Capital Thinking
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Capital Thinking
We often hear the phrase, ‘This would be a great Family Office deal’—but what does that really mean? Since launching the Stephens Family Office Coverage Group nearly a decade ago, we’ve seen firsthand that Family Offices remain one of the most misunderstood capital sources in today’s investment landscape. They deserve recognition for what truly sets them apart: a focus on legacy. This long-term perspective influences the decisions they make. Family Offices are highly selective in their partnerships, deeply relationship-driven, and committed to building enduring value.
Our Family Office Coverage Group has built relationships with over 400 Family Offices, completing 37 transactions with Family Office counterparties totaling more than $10 billion dollars in transaction value. Our relationships are centered on Family Offices seeking direct investment opportunities in the middle and lower-middle market. Family Offices typically invest based on equity check size with roughly 80% of Stephens family office network deploying between $20-$200 million per deal. The remainder includes groups that commit smaller, and larger, amounts. While our network is largely composed of single Family Offices, we also work with multi-Family Offices, RIAs and institutional investors who operate with a long-term, flexible approach that mirrors the Family Office model.
There are an estimated 8,000 single Family Offices in the world, up from approximately 6,000 in 2019 according to Deloitte Private Research. These Family Offices offer unique advantages, but also complexities, as it relates to the direct investing world.
Among the advantages, Family Offices tend not to be bound by fund cycles or IRR-driven pressures and have greater flexibility to take a long-term view through various economic cycles. Family offices also tend to be more collaborative than competitive. They’re often open to investing alongside other Family Offices and like-minded investors. That collaborative mindset – rare in traditional institutional circles – can turn a good deal into a great one by delivering strategic value that other investors can’t always match.
Working with a Family Office comes with unique considerations. Family Offices often operate with lean internal teams, making their time and attention highly selective. If a deal doesn’t immediately align with their priorities, or if they’re focused elsewhere, it may not command their attention. Internal dynamics, including reputation and family considerations, also influence decision-making in ways that differ meaningfully from traditional institutional processes.
Then, what is ‘a great Family Office deal?’ Great Family Office deals are built on alignment where the business has strong fundamentals, sustainable cash flows and a leadership team driven by values, continuity, and purposeful growth. It’s not simply a fallback when private equity or strategic buyers step aside. Family Offices tend to prioritize Multiple on Invested Capital (MOIC) over IRR, aiming for durable outcomes over velocity. In many cases, the opportunity is strengthened by families investing alongside one another – sharing diligence, combining complementary areas of expertise, and bringing value-added relationships to the table that enhance execution and outcomes. These are the situations where Family Offices bring perspective, flexibility, and a long-term desire to build something that generates real, lasting returns.
Our experience with Family Offices is rooted in our own foundation as a family-run, family-owned business. This shared perspective has driven us to invest deeply in understanding the unique priorities and dynamics of the Family Office world. At Stephens, we don’t rely on databases to track firms—we build meaningful, lasting relationships with families and their investment teams. We take the time to understand their histories, listen to their evolving investment theses, and recognize the potential that emerges when the right Family Office is paired with the right opportunity. We understand the importance of legacy—because we live it ourselves.
The next time you hear, ‘This would be a great Family Office deal,’ take a moment to ask: is this a limited fit for others, or a distinctive opportunity? A Family Office isn’t just another source of capital, they are a committed partner invested in the outcome and capable of driving value far beyond the check.
