Background
North Pier was engaged by a $500 million community foundation to lead a search for an investment consultant / OCIO to manage the organization’s assets. The foundation went to search due to significant asset growth and multiple changes within their incumbent investment consultant’s organization after being acquired by one firm and then subsequently acquired by another. Running an evaluation and search allowed the foundation to conduct the proper due diligence in order to gain an understanding of whether or not these acquisitions were beneficial to the foundation.
With many participating stakeholders, including over 75 organizations, plus numerous individuals and families (DAFs), it was important to meet a diverse set of needs, including a strong commitment to values-aligned investments and the ability to participate in impact investing. North Pier obtained a deep understanding of the needs of the foundation and their membership and performed a highly customized evaluation and search to help our client find the best partner for their organization.
Deep-dive Analysis
North Pier performed additional research and analysis in two areas that were critical to the foundation’s success:
- Candidates had to be able to provide strong support for mission-aligned, values-based investing.
- Candidates had to have sophisticated systems that seamlessly integrated with the community foundation’s recordkeeping systems.
In addition to a very thorough and custom RFP, North Pier facilitated in-depth fact finding and due diligence interviews in these areas with candidates by working closely with the internal administration team, as well as leadership in the investment committee.
North Pier’s process also included education to the committee and staff on state of the industry and best practices, as well as a historical performance review comparing the client’s investment program to a peer universe and a custom benchmark.
Results
Through an effective search process, detailed due diligence, and strong negotiations, the foundation was able to tap into a broader set of resources from the incumbent organization. After performing significant due diligence, the client was confident that the incumbent would remain a good partner for the organization as they continued to grow and transition to OCIO.