{
  "crd_number": 110562,
  "slug": "nepc-llc-boston-ma-110562",
  "primary_business_name": "NEPC, LLC",
  "legal_name": "NEPC, LLC",
  "dbas": [],
  "city": "Boston",
  "state": "MA",
  "country": "United States",
  "cbsa_code": "14460",
  "metro": {
    "cbsa_code": "14460",
    "common_name": "Boston",
    "msa_name": "Boston-Cambridge-Newton, MA-NH",
    "path": "/advisors/ma/boston"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1990-08-23",
  "years_registered": 36,
  "period": "2026-10-01",
  "filing_date": "2026-09-22",
  "carried_forward": false,
  "raum_total": 152723794951.0,
  "raum_discretionary": 152723794951.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 379,
  "advisory_employees": 132,
  "client_count_bucket": null,
  "clients_by_type": {
    "charitable": {
      "raum": 14773041072.0,
      "count": 84
    },
    "banking_thrift": {
      "raum": 163468822.0,
      "count": 1
    },
    "state_municipal": {
      "raum": 8519279748.0,
      "count": 73
    },
    "insurance_companies": {
      "raum": 0.0,
      "count": 22
    },
    "pension_profit_sharing": {
      "raum": 98075759745.0,
      "count": 165
    },
    "high_net_worth_individuals": {
      "raum": 3338291834.0,
      "count": 35
    },
    "pooled_investment_vehicles": {
      "raum": 5287125770.0,
      "count": 8
    },
    "corporations_other_businesses": {
      "raum": 22566827960.0,
      "count": 47
    }
  },
  "compensation_types": [
    "fixed",
    "hourly",
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "educational_seminars",
    "pension_consulting",
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "portfolio_management_pooled_vehicles",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 7,
  "states_registered": [
    "AZ",
    "CA",
    "CO",
    "CT",
    "DE",
    "FL",
    "GA",
    "IL",
    "LA",
    "MA",
    "MI",
    "MN",
    "NC",
    "NH",
    "NJ",
    "NV",
    "NY",
    "OH",
    "OR",
    "TX",
    "UT"
  ],
  "websites": [
    "https://facebook.com/NEPCLLC",
    "https://linkedin.com/company/nepc",
    "https://nepc.com",
    "https://twitter.com/NEPC_EANDF",
    "https://twitter.com/NEPC_LLC"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/110562",
  "disclosure_items": [
    {
      "item": "11.C(2)",
      "question": "Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?"
    },
    {
      "item": "11.C(4)",
      "question": "Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?"
    },
    {
      "item": "11.C(5)",
      "question": "Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?"
    },
    {
      "item": "11.D(2)",
      "question": "Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?"
    },
    {
      "item": "11.D(4)",
      "question": "In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?"
    },
    {
      "item": "11.D(5)",
      "question": "Has another federal regulator, a state regulator, or a foreign financial regulator ever denied, suspended, or revoked the registration or license of the firm or an advisory affiliate, prevented either by order from associating with an investment-related business, or restricted either one's activity?"
    },
    {
      "item": "11.E(2)",
      "question": "Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?"
    }
  ],
  "city_as_filed": "BOSTON",
  "url": "https://advisorcensus.com/firm/nepc-llc-boston-ma-110562",
  "display_name": "Nepc, LLC",
  "summary": "Nepc, LLC is an SEC-registered investment advisory firm in Boston, MA, registered since 1990, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 22, 2026.",
  "citation": "AdvisorCensus. Nepc, LLC (CRD 110562): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Hourly charges",
    "Fixed fees (other than subscription fees)",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Portfolio management for businesses (other than small businesses) or institutional clients",
    "Pension consulting services",
    "Selection of other advisers (including private fund managers)",
    "Educational seminars/workshops"
  ],
  "quick_answers": [
    {
      "q": "How is Nepc, LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Nepc, LLC reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees); performance-based fees."
    },
    {
      "q": "Where is Nepc, LLC located?",
      "a": "Nepc, LLC's principal office is in Boston, MA, according to its Form ADV; the October 2026 filing also lists 5 other offices (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Nepc, LLC registered with the SEC or a state?",
      "a": "Nepc, LLC is an SEC-registered investment advisory firm, registered since 1990. Status as filed: Approved. CRD 110562."
    },
    {
      "q": "How much does Nepc, LLC manage?",
      "a": "Nepc, LLC reports $152,723,794,951 in regulatory assets under management in its Form ADV filing dated September 22, 2026 (100% discretionary)."
    },
    {
      "q": "How have Nepc, LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Nepc, LLC: Regulatory assets under management: $44,489,000,000 in the October 2021 data and $152,723,794,951 in the October 2026 data, up 243%. Total employees: 315 in October 2021 and 379 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Nepc, LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: pension and profit sharing plans (but not the plan participants or government pension plans) (165); charitable organizations (84); state or municipal government entities (including government pension plans) (73)."
    },
    {
      "q": "Which custodians does Nepc, LLC use?",
      "a": "Nepc, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BNY Mellon, Fidelity, Northern Trust and US Bank as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Nepc, LLC report any disciplinary disclosures?",
      "a": "Reports 7 disclosure items on Form ADV Item 11: yes answers to 7 questions about regulatory matters (11.C(2), 11.C(4), 11.C(5), 11.D(2), 11.D(4), 11.D(5), 11.E(2)). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/110562"
    },
    {
      "q": "Does Nepc, LLC state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated March 27, 2026 says: \"NEPC does not have a minimum account size for its clients.\""
    },
    {
      "q": "What changed in Nepc, LLC's recent Form ADV filings?",
      "a": "In the October 2026 filing data: Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 44489000000.0,
      "total_employees": 315,
      "filing_date": "2021-09-22"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 66319000000.0,
      "total_employees": 315,
      "filing_date": "2022-07-12"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 63581000000.0,
      "total_employees": 356,
      "filing_date": "2023-07-27"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 95392808194.0,
      "total_employees": 358,
      "filing_date": "2024-06-07"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 137333668204.0,
      "total_employees": 364,
      "filing_date": "2025-04-30"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 152723794951.0,
      "total_employees": 379,
      "filing_date": "2026-09-22"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-10-01",
      "period_label": "October 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-08-01",
      "period_label": "August 2026",
      "notes": [
        "Item 11 disclosure answers changed: 7 yes answers, previously 4 (now yes: 11.D(4), 11.D(5), 11.E(2))."
      ]
    },
    {
      "period": "2026-06-01",
      "period_label": "June 2026",
      "notes": [
        "Item 11 disclosure answers changed: 4 yes answers, previously 3 (now yes: 11.D(2))."
      ]
    },
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 126 to 132.",
        "Regulatory assets under management went from $137,333,668,204 to $152,723,794,951 (+11%).",
        "Registered or notice-filed in CO.",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 27, 2026",
    "tiers": [],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "None",
    "account_minimum_may_be_waived": false,
    "minimum_annual_fee": null,
    "figures": [
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: None"
        ],
        "quotes": [
          "NEPC does not have a minimum account size for its clients."
        ]
      }
    ],
    "quotes": [
      "NEPC does not have a minimum account size for its clients."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [
    {
      "name": "BNY Mellon",
      "name_as_filed": "BNY MELLON",
      "affiliated": false
    },
    {
      "name": "Fidelity",
      "name_as_filed": "FIDELITY",
      "affiliated": false
    },
    {
      "name": "Northern Trust",
      "name_as_filed": "NORTHERN TRUST",
      "affiliated": false
    },
    {
      "name": "US Bank",
      "name_as_filed": "US BANK",
      "affiliated": false
    }
  ],
  "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.",
  "markdown_url": "https://advisorcensus.com/firm/nepc-llc-boston-ma-110562.md",
  "clients": [
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 35,
      "fewer_than_5": false,
      "raum": 3338291834.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 1,
      "fewer_than_5": false,
      "raum": 163468822.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 8,
      "fewer_than_5": false,
      "raum": 5287125770.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 165,
      "fewer_than_5": false,
      "raum": 98075759745.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 84,
      "fewer_than_5": false,
      "raum": 14773041072.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 73,
      "fewer_than_5": false,
      "raum": 8519279748.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 22,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 47,
      "fewer_than_5": false,
      "raum": 22566827960.0
    }
  ],
  "disclosure_line": "Reports 7 disclosure items on Form ADV Item 11.",
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/110562",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}