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data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-History" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#History"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>History</span> </div> </a> <ul id="toc-History-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Traditional_and_modern_usage" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Traditional_and_modern_usage"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Traditional and modern usage</span> </div> </a> <ul id="toc-Traditional_and_modern_usage-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Family_office_types" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Family_office_types"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Family office types</span> </div> </a> <button aria-controls="toc-Family_office_types-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Family office types subsection</span> </button> <ul id="toc-Family_office_types-sublist" class="vector-toc-list"> <li id="toc-Single_family_office" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Single_family_office"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Single family office</span> </div> </a> <ul id="toc-Single_family_office-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Multi-family_office" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Multi-family_office"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Multi-family office</span> </div> </a> <ul id="toc-Multi-family_office-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Virtual_family_office" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Virtual_family_office"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Virtual family office</span> </div> </a> <ul id="toc-Virtual_family_office-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Notable_family_offices" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Notable_family_offices"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Notable family offices</span> </div> </a> <ul id="toc-Notable_family_offices-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div 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Available in 17 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-17" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">17 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D9%85%D9%83%D8%AA%D8%A8_%D8%A7%D9%84%D8%B9%D8%A7%D8%A6%D9%84%D8%A9" title="مكتب العائلة – Arabic" lang="ar" hreflang="ar" data-title="مكتب العائلة" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Gestora_de_patrimoni_familiar" title="Gestora de patrimoni familiar – Catalan" lang="ca" hreflang="ca" data-title="Gestora de patrimoni familiar" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Family_Office" title="Family Office – German" lang="de" hreflang="de" data-title="Family Office" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Family_office" title="Family office – Spanish" lang="es" hreflang="es" data-title="Family office" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%AF%D9%81%D8%AA%D8%B1_%D8%AE%D8%A7%D9%86%D9%88%D8%A7%D8%AF%D9%87" title="دفتر خانواده – Persian" lang="fa" hreflang="fa" data-title="دفتر خانواده" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Family_office" title="Family office – French" lang="fr" hreflang="fr" data-title="Family office" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Family_office" title="Family office – Galician" lang="gl" hreflang="gl" data-title="Family office" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%B8%D5%B6%D5%BF%D5%A1%D5%B6%D5%A5%D5%AF%D5%A1%D5%B6_%D5%A3%D6%80%D5%A1%D5%BD%D5%A5%D5%B6%D5%B5%D5%A1%D5%AF" title="Ընտանեկան գրասենյակ – Armenian" lang="hy" hreflang="hy" data-title="Ընտանեկան գրասենյակ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Family_office" title="Family office – Indonesian" lang="id" hreflang="id" data-title="Family office" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Family_office" title="Family office – Italian" lang="it" hreflang="it" data-title="Family office" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/Family_Office" title="Family Office – Hebrew" lang="he" hreflang="he" data-title="Family Office" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/%C5%A0eimos_biuras" title="Šeimos biuras – Lithuanian" lang="lt" hreflang="lt" data-title="Šeimos biuras" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Family_office" title="Family office – Dutch" lang="nl" hreflang="nl" data-title="Family office" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%83%95%E3%82%A1%E3%83%9F%E3%83%AA%E3%83%BC%E3%82%AA%E3%83%95%E3%82%A3%E3%82%B9" title="ファミリーオフィス – Japanese" lang="ja" hreflang="ja" data-title="ファミリーオフィス" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A1%D0%B5%D0%BC%D0%B5%D0%B9%D0%BD%D1%8B%D0%B9_%D0%BE%D1%84%D0%B8%D1%81" title="Семейный офис – Russian" lang="ru" hreflang="ru" data-title="Семейный офис" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a 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.mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">This article is about offices that manage the wealth of primarily one family. For offices that manage the wealth of several families, see <a href="/wiki/Multi-family_office" title="Multi-family office">multi-family office</a>.</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Chart_of_family_office_services.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2e/Chart_of_family_office_services.jpg/220px-Chart_of_family_office_services.jpg" decoding="async" width="220" height="196" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2e/Chart_of_family_office_services.jpg/330px-Chart_of_family_office_services.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2e/Chart_of_family_office_services.jpg/440px-Chart_of_family_office_services.jpg 2x" data-file-width="1500" data-file-height="1338" /></a><figcaption>Chart of family office services</figcaption></figure> <p>A <b>family office</b> is a <a href="/wiki/Privately_held_company" title="Privately held company">privately held company</a> that handles <a href="/wiki/Investment_management" title="Investment management">investment management</a> and <a href="/wiki/Wealth_management" title="Wealth management">wealth management</a> for a wealthy family, generally one with at least $50–100 million in investable assets, with the goal being to effectively grow and transfer wealth across generations. The company's <a href="/wiki/Financial_capital" title="Financial capital">financial capital</a> is the family's own <a href="/wiki/Wealth_(economics)" class="mw-redirect" title="Wealth (economics)">wealth</a>. </p><p>Family offices also may handle tasks such as managing household staff, making travel arrangements, <a href="/wiki/Property_management" title="Property management">property management</a>, day-to-day <a href="/wiki/Accounting" title="Accounting">accounting</a> and payroll activities, management of legal affairs, family management services, family governance, financial and <a href="/wiki/Investor_education" class="mw-redirect" title="Investor education">investor education</a>, coordination of <a href="/wiki/Philanthropy" title="Philanthropy">philanthropy</a> and <a href="/wiki/Private_foundation" title="Private foundation">private foundations</a>, and <a href="/wiki/Succession_planning" title="Succession planning">succession planning</a>. A family office can cost over $1 million a year to operate, so the family's <a href="/wiki/Net_worth" title="Net worth">net worth</a> usually exceeds $50–100 million in investable assets. Some family offices accept investments from people who are not members of the owning family.<sup id="cite_ref-eyfo_1-0" class="reference"><a href="#cite_note-eyfo-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-wsjbb_2-0" class="reference"><a href="#cite_note-wsjbb-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-nytfo_4-0" class="reference"><a href="#cite_note-nytfo-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-nytwfa_5-0" class="reference"><a href="#cite_note-nytwfa-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-newforce_6-0" class="reference"><a href="#cite_note-newforce-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-focdfo_7-0" class="reference"><a href="#cite_note-focdfo-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-wsjsr_8-0" class="reference"><a href="#cite_note-wsjsr-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-bzj_9-0" class="reference"><a href="#cite_note-bzj-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> Some firms that cater to multiple clients offer <a href="/wiki/Personality_psychology" title="Personality psychology">personality psychology</a> services for family members to support better alignment and communications among members of the family.<sup id="cite_ref-bpp_10-0" class="reference"><a href="#cite_note-bpp-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>A family office either is, or operates just like, a <a href="/wiki/Corporation" title="Corporation">corporation</a> or <a href="/wiki/Limited_liability_company" title="Limited liability company">limited liability company</a>, with officers and a support staff. Officers are compensated per their arrangement with the family, usually with incentives based on the profits or capital gains generated by the office. Family offices are often built around core assets that are professionally managed. As profits are created, assets are deployed into investments. Family offices might invest in <a href="/wiki/Private_equity" title="Private equity">private equity</a>, <a href="/wiki/Venture_capital" title="Venture capital">venture capital</a> opportunities, <a href="/wiki/Hedge_fund" title="Hedge fund">hedge funds</a>, and <a href="/wiki/Commercial_real_estate" class="mw-redirect" title="Commercial real estate">commercial real estate</a>. Many family offices turn to <a href="/wiki/Hedge_fund" title="Hedge fund">hedge funds</a> for alignment of interest based on risk and return assessment goals. Some family offices remain passive and just allocate funds to outside managers.<sup id="cite_ref-tb10_11-0" class="reference"><a href="#cite_note-tb10-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Family_office&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The firm <a href="/wiki/DuPont_(1802%E2%80%932017)" class="mw-redirect" title="DuPont (1802–2017)">DuPont</a>, after founder <a href="/wiki/%C3%89leuth%C3%A8re_Ir%C3%A9n%C3%A9e_du_Pont" title="Éleuthère Irénée du Pont">Irenee</a> died in 1834, was conceived as a kind of family office, where three of his sons split management duties of their late father's gunpowder mill.<sup id="cite_ref-bessie_12-0" class="reference"><a href="#cite_note-bessie-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability"><span title="The material near this tag failed verification of its source citation(s). (April 2021)">failed verification</span></a></i>]</sup> The <a href="/wiki/Rockefeller_family" title="Rockefeller family">Rockefeller family</a> first pioneered family offices in the late 19th century. Family offices started gaining popularity in the 1980s, and since 2005, as the ranks of the <a href="/wiki/Ultra_high-net-worth_individual" class="mw-redirect" title="Ultra high-net-worth individual">super-rich</a> grew to record proportions, family offices swelled proportionately.<sup id="cite_ref-privatetax_13-0" class="reference"><a href="#cite_note-privatetax-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>In 2007, the case of the <a href="/wiki/Frederick_Ayer" title="Frederick Ayer">Ayer</a> family office highlighted family office risk when a "family confidant allegedly siphoned about $58 million away in a few years."<sup id="cite_ref-bzj_9-1" class="reference"><a href="#cite_note-bzj-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>Under the <a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd–Frank Wall Street Reform and Consumer Protection Act</a> of 2010, an organized effort was undertaken by single family offices (SFOs) nationwide led by the Private Investor Coalition that successfully convinced Congress to exempt SFOs from having to meet certain criteria from the definition of <a href="/wiki/Investment_adviser" class="mw-redirect" title="Investment adviser">investment adviser</a> under the <a href="/wiki/Investment_Advisers_Act_of_1940" title="Investment Advisers Act of 1940">Investment Advisers Act of 1940</a>. Previously, such family offices were deemed to be investment advisers and relied on the "less than 15 clients" rule to avoid registration under the Act, a rule that was eliminated under Dodd-Frank. The <a href="/wiki/Obama" class="mw-redirect" title="Obama">Obama</a> <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a> under chair <a href="/wiki/Mary_Schapiro" title="Mary Schapiro">Mary Schapiro</a> promulgated the final "family office rules" on June 22, 2011,<sup id="cite_ref-sec3220_14-0" class="reference"><a href="#cite_note-sec3220-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> after hearing from around 100 family offices through their attorneys, who invoked solicitor-client privilege in the communications with the SEC. In the words of one solicitor: "The extended family that controls the family office has asked this firm to provide the Commission with comments to the Proposed Rule on its behalf, as it believes that providing comments directly to the Commission might compromise its privacy, including publicly revealing the manner by which it conducts its family office business."<sup id="cite_ref-cprsec_15-0" class="reference"><a href="#cite_note-cprsec-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>Family offices became more common in years since 2010 after the rapid increase in valuations of technology companies led to many people having newly created wealth.<sup id="cite_ref-newforce_6-1" class="reference"><a href="#cite_note-newforce-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Also in 2010, the academic <i>Journal of Family Business Strategy</i> was launched by <a href="/w/index.php?title=Torsten_Pieper&action=edit&redlink=1" class="new" title="Torsten Pieper (page does not exist)">Torsten Pieper</a> to "publish research that contributes new knowledge and understanding to the field of family business."<sup id="cite_ref-jfbs_16-0" class="reference"><a href="#cite_note-jfbs-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>According to a 2015 report by the <i>Financial Times</i>, the label "family office" was increasingly replaced by other <a href="/wiki/Trade_name" title="Trade name">business names</a>, such as "private investment office", with services in relation therewith called "private company services" or "strategic philanthropy advice".<sup id="cite_ref-lwc15_17-0" class="reference"><a href="#cite_note-lwc15-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> Globally in 2015, one source numbered 79,000 families that controlled roughly $19 trillion in assets.<sup id="cite_ref-lwc15_17-1" class="reference"><a href="#cite_note-lwc15-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>In January 2021, it was revealed that <a href="/wiki/Leon_Black" title="Leon Black">Leon Black</a> paid <a href="/wiki/Jeffrey_Epstein" title="Jeffrey Epstein">Jeffrey Epstein</a> $158 million over the period from 2012 to 2017 for family office tax advice.<sup id="cite_ref-pleon_18-0" class="reference"><a href="#cite_note-pleon-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>In spring 2021 the implosion of <a href="/wiki/Archegos_Capital_Management" title="Archegos Capital Management">Archegos Capital Management</a> drew the scrutiny of several regulators and the questioning of <a href="/wiki/Sherrod_Brown" title="Sherrod Brown">Sherrod Brown</a>, Chair of the US <a href="/wiki/Senate_Banking_Committee" class="mw-redirect" title="Senate Banking Committee">Senate Banking Committee</a>.<sup id="cite_ref-lfft_19-0" class="reference"><a href="#cite_note-lfft-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> It came to light during the 2021 implosion of <a href="/wiki/Archegos_Capital_Management" title="Archegos Capital Management">Archegos Capital Management</a> that family offices were reportedly "more loosely regulated than other investment vehicles, with fewer disclosure requirements."<sup id="cite_ref-lfft_19-1" class="reference"><a href="#cite_note-lfft-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> In response to these concerns, US Representative <a href="/wiki/Alexandria_Ocasio-Cortez" title="Alexandria Ocasio-Cortez">Alexandria Ocasio-Cortez</a> introduced The Family Office Regulation Act of 2021, H.R. 4620, which would limit the use of the family office exemption from registration as an investment advisor with the SEC to offices with $750 million or less in assets under management. The bill would also prevent persons who are barred or subject to final orders for conduct constituting fraud, manipulation or deceit from being associated with a family office.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> This view, however, is not shared by a number of regulators<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> and commentators,<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> including Commissioner <a href="/wiki/Hester_Peirce" title="Hester Peirce">Hester Peirce</a> of the Securities and Exchange Commission (SEC) and Commissioner <a href="/wiki/Brian_Quintenz" title="Brian Quintenz">Brian Quintenz</a> of the <a href="/wiki/Commodity_Futures_Trading_Commission" title="Commodity Futures Trading Commission">Commodity Futures Trading Commission</a> (CFTC), who published an op-ed arguing that family offices do not need new regulations.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Traditional_and_modern_usage">Traditional and modern usage</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Family_office&action=edit&section=2" title="Edit section: Traditional and modern usage"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A traditional single family office is a business run by and for a single family. Its sole function is to centralize the management of a significant family fortune. Typically, these organizations employ staff to manage investments, taxes, philanthropic activities, trusts, and legal matters. The family office invests the family's money, manages all of the family's assets, and disburses payments to family members as required.<sup id="cite_ref-welsh13_24-0" class="reference"><a href="#cite_note-welsh13-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p><p>According to <i><a href="/wiki/Spear%27s_Wealth_Management_Survey" title="Spear's Wealth Management Survey">Spear's Wealth Management Survey</a></i> in 2022, "Family offices are private companies that support a number of functions for wealthy families including the smooth running of day-to-day affairs as well as more complex matters involving wealth management and strategy. These issues are particularly important for families with assets and interests in multiple jurisdictions."<sup id="cite_ref-1:1_25-0" class="reference"><a href="#cite_note-1:1-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p><p>In June 2008, <i><a href="/wiki/Wharton_Magazine" class="mw-redirect" title="Wharton Magazine">Wharton Magazine</a></i> reported that "About 1,000 SFOs are in operation around the world catering to families with a least $100 million in assets. More than half the SFOs are managing family wealth of more than $1 billion." Services handled by the traditional SFO include investment management, property management, day-to-day accounting and payroll activities, and management of legal affairs, and they often provide family management services, which includes family governance, financial and investment education, philanthropy coordination, and succession planning.<sup id="cite_ref-wam_26-0" class="reference"><a href="#cite_note-wam-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> An academic investigation defined SFOs as "professional organizations dedicated to managing family wealth and family matters, represent the leading edge of a broad trend in substantial personal wealth accumulation. The worldwide concentration of wealth in the hands of relatively few is well documented. As the rich grow even richer, and particularly as fortunes filter down through generations, wealth management becomes ever more complex. It is in this context that SFOs — dedicated to the service of one multi-millionaire or billionaire family — have evolved."<sup id="cite_ref-lapm08_27-0" class="reference"><a href="#cite_note-lapm08-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Family_office_types">Family office types</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Family_office&action=edit&section=3" title="Edit section: Family office types"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Over the past few decades, family office landscape evolved significantly. Despite different regional laws and regulations, modern family offices strive to manage the family wealth individually, which results into various organisational and governance structures. Currently, three main types of family offices are recognised: </p> <div class="mw-heading mw-heading3"><h3 id="Single_family_office">Single family office</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Family_office&action=edit&section=4" title="Edit section: Single family office"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>These enterprises are almost always structured as stand-alone business entities.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> They are dedicated to managing wealth of a single family. The benefits of single family office are services that are highly tailored to families' needs and values, including legal compliance and aligned investment philosophy. On the contrary, this entity is expensive to run and is mostly suitable for families with a significant wealth.<sup id="cite_ref-andsimple.co_29-0" class="reference"><a href="#cite_note-andsimple.co-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Multi-family_office">Multi-family office</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Family_office&action=edit&section=5" title="Edit section: Multi-family office"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Compared to single family offices, <a href="/wiki/Multi-family_office" title="Multi-family office">multi-family offices</a> serve two or more affluent families. Although their services are not as compound, they are becoming a popular and attractive option for families and individual wealth owners with less complex needs. Many multi-family offices were eventually built on the single family office base but later started expanding and offering their services to more than just one client. Key advantage of joining multi-family office is its cost saving efficiency.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Virtual_family_office">Virtual family office</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Family_office&action=edit&section=6" title="Edit section: Virtual family office"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>For families that are spread across geographies, virtual family office is a popular option. With the growth of family office technologies, families can efficiently work remotely while remaining a cost effective solution.<sup id="cite_ref-andsimple.co_29-1" class="reference"><a href="#cite_note-andsimple.co-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Notable_family_offices">Notable family offices</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Family_office&action=edit&section=7" title="Edit section: Notable family offices"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 20em;"> <ul><li><a href="/wiki/Archegos_Capital_Management" title="Archegos Capital Management">Archegos Capital Management</a></li> <li><a href="/wiki/Ballmer_Group" title="Ballmer Group">Ballmer Group</a></li> <li><a href="/wiki/Bayshore_Global_Management" title="Bayshore Global Management">Bayshore Global Management</a></li> <li><a href="/wiki/Bessemer_Trust" title="Bessemer Trust">Bessemer Trust</a></li> <li><a href="/wiki/Bezos_Expeditions" title="Bezos Expeditions">Bezos Expeditions</a></li> <li><a href="/wiki/Cascade_Investment" title="Cascade Investment">Cascade Investment</a></li> <li><a href="/wiki/DFO_Management" title="DFO Management">DFO Management</a></li> <li><a href="/wiki/Dubai_Holding" title="Dubai Holding">Dubai Holding</a></li> <li><a href="/wiki/Edipresse" title="Edipresse">Edipresse</a></li> <li><a href="/wiki/Emerson_Collective" title="Emerson Collective">Emerson Collective</a></li> <li><a href="/wiki/ICONIQ_Capital" title="ICONIQ Capital">ICONIQ Capital</a></li> <li><a href="/wiki/Kirkbi" title="Kirkbi">Kirkbi</a></li> <li><a href="/wiki/Mayfair_Verm%C3%B6gensverwaltung" title="Mayfair Vermögensverwaltung">Mayfair Vermögensverwaltung</a></li> <li><a href="/wiki/Mousse_Partners" title="Mousse Partners">Mousse Partners</a></li> <li><a href="/wiki/Robert_Wood_Johnson_Foundation" title="Robert Wood Johnson Foundation">Robert Wood Johnson Foundation</a></li> <li><a href="/wiki/Soros_Fund_Management" title="Soros Fund Management">Soros Fund Management</a></li> <li><a href="/wiki/Spell_Capital_Partners" title="Spell Capital Partners">Spell Capital Partners</a></li> <li><a href="/wiki/Trust_fund" class="mw-redirect" title="Trust fund">Trust fund</a></li> <li><a href="/wiki/Vulcan_Inc." class="mw-redirect" title="Vulcan Inc.">Vulcan Inc.</a></li> <li><a href="/wiki/Whittier_Trust_Company" title="Whittier Trust Company">Whittier Trust Company</a></li> <li><a href="/wiki/Willett_Advisors" title="Willett Advisors">Willett Advisors</a></li> <li><a href="/wiki/Winklevoss_Capital_Management" title="Winklevoss Capital Management">Winklevoss Capital Management</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Family_office&action=edit&section=8" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Private_foundation" title="Private foundation">Private foundation</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Family_office&action=edit&section=9" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-eyfo-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-eyfo_1-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output 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Retrieved <span class="nowrap">2022-09-12</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Simple&rft.atitle=What+is+a+multi-family+office%3F+%7C+A+Simple+Guide&rft_id=https%3A%2F%2Fandsimple.co%2Fguides%2Fmulti-family-office%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFamily+office" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Family_office&action=edit&section=10" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/fund-rankings/family-office">Largest Family Offices - Rankings List</a></li></ul> <div class="navbox-styles"><style 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abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Private_equity_and_venture_capital" title="Template:Private equity and venture capital"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Private_equity_and_venture_capital" title="Template talk:Private equity and venture capital"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Private_equity_and_venture_capital" title="Special:EditPage/Template:Private equity and venture capital"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Private_equity_and_venture_capital" style="font-size:114%;margin:0 4em"><a href="/wiki/Private_equity" title="Private equity">Private equity</a> and <a href="/wiki/Venture_capital" title="Venture capital">venture capital</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investment types</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Buyout" title="Buyout">Buyout</a> <ul><li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged</a></li></ul></li> <li><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></li> <li><a href="/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine</a></li> <li><a href="/wiki/Growth_capital" title="Growth capital">Growth</a></li> <li><a href="/wiki/Private_equity_secondary_market" class="mw-redirect" title="Private equity secondary market">Secondaries</a></li> <li><a href="/wiki/Equity_co-investment" title="Equity co-investment">Equity co-investment</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">History</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Early_history_of_private_equity" title="Early history of private equity">Early history</a></li> <li><a href="/wiki/Private_equity_in_the_1980s" title="Private equity in the 1980s">1980s</a></li> <li><a href="/wiki/Private_equity_in_the_1990s" title="Private equity in the 1990s">1990s</a></li> <li><a href="/wiki/Private_equity_in_the_2000s" title="Private equity in the 2000s">2000s</a></li> <li><a href="/wiki/Private_equity_in_the_2010s" title="Private equity in the 2010s">2010s</a></li> <li><a href="/wiki/Private_equity_in_the_2020s" title="Private equity in the 2020s">2020s</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Terms and <br />concepts</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Buyout</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Financial_sponsor" title="Financial sponsor">Financial sponsor</a></li> <li><a href="/wiki/Management_buyout" title="Management buyout">Management buyout</a></li> <li><a href="/wiki/Divisional_buyout" title="Divisional buyout">Divisional buyout</a></li> <li><a href="/wiki/Buy%E2%80%93sell_agreement" title="Buy–sell agreement">Buy–sell agreement</a></li> <li><a href="/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</a></li> <li><a href="/wiki/Dividend_recapitalization" title="Dividend recapitalization">Dividend recapitalization</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Business_incubator" title="Business incubator">Business incubator</a></li> <li><a href="/wiki/Post-money_valuation" title="Post-money valuation">Post-money valuation</a></li> <li><a href="/wiki/Pre-money_valuation" title="Pre-money valuation">Pre-money valuation</a></li> <li><a href="/wiki/Simple_agreement_for_future_equity" title="Simple agreement for future equity">SAFE</a></li> <li><a href="/wiki/Seed_money" title="Seed money">Seed money</a></li> <li><a href="/wiki/Startup_company" title="Startup company">Startup company</a></li> <li><a href="/wiki/Venture_capital_financing" class="mw-redirect" title="Venture capital financing">Venture capital financing</a></li> <li><a href="/wiki/Venture_debt" title="Venture debt">Venture debt</a></li> <li><a href="/wiki/Venture_round" title="Venture round">Venture round</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Structure</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Private_equity_firm" title="Private equity firm">Private equity firms</a> and <a href="/wiki/Private_equity_fund" title="Private equity fund">funds</a></li> <li><a href="/wiki/Limited_partnership" title="Limited partnership">Limited partnership</a></li> <li><a href="/wiki/Limited_liability_company" title="Limited liability company">Limited liability company</a></li> <li><a href="/wiki/Carried_interest" title="Carried interest">Carried interest</a></li> <li><a href="/wiki/Management_fee" title="Management fee">Management fee</a></li> <li><a href="/wiki/Pledge_fund" title="Pledge fund">Pledge fund</a></li> <li><a href="/wiki/Publicly_traded_private_equity" title="Publicly traded private equity">Publicly traded private equity</a> <ul><li><a href="/wiki/Business_Development_Company" title="Business Development Company">Business Development Company</a></li> <li><a href="/wiki/Venture_capital_trust" title="Venture capital trust">Venture capital trust</a></li></ul></li> <li><a href="/wiki/Private_investment_in_public_equity" title="Private investment in public equity">Private investment in public equity (PIPE)</a></li> <li><a href="/wiki/Special-purpose_acquisition_company" title="Special-purpose acquisition company">SPAC</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investors</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Corporate_venture_capital" title="Corporate venture capital">Corporations</a></li> <li><a href="/wiki/Institutional_investor" title="Institutional investor">Institutional investors</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension funds</a></li> <li><a href="/wiki/Insurance#Insurance_companies" title="Insurance">Insurance companies</a></li> <li><a href="/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a></li> <li><a href="/wiki/Financial_endowment" title="Financial endowment">Endowments</a></li> <li><a href="/wiki/Private_foundation" title="Private foundation">Foundations</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banks</a></li> <li><a href="/wiki/Merchant_bank" title="Merchant bank">Merchant banks</a></li> <li><a href="/wiki/Commercial_bank" title="Commercial bank">Commercial banks</a></li> <li><a href="/wiki/High-net-worth_individual" title="High-net-worth individual">High-net-worth individuals</a></li> <li><a class="mw-selflink selflink">Family offices</a></li> <li><a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">Sovereign wealth funds</a></li> <li><a href="/wiki/Crowdfunding" title="Crowdfunding">Crowdfunding</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related <br />financial terms</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Assets_under_management" title="Assets under management">AUM</a></li> <li><a href="/wiki/Capitalization_table" title="Capitalization table">Cap table</a></li> <li><a href="/wiki/Capital_call" title="Capital call">Capital call</a></li> <li><a href="/wiki/Capital_commitment" title="Capital commitment">Capital commitment</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Distribution_waterfall" title="Distribution waterfall">Distribution waterfall</a></li> <li><a href="/wiki/Earnings_before_interest,_taxes,_depreciation_and_amortization" title="Earnings before interest, taxes, depreciation and amortization">EBITDA</a></li> <li><a href="/wiki/Envy_ratio" title="Envy ratio">Envy ratio</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">IPO</a></li> <li><a href="/wiki/Internal_rate_of_return" title="Internal rate of return">IRR</a></li> <li><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage</a></li> <li><a href="/wiki/Liquidation_preference" title="Liquidation preference">Liquidation preference</a></li> <li><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">M&A</a></li> <li><a href="/wiki/Public_Market_Equivalent" title="Public Market Equivalent">PME</a></li> <li><a href="/wiki/Taxation_of_private_equity_and_hedge_funds" title="Taxation of private equity and hedge funds">Taxation of private equity and hedge funds</a></li> <li><a href="/wiki/Undercapitalization" title="Undercapitalization">Undercapitalization</a></li> <li><a href="/wiki/Vintage_year" title="Vintage year">Vintage year</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Private_equity_and_venture_capital_investors" title="Category:Private equity and venture capital investors">Private equity and venture capital investors</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Private_equity_firms" title="Category:Private equity firms">Private equity firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_private_equity_firms" title="List of private equity firms">List of private equity firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Venture_capital_firms" title="Category:Venture capital firms">Venture capital firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_venture_capital_firms" title="List of venture capital firms">List of venture capital firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Angel_investors" title="Category:Angel investors">Angel investors</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 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