The Evolution of Family Offices

Family offices have been direct investing for a long time, but in the last 10 to 20 years we've seen sort of a nonlinear growth. It's also driven by the fact that if you want to be a direct employer over the last,. let's say 10 years in particular, you're competing in a marketplace that's massively over capitalized. If you want to compete and accomplish family objectives in terms of your returns, you've got to go have the equipment and the capabilities.