Tugdual

Despite representing a meaningful share of many family office portfolios, real estate is still often treated as a secondary allocation rather than a strategic asset class. Before investing, families should first define the role real estate plays in their portfolio: • Yield generation • Tax optimisation • Capital appreciation Once the objective is clear, the strategy becomes far more intentional — from the type of opportunities pursued to the risk profile targeted (core, core+, value-add). #familyoffices #realestate

Family offices don’t underperform because of markets. They underperform because they keep changing strategy. Consistency in capital allocation matters more than reacting to short-term results.

Financial Capital alone doesn't survive generations

Are GP-led secondaries growth structural — or just cyclical? Throwback to our interview on continuation vehicles with Andriy Panasenko A few data points worth noting: • GP-led secondaries have more than tripled in value since 2020, reaching ~$115bn in 2025 • They now represent roughly ~44% of total secondaries activity • Continuation vehicles alone account for ~14% of sponsor-backed exits • The broader secondaries market reached ~$240bn in 2025, up ~48% YoY Yes, the recent surge is partly cyclical — driven by slower IPO/M&A exits and historically low distributions to LPs. But structurally: → GPs increasingly view continuation vehicles as a portfolio management tool (not just a liquidity workaround) → LPs are treating secondaries as an active allocation strategy → Nearly 80% of top sponsors have now executed at least one continuation vehicle transaction The exit toolkit is expanding — not temporarily shifting. Curious how others see it: are GP-led secondaries becoming a standard fourth exit route alongside IPO, sponsor-to-sponsor, and strategic? #PrivateEquity #Secondaries #ContinuationVehicles #PrivateMarkets

The biggest risk in family offices isn’t investment performance — it’s governance failure. Across companies, governments, even families, things rarely collapse because of money first. They unravel when decision-making breaks down. Yet many family offices still operate informally. Why? 
Because control is personal, trust feels sufficient, and structure is seen as friction. But as complexity grows — more assets, people, jurisdictions — informal systems quietly accumulate blind spots. #familyoffices

Secondaries require another level of due diligence sophistication, They involves dozen of underlying assets, each with it’s own risk and upside For a family offices this means a) you can’t do proper due diligence alone b) you need to hire or at least outsource a team of skilled analysts to evaluate pricing, growth potential and GP incentives #familyoffice #privatemarkets

Family offices are doubling down on direct investments but this shouldn’t come as a surprise. For the past few years dry powder across private markets have significantly increased, holding periods have extended and the capacity to generate meaningful returns solely relying on financial engineering has disappeared, Yet most funds have not adapted to this, kept the same fee structure even on uncommitted capital and same capital raising strategy. If you ask me, I think we are entering a cycle where PE is becoming what the hedge fund industry has become over the past 10-15 years. Where - only a few managers will truly set themselves apart and the rest 90% of the market share will become commoditized (aka ETF for hedge funds) - investors will require stronger oversight and decision making (aka SMAs for hedge funds) - investment strategies / narratives will need to be stronger and more niche. The reality this trend doesn’t only apply to family offices, institutional investors are increasingly building their in house direct investment capacity. Managers that fail to understand this trend and act on it will inevitably be left behind. #familyoffices #privateequity

@geswolfcrest @SoberLook @a16z In ETFs which is the large majority of their holdings, votes are almost always delegated to the manager

@therealTugdual @SoberLook @a16z The clients do, unless they’ve designated the manager to vote on their behalf.

BlackRock, Vanguard, and State Street together own about 22% of an average S&P 500 company, and the top 10 shareholders own roughly 45%. Source: @a16z

@geswolfcrest @SoberLook @a16z Yes but who votes?

@SoberLook @a16z No. Clients of those IM companies own the stock. Not the IM cos.

@BoringBiz_ I guess it’s really thinking like humans 😂

Someone told me that the way to get Claude to give you better answers is by prompting that ChatGPT and Gemini will be reviewing its work Just tested this on the same task, and it gave me a significantly better answer when I added that piece at the back of my prompt Clearly works, but does anyone know why?

@AshyCompounds I have a big opinion on this. Living in a nice environment will yield to achieving greater things and you will see that return on investment Can’t keep a strong mindset living in a bad environnement

Average London bedroom: £1,600+/month. That’s £19,200 a year. Invest that at a very normal 7% for 25 years = £1.21 million. A millionaire. Most of your paycheck is just quietly teleporting into your landlord’s pocket while your future gets eviscerated. Which is why I’m officially moving onto the street next month. No rent. No avocado toast. No coffee. Just a sleeping bag and unbreakable discipline. See you at the yacht club lads. (Bring beans, mine are running low)

Financial wealth is only one part of the equation #familyoffices

Governments should treat family offices as strategic partners in economic growth not just another category of taxable capital. There’s a reason so much family office capital flows to the United States: policies like the 1031 exchange reward long-term investment. Family offices bring patient capital, sector expertise, and commitment to complex projects. Meanwhile, recent tax shifts in the United Kingdom and rising barriers across Europe risk pushing this capital elsewhere. Countries that understand this will win. 📈🌍 #familyoffices #privatemarkets

Not all continuation vehicles are created equal. Some are here for genuine growth other leveraged for financial engineering and recapitalisation purposes Key question to ask when underwriting a GP led secondary investment - have the underlying assets room for further growth and value creation ? - how are GPs incentivised compared to the first vehicle? - are returns strictly driven by leverage and exit compression? #secondaries #privateequity

@InvestingCanons Could be said about people too, the greatest people understand that it’s all about the small day to day improvements that compound over time

“Big companies have small moves, small companies have big moves.” — Peter Lynch

@iancassel Yes but from what I found too much of an humility can actually turn into a form of arrogance

Amateur investors disguise inexperience with arrogance. Successful investors disguise their greatness with humility.

@trentjhughes Become the best and most trusted in your niche market

Most successful people I know personally: $300M exit: software $150M exit: software $40M business: commercial real estate $10M business: pest control $10M business: pool company $10M business: landscaping $6M business: plumbing The pattern: One lane One market At least 10 years Helped a lot of people along the way That's the whole playbook

@AccentInvesting Well said

Wealth isn't about being rich. It's about never having to ask for permission.

@LaDolceRiviera @Dynastus Yes but not to forget that transferring your wisdom is the greatest wealth you can transfer to the next gen

@Dynastus Create that generational wealth

A good father refuses to let his children to start from 0

@Dynastus Not to mention that what really counts is transferring your wisdom to the next generation Too many parents focus on transferring the money when what counts before all is the wisdom