen understanding of the challenges and opportunities they face. I am confident in the positive impact that he and the rest of the leadership team will have on NEPC, our clients, and the industry.” Manning will remain CEO of NEPC through 2026, before transitioning into a senior advisory role, where he will focus on client engagement, developing emerging talent, and helping to guide the firm’s strategic direction.
In his role as CIO, McCusker led investment strategy development for NEPC and was responsible for overseeing a group of over 72 professionals dedicated to investment research across alternative investments, public markets, asset allocation, portfolio construction and OCIO investment strategy. He has been instrumental in shaping the firm’s strategic direction, advancing the firm’s business priorities – including establishing NEPC’s OCIO practice as a core investment solution – while guiding clients through complex market environments. Over the last two decades, he has held several leadership positions at NEPC and has been a member of the firm’s Executive Team since 2014.
“I have always been proud to work for a mission-driven organization that makes a real impact on society, and it is a privilege to work alongside an incredibly talented team that cares deeply about helping our clients achieve their goals,” said McCusker. “From Mike and many others at NEPC, I’ve learned the value of true leadership and how vital our culture is to our success. Having spent my career here, I know how special this firm and our offerings are, and I am excited to build on NEPC’s legacy of integrity, innovation and partnership, and evolve our business while preserving the client-first mindset that defines who we are.”
As CIO, Samuels will leverage two decades of experience as both an allocator and investor, most recently leading NEPC’s 45-person investment team and serving as a member of the firm’s Management Group. Before NEPC, she held senior roles at Massachusetts Pension Reserves Investment Management Board, the Wellesley College Investment Office and Wellington Management Company. A respected industry leader, she chaired the CFA Society Boston Board, founded the Boston Chapter of the Private Equity Women Investor Network (PEWIN), and served as Chair of the Investment Committee and Board Director at the University of New Hampshire.
About NEPC, LLC
NEPC, LLC is a leading investment consultant, private wealth advisor, and OCIO provider, serving over 400 retainer clients and $1.7 trillion in total assets. Combining a proprietary investment team dedicated to the long-term challenges facing investors with our client-centric model, NEPC builds forward-looking investment portfolios for institutional investors, ultra-high-net-worth individuals, and families. To learn more visit nepc.com.
Contact
Prosek Partners for NEPC
Chaneigh Bernard
Prosek Partners
[email protected]
Institutional Investor: NEPC’s McCusker to Succeed Manning as President… and CEO (in Due Course)
Institutional Investor spoke with Michael Manning, Tim McCusker, and Sarah Samuels about NEPC’s newly announced leadership transition, offering an inside look at the firm’s long-term succession strategy. Visit Institutional Investor’s website to read the full exclusive or read excerpts below.
NEPC’s longtime investment chief Tim McCusker will succeed Michael Manning to lead the $1.7 trillion investment giant — first as president, then as CEO — as part of a multiyear transition plan.
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Sarah Samuels, a partner at NEPC, has been appointed to CIO as part of this succession plan.
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“A really important part of this transition is to create continuity,” McCusker said. “That’s not to say we won’t change; NEPC will continue to evolve… we [just] want to do it in a way where our DNA, our values, our culture, don’t change.”
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“We’re going to maintain the strength of the investment team [and] enable our people to stretch and grow,” Samuels said.
Click here to read the full article on the Institutional Investor site.
NEPC Strengthens Leadership Team with Promotion of New Partners and Principals
BOSTON–December 3, 2025—NEPC, LLC (“NEPC”), a leading investment consultant and outsourced chief investment officer, today announced the election of five new Partners and the promotion of four new Principals, reinforcing the firm’s ongoing investment in leadership, talent development, and long-term client excellence. These appointments will take effect on January 1, 2026.
2025 marked another year of meaningful growth for NEPC. These leadership advancements reflect the firm’s commitment to building a deep bench of seasoned professionals who bring insight, continuity, and forward-thinking solutions to an evolving investment landscape.
“Developing exceptional talent is central to who we are as a firm,” said Michael Manning, CEO of NEPC. “These individuals exemplify the expertise and integrity that define our culture, and we are proud to celebrate their continued growth and leadership within NEPC. Each of them represents an area of strategic importance for NEPC and we are excited to recognize their impact on our clients and our firm.”
The newly elected Partners are:
Aaron Chastain, CFA, Corporate Team
Nick Mann, Private Markets Investment Team
Emma O’Brien, Defined Contribution Team
Mikaylee O‘Connor, Defined Contribution Team
Brian Parnell, OCIO Team
The new Principals are:
Sujatha Bhat, CFA, CAIA, OCIO Team
Colton Lavin, CFA, Private Debt Investment Team
Nina Petkova, Global Equity Investment Team
Shahin Shafai, Information Technology Team
Manning also stated, “Each of these leaders plays a vital role in strengthening our firm and advancing the high standard of service our clients rely on.”
For more information on NEPC’s employee workforce and to explore open opportunities, click here.
About NEPC, LLC
NEPC, LLC is a leading investment consultant, private wealth advisor, and OCIO provider, serving over 400 retainer clients and $1.7 trillion in total assets. Combining a proprietary investment team dedicated to the long-term challenges facing investors with our client-centric model, NEPC builds forward-looking investment portfolios for institutional investors, ultra-high-net-worth individuals, and families. To learn more visit nepc.com.
Media Contact
Chaneigh Bernard
[email protected]
PlanSponsor: How Employers Can Afford to Fund Auto-Features
In this PlanSponsor article, NEPC’s Mikaylee O’Connor shares her perspective on the value of automated plan features and practical strategies employers can use to support and fund them. Read the full piece on PlanSponsor’s website.
The retirement security of millions of working Americans is becoming increasingly reliant upon an asset structure that is likely less familiar than its ubiquitous counterpart, but powerful to many.
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Today, more than half of defined contribution retirement plans have adopted automatic enrollment: According to NEPC’s 2024 Annual Plan Trends & Fee Survey, released in March, 54% of DC plans used auto-enrollment and 59% offered auto-escalation.
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“Starting early and saving enough are the most powerful drivers of retirement success, and auto-enrollment and [auto-]escalation make both happen seamlessly,” wrote Mikaylee O’Connor, principal in and head of DC solutions at NEPC LLC, in a response to emailed questions. “These features remove friction, boost participation and lead to more financially secure employees—translating into higher productivity, engagement and satisfaction.”
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NEPC’s O’Connor wrote to PLANSPONSOR that in addition to adjusting allocations within the retirement budget, plan sponsors might also consider integrating health care and retirement into a single benefits strategy. Opportunities often exist in health care to reduce costs by revisiting plan design and better understanding current fee arrangements—potentially leading to renegotiations or better alignment of overall incentives, O’Connor explained.
For health plan design, sponsors can evaluate options such as offering high-deductible plans instead of preferred provider organizations, O’Connor wrote. Fee reviews can include examining provider fee transparency—potentially revealing opaque incentives or compensation structures—and assessing payment accuracy, as a significant portion of payments are often miscalculated.
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O’Connor sees another opportunity in the auto-feature space.
“The next frontier is auto-distribution, creating a paycheck-like experience for retirees,” wrote O’Connor. “This keeps assets in the plan while simplifying income delivery—a win-win for sponsors and participants.”
Click here to read the full article on the PlanSponsor site.