Evolving the Capital Markets Supplier Mix with Diverse-owned Firms
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In our third survey on how corporate treasurers are partnering with diverse-owned firms in capital markets, NeuGroup found that 67% of companies are currently engaging—or plan to engage—these firms across a range of transactions, including bond offerings, commercial paper programs, and share repurchases
Corporate treasury teams are strengthening their relationships with firms that bring differentiated insights, execution capabilities, and investor access. The 2025 research, based on responses from 60 treasury leaders and eight in-depth interviews conducted with support from Sustainable Fitch, highlights how these partnerships are maturing and becoming embedded in capital markets activity. here’s what stood out:
94% say treasury is the primary decision maker for selecting firms in capital market transactions
81% routinely assign co-manager roles to such firms—making that the most common opening role
Many treasury teams now work with six or more diverse-owned firms, and several respondents reported using as many as 25 firms over time
The full report dives into how treasury teams assess, allocate to, and scale relationships with diverse-owned firms—and how these practices are shifting from symbolic gestures to strategic partnerships.
