Family offices have moved decisively from fund-of-funds to direct positions in named late-stage companies. The driver is visibility, control, and fee elimination.
A three-layer sleeve. Core: SpaceX and OpenAI. Satellite: Kraken and Groq. Opportunistic: availability-driven.
Eliminates two fee layers, gives full transparency, allows single-name conviction. Family-office governance committees expect quarterly position-level reporting and share-class verification by default.
SpaceX Pre-IPO OpenAI Pre-IPO Kraken Pre-IPO Groq Pre-IPO IPO Index Investor Platform Australian Private Market Trends Pre-IPO Operating Manual