Family Offices Want More Direct Deals but Are Doing Fewer: Here’s Why

A fund commitment requires diligence on a manager. A direct investment requires diligence on a company, in a sector, against a technical thesis, with no GP absorbing the work. Most family offices, even large, well-staffed ones, do not carry the headcount to originate, screen, and underwrite direct opportunities at volume. And the discovery problem runs in both directions, which is the part almost nobody addresses.