For allocators with scale, the economics work — management fees of 50-75 bps instead of 150-200. For sponsors, it means committed capital and deep relationships, but lower economics and high-touch management.

Key topics: single-LP funds, separately managed accounts, SMA, funds of one, institutional investors, capital allocation, raising capital, private equity, venture capital, customized mandates, LP investing, fund managers, alternative investments, GP-LP relationships, asset allocation, family office, sovereign wealth funds, fee negotiation.

The Capital Stack — a daily briefing for anyone raising or allocating private capital: family offices, institutional investors, fund managers, and trusted advisors navigating the full investor landscape.

Risk-based capital efficiency, book yield over total return, and asset-liability matching drive their decisions. Speak their language — a lower-returning structure that's RBC-efficient may be more attractive than a higher-returning one that isn't.

Key topics: insurance company investing, life insurance capital, RBC efficiency, book yield, asset-liability matching, institutional investors, capital allocation, raising capital, private credit, real estate investing, alternative investments, LP investing, fund managers, regulatory capital, fixed income, GP-LP relationships, infrastructure investing.

The Capital Stack — a daily briefing for anyone raising or allocating private capital: family offices, institutional investors, fund managers, and trusted advisors navigating the full investor landscape.

GP-led secondaries and continuation vehicles create exit optionality for LPs and extend management fee streams for sponsors — but require careful structuring to manage conflicts.

Key topics: secondary market, GP-led secondaries, continuation vehicles, LP liquidity, private equity secondaries, capital allocation, raising capital, fund managers, institutional investors, LP investing, portfolio management, private equity, venture capital, alternative investments, GP-LP relationships, asset allocation, fund restructuring.

The Capital Stack — a daily briefing for anyone raising or allocating private capital: family offices, institutional investors, fund managers, and trusted advisors navigating the full investor landscape.

Japanese capital requires patience and cultural sensitivity. Expect 18-24 month diligence timelines for first allocations — but the payoff can be substantial and sticky capital.

Key topics: Japanese institutional investors, GPIF, Asian capital, institutional investors, capital allocation, raising capital, private equity, venture capital, LP investing, fund managers, cross-border investing, alternative investments, patient capital, asset allocation, GP-LP relationships, emerging managers, wealth preservation.

The Capital Stack — a daily briefing for anyone raising or allocating private capital: family offices, institutional investors, fund managers, and trusted advisors navigating the full investor landscape.

Fund-of-funds need their underlying managers to deliver top-quartile performance because median returns don't justify their fee layer. When pitching them, emphasize gross return potential explicitly.

Key topics: fund-of-funds, fee structures, management fees, carried interest, LP investing, capital allocation, raising capital, private equity, venture capital, emerging managers, fund managers, institutional investors, portfolio construction, alternative investments, GP-LP relationships, asset allocation, wealth building, two and twenty.

The Capital Stack — a daily briefing for anyone raising or allocating private capital: family offices, institutional investors, fund managers, and trusted advisors navigating the full investor landscape.

One OCIO relationship can unlock access to dozens of underlying clients — but if an OCIO passes, you've lost access to their entire client base at once.

Key topics: OCIO, outsourced CIO, institutional investors, endowment investing, foundation investing, capital allocation, raising capital, Cambridge Associates, Strategic Investment Group, asset allocation, fund managers, LP investing, private equity, venture capital, alternative investments, portfolio management, GP-LP relationships, wealth preservation.

The Capital Stack — a daily briefing for anyone raising or allocating private capital: family offices, institutional investors, fund managers, and trusted advisors navigating the full investor landscape.

Funds like PIF, Mubadala, and ADQ have professionalized their investment teams and now seek deals that create strategic value beyond financial returns.

Key topics: sovereign wealth funds, Middle East capital, Gulf investors, PIF, Mubadala, ADQ, institutional investors, capital allocation, raising capital, economic diversification, private equity, venture capital, direct investments, LP investing, fund managers, alternative investments, emerging markets, GP-LP relationships, asset allocation.

The Capital Stack — a daily briefing for anyone raising or allocating private capital: family offices, institutional investors, fund managers, and trusted advisors navigating the full investor landscape.

Foundations face mandatory 5% annual distributions — a legal requirement that creates liquidity needs endowments don't share. Same tax status, different conversations.

Key topics: endowment investing, foundation investing, institutional investors, capital allocation, raising capital, liquidity management, 5% distribution rule, private equity, venture capital, alternative investments, LP investing, fund managers, asset allocation, portfolio management, nonprofit investing, university endowments, GP-LP relationships, wealth preservation.

The Capital Stack — a daily briefing for anyone raising or allocating private capital: family offices, institutional investors, fund managers, and trusted advisors navigating the full investor landscape.