Most investors prize liquidity. Family offices often avoid it. Not because they don't value flexibility — but because liquidity creates temptation, and temptation erodes discipline.

This episode reveals why sophisticated families deliberately lock up capital in illiquid assets — not despite the constraints, but because of them. Illiquidity is governance encoded into the investment itself.

The Capital Stack — a daily briefing for family offices, next-gen principals, and trusted advisors who allocate long-term private capital.]]>

Family offices don't avoid blind pool funds because of fees. They avoid them because blind pools require surrendering the one thing family capital values most: the ability to say no.

This episode unpacks why families demand co-investment rights and deal-by-deal optionality — and why flexibility is worth more than fee savings when capital is measured in generations, not quarters.

The Capital Stack — a daily briefing for family offices, next-gen principals, and trusted advisors who allocate long-term private capital.]]>

This episode explains why large family offices overweight to low-volatility strategies — not from conservatism, but from understanding asymmetric risk. A 50% drawdown at $500M requires 100% return just to recover. At scale, the winning strategy is not losing.

The Capital Stack — a daily briefing for family offices, next-gen principals, and trusted advisors who allocate long-term private capital.