Why Family Offices Prefer Direct Deals Over Funds

Family offices aren't avoiding funds to save on fees. They're avoiding the structural loss of agency that comes with delegated capital.

This episode explores why the shift toward direct investing isn't a trend — it's a correction. When you delegate capital to a fund, you lose the ability to hold indefinitely, the right to say no to a specific deal, and information flow during the hold period. Direct deals restore agency.

The Capital Stack — a daily briefing for family offices, next-gen principals, and trusted advisors who allocate long-term private capital.