Research notes for single family offices.
Short, sourced explainers on governance, succession, liquidity, secondaries, direct investing, allocation and people. New notes monthly.
Featured note
UBS's 2026 report puts the average family office at 42% alternatives, with real estate being cut, equities edging up and 60% planning allocation changes.
Asset allocation
Latest notes
Asset allocation
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Asset allocation
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Asset allocation
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Asset allocation
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Asset allocation
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Asset allocation
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Asset allocation
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Asset allocation
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Asset allocation
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Asset allocation
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Direct investing
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Direct investing
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By topic
How family offices make decisions and keep them separate from family life: charters, committees, independent directors, conflicts, transparency rules and reporting.
Moving wealth and control between generations: the data on wealth transfer, continuity planning, family councils, next-generation education and succession inside the office.
Running a portfolio that is mostly illiquid: cash planning, capital call forecasting, borrowing against portfolios, covenants, rates and the slowdown in distributions.
Buying and selling private fund interests: market volume, pricing by strategy, GP-led continuation funds, the DPI problem and how a sale compares with other routes to cash.
Investing without a fund in the middle: the data on direct deals, building a team, co-investment networks, club deals, diligence, fees, venture, credit and real estate.
What family offices hold and why: the annual survey data by asset class and region, alternatives, hedge funds, cash, real assets, valuation signals and benchmarking.
Who runs the office and what it costs: compensation benchmarks, hiring a CIO or CEO, incentives, outsourced CIO, staffing by size, retention and operating cost ratios.