Private equity has integrated itself into the fabric of the global economy, riding a near decade long run of unprecedented performance. Family offices have bet big during private equity’s ascent, allocating increasingly larger portions of their portfolios to PE. With few exceptions family offices historically accessed private equity by investing passively in a fund controlled by a sponsor. Recently, however, many have detoured from this familiar route, actively managing investments in privately held enterprises directly. These results tell a story that’s hard for family offices to ignore; actively managing investments in private enterprises is an option worthy of consideration. However, there remain pros and cons to direct versus fund PE investing.

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Mark Greenfield’s Presentation