Employee-owned, publicly traded, or PE-backed—every major consultant now has financial incentives to push higher-fee private equity and private credit. For years, institutional investment consultants have marketed themselves as independent fiduciaries guiding pension funds, 401(k) plans, endowments, and public retirement systems through the complexities of modern markets. But the truth is far different. In 2025, the … Continue reading How America’s Largest Pension Consultants Became the Distribution Arm for Private Equity & Private Debt