Each year, NAIC publishes a wrap-up article to highlight the impact we’ve had across the industry and for our member firms. Despite a complex and often unpredictable business environment, NAIC and its member firms continue to thrive—demonstrating resilience, innovation, and leadership. With 178 members that collectively manage $476 billion in AUM, NAIC’s collective strength underscores the power of diverse perspectives and ownership in driving superior performance and long-term value creation.
2025 was another milestone year for NAIC and the dynamic firms we represent. We’re excited to highlight the progress, partnerships, and programs that have defined our momentum and offer a peek into 2026, when we’ll expand our industry-shaping initiatives even further.
Connecting Managers and Capital
Deepening Engagement with Capital Allocators
NAIC took a significant step toward deepening allocator engagement this year by establishing an LP Advisory Board, designed to provide guidance, advocacy, and strategic insight for NAIC’s capital access initiatives. The Board is chaired by Angela Miller-May (Illinois Municipal Retirement Fund) with vice chairs Johara Farhadieh (Wespath Institutional Investments), Bryan Fujita (L.A. Fire & Police Pension), Hershel Harper (UAW Retiree Medical Benefits Trust), and Jarvis Hollingsworth (formerly TRS of Texas). Together, these leaders bring a wealth of institutional experience and a shared commitment to expanding opportunity for diverse and emerging managers.
The LP Advisory Board also includes a distinguished group of members representing the full spectrum of the allocator community: Maura Danko (Stable Asset Management), Rodrigo Garcia (Talipot Holdings), David Gelobter (New York Public Radio), Caroline Greer (Commonfund), Helena Hasselman (Stardust Equity), Jessica Holsey (GCM Grosvenor), Dana Johns (NJ Division of Investment), Pamela Pavkov (TPG Next), Rosa Perez (Illinois Municipal Retirement Fund), Kee Rabb (Apogem Capital), Laddell Robbins (BlackRock), Rajith Sebastian (New York State Insurance Fund), Laura Skiles (Independent), and Roger Vincent (Summation Capital).
Facilitating LP/GP Meetings to Build Relationships
NAIC co-hosted 7 Institutional Investor Roadshows in 2025—member events uniting leading investment managers with limited partners. Capital allocators, including American Student Assistance, Fairview Capital, GF Private Equity Group, Institutional Limited Partners Association (ILPA), Intentional Endowments Network (IEN), Los Angeles County Affordable Housing Solutions Agency, Maryland State Retirement and Pension System (MSRPS), New York State Insurance Fund (NYSIF), OMNIResearch, Pathway Capital Management, Stable Asset Management, Sierra Club Foundation, Syntrinsic, UWINCO, and Westfuller Advisors, engaged with NAIC member firms in 143 one-on-one meetings to build relationships throughout the year..
Converging Bold Ideas and Capital
With a 50+ year history of developing leading industry conferences, NAIC headed in a bold, new direction in 2025. Set against the vibrant backdrop of Los Angeles, our inaugural Amplifying Alts Forum brought together more than 360 attendees, including 50+ LPs and 100+ GPs, for five high-impact events over two days in early October. The first day of the Forum included a HERstory Luncheon, where we celebrated the stories and impact of women in alternatives, and a Welcome Networking Reception at the iconic Petersen Automotive Museum. Day two featured candid conversations between industry visionaries during 5 insightful panel discussions, and a keynote fireside chat moderated by NAIC President & CEO Robert L. Greene, featuring Clearlake Capital Co-Founder José E. Feliciano and Kwanza Jones of SUPERCHARGED by Kwanza Jones. We also recognized many industry leaders and paid tribute to trailblazers whose decades of leadership have strengthened the foundation for inclusive growth across private markets by presenting Hall of Fame awards to Cheryl Alston (Employees’ Retirement Fund of the City of Dallas), Jarvis V. Hollingsworth (Teacher Retirement System of Texas), Derek Jones (GCM Grosvenor), and Christopher Ailman (CalSTRS).
During the Forum’s LP Meetup, NAIC facilitated 236 one-on-one meetings between GPs and LPs—making it one of the most impactful capital access forums in the industry. Designed to spark meaningful dialogue, accelerate relationship-building, and open the door to future partnerships, LP Meetup offered GPs unparalleled access to allocators actively seeking diverse and high-performing managers.
Sharing Intelligence to Help Members Build LP Relationships
NAIC launched the LP Green Book, a one-of-a-kind comprehensive digital resource designed to help member firms strengthen relationships with mission-aligned investors. Featuring data on more than 470 allocators who have engaged with NAIC through Capital Access programs—the LP Green Book provides insights on LP strategies, allocation sizes, investment preferences, and whether LPs have invested with NAIC member firms. Accessible through the NAIC Member Portal, this powerful tool enables members to identify potential partners, refine their fundraising strategies, and expand their capital networks with precision and confidence.
Developing Skills and Competencies
Empowering a New Generation of GPs
NAIC’s NextGen Symposium continues to stand as a hallmark of NAIC’s commitment to cultivating the next generation of high-performing GPs and investment leaders. In April, NAIC’s newest NextGen cohort of 40 aspiring and early-stage GPs completed the nine-week curriculum that provided unparalleled access to successful GPs, seasoned LPs, and specialized service providers—offering a holistic understanding of the firm-building and fundraising journey.
NextGen sessions covered topics including firm formation, fundraising, operations, and investor engagement. With 68 distinguished speakers, the cohort benefited from a rich mix of perspectives through panels, fireside chats, and “Ask an Expert” forums. Participants who started firms had the option to participate in a final capstone event at Akin Gump Strauss Hauer & Feld LLP’s New York City office. This valuable opportunity featured a pitch coaching session, where participants received tailored feedback from former LPs representing major institutional investors—enhancing their readiness for real-world capital conversations.
We extended our impact with an Industry Insights webcast in April, when Carmen Ortiz-McGhee, NAIC’s Chief Operating Officer, sat down with Miriam Rivera, CEO and Managing Director of Ulu Ventures, for a robust discussion on leadership, resilience, and innovation in venture capital.
Providing Data and Insights
Showcasing the Outperformance of Diverse Private Equity Firms
In October, we released our biennial performance study, Affirming the Returns 2025: Further Evidence of Diverse-Owned Private Equity Firm Outperformance. The report, which included data from 29 participating NAIC member firms, confirmed that diverse-owned private equity firms once again outperformed industry benchmarks—and by an even greater margin than in our 2023 study. The NAIC Private Equity Index generated an internal rate of return (IRR) of 16.0 percent, significantly exceeding the Burgiss median of 9.0 percent, a difference of 700 basis points. Moreover, NAIC member firms outperformed the Burgiss median in 90.5 percent of the years studied, demonstrating consistent strength and resilience across market cycles.
Powering Our Collective Impact
NAIC’s impact is amplified through the strength of its partners and sponsors, whose collaboration fuels programs, events, and strategic initiatives year-round. In 2025, NAIC worked alongside 6 Multi-Year Corporate Partners, 8 Premier Sponsors, and 6 Industry Alliances to deliver valuable services to member firms and advance opportunities across the investment ecosystem. In addition, 56 firms sponsored our Amplifying Alts Forum, allowing us to further expand our reach.
Our 2025 Premier Sponsors—Akin Gump, BlackRock, GCM Grosvenor, Kirkland & Ellis, Palladium, Sidley Austin, Vista, and Wells Fargo—played a vital role in supporting NAIC’s signature programs, providing market intelligence, thought leadership, and critical engagement opportunities. Through our Industry Alliances with the American Investment Council, the Diverse Asset Managers Initiative, Institutional Limited Partners Association (ILPA), Intentional Endowments Network (IEN), NCPERS, and Pensions & Investments, NAIC strengthened its voice as a leading advocate for diverse and emerging managers while expanding access to institutional networks and industry insights.
To further support member success, NAIC formed a partnership with BroadView Talent, a premier executive search and leadership advisory firm, to provide member firms and their portfolio companies with access to top-tier executive talent and tailored advisory services that support long-term organizational success. Additionally, NAIC’s continued partnership with Vertus helped drive cost savings and operational efficiency across member portfolio companies.
Showcasing Our Members and Advancing the Conversation
NAIC continued to expand its role as a leading voice in alternative investments through powerful storytelling and thought leadership. We published 11 Member Profiles, 2 Investor Spotlights, and 6 feature articles highlighting the measurable impact of diverse-owned firms this year. These articles provided investors, policymakers, and industry peers with a closer look at the strategies, performance, and leadership driving innovation within NAIC’s membership.
NAIC highlighted the resilience of its member firms in a year marked by headwinds for private capital fundraising. Despite a global decline in fundraising, NAIC member firms such as BharCap Partners, Global Endowment Management, Hamilton Lane, HarbourView, Invictus, o15 Capital Partners, Recognize, and Ulu Ventures, exceeded their fundraising goals, demonstrating that disciplined strategies and clear investment theses continue to outperform market expectations. These firms serve as powerful proof points of the strength and adaptability that define NAIC’s membership base.
Expanding NAIC’s Reach
Throughout 2025, Bob and Carmen amplified NAIC’s mission across some of the industry’s most prominent stages. In February, Bob joined Renae Griffin (GCM Grosvenor) and Gregory Francis (NYSIF) at the 15th Annual MWBE Investment Symposium to discuss the evolution of emerging and diverse manager programs. He also energized the New York State Common Retirement Fund’s 18th Annual Emerging Manager & MWBE Conference with a powerful reflection on Frank Carr and the legacy of INROADS. Bob continued his leadership on the national stage by moderating major discussions at NCPERS’ Annual Conference in May and the NASP Financial Services Conference in June, guiding conversations on market strategy, private equity innovation, and inclusive capital allocation.
Carmen and Bob were jointly honored among the 2025 Power 100 Advocate Honorees by Blueprint Capital Advisors for their leadership and industry impact. Carmen’s visibility grew further in September, when she and Ivelisse Rodriguez Simon (Avante Capital Partners) were named to Pensions & Investments’ 2025 Influential Women in Institutional Investing list. She also facilitated a discussion at Global FundWomen Week, a mission-aligned NAIC partner event that convenes women fund managers and allocators to advance capital access and gender equity in finance.
Propelling Diverse Careers
Closing the Gender Gap in Alternatives
The Women in Alternatives initiative remains a cornerstone of NAIC Advancement. Designed to improve the representation of women in the alternatives industry, WIA offers career development and leadership training for women in every segment of their careers.
The 2025 UP Fellowship Program provided a powerful platform for growth and connection for 13 mid-career women through six months of mentorship, workshops, and executive coaching. Highlights included virtual sessions with Marcelia Freeman (Clearlake Capital Group) on navigating career transitions, a personal branding workshop with Maude Delice, Capital Formation and Branding Consultant, and a fireside chat between Ashley Ryder (VamosVentures) and Marissa Mahoney, NAIC’s Senior Director of Partnerships and Alliances, exploring career advancement for women of color in alternatives. Another program highlight was the UPLift Retreat, held in Washington D.C. in June, where attendees learned from industry pioneers Lola C. West, Myrna Rivera Cardona, and Johnita Mizelle.
Expanding the Talent Pipeline
NAIC welcomed five outstanding second-year MBA students to our MBA Fellowship Program this year—Felipe Gatos (Columbia Business School), Jillian Jones (Wharton), Derek M. Oliver, Jr. (Columbia Business School), Valentina Osorio (MIT Sloan), and Sebastien Pierre-Louis (Harvard Business School). With the support of Avante Capital Partners and Valor Equity Partners, this 10-month program allows the Fellows to tackle dynamic challenges, including conducting research, enhancing member experiences, and supporting key NAIC programs and initiatives.
Strengthening Our Team, Expanding Our Impact
We celebrated several well-earned promotions in January: Kristen Perlman to Vice President, Marketing & Insights; Marissa Mahoney to Senior Director, Partnerships & Alliances; Jaye Washington to Director, Programs & Initiatives; and Dawn Simmons to Member Services Manager. Their leadership and creativity continue to strengthen NAIC’s capacity to deliver meaningful impact across all areas of our work. In July, we welcomed Hailey Floyd as Digital Marketing Manager, adding over a decade of experience translating complex ideas into engaging, high-impact content to the NAIC team.
Looking Ahead: A Sneak Peek Into 2026
As the year comes to a close, we’re already planning more opportunities to connect, collaborate, and celebrate across our expanding ecosystem.
April will set the stage for NAIC in NYC Week, beginning with the Women Who Rock Mixer, a vibrant networking event celebrating women who are driving change across the alternative investment landscape. NextGen participants will gather for the symposium capstone session and the Family Office Symposium will convene leading family offices for a dynamic dialogue centered on access, alignment, and opportunity within the diverse manager ecosystem. And our Spring Fling will bring together hundreds of leading allocators, managers, and professional services firms for an evening of meaningful connection and collaboration.
The 2026 Amplifying Alts Forum will be held on September 29–30 in Washington, DC, where we’ll convene more than 350 LPs, GPs, and industry leaders once again for two powerful days of insights, relationship-building, and thought leadership.
NAIC’s momentum is only growing—and 2026 is shaping up to be our most ambitious year yet.
Best regards,
Joseph J. Haslip
Chairman of the Board
Robert L. Greene
President & CEO
Multi-Year Corporate Partners
Premier Sponsors
Industry Alliances
