Meketa Investment Group and the Pension Consulting Alliance have entered into a deal that they are calling “an agreement to join forces.”
According to an announcement published by the two companies Wednesday, the combined firm will operate under the name Meketa Investment Group. The combined firm will consult on more than $100 billion in assets in private markets and real estate, according to the announcement, which did not include any deal terms. Spokespeople for both firms declined to comment further.
PCA serves public pension fund and tax-exempt clients, focusing on real estate and private markets consulting, the announcement said. Allan Emkin, who founded PCA in 1988, will join Meketa’s board of directors and will continue to consult with clients, according to the announcement. PCA managing director Christy Fields will also join Meketa’s board.
“This is a true combination of two well respected and innovative institutional investment firms,” said Stephen McCourt, Meketa’s co-chief executive officer, in the statement. “It is a pleasure to join forces with the team at PCA and with Allan, a pioneer in the pension consulting industry who will continue to provide valuable services to institutional clients under a larger umbrella.”
McCourt added that the deal will expand Meketa’s private markets resources, particularly in the real estate sector.
Meketa’s 160 staff members and PCA's 30 employees will remain on, according to the announcement. McCourt and Pete Woolley, Meketa’s co-chief executive officer, will lead the combined company, the announcement said.
[II Deep Dive: Here’s How Your Consultant Does on Diversity]
Meanwhile, PCA managing directors Judy Chambers and Neil Rue will join Meketa’s executive committee, per the announcement. All of PCA's board members will become shareholders at Meketa, and additional PCA employees will be offered equity in Meketa as a part of the deal, the announcement said.
“Joining together is a logical next step for both firms, as we have worked collaboratively on certain client relationships for many years and share a similar approach to capital markets and institutional investing,” said Emkin in the statement.