This episode explores why the shift toward direct investing isn't a trend — it's a correction. When you delegate capital to a fund, you lose the ability to hold indefinitely, the right to say no to a specific deal, and information flow during the hold period. Direct deals restore agency.

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

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.

This episode explores why sophisticated families spend more time on decision hierarchies and escalation protocols than financial models, and what this means for sponsors and operators seeking long-term capital relationships.

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