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family offices + SPVS

Assure Analytics Presentation
October 2022

Family Offices are increasingly using SPVs as a core component of their legal and investment strategy. Family Offices primarily form SPVs in order to syndicate deals and manage risk. SPVs are an efficient mechanism to assess carry on the deals Family Offices share with their network, while streamlining administration and mitigating liabilities.

Additionally, Family Offices frequently invest in SPVs formed by venture capital, private equity, and other managed funds. These SPVs usually revolve around coinvestment and pro rata opportunities, and help Family Offices decrease their total cost of ownership in promising deals. 

This presentation dives into how Single and Multi-Family Offices are using SPVs as both organizers and investors. It looks at recent datapoints around carry, management fees, growing usage, investor participation rates, and more. The downloadable deck was presented at a recent family office conference, and we've made it available to you here.

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KEY
INSIGHTS

  • Carry is common. 87% of Family-office-led SPVs in 2022 charge some form of carry
  • 57% of Family-office-led SPVs deploy into Preferred Stock Agreements
  • Terms are becoming more investor / network friendly in 2022, with management fees becoming even more rare
  • SPV size is trending up. For 2022, the median Family-office-led SPV size ($) is 28% larger than 2021
  • 7% of Family-office-led SPVs are comprised of just one investor

 

DOWNLOAD THE FAMILY OFFICES + SPVS BRIEF