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Consulting firm and money manager MERCER has tallied at least $575 million for its eighth multi-strategy fund of funds, most of it raised within the last year, according to sister newsletter
_LP Allocator News_. The latest fundraising comes as the firm hunts for an alternatives investment director of private credit, according to a job post. We were unable to reach executives at
Mercer to discuss the fund or the open position. The New York-based firm, with some $203 billion AUM, has secured funding from at least 40 investors for Mercer Private Investment Partners
VIII LP, per new filings. Launched in 2023, the fund is earmarked for investments in primaries, secondaries, and co-investments in private equity, private debt, infrastructure, real estate,
natural capital, and sustainable opportunities. Of the capital raised to date, about $462 million was secured from 32 new investors in the 12 months since the firm’s last fundraising update
in May 2024. The previous vehicle closed in April 2024 at $3.9 billion. The fund has a minimum investment of $750,000 and the latest filings list eight senior staff members, including U.S.
Head of Private Equity HARRY LEGGAT. EMERGING MANAGERS: Mercer is known to back diverse and next-generating sponsors via initiatives such as its “Leap Continuum” program. A portion of Fund
VIII is expected to be allocated to women and minority-led managers, as well as to funds that incorporate ESG principles, according to documents from a Luxembourg-based sub-fund affiliated
with the vehicle. THE FIRM: Mercer, a subsidiary of publicly listed MARSH MCLENNAN, was founded in 2005. It is led by CEO PAT TOMLINSON. Prior to its latest acquisition, it employed more
than 25,000 professionals operating in more than 130 countries. It has discretionary AUM of $193 billion and non-discretionary AUM of $10 billion. Mercer advises several public pension
systems on private market strategies, including ones with allocations to emerging managers. Its clients include the INDIANA PUBLIC RETIREMENT SYSTEM and the NEW MEXICO STATE INVESTMENT
COUNCIL. EXPANSION: The firm has been expanding rapidly over recent years. Last week, it announced the acquisition of money manager SECOR ASSET MANAGEMENT, which had $13.8 billion in assets
under advisement and $21.5 billion in assets under management. As part of the deal, more than 40 employees from New York City and London have joined Mercer. Last March Mercer completed its
acquisition of VANGUARD’S U.S. outsourced CIO business. PRIVATE CREDIT OPENING: The private credit director can earn up to $281,000 in salary working alongside U.S. CIO OLAOLU AGANGA and
other senior staff. Candidates should have more than seven years of experience in alternative investments. The successful candidate can work out of either the New York, Boston, Chicago,
Minneapolis or St. Louis offices.