The Capital Stack

How Pension Consultants Actually Control the Money


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If you're raising from public pensions or corporate retirement plans, you're probably not pitching the pension itself. You're pitching their consultant.

Pension consultants — firms like Mercer, Callan, Cambridge Associates, and Meketa — serve as gatekeepers for trillions in institutional capital. They build approved manager lists, conduct due diligence, and make recommendations to investment committees who rarely override them.

Key topics: pension consultants, institutional investors, capital allocation, raising capital, private equity, venture capital, fund managers, LP investing, asset allocation, due diligence, Mercer, Callan, Cambridge Associates, Meketa, GP-LP relationships, alternative investments, portfolio construction, wealth building, UHNW investors, family office.

The Capital Stack — a daily briefing for anyone raising or allocating private capital: family offices, institutional investors, fund managers, and trusted advisors navigating the full investor landscape.

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The Capital StackBy Thomas Carter