Nepc, Llc
- Regulatory AUM
- $153B
- Discretionary
- $153B
- Clients
- 435
- Avg AUM / client
- $351M
- Accounts
- 132
- Employees
- 379
AUM over time
Annual snapshots from Form ADV filings · as of Jul 22, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| High net worth individuals | 35 | $3.3B | 2.19% |
| Banking or thrift institutions | 1 | $163M | 0.11% |
| Pooled investment vehicles (non-investment companies) | 8 | $5.3B | 3.46% |
| Pension and profit sharing plans | 165 | $98.1B | 64.2% |
| Charitable organizations | 84 | $14.8B | 9.67% |
| State or municipal government entities | 73 | $8.5B | 5.58% |
| Insurance companies | 22 | $0 | — |
| Corporations and other businesses | 47 | $22.6B | 14.8% |
Private funds (4)
Reported in Form ADV Section 7.B.(1), filing of Oct 2024 · $5.6B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Nepc Global Equity Series | Other Private Fund | Delaware | $2.6B | 34 |
| Nepc Diversified Credit Series | Other Private Fund | Delaware | $1.5B | 28 |
| Nepc Emerging Markets Equity Series | Other Private Fund | Delaware | $915M | 32 |
| Nepc Small Cap Equity Series | Other Private Fund | Delaware | $606M | 32 |
Nonprofit clients
Charities that reported this firm as a top-paid contractor (investment services) on Form 990.
| Charity | Location | Period |
|---|---|---|
| Minneapolis Foundation EIN 416029402 | Minneapolis, MN | 03/31/2025 |
| Rth Mission Park Realty Corporation EIN 463458076 | Boston, MA | 12/31/2024 |
| San Antonio Area Foundation EIN 746065414 | San Antonio, TX | 12/31/2024 |
| The Nea Foundation For The Improvement Of Education EIN 237035089 | Washington, DC | 08/31/2024 |
| Jewish Federation Of Greater Atlanta Inc EIN 581021791 | Sandy Springs, GA | 06/30/2024 |
| Colorado State University Foundation EIN 237098397 | Fort Collins, CO | 06/30/2024 |
| Bradley University EIN 370661494 | Peoria, IL | 05/31/2024 |
| Roswell Park Alliance Foundation EIN 161391608 | Buffalo, NY | 03/31/2024 |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C. Showing first 100 of 109.
People (9)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Manning, Michael, Patrick | Managing Partner | Dec 2007 (19y) | 5% – 10% | |
| Austin, Samuel, M | Partner And Member Of The Governance Board | Jun 2020 (6y) | Less than 5% | |
| Harding, Karen, Marie | Partner And Member Of The Governance Board | Jun 2021 (5y) | Less than 5% | |
| Mc Cusker, Timothy, F | Chief Investment Officer | Jun 2021 (5y) | Less than 5% | |
| Kane, Kellie, Lyn | Chief Operating Officer | Jun 2022 (4y) | Less than 5% | |
| Nelson, Phillip, Russell | Partner And Member Of The Governance Board | Jun 2022 (4y) | Less than 5% | |
| Perry, Scott, F | Partner And Member Of The Governance Board | Jun 2023 (3y) | Less than 5% | |
| Regan, John, F | Chief Compliance Officer | Jul 2023 (3y) | Less than 5% | |
| Daniel D. Hennessy | Registered representative | CFA | Jan 2026 (1y) |
Undisclosed: 55% – 95% of the firm is not attributable from the filed Schedule A bands.
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (4, $5.6B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Nepc Global Equity Series | Other Private Fund | $2.6B | $0 | 34 |
| Nepc Diversified Credit Series | Other Private Fund | $1.5B | $0 | 28 |
| Nepc Emerging Markets Equity Series | Other Private Fund | $915M | $0 | 32 |
| Nepc Small Cap Equity Series | Other Private Fund | $606M | $0 | 32 |
From Form ADV Section 7.B private fund reporting.
Retirement plans served (100)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| The Defined Benefit Plan Of Adams Community Bank | Adams Community Bank | 94 | $25.6M | 11/01/2024 |
| The Defined Benefit Plan Of The Institution For Savings In Newburyport | Institution For Savings In Newburyport | 160 | $71.7M | 11/01/2024 |
| San Diego County Construction Laborers' Pension Trust Fund | Board Of Trustees, San Diego County Construction | 3,299 | $516M | 09/01/2024 |
| Michigan Carpenters' Pension Fund | Board Of Trustees, Michigan Carpenters' Pension Fund | 4,163 | $774M | 09/01/2024 |
| American Sugar Refining And Subsidiaries Pension P | American Sugar Refining, Inc. | 345 | $54.3M | 07/01/2024 |
| Boston Medical Center Pension Plan | Boston Medical Center | 85 | $158M | 07/01/2024 |
| Phibro Animal Health Corporation Pension Plan | Phibro Animal Health Corporation | 142 | $31.0M | 07/01/2024 |
| Cement Masons And Plasterers Joint Pension Plan | Board Of Trustees Cement Masons And Plasterers Joint Pension Plan | 533 | $95.3M | 07/01/2024 |
| Bricklayers & Allied Craftworkers Local 13 Defined Contribution Pension Plan | Bricklayers & Allied Craftworkers | 637 | $30.6M | 06/01/2024 |
| Retirement Plan For Employees Of The Univ Of Miami | University Of Miami | 1,788 | $567M | 06/01/2024 |
| Wa Id Laborers Employers Pension Trust | Wa Id Laborers Employers Pension Trust | 2,059 | $209M | 06/01/2024 |
| Intermountain Ironworkers Pension Trust | Board Of Trustees Intermountain Ironworkers Pension Trust | 690 | $162M | 06/01/2024 |
| Defined Benefit Plan Of The Mid Jersey Trucking Industry And Teamsters Local 701 Pension And Annuity Fund | Defined Benefit Plan Of The Mid Jersey Trucking Industry And Teamsters | 62 | $331M | 06/01/2024 |
| Global Payments Inc. Employees Retirement Plan | Global Payments Inc. | 25 | $14.7M | 06/01/2024 |
| Pension Fund Of Operating Engineers Local 513 | Board Of Trustees Of Pension Fund Of Operating Engineers Local 513 | 2,558 | $811M | 05/01/2024 |
| Bert Bell/Pete Rozelle Nfl Player Retirement Plan | Retirement Board Of Bert Bell/Pete Rozelle Nfl Player Retirement Plan | 2,517 | $4.0B | 04/01/2024 |
| Pipefitters Union Local No. 537 Pension Fund | Pipe & Refrigeration Fitters Local 537 | 2,372 | $962M | 03/01/2024 |
| Dxc Technology Matched Asset Plan | Dxc Technology Company | 9,164 | $2.6B | 01/01/2024 |
| Global Payments Inc. 401(k) Plan | Global Payments Inc. | 13,174 | $2.3B | 01/01/2024 |
| Thermo Fisher Scientific Inc. 401(k) Retirement Plan | Thermo Fisher Scientific Inc. | 52,390 | $10.3B | 01/01/2024 |
| Southwest Airlines Co. Profitsharing Plan | Southwest Airlines Co. | 0 | $0 | 01/01/2024 |
| Assurant 401(k) Plan | Assurant, Inc. | 10,096 | $2.2B | 01/01/2024 |
| American Express Retirement Savings Plan | American Express Company And Its Participating Subsidiaries | 25,049 | $9.1B | 01/01/2024 |
| Nicholas H. Noyes Memorial Hospital Employees' Retirement Plan | Nicholas H. Noyes Memorial Hospital | 35 | $4.7M | 01/01/2024 |
| Ferguson Enterprises, Llc, 401(k) Retirement Savings Plan | Ferguson Enterprises, Llc | 30,502 | $3.6B | 01/01/2024 |
Top 25 of 100 plans by assets.
From Form 5500 service-provider disclosures.
Foundations & charities (8)
| Organization | Type | Assets | As of |
|---|---|---|---|
| Minneapolis Foundation | Public charity | $1.2B | 03/31/2025 |
| Rth Mission Park Realty Corporation | Public charity | $247M | 12/31/2024 |
| San Antonio Area Foundation | Public charity | $641M | 12/31/2024 |
| The Nea Foundation For The Improvement Of Education | Public charity | $52.7M | 08/31/2024 |
| Jewish Federation Of Greater Atlanta Inc | Public charity | $381M | 06/30/2024 |
| Colorado State University Foundation | Public charity | $790M | 06/30/2024 |
| Bradley University | Public charity | $717M | 05/31/2024 |
| Roswell Park Alliance Foundation | Public charity | $161M | 03/31/2024 |
From IRS Form 990 investment-management-fee disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 05/08/2026 | 2.42 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
Allegations: ON 9/17/2024, THE SEC SETTLED ADMINISTRATIVE PROCEEDINGS AGAINST NEPC IN CONNECTION WITH ITS FAILURE TO MAKE FORM 13F FILINGS FROM THE QUARTER ENDING 12/31/2019 TO 9/30/2023. NEPC ALSO IDENTIFIED A POTENTIAL ISSUE RELATING TO THE TIMELY FILING OF FORM 13H AND SELF-REPORTED THE ISSUE TO THE SEC. NEPC AGREED TO CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS OF SECTIONS 13(F)(1) AND 13(H) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. NEPC PAID THE FINE OF $725,000. THE SEC DID NOT ORDER A PENALTY RELATING TO FORM 13H IN RECOGNITION OF NEPC'S SELF-REPORT. NEPC IMMEDIATELY CORRECTED ITS FILINGS POLICIES AND BECAME CURRENT WITH ALL 13F AND 13H FILINGS, PRIOR TO THE FINAL DATE OF SETTLEMENT. Status: Final Sanction Detail: $725,000 WAS PAID ON 9/25/2024. Summary: ON 9/17/2024, THE SEC SETTLED ADMINISTRATIVE PROCEEDINGS AGAINST NEPC IN CONNECTION WITH ITS FAILURE TO MAKE FORM 13F FILINGS FROM THE QUARTER ENDING 12/31/2019 TO 9/30/2023. NEPC ALSO IDENTIFIED A POTENTIAL ISSUE RELATING TO THE TIMELY FILING OF FORM 13H AND SELF-REPORTED THE ISSUE TO THE SEC. NEPC AGREED TO CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS OF SECTIONS 13(F)(1) AND 13(H) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. NEPC PAID THE FINE OF $725,000. THE SEC DID NOT ORDER A PENALTY RELATING TO FORM 13H IN RECOGNITION OF NEPC'S SELF-REPORT. NEPC IMMEDIATELY CORRECTED ITS FILINGS POLICIES AND BECAME CURRENT WITH ALL 13F AND 13H FILINGS, PRIOR TO THE FINAL DATE OF SETTLEMENT.
Disclosure text reproduced verbatim from the firm's own Form ADV filings.
How they charge
- • Percentage of assets under management
- • Hourly charges
- • Fixed fees
- • Performance-based fees
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
- • Pension consulting services
- • Selection of other advisers
- • Educational seminars/workshops
Custody
Reported custodians
- Northern Trust $47.5B (31% of AUM) May 2026
- BNY Mellon $30.9B (20% of AUM) May 2026
- Fidelity $30.4B (20% of AUM) May 2026
- U.S. Bank $17.4B (11% of AUM) May 2026
- Wells Fargo $3.4B (12% of AUM) Jun 2020
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports it does not have custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Jul 22, 2026.
View current Form ADV (SEC/IAPD) ↗