In the discreet world of Asian family offices, where generational wealth meets the complexities of a rapidly evolving global landscape, a closed-door gathering recently convened to dissect the strategies that will define the future.

Within the walls of this exclusive forum, principals and executives from over ten leading family offices grappled with the imperatives of institutionalization, the power of collaborative deal-making, and the nuanced dance of navigating investment opportunities in an increasingly complex and volatile world.

This closed-door gathering was our effort to build a knowledge community for family offices and a part of our mission to “Empower Wealth Management.”

During our years of business, we found that many FOs are operating under scale, and Canopy wants to address this with technology and network. Unlike other family office and investment events, the format of the event focuses on exchanges of thoughts, knowledge, and information, over networking.

The participants ranged from dedicated single-family offices (SFOs) such as NF Trinity, principal-run single-family offices, club-style multi-family offices (MFOs), and external multi-family offices.

Insights from a Canopy’s Closed Door Family Office Gathering image 1

Evolution of Nan Fung Trinity

The evolution of Nan Fung Trinity (NF Trinity) exemplifies the transformation from traditional operational models to institutionalized, globalized investment platforms. Originating from Nan Fung Group's textile manufacturing roots in 1954, the group strategically diversified into real estate development in 1965.

The formal establishment of NF Trinity as an independent financial arm in 2019 marked a pivotal shift toward institutionalization, led by Managing Partner & Chief Investment Officer Helen Zhu, a former BlackRock and Goldman Sachs veteran with over two decades of experience.

NF Trinity's team has grown to 40+ professionals, organized into specialized clusters covering public market (sector-specific equity teams), private market, and big data analytics. Notably, NF Trinity manages an in-house big data team and technological infrastructure, reflecting a deliberate institutionalization strategy prioritizing core competency.

NF Trinity's globalization strategy redefines family office paradigms through multi-jurisdictional asset allocation and cross-sector synergies. Its portfolio spans multiple global markets across equities, fixed income, private market funds, direct and co-investments.

With more complex external and internal environments in recent years, more and more FOs saw the needs to move towards institutionalization, with a focus on professional team built-up and systematic wealth management approach. This shift reflects a broader desire for structured and sustainable wealth management practices.

A crucial phase FOs underwent during institutionalizing is incorporating the family’s value and goals into FO’s mandate, and balancing it when running. Family members may have their own evolving interest from time to time, but the professional team needs a consistent direction to implement long-term investment strategy.

Some family offices are emphasizing philanthropy, particularly in healthcare, as part of their investment strategies. This highlights the role of family offices in giving back to society and planning for future generations.

Some younger FOs are asking what would be the difference between allocating to a few GPs versus entrusting wealth management to SFO or MFO. The older FOs who have tried different modes shared their experience. The fundamental difference is the mindset and incentives.

General Partners (GPs) focus on beating benchmarks and peers, often prioritizing high returns to attract investors and maintain their reputation. This approach is common in traditional fund management, where performance is measured against industry averages. GP is also incentivized to grow their AUM, thus their mandates are designed to attract more LP, which may not be fully aligned with wealth preservation.

Family Offices (FOs), on the other hand, prioritize wealth preservation over high returns. They have the flexibility to set their own mandates, which can be both a strength and a weakness. While this flexibility allows for tailored investment strategies, it can also lead to uncertainty in direction if not managed effectively.

Unlike GPs/Managers, family offices’ mandate is not just about benchmarking but also wealth preservation. This is particularly the case in Asia, as many principals are still running their own ventures, thus hoping to balance risk level with Family Offices. One participant summed it up in plain words, “don’t lose money.”

Information Gap Between US and Asian FOs: US FOs sometimes access deals at a 5% discount over Asian investors on average, highlighting information and access gaps in deals. This gap underscores the need for increased collaboration and knowledge sharing to level the playing field.

Deal-Sharing Among FOs: Asian Family Offices are more open to deal information sharing nowadays. The benefit of doing so outweighs its cost. By doing so, FOs can enjoy a richer and more diversified deal flow from traditional channels such as private banks, more efficient due diligence, relying on other FOs’ expertise in other fields, and club-deals may allow FOs to obtain better terms in the deal.

This trend challenges the misconception that Asian investors rely solely on trust; instead, they actively seek out top fund managers.

The flip side of doing such is the effort and time taken to maintain such network, while many FOs may share similar investment appetite in the broad sense, there may be nuanced differences, e.g. within healthcare industry, some FOs may be interested in biotech, some may be interested in early stage deal, some may be interested medicine, so the effort required to coordinate a club deal might be more than expected.

This collaboration allows them to access better deal terms and manage risk more effectively. It also highlights the importance of networking and information sharing in securing favorable investment opportunities.

In light of such spirit, we also talked about some investment ideas:

Biotech and Healthcare: These sectors are gaining traction, particularly among Asian family offices. The emphasis on biotech reflects a broader interest in healthcare investments, driven by demographic changes and technological advancements.

Technology and Private Equity: Technology-oriented private equity investments are highly popular in Asia, with 77% of private equity investments focused on tech companies. This trend highlights the region's appetite for innovative and growth-oriented investments.

While most of the discussion was around FO governance and operation, investment in China naturally became part of the conversation as we have some top Chinese FOs. I also took the opportunity to share about China given my baiguan.news project.

During the session, we explored macro trends, specifically on China. The investment landscape for family offices in China mirrors the experiences of foreign institutional investors, presenting both challenges and opportunities.

In my newsletter, www.baiguan.news, we’ve discussed the evolving dynamics and the key considerations, including the resources required for success. Many family offices are strategically positioning themselves by leveraging indirect exposure through funds or long-term strategies to navigate the market effectively.

The insights gleaned from this gathering underscore the critical importance of proactive adaptation and strategic collaboration in the modern family office. By continuing to convene these vital dialogues, we aim to empower our community with the knowledge and connections necessary to not only preserve wealth, but to catalyze its growth in an era defined by rapid change and unprecedented opportunity.

To stay informed on the evolving strategies and trends shaping the family office landscape, we encourage you to follow our Substack, share this article with your network, and contact us directly to learn more about joining our exclusive family office community.

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