Family Offices Learn to Play Nice

Managers of private fortunes team up to get better deals
Illustration by 731

Katie Kalvoda, who manages money for a small group of ultrawealthy families, was thinking about investing in an urban farm that grows produce vertically in greenhouses. Knowing that early-stage investments in startups can be dicey, Kalvoda found a way to reduce the risk: She joined a group of other money managers in the offices of wealthy families to do the deal. Combining forces gave these family offices the muscle to get a better price, expanded access to research, and provided them with broader expertise to track the investment.

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