Designing Wealth: Aligning Investments with Family Values

What does it take to manage the wealth of America’s most iconic families? In this episode, I spoke with Stephan Roche, Partner at BanyanGlobal, and former senior executive for the Gates and Walton families. Stephan has had a front-row seat to how some of the world’s most sophisticated family offices think about investing, governance, and multigenerational legacy. At Banyan, he now advises enterprising families on ownership strategy and purpose. We explore the frameworks ultra-wealthy families use to structure portfolios, co-invest alongside GPs, and prepare future generations for stewardship—not just of capital, but of mission and values. Whether you’re managing family wealth or building toward it, this is one of the most insightful conversations I’ve had on long-term investing.

Highlights:

• Three dominant family office portfolio models: Yale endowment-style, --Warren Buffett-style, and bespoke/interest-driven strategies
• Why access—not size—is the true edge of large family offices
• The portfolio Stephan would build with $10B: 50–60% private equity, strong values alignment, and multigenerational purpose
• Why starting with estate planning is a mistake—and what to do instead
• Deep dive into private equity vs venture capital, private credit, and co-investing strategies
• How co-invests can boost net returns and “buy down” fund fees
• The importance of GP-level diligence—why it’s not just the fund, but the partner
• Why many family offices are overly focused on wealth instead of impact
• Lessons from “Die With Zero” and how Stephan applied them to a once-in-a-lifetime Gobi Desert trip
• The single best move a G1 wealth creator can make: write a “Letter of Intent” for the next generation

-- Guest Bio: Stephan Roche is a Partner at BanyanGlobal, a leading advisory firm that helps family enterprises govern shared assets and navigate complex transitions. He previously served as Chief Operating Officer of Cascade Investment (the Bill Gates family office) and CEO of Walton Enterprises (the Walton family office). Stephan brings decades of experience advising the world’s most prominent families, and today he helps clients align their values, ownership structures, and governance systems for long-term success

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LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Stephan Roche: https://www.linkedin.com/in/stephanroche/

Links Banyan Global Family Business Advisors: https://banyan.global/

-- Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

(0:00) Episode preview (1:15) Common investment models and designing a $10 billion portfolio (6:15) Long-term wealth preservation strategies (8:44) Family office commitments vs. pension funds and private equity vs. venture capital (14:10) Tax advantages and fund of funds strategies (19:09) Identifying and partnering with top-performing funds (21:16) Focus on fund of funds and spinouts (23:06) Segmenting emerging managers and co-investment opportunities (27:15) Building relationships with General Partners (GPs) (31:36) Family office dynamics and introduction to Banyan Global (34:34) Secrets to multigenerational wealth management (39:02) Utilizing wealth in service of the family's vision (42:12) Best practices for managing and preserving wealth (45:14) Maintaining perspective and cultivating gratitude (47:50) Insights from "Die With Zero" by Bill Perkins (53:21) Clarifying misconceptions of the Die With Zero philosophy (56:54) Advice for first generation wealth creators (59:59) Closing remarks