What is Gatekeeper?
A gatekeeper is an investment consultant or advisory firm that screens and recommends alternative investment managers on behalf of pension funds, endowments, and other institutional LPs. Approval by a major gatekeeper can significantly expand a manager's fundraising reach.
Gatekeepers such as Mercer, Aon, Cambridge Associates, and Hamilton Lane advise large LPs on manager selection, performing diligence on behalf of clients who lack in-house private markets teams. If a fund is on a gatekeeper's approved list, it gains access to the LP clients that rely on that consultant's advice.
For emerging managers, winning gatekeeper approval is both a milestone and a challenge — the due diligence process is lengthy and often requires a longer track record than a first-time fund can offer.
Also known as: investment consultant, pension consultant