3. Progress Investment Management Co. L.L.C.

Founded in 1990, San Francisco-based Progress Investment Management Co. L.L.C. is a registered investment adviser and a pioneering manager of emerging managers. The firm’s first clients, including, General Electric Corp. and the State of Maryland, invested $55 million in two funds—Progress’ flagship large cap fund, The Common Trust, and a core bond fund, The Fixed Trust.

Today, Progress manages $5 billion in assets in public equities, fixed income securities as well as private equity and hedge funds.

In June 2008, the firm became a 100% employee-owned company after buying 40% minority equity interest from its outside investor–the Massachusetts Bay Transportation Authority Retirement Fund.