Capital Allocators – Inside the Institutional Investment Industry CIO Greatest Hits: Multi-Family Offices – Stan Miranda (Partners Capital)
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Aug 25, 2025 
Stan Miranda, Co-founder and Chairman Emeritus of Partners Capital, shares insights on the evolution of multi-family offices. He discusses the strategic growth of Partners Capital as a leading OCIO and contrasts it with Brandywine’s boutique model. Topics include the importance of transparency in investment management, lessons learned from past investing challenges, and the significance of robust relationships with capital managers. Miranda also touches on navigating portfolio complexities and adapting investment strategies to meet diverse client needs.
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Founding Partners After The Tech Bubble
- Stan Miranda and Paul Dimitrik founded Partners Capital after the tech bubble exposed conflicts and lack of transparency at private banks.
- They started as an independent, transparent “island of integrity” serving 43 initial clients with $7.7M capital.
Build Slowly And Learn Each Asset Class
- Start small and learn each asset class from a blank sheet of paper before scaling the team.
- Triangulate by stealing best practices, talking to peers, and using quantitative filters to narrow managers.
Three Pillars Of Their Endowment Model
- The Partners version of the endowment model rests on three pillars: high static risk, multi-asset diversification, and owner-operated specialist managers.
- Those pillars aimed to capture long-term returns using concentrated, skin-in-the-game managers.
