Insights

What we’re thinking.

Notes from inside the market — on allocation, emerging managers, and how capital actually moves between families and funds.

Featured · Allocation

Where families are actually allocating

Families continue to hold outsized allocations to alternatives, and expect to reduce cash within the next twelve months. What that shift means for managers raising now.

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August 2026 · 6 min

What a family office looks for in an emerging manager

Track record matters less than most first-time managers assume. Three things that consistently decide the meeting.

July 2026 · 5 min

Why Fund III is the institutional threshold — and how to get there sooner

The convention that most sophisticated families wait until a third fund, and what changes the calculation.

July 2026 · 4 min

The introduction is not the hard part

Managers over-invest in getting the meeting and under-invest in what happens across the following six months.

June 2026 · 7 min

Direct, co-invest, or fund: how families are choosing

The shift toward in-house teams, and what it changes for anyone raising from single family offices.