First 12–18 months: test investments, budgets, and governance setup

In this conversation, Brian Adams, Todd Kellerman, and Tim Wray discuss the landscape of family office investing, particularly in private equity and direct investments. They explore the motivations behind family offices' investment strategies, the importance of governance, and the common pitfalls that families face in direct investing. The discussion emphasizes the need for families to leverage their unique advantages, build robust investment programs, and maintain a strategic focus on liquidity and governance to ensure long-term success.

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