Alliance Global Advisors (Alliance) has redefined strategic advisory in the institutional real asset space by delivering forward-thinking solutions that challenge convention and elevate best practices. By combining deep industry expertise with a commitment to innovation, the firm has become a trusted partner to investment managers seeking to grow with purpose. These efforts have earned Alliance recognition as one of the ‘Most Innovative Companies to Watch 2025’ by The CEO Views. To mark this milestone, the Alliance Executive Team, including Jennifer Stevens, Heather Fernstrom and Leah Dillon, joined us for a candid discussion about the firm’s mission, growth and impact across the real asset industry.
What inspired Alliance Global Advisors, and what makes your approach unique?
Alliance Global Advisors was founded in 2020 by Jennifer Stevens and Heather Fernstrom, two industry leaders who identified a gap in the institutional real asset landscape. With extensive experience across the general partner, limited partner, and consulting communities, they recognized the need for an independent partner that could deliver strategic guidance while also supporting execution. The vision was to build a firm that could elevate best practices, improve alignment with institutional capital, and help investment managers grow with purpose. To date, Alliance has advised investment managers with more than $970 billion in assets under management.
The Alliance team comprises 14 professionals with diverse backgrounds across consulting, capital markets, investor relations, investment management, and the service provider universe. This collective experience enables the firm to offer a unique, third-party perspective grounded in real-time industry knowledge and investor expectations. Team members bring insight from having sat on all sides of the table, allowing Alliance to advise with clarity, credibility, and precision.
How does the executive team contribute to the continued growth and innovation?
The executive team at Alliance Global Advisors encompasses co-founders Heather Fernstrom and Jennifer Stevens, along with Chief Operating Officer and Head of Partner Engagement Leah Dillon. Together, the executive team contributes to growth by setting the strategic direction of the firm, guiding day-to-day execution, and cultivating a high-performing culture that values excellence, adaptability, and innovation. They oversee client engagements, shape new service offerings, and lead firmwide initiatives that improve operational efficiency, expand client reach, and drive long-term value.
The executive team continually explores new ways to grow Alliance’s impact. This includes the strategic launch of new verticals and the development of additional distribution channels to meet the evolving needs of the industry. Their shared leadership philosophy centers on collaboration, innovation, and an unwavering commitment to client success. This approach has positioned Alliance as a trusted partner to investment managers and a leader in the institutional real asset space.
How is Alliance driving innovation within the real asset investment industry?
Innovation at Alliance Global Advisors is grounded in anticipating the future needs of investment managers, building solutions that do not yet exist in the market, and educating clients on the evolving needs and expectations of institutional investors. The firm was created to challenge the status quo, and that mindset continues to guide its evolution.
There are common denominators in how Alliance engages its clients, reflected across six essential focus areas: organizational assessment and strategic planning, new product development, marketing and brand elevation, investor and consultant analysis, professional development, and responsible investment advisory. While these pillars remain central to the platform, each engagement is refined and tailored based on institutional expectations, investor sentiment, and real-time market feedback.
Many of the firm’s most impactful offerings were developed by anticipating client needs before they arose. Alliance has built solutions that fill gaps often overlooked by traditional consultants and service providers. The firm’s ability to anticipate needs and deliver tailored, high-impact solutions has led industry professionals to refer to Alliance as the “McKinsey of the real asset industry.” By continuously evolving its platform, expanding capabilities, and solving for what is next, Alliance is setting a new standard for strategic advisory in the institutional real asset space.
In 2024, Alliance launched Alliance Search Partners. How has this initiative been contributing to the industry in which it operates?
Alliance Search Partners was launched in 2024 to meet growing demand for strategic, high-impact recruitment within the institutional real asset industry. As an extension of Alliance Global Advisors’ platform, the vertical blends executive search expertise with the firm’s deep understanding of capital formation, investor expectations, and organizational strategy. Alliance Search Partners delivers tailored solutions that align talent strategy with platform growth.
What differentiates Alliance Search Partners is its integration into the broader Alliance advisory model. Executive search clients benefit from the 14-person advisory firm’s expansive network reach and real-time market intelligence, investor mapping, competitor insights, and strategic guidance that inform each search. From refining role definitions to identifying candidates who align with the firm’s growth trajectory, the approach is thoughtful, targeted, and rooted in long-term value creation.
How does Alliance define impact for its clients?
Impact at Alliance is measured by more than just AUM growth or fundraising milestones. Success means helping clients build stronger organizations that aim to deliver lasting value to investors, evolve with market expectations, and operate with institutional credibility. Whether it’s a first-time fund closing ahead of target, a seasoned manager entering a new channel, or a team restructuring around long-term goals, Alliance’s role is to act as an extension of staff and empower progress behind the scenes. The firm’s tailored approach, proprietary tools, and embedded engagement model create lasting outcomes that extend well beyond the life of any single engagement.
What clients are saying:
“I have known the founders of Alliance for over 15 years and have always thought highly of them as professionals in our industry. I was an early client at launch, am a client today, and have witnessed the firm’s impressive growth and ever-expanding expertise. In my opinion, they have a unique consulting model with the depth and knowledge needed to consistently provide clear, direct advice on key aspects of a growing real estate asset management business. I also leverage their deep industry connections and professional histories to help my team get up to speed quickly on a myriad of topics and, more importantly, to properly position our firm in the market.”
— Michael Chen, Senior Managing Director, Head of Capital Markets, GEM Realty Capital
“For Elion Partners, Alliance offers a comprehensive, third-party perspective and is committed to understanding investor and consultant expectations. Their combined knowledge and experience benefit our professional development and ultimately our LPs. The conversations we have with Heather and Jen are uplifting and reflect the true spirit of partnership.”
— Shlomo Khoudari, Managing Partner, Elion Partners
What’s next for Alliance?
Alliance will continue to evolve alongside its clients, expanding its reach, addressing industry demands, and elevating best practices. The firm’s growth strategy is deliberate, hiring talent that fills market gaps and investing in tools that deliver meaningful value. The executive team remains focused on driving forward the next chapter of strategic advisory, launching new verticals, building specialized offerings, and setting a higher standard for excellence across the real asset investment landscape. With a commitment to innovation, collaboration, and measurable results, Alliance continues to position investment managers for long-term success.
