Family Offices on Where They See Investment Demand
Richard C. Wilson asks investors about their mandates, deal flow and investment decisions.
Richard C. Wilson moderates a panel about the investments its family office participants are pursuing and how they decide where to commit capital. The discussion ranges across private debt, venture stage companies, biotech, consumer businesses, real estate and impact investing, then turns to deal sourcing, manager diligence, liquidity and the fit between an investor and an operating company.
In this video: Richard C. Wilson (Panel moderator), Jonathan (President of TAG Associates), Thomas (Managing member of Aspen Tree Advisory), Christina (Founder of a multi family office in Spain and managing director at Life Invest Management), Paul (Family office investor), Andy (Runs a family office and private equity fund)
What they said
- Jonathan on Private Debt Deals. Jonathan said competition in private debt had increased, with lenders offering weak covenants and low pricing. His team now looks for specific deals with strong collateral, tight covenants and high yields. (at 12:25)
- Jonathan on Niche Investments. Jonathan said his team is seeking direct deals, co-investments and funds in niche spaces. He said a first-time fund gets 3x the diligence compared to a fund two or fund three. (at 28:23)
- Paul on Deal Flow. Paul said a concise elevator pitch, business card, email and presentation can each make an impression. He said his team tries to review every email and that it helps when senders make the steps in the process clear. (at 16:14)
- Andy on Business Criteria. Andy said his team looks for a pathway to success and ways it can help a business get there. He said they look to pencil out a two and a half times return with their help improving the path. (at 20:29)
- Thomas on Impact Investing. Thomas said a deal should make sense without being impact-centric. He urged investors to understand the managers, the impact they intend to make and their mission. (at 17:38)
In their words
"We have conviction in the management teams. we have conviction in the companies"
"you leave with some deal flow that fits what you guys are looking to allocate to right now."
Why it matters if you are building or preserving great wealth
Paul said his family holds more cash than ever and asks about exit scenarios and refinancing when buying a company. Those checks shape whether a private market deal can fit alongside the family's cash needs.
From Richard's exclusive Billionaires.com interviews
Lessons from Richard C. Wilson's one-on-one interviews, as published on each interview page.
- Anu Aga: Focus on one main cause. Her family found its giving more satisfying and impactful once it chose primary education for the underprivileged in India.
- Binod K. Chaudhary: Never chase a deal out of desperation. Stay cool and look at every part of the deal. Have your advisers and your finance team review it critically. Your counsel should review it too.
- Larry Connor: Learn from every mistake. Larry's team owns its failures and makes no excuses. They learn, change quickly, and keep getting better.
See the data
Frequently asked questions
What share of TAG Associates' investment base is in alternatives?
Jonathan said roughly one-third.
Which industries did Paul say his family's businesses operate in?
He said they began in consumer products and expanded into hotels, retail and insurance, mostly in Korea and Japan, with some operations around the world.
Sources
Quotes are copied from the video captions and checked against the transcript. Timestamps link to the moment in the video. General information only, not legal, tax or investment advice.