Family Offices Investing in Venture Capital - 2021-2022 Part One: A Roadmap to VC Success - Campden Events
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Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC Success
Family Offices Investing Part One: 2
in Venture Capital A Roadmap to VC Success
2021-2022
CONTENTS
03 Forewords 22 Investments
04 Executive summary 26 Accessing venture
06 Methodology 33 COVID-19 impact on return to workplace
07 Overview of participants 35 Top tips
12 Venture investing maturity model 39 About us
18 Staffing and compensation
FOREWORDS
3
Last year, SVB Capital partnered with Campden Wealth to Since 1987, Campden Wealth has provided unrivalled
create the first-of-its-kind report on Family Offices (FOs) proprietary intelligence directly from the world’s wealthiest
investing in Venture Capital (VC). Our intention, as always, is to families to facilitate peer-to-peer learning. In 2020, we released
provide insights – and access – to FOs around the globe who our inaugural Family Offices Investing in Venture Capital report,
are passionate about the venture ecosystem. which had no equivalent in the market. Many of our members
have built their own companies from scratch and have an
This year, we’re excited to release the first in a series of affinity for funding startups, and we received a huge amount of
Barry O’Brien quarterly reports based on an in-depth survey of 139 FOs Dominic Samuelson
Head, Family Office Practice Chief Executive Officer
positive feedback on the report.
across 30 countries: A Roadmap to VC Success.
SVB Capital Campden Wealth
Thus, I am delighted that we have once again partnered with
This report defines the Family Office venture investing SVB Capital to continue developing family office knowledge in
maturity model, i.e., how families progress through different the venture space. This year, we have garnered insights from
stages of VC investing. Although each FO is unique, their 139 family offices with experience in venture capital investing –
venture investing journeys are very similar. Most start by an 18% increase in participation.
investing in fund of funds to gain access to established
venture funds, while also making ad-hoc investments from For family offices looking to build their venture exposure,
friends & family, and finally invest directly into venture funds in Part One of our 2021-2022 series, the ‘venture investing
and startups. Many families also face the same key challenge: maturity model’ – i.e., the path that family offices tend to follow
venture deals are hard to access. You need a strong network in their venture journeys – will be a valuable resource. So, too,
of fund managers, founders, and/or FOs to share deal flow. will be the top tips shared by experienced family offices. These
include the importance of focusing on learning and networking
Helping FOs access the venture ecosystem is the core reason – both of which take time. Venture is a unique asset class and
Shailesh Sachdeva
MD, Family Office Practice
SVB Capital formed the Family Office Practice in 2015 and relationships are key. It is wise to build exposure gradually,
SVB Capital launched SVB LIFT, an invite-only platform that connects diversify, and carefully consider whether it is better to rely on
shaileshsachdeva@svb.com Family Offices to a curated set of venture funds. If interested, expert managers rather than invest directly.
please contact shaileshsachdeva@svb.com for access.
Many thanks to the families and executives who took part in the
Special thanks to all the families who took the time to share study.
their insights. Hope you enjoy the report. We look forward to
hearing from you. I hope you enjoy the read.
Best wishes, Best wishes,
Barry O’Brien Dominic Samuelson
Head of Family Office Practice, SVB Capital Chief Executive Officer, Campden Wealth
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC Success
4
EXECUTIVE SUMMARY
Family office venture capital
investing model uncovered
Family offices follow a similar path in Figure 1: Family office venture investing maturity model
their venture capital journeys
They begin with fund of funds – a convenient Step Step Step Step Step Step Step
1 2 3 4 5 6 7
option, providing diversified exposure – and ad
hoc direct investments referred by friends and FUND OF DIRECT VENTURE COINVESTMENTS VENTURE DIRECT SECONDARIES
FUNDS INVESTMENTS – FUNDS – FUNDS – INVESTMENTS –
family – which help them gain crucial experience. FROM FRIENDS EMERGING ESTABLISHED SELF-SOURCED
& FAMILY
As they push for higher net returns, they invest
in emerging fund managers. They also co-invest Invest in a Opportunistic Invest in Invest with Directly invest Invest directly Purchase
– first alongside other families and then with pool of access- investments breakout other FOs / in established into early / shares from
constrained into startups managers fund managers funds (funds growth stage existing
venture funds – which allows them to share
funds (fund I-III) into startups IV++) startups shareholders
resources and due diligence.
Min. $ / 1-5m 10k-1m 500k-1m 250k-1m 5-10m 100k+ 250k+
With some experience under their belts and investment*
growing networks, family offices begin gaining Avg. $ /
6.1m 4.4m 4.7m 2.8m 6.5m 4.5m 2.9m
access to established managers with proven investment
track records. Avg. #
1 3 5 5 4 8 1
investments
In the latter part of the maturity cycle, family Avg. investment
10-12 5-10 8-10 5-8 8-10 5-8 2-5
duration (yrs)*
offices begin developing their brands and
self-sourcing deals – an appealing option
Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021. Note: Ranges are representative; deal-specific deviation to be expected.
especially for entrepreneurial families. At their
most sophisticated, they make allocations to
secondaries.
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC Success
5
EXECUTIVE SUMMARY
Family office optimism about venture
Figure 3: Total number venture deals with FO participation, global
capital remains strong
# VC deals by FOs VC deals by FOs as % of global deals
Family office participation in Family offices have 10 fund
venture continues to increase investments and 17 direct deals 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 H1
Startups are increasingly open to In 2020, the average FO held eight
direct investments from FOs, alongside venture funds and 10 direct venture 4.2%
venture funds. FOs, in turn, are investing investments. Today, FOs hold 10 funds 3.9%
3.7%
strategic capital, adding value based on and 17 direct investments. Within the next
3.4%
their operating businesses and network 24 months, they expect to make 18 new
connections. investments (six funds and 12 direct deals). 3.1%
2.9%
Family offices are building 60% rely on their existing 2.7% 2.8%
in-house venture expertise network for deal flow 2.4%
1,135 1,170
In our 2020 study, the average The best venture deals continue 2.1% 1,028
family office (FO) staff included one to be hard to access. Most FOs rely on 1.9% 1.9% 981
venture capital specialist, and FOs their existing networks, GPs of venture 1.6% 870
expected that, within five years, one funds, founders, and other family offices 783
736
more would join the team. Today, staffs for deal flow. Only 1% currently use digital
include two venture capital investment platforms. 590
professionals.
Figure 2: Typical VC portfolio composition 413
Next Gens and family office VC 292
activity are closely entwined 218
Last year, the second most common 151
area in which Next Gens were involved
10 17 129
in their family offices was venture capital
investment (33% of participants). This year, # Funds # Direct investments 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1H
VC is the top ranked area for Next Gens to
Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Source: Pitchbook and SVB analysis.
be involved (39%). Survey 2021. Note: 2021 1H data current as of 8/31/2021. Deal count captures investors that self-identify as family offices. Many FOs with established
‘single LP funds’ do not self-identify as family offices with Pitchbook, so the numbers presented will underestimate actual FO investment
activity. Excludes all investments made into funds as LPs.
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC Success
6
Methodology
The research for the Campden Wealth and SVB Family Offices Investing in Venture
Capital 2021-2022 series was conducted between June and September 2021. Through
an extensive online questionnaire, data was procured from 139 ultra-high net worth
families / family offices with experience in innovation and venture capital investing.
In addition, in-depth follow-on interviews were conducted with 10 family office
representatives. A Roadmap to VC success is Part One of a four-part series.
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC Success
Family Offices Investing Part One: 7
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Overview of
participants
8
Overview of participants
2727++2121++2020++1818++14+13+11+9
Figure 4: Job titles of participants
Chief Executive Family Board
Insights are from family Officer
27%
member
20%
Chairperson
14%
member
11%
members / C-suite leadership;
SFOs around the world are
represented
21% 18% 13% 9%
Chief Investment Founder / Director Portfolio
Following the success of our inaugural report Officer Co-founder manager
in 2020, 139 family offices participated in the Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021.
2021-2022 study, an 18% increase. They were Note: The sum of the figures may exceed 100% because participants can select multiple options. 32% of participants serve in more than one capacity. 24%
selected roles not listed above.
largely represented by founders / family members
(38%) and CEOs / CIOs (48%). Figure 5: Types of family office represented
Single-family office Private multi-family office
77% of participants represented a single-family Embedded within A founding family before it is widened out
family business to multiple families. The offices are owned
office (SFO), which is either independent from by families and operated for their benefit
11% 13%
the family business, embedded within the family
business, or virtual.
7% 9%
Virtual Family Office Commercial multi-family office
A private office that is technology-driven Private multi-family offices
59% and outsources the large majority of
its work to service providers, thus
owned by commercial third
parties (not the families),
Single-family office only needing circa one or two internal motivated by profit-making
Independent from staff. These staff can be either family ventures
family business members or outside professionals
Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021.
Note: Figures may not sum exactly to 100% due to rounding.
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC Success
9
Overview of participants
The family offices are headquartered across 30 countries,
with 49% being in North America, 27% in Europe, and 25%
in the rest of the world.
Figure 6: Family office headquarters by region Figure 7: Countries represented
North America Europe Asia-Pacific Emerging Markets
NORTH AMERICA EUROPE ASIA-PACIFIC EMERGING MARKETS
United States United Kingdom India Brazil
Canada Germany Singapore Mexico
Mexico Switzerland Australia Chile
Italy Hong Kong United Arab Emirates
49% Luxembourg
Andorra
Indonesia
China
Guatemala
Panama
Norway Malaysia Saudi Arabia
Central Monaco Israel
and South
Spain Lebanon
America
Ireland South Africa
7% Middle
Belgium
27% East
3% Africa Cyprus
1% Lithuania
Liechtenstein
14% 11%
Jersey
Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021. Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021.
Note: Figures may not sum exactly to 100% due to rounding. Not every participant provided answers to every question. Note: Countries are listed in descending order of representation.
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC Success
10
Overview of participants
“
Average AUMs: SFO $989m, MFO $1.9b Family offices of various ages
represented
Globally, the average SFO with The considerable figures for Europe Capital has done
experience in venture capital partly reflect the fact the wealthiest well over the last While about one-quarter of the family offices
manages $989m in assets – or families in our sample (net wealth, 15 years: everyone were founded prior to 2000 (24%), almost
75% of the average $1.3b in $7b+) are mainly European. has been earning two-fifths were founded in the first decade of the
family net wealth (compared with double-digit returns. millennium (38%) and two-fifths were founded
$797m in AUM reported in our The average multi-family office Family offices are between 2011 and 2021 (39%).
2020 report). However, 66% of manages $1.9b and serves 28 emerging to manage Figure 9: Percentage of participants, by year the family office
the SFOs manage up to $500m. families – thus managing $68m was founded
the increased wealth
for each family (compared with
and give families 23%
$76m reported last year).
more control and
Figure 8: Family Wealth and Assets Under Management 18%
customization. Wealth 15%
Average Family Wealth Average AUM Average number of management is also 13%
($ m) ($ m) families served
Single-family offices increasingly complex, 9%
1,316 989 —
(Global) so families need to take 8%
Europe 2,173 1,595 — a systematic approach. 5%
4%
3% 3%
North America 1,181 912 — Family member, SFO, North 0%
America
Rest of World 745 549 — Before 1960s 1970s 1980s 1990s 2000- 2006- 2011- 2014- 2017- 2020-
the 2005 2010 2013 2016 2019 2021
Multi-family offices — 1,934 28 1960s 3Q
Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021. Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021.
Note: Figures may not sum exactly to 100% due to rounding.
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC Success11
Overview of participants
Sons and daughters to jointly Figure 10: Age of the generation currently in charge of
the family wealth
Figure 11: Gender of the Next Gen who will primarily take
over the family’s wealth management
take over
1+142830198
Not applicable -
38++3110138
38
75+ years old 25-34 years old
i.e., no Next Gen
8% 1%
The generation currently in charge of family wealth 35-44 years old Not applicable 8%
14% - i.e., outside
is typically between 55 and 64 years old, with the 65-74 years old professionals
Both male
19% and female -
average age being 57 years. 13% e.g., siblings
Female 38%
45-54 years old
While male Next Gens are three times more likely 28% 10%
55-64 years old
than female Next Gens to take primary responsibility 30%
Male
over the family’s wealth management after succession 31%
(31% versus 10%), in most families, siblings of each Average: 57 years
gender will be jointly responsible (38%). Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021. Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021.
Note: Figures may not sum exactly to 100% due to rounding. Note: Figures may not sum exactly to 100% due to rounding.
Interviewees from Asia said, over the last 15 years, it
“
has become the norm for both sons and daughters in
families of wealth to go abroad to attend top schools
and gain experience in leading financial firms. In their
family office VC activity, Next Gens are now involved
In Asia, there is now a mix of Next Gen brothers and sisters in family offices. They
with broad strategy outlining, networking, meeting are savvy investors and can help the family build its venture capabilities, particularly
companies, and working with bankers. Families are through networking. Family members also no longer want to make decisions on their
also increasingly conscious about the significant own – investment is too complicated – and we are seeing a move towards trying to find
expertise required in venture and are moving towards consensus within the family.
joint decision-making processes. Chairman / CIO, Private MFO, Asia-Pacific
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2021-2022
Venture
investing
maturity
model13
Venture investing maturity model
Figure 12: Venture investing maturity model
Family offices follow a similar path in their Step Step Step
1 2 3
venture capital journeys. They begin with
fund of funds and ad-hoc direct investments VENTURE FUNDS – DIRECT INVESTMENTS – VENTURE FUNDS –
FUND OF FUNDS FROM FRIENDS & FAMILY EMERGING MANAGERS
referred by friends and family.
Invest in a pool of access-constrained funds Opportunistic investments Invest in breakout managers (fund I-III,14
Venture investing maturity model
Figure 12: Venture investing maturity model
Step Step Step Step
4 5 6 7
CO-INVESTMENTS – VENTURE FUNDS – DIRECT INVESTMENTS – SECONDARIES
WITH OTHER FAMILY OFFICES / ESTABLISHED MANAGERS SELF-SOURCED
VENTURE FUNDS
Invest with other FOs / fund managers Directly invest in established funds Invest directly into early / growth stage Purchase stakes in companies from existing
into startups (funds IV+, $250m+) startups shareholders
• Shared deal • Discounted fees • Proven track • Opportunity to • Save fees and • Greater return • Timing (e.g., don’t • May have shorter
PROS
PROS
PROS
PROS
sourcing, due • Gain knowledge of record learn from best in carried interest potential need to wait for a investment period
diligence, oversight sector business (versus funds) new fundraising) / accelerated
• Access to founders • More transparency
• Complementary returns on
• Special provisions • Greater control
expertise • Robust internal • FOs can often invested capital
over selection /
• More control over resources, add value with
• Shared risk exit
investments networks, and post-investment
• Access to larger and domain expertise • Greater ability to involvement
future deals pick investment
horizon and match
assets and liabilities
• Finding families • Access to best • Access to top • Multi-manager due • Attracting and • Required large • Need relationships • Usually a decision
CHALLENGES
CHALLENGES
CHALLENGES
CHALLENGES
with a proven track deals managers (e.g., diligence retaining / capital base with shareholders is required
record top-tier VCs have a developing talent with minimal
• Sizeable • Capital calls and • Ongoing • Rights on
stable LP base) information
• Finding alignment investment with cash availability • Building a brand monitoring shares can limit
available
of objectives, funds • High minimums and accessing availability
• Lock up period • Reputational and
expectations, proper deal flow
• Short decision • Fee and carry concentration risks
expertise • Blind pool risk
timeline structure • Conducting deep
• Support needed
due diligence
• Single manager risk to successfully
execute
MIN $ / INVESTMENT AVG. $ / INVESTMENT MIN $ / INVESTMENT AVG. $ / INVESTMENT MIN $ / INVESTMENT AVG. $ / INVESTMENT MIN $ / INVESTMENT AVG. $ / INVESTMENT
250k-1m 2.8m 5m-10m 6.5m 100k+ 4.5m $250k+ 2.9m
AVG. INVESTMENT DURATION (YRS) 5-8 AVG. INVESTMENT DURATION (YRS) 8-10 AVG. INVESTMENT DURATION (YRS) 5-8 AVG. INVESTMENT DURATION (YRS) 2-5
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC Success Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021.15
Venture investing maturity model
Step
1
VENTURE
FUNDS –
FUND OF
FUNDS
Step
2
DIRECT
INVESTMENTS –
FROM FRIENDS
& FAMILY
Family offices tend to follow a
similar path in their venture capital
journeys. They often begin with
fund of funds – a convenient option,
which can provide diversified
“
Direct deals from friends and
family are a way to get experience
under the belt. The more deals we
exposure, including to established made, the better we got at it. We
managers – and ad hoc direct learned what we like – the types
investments referred from friends of people and business models we
and family – which help them gain feel comfortable with – and what
crucial experience. to watch out for – including within
“
deal terms. We only made small
deals, and therefore only small
mistakes, and the investments that
Fund of funds are a simple way for families with worked brought more deal flow.
limited time and resources – e.g., because they are busy Family Office Executive, SFO, North America.
running their operating business or managing their
public investments – to start gaining general exposure to
venture capital.
CIO, SFO, Europe
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC Success16
Venture investing maturity model
Step
In the next step in the Step
FOs also often coinvest Step
With some experience
3 maturity cycle, as they push 4 alongside other families and 5 under their belts and
for higher net returns, family alongside venture funds, growing networks, family
VENTURE FUNDS CO-INVESTMENTS VENTURE FUNDS
– EMERGING offices (FOs) often make – WITH OTHER
FAMILY OFFICES /
which allows them to start – ESTABLISHED offices begin investing
MANAGERS MANAGERS
allocations to emerging VENTURE FUNDS enhancing their networks, through established
fund managers. While it can learn from more experienced managers with proven
require significant resources families/VCs, and share track records:
“ “
to identify and conduct due resources and due diligence:
diligence on these funds,
they are easier to access
than the more established More and more families are co- The barrier to fund investing is
ones. In addition, often, the investing. It is a great way to get your access: the top-tier VCs have an LP
best / most entrepreneurial feet wet. If you know a reputable base they go to first, and that base
managers break off from family, you can join the syndicate is also virtually always willing to
big firms, and emerging without having to do a huge amount invest more. You need to establish
managers can be more nimble of the due diligence. It can also help in yourself before you’re invited, and
and have a closer alignment developing valuable relationships. The
of interests with LPs.
it takes time to build your network
key is to show you can be trusted to do and brand.
what you say you will do. That’s got CIO, SFO, Europe
us into deals we otherwise would not
have had access to.
Family member, SFO, North America
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC Success17
Venture investing maturity model
“
Step
In the latter part of the
6 maturity cycle, family offices
begin developing their brands Our secondary investments have emerged organically.
DIRECT
INVESTMENTS – and self-sourcing deals – an Usually, you have to be close to the person selling the
SELF-SOURCED
appealing option especially for
shares. We did one recently with an executive who
entrepreneurial families.
had left the company a few years ago but who we had
maintained a relationship with. He wanted to sell some
Over the last decade, as the
shares and came to us first. We knew the business well,
Step
VC asset class and demand so were able to move quickly. It takes a long time to build
7
for liquidity have grown, the these relationships. But increasingly there are platforms
SECONDARIES
secondary VC market has also where you can go and buy shares, too.
grown significantly, and the Family Office Executive, SFO, North America
most sophisticated family
offices now make allocations to
secondaries.
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Staffing and
compensationStaffing and compensation
19
Family office staff and VC teams growing
Figure 13: Number of staff Figure 14: Next Gen involvement in family office operations
In 2020, the average family office (FO) staff
consisted of nine members, including one venture
39+3737+3232++ 2424++ 24+24+ 2424++ 2121++ 11+
SFOs (Global) 2021 2022 (Projected) Venture capital 39%
capital specialist, and FOs expected to bring in one
Family Members in FO 4 4
additional VC specialist within the next five years. 37% Philanthropy
The most common areas for Next Gens to be involved Venture Team 2 3 General
investment
in their family offices were philanthropy (35%) and Total Staff 15 17 analysis 32%
VC investment (33%). Management /
MFOs (Global) 2021 2022 (Projected) 24% executive role
Today, the average FO staff consists of 15 members, Family Members in FO 3 3 ESG / impact
Some involvement
investing 24%
including two VC investment professionals. 39% of (e.g., project-by-
Venture Team 3 4 project basis, work
FOs report that Next Gens are involved in venture 21% experience)
investment and 37% philanthropy, thus VC has Total Staff 30 28
No involvement 24%
surpassed philanthropy. Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021.
11% Not applicable
“
Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021.
Note: The sum of the figures may exceed 100% because participants can select multiple options.
Venture is extremely complicated, and the universe is enormous. Whatever approach a family is taking – i.e., funds or direct investments –
they need people dedicated to the asset class. It makes sense to get Next Gens – who might be passionate about the technologies and have good
networking skills – involved early and developing the expertise to eventually lead the charge. But a lot depends on their personalities.
CIO, SFO, Europe
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC SuccessStaffing and compensation
20
Average total compensation of principals
in FO VC teams: $363k
In 2020, for family offices that had a salary Today, the average base salary for principals The average management fee for principals
plus bonus remuneration structure for in the venture investment team is $245k is 1.2% and the average performance fee is
their principal venture capital investor, + 48% bonus, i.e., total compensation of 11.0%.
the average base salary was $234k + 32% $363k. Compensation varies significantly
bonus (as a percentage of base salary), i.e., from one family office to the other, with base
total compensation of $310k. By 2022, the salaries ranging between $75k and $650k,
average base salary was expected to rise and bonuses between 10% and 110%.
to $268k and the average bonus to 42%.
Figure 15: Venture investment team, experience and compensation
Thus, the average total compensation was
expected to rise by about $72k, or 23%,
to $382k.
Investment No. Average Average Average bonus Average Average carry
team People years of base salary (% of base salary, management fee (% of profits,
For family offices that have a fees-based experience ($ ‘000, 2021) 2021) (% of AUM, 2021) 2021)
structure, the average management fee (as Principals 2 21 245 48 1.2 11.0
a percentage of assets) was 2.0% and the
average performance fee (as a percentage Chief Investment Officers 1 23 271 52 0.9 7.3
of profits) was 13%. In the next two years, Directors / Vice Presidents 1 16 172 34 0.8 7.1
management fees are expected to drop to
1.7%, while performance fees are expected Other 2 12 114 25 0.8 5.0
to remain constant.
Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021.
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC SuccessStaffing and compensation
21
Top talent is in short supply
In 2021, family offices (FOs) again
reiterated that top VC talent is in
short supply. If they want to build
on co-investing, which allows
families to share infrastructure and
expertise. The challenges here are
“
It is difficult for family offices
to build good quality in-house
resources. Talent is scarce,
capabilities, FOs should consider to clearly establish each party’s shops are always opening up,
a venture-like compensation objectives, expectations, and salaries are high, and there
structure, including carry. The ability to add value, and to ensure is the huge carry as well. A
alternatives include focusing the families are aligned. $300k resource is heavy-duty
“
for a smaller family office –
especially one involved in a
range of activities. This is why
Venture capital has been a big source of outsized returns – Next Gens want to be involved
our IRRs are 30%+. It’s not surprising to see more and more in venture and why families
FOs wanting to join. A lot of the value lies in individuals are gravitating towards
and their networks. If they are experienced, they can raise co-investing.
their own funds. If FOs want to build their VC capabilities, Chairman / CIO, Private MFO,
they have to offer similar compensation, including carry and Asia-Pacific
co-investment options.
Family member, SFO, North America
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InvestmentsInvestments 23
Range of structures in place
for venture investments
Single-family offices (SFOs) employ a variety of structures
“
If a family wants to allocate
a significant component of
their wealth to venture, it
makes sense to separate the
Figure 16: Structure for venture investment
Type of office / structure
SFOs Annual allocation
Global
29%
for their venture investments, including an annual Special Purpose Vehicles
28%
allocation (29% of the relevant participants), a Special pool of capital, formalize
Purpose Vehicle (SPV) to capitalize on opportunities as it with a separate manager Venture fund with management
team and single LP 21%
they arise (28%), and a venture fund with management for focus and direction, and
Subsidiary with dedicated
team and single Limited Partner (i.e., the family) (21%). structure it in a tax-efficient pool of capital 12%
manner. In Singapore, there Venture fund with multiple
LPs 10%
Funds with a single LP are relatively more popular in is now the ‘Variable Capital
North America (31% versus 11% for the rest of the world). Company’ (VCC). With MFOs Individual based on clients’ needs
44%
SPVs and subsidiaries with a dedicated pool of capital are $50m to invest, you can set Pooled capital across clients
17%
relatively more popular in the rest of the world (32% and up a small fund domiciled
18%, respectively – versus 24% and 7%, respectively, for in, e.g., the British Virgin Opportunistic (e.g., offer
17%
individual deals to clients)
North America). Islands or Mauritius. Some
Venture fund
family offices have gone on 14%
Multi-family offices (MFOs) generally offer structures to list their vehicles as well. Fully managed client funds
tailored to individual client needs (44% of the relevant If it will be treated more
6%
participants). opportunistically, families Annual allocation
3%
Interviewees advised that, as the family office VC can just draw down from
Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021.
allocation grows, families should consider formal their bank account. Note: Figures may not sum exactly to 100% due to rounding.
structures which focus managerial effort and are more Chairman / CIO, Private MFO,
Asia-Pacific
tax-efficient:
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC SuccessInvestments 24
As of Aug 31, 2021, $418b were invested in venture capital Family offices participation in venture has been steadily
deals globally, surpassing the full year record established increasing. As of Aug 31, 2021, FOs were in 4.2% of global
in 2020 of $333b. And there’s no sign of a slow-down. venture deals, an understated statistic.
Family offices are taking advantage of the opportunity.
Figure 17: Total number of venture deals + capital invested, globally Figure 18: Total number venture deals with FO participation, globally
# VC deals by FOs VC deals by FOs as % of global deals
Capital invested ($ billion) Deal count (k)
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1H
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1H
4.2%
30 30
28 29 3.9%
3.7%
26 26 3.4%
23
21
3.1%
2.9%
17 2.7% 2.8%
14 1,135 1,170
418 2.4%
11 1,028
981
9 2.1%
7 1.9% 1.9% 870
331 333
1.6% 783
298 736
590
181 194
173 413
119 292
218
67 61 73 151
37 47 129
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1H 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1H
Source: PitchBook and SVB analysis. Note: 2021 H1 represents data through Aug 31, 2021. Source: Pitchbook and SVB analysis. Note: 2021 1H data current as of 8/31/2021. Deal count captures investors that self-identify
as family offices. Many FOs with established ‘single LP funds’ do not self-identify as family offices with Pitchbook, so the numbers
presented will underestimate actual FO investment activity. Excludes all investments made into funds as LPs.
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC SuccessInvestments 25
Figure 21: Number of investments and average investment size by sub-asset class
Venture is a growing asset class in FO portfolios:
Investment # Current Avg. $ / # New investments
10 funds, 17 direct investments investments investment expected in next
24 months
Participants in our 2020 study held, Figure 19: Typical VC portfolio composition Venture funds – fund of funds 1 6.1 1
on average, eight funds and 10 direct Direct investments – from friends &
3 4.4 2
family
investments. In 2021, the average family Venture funds – emerging managers
office (FO) holds 10 funds and 17 direct 10 17 (funds I/II/III,Family Offices Investing Part One: 26
in Venture Capital A Roadmap to VC Success
2021-2022
Accessing
ventureAccessing venture 27
Figure 22: Top three sources for potential investments
Top deal sources and tools #1 #2 #3
Self-generated 24%
15%
Family offices (FOs) with experience in venture tend to source 9%
deals on their own (24%) and depend on their extensive GPs of venture funds 19%
networks, including GPs of venture funds (19%) and company 15% 16%
founders / operators (16%).
Network of founders /
operators 16% 15% 17%
FOs advise newer entrants to the market to focus on developing
relationships with intermediaries and attend events where they can Network of family 20% 20%
meet other families with similar objectives: offices
13%
Consultants
“
12%
7% 7%
Network of professionals
(e.g., investment or private 15% 14%
bankers, lawyers) 11%
To source deals, we usually rely on our referral
Family’s core operating
network. But I have over 25 years of experience business
3% 2%
in investment banking, private equity, working 7%
with universities, etc. Family offices starting out Portfolio companies
13%
should focus on developing relationships with 1% 7%
third-parties – there are a lot of good ones Digital platforms
who get shown every deal in town. 1% 0%
3%
CIO, SFO, Europe Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021.
Note: This table shows the shares of the #1, #2, and #3 rankings captured by each source. The figures in
each column may not sum exactly to 100% due to rounding.
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC SuccessAccessing venture 28
Figure 23: Tools / platforms for sourcing direct investments
Survey participants identified LinkedIn and Pitchbook
as the top tools / platforms for sourcing both direct
42+3939+3838++ 2929++ 23+23+ 2020++ 12+ 10+ 4+ 1+ 32
investments and funds. But interviewees explained LinkedIn 42%
that LinkedIn is more likely used to maintain / enhance
proprietary networks:
39% Pitchbook
“ I get a lot of ‘cold call’ requests about raising money on LinkedIn,
but I don’t entertain them. We’ve been subject to LinkedIn hoaxes
– there is a credibility issue. Some family offices may be using
LinkedIn opportunistically. But mainly FOs use LinkedIn to
Crunchbase 38%
29%
TechCrunch /
Forbes / other
publications
develop their proprietary networks – forming groups within the Preqin 23%
venture space and exchanging messages, which can spin off in
deals. We find LinkedIn very efficient for this kind of networking, 20% AngelList
especially given COVID.
Chairman / CIO, Private MFO, Asia-Pacific
SeedInvest 12%
10% Dealroom
Sharespost 4%
1% CipherBio
Other 32%
Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021. Note: The sum of the
figures may exceed 100% because participants can select multiple options.
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC SuccessAccessing venture 29
Figure 24: Tools / platforms for sourcing venture The top tools / platforms for tracking Figure 25: Tools / platforms for tracking and
funds and monitoring the venture portfolio monitoring the venture portfolio
are Excel (80%) and Carta (17%).
80+172+ + 13+
Pitchbook 30%
30+2929+2121++ 2020++ 13+ 13+ 10+ 40+ Some family offices specified other
tools – e.g., Airtable, Addepar, Advent, Excel 80%
AXYS, Burgiss, Google Sheets, iLEVEL,
29% LinkedIn Investran, LP Analyser, Masttro,
QPLIX, Seraf, Solovis, and Tamarac –
Crunchbase 21% and others said they use proprietary 17% Carta
software. Betterfront 2%
20% Preqin
TechCrunch / 2% Allvue
Forbes / other
publication 13% Captable.io 0%
13% SVB LIFT 29% Other
AngelList 10% Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021.
Note: The sum of the figures may exceed 100% because participants can select multiple options.
40% Other
Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021.
Note: The sum of the figures may exceed 100% because participants can select multiple options.
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC SuccessAccessing venture 30
Figure 26: Primary reasons for not re-investing in a manager
Re-investing in managers not
always an obvious choice
69+5252+4646++ 3838++ 34+34+ 3333++ 3030++ 17+ 14+ 5+ 4+
Poor performance 69%
There is a range of reasons for which family offices Other deterrents from re-investment
may choose not to re-invest in a manager they have include strategy drift (46%) and
already invested in, with the top reasons being poor poor communication (46%): Better alternatives
52% available
“
performance (69%) and the availability of better
alternatives (52%). Interviewees advise that, whatever
the type of investment – e.g., fund or direct – venture Strategy drift 46%
capital investing is specialist and must be hands-on: In recent years, all the
money chasing the short
38% Staff departure
“
supply of quality deals
has made deal making at Insufficient
reasonable valuations very communication 34%
When we first started in venture, we made a difficult. Some of the smaller Inconsistent
fund managers, who are 33% communication
few quick investments where we relied entirely
on some prominent individuals in the angel more opportunistic, have Increasing fund size 30%
investing community. That was a mistake. drifted from their strategies.
High fees for
Whatever the type of investment, in venture, They haven’t always Different organisation /
17% co-investments
you need to be trained and hands-on. It is a communicated this well – so priorities 14%
completely different asset class, and evaluating a families need to keep an eye 5% Adding opportunity fund
on them. Other 4%
founder, for example, is a highly specialist skill.
Chairman / CIO, Private MFO, Asia-Pacific Family member, SFO, North America
Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021.
Note: The sum of the figures may exceed 100% because participants can select multiple options.
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC SuccessAccessing venture 31
Funds offer a simple means for diversifying Figure 27: Asset allocation, direct investments and funds
53++47
53
across strategies; access is the challenge Funds
47% Direct
In 2020, the average global family focus on growth investments (48%
investments
office (FO) held 46% of its venture of the venture portfolio) – where 53%
portfolio in funds and 54% in direct revenues might already have reached
investments. Today, FOs report almost $50m to $100m and be growing at
exactly the same split: funds (47%) and 50% to 100% a year, and a lot of
direct investments (53%). the operations have been de-risked. Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021.
However, FOs are increasingly active in Note: Figures may not sum exactly to 100% due to rounding.
FOs tend to have venture investments early-stage venture, where valuations Figure 28: Asset allocation by sector
spread roughly evenly across a are lower (pre-seed / seed, 28%; Series
number of sectors. They tend to A, 24%), but risk is higher. Other Life
Sciences &
18++161512717
18
18%
“
Healthcare
Frontier 18%
Tech Consumer
7% Internet
16%
After we gained experience through fund of fund vehicles and made
some co-investments with other families, we had some trusted 12%
partners to guide us as we ramped up our allocation. Mainly through Energy & 15%
Resource Enterprise
these relationships we started getting access to the top-tier funds, Innovation 15% Software
sector-specific funds, and a range of strategies. Developing a venture Fintech
portfolio is about relationships and access.
Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021.
CIO, SFO, North America Note: Figures may not sum exactly to 100% due to rounding.
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC SuccessAccessing venture 32
“
The average global FO VC portfolio is spread across Figure 29: Asset allocation by stage
North America (44%), Europe (21%), and the rest
28++2448
28
of the world (35%). But even FOs with significant Venture capital has more complexity Growth Pre-seed / seed
and you need to be more active stage ($5-10m)
experience and assets tend have a large part of their 48% 28%
VC portfolio invested in their local markets / regions. than with other investments.
Diversification is hard: it depends
Diversifying direct VC portfolios requires substantial on your pool of capital, experience,
24%
resources and a wide breadth and depth of knowledge: and stock of knowledge. Series A
($10-30m)
As your capital grows, you can
diversify, e.g., out of your local
“
Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021.
market into your local region and Note: Figures may not sum exactly to 100% due to rounding. *Rest of the world.
then more globally. From a risk
standpoint, for a lot of family offices, Figure 30: Asset allocation by geography
You have to balance diversification with your
44++2135
44
it makes sense to stick with fund of
core competencies – not drift too far away
funds, or a range of funds. ROW*
from what you understand. There is a lot to 35%
If they are passionate about direct North America
learn about different sectors and geographies, 44%
which takes time. As you gain experience, investing, they can move into it
Europe
your network also grows, and there are more when they have accumulated the 21%
opportunities for smart diversification. capital, developed the resources and
Family member, SFO, North America networks, and formed a clear sense
of their deal preferences and risk Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021.
Note: Figures may not sum exactly to 100% due to rounding. *Rest of the world.
appetite.
CIO, SFO, Europe
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC SuccessFamily Offices Investing Part One: 33
in Venture Capital A Roadmap to VC Success
2021-2022
COVID-19
impact on
return to
workplaceCOVID-19 impact on return to work 34
Most family offices are back in
the office
By Q3 2021, 65% of family offices (FOs) expect to be back in
the office. However, 10% have determined to go completely
“
COVID hasn’t had a material impact on our process.
Working out of the office didn’t work for us – we’re a close
team, always bouncing ideas off each other. While we travel
less now, we have more Zoom meetings and events and are
remote and 3% have adopted a hybrid model. By Q3 2021, still meeting people locally.
62% expect to be regularly attending events again. Family member, SFO, North America
Figure 31: COVID-19 and FOs returning to the office Figure 32: COVID-19 and FOs attending events
Periods FOs returned / plan to return to offices Periods FOs returned / plan to return to offices
44%
30%
18%
14% 14%
12% 10% 11%
9% 9%
7%
5% 4% 5% 4%
1% 3%
We have We recently Q3 Q4 Q1 Q2 Post Never, Other We have been Now Q3 Q4 Q1 Q2 Not for Other
been in returned to 2021 2021 2022 2022 lockdown completely attending 2021 2021 2022 2022 foreseeable
the office the office remote events future
regularly regularly
Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021. Source: The Campden Wealth / SVB Family Offices Investing in Venture Capital Survey 2021.
Note: Figures may not sum exactly to 100% due to rounding. Note: Figures may not sum exactly to 100% due to rounding.
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC SuccessFamily Offices Investing Part One: 35
in Venture Capital A Roadmap to VC Success
2021-2022
Top tips36
Top tips from experienced family offices
The family offices (FOs) surveyed as part of this study were asked to share the lessons they have learnt on
their venture journeys which they believed would be most helpful to FOs just starting out in the asset class.
The advice from the 139 participants was easily weaved into a coherent whole.
Assess liquidity needs and risk Define venture Learn about startups Start with small
tolerance strategy and funds check sizes
Before you invest, you should give Define your long-term strategy Focus on learning from GPs / lead You should look at a lot of deals before
adequate time to understand the asset – encompassing clear goals and investors, gaining experience, getting you invest. It is easy to be tempted by
class. Venture capital differs significantly contingencies – and follow the path plugged into the venture ecosystem, the asset class’s high historical returns.
from traditional asset classes, private consistently. You should understand and growing comfortable with But, to begin with, experienced family
equity, and direct investing by an which stage of the maturity cycle you the asset class. You may consider offices advise to slowly make small
operating business. VCs are experts are in, and where you want to be. starting with funds that promote investments – e.g., a $500k check. You
with a specialist skillset – identifying Experienced family offices advise that investor relationships and learning can invest in a few fund of funds, small
and assessing founders; calling capital new entrants should be building a – i.e., funds that bring together their funds, and / or co-investments with
at the right time; deploying it to help a position over decades – not timing the investors regularly to learn about the other family offices you know – e.g.,
business grow through management and market. Consider setting a low initial cap opportunities being pursued. Read three to five deals. Fund investments
connections; and exiting at the right time on venture investment – e.g., 5% of AUM. relevant press and newsletters, e.g., can provide diversified VC exposure.
and price. This can be lifted gradually, but, for many CBInsights, SVB Trends, The Information, You can also begin with investments
family offices, the VC allocation ranges etc. Define your preferences – sector which align with the family’s
You should assess the family’s liquidity from 10% to 20%. (consumer, enterprise, healthcare, philanthropic goals – to make it easier
requirements and risk tolerance. Generally, etc.), stage (early, growth, pre-IPO), to absorb early losses if they come.
investments will last longer than you Venture investments that sound ‘fun’ or geography, business models, types of
initially expect. Are you able and willing are reminiscent of the family’s operating risk, and deal terms you are comfortable
to commit for 10 to 20 years? Develop business should be marked as such. with. Include the younger generation,
parameters for your risk appetite, as that Family members should be coached about and their education will involve learning
influences the nature of the opportunities ‘asks’ from friends long before the ask to deal with losing money.
you will consider – are you an angel occurs. These deals are usually a gift to
investor, series A, or series B? Generally, the individual, not an investment. Be
you can assume you will need to endure wary about tech crazes – it is helpful to
losses. keep the dot-com bubble in mind.
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC Success37
Top tips from experienced family offices
Build your Build trust Understand performance Access top-tier
network and be patient metrics fund managers
Venture capital is largely about To develop valuable long-term Respondents advise that, to some extent, Experienced FOs advise that the goal
relationships and access. Regardless relationships, it is important to you need to ignore performance for, e.g., is to access top-quartile managers
of your approach (e.g., funds, co- consistently do what you say you are the first five years, because it can be with a proven track record, including
investments, and/or self-sourced going to do – e.g., remain passive/ uninformative while you are in the so- successful exits. You should balance this
direct deals), it is important to build get actively involved, make follow-on called J-curve, i.e., the period in which with your investment appetite – e.g.,
a strong network of founders, GPs, investments, and/or keep to timelines. startups are burning cash / funds are if you need to invest $25m in one fund
like-minded FOs and other investors, Be a nimble LP and determine how investing. There are usually ups and and you are under $250m in AUM, this
and other experts in the tech ecosystem. else you can add value. When you are downs, and it is important to have the may not be the best strategy for you.
Attend demo days, e.g., Y Combinator, brought deals, e.g., from placement courage through the down times and stick Take your opportunity to learn from the
Techstars, 500 Startups, etc., and agents, ask yourself, why? Did everyone it out until the good times return. But best in the business. Here, it can be
events catered to family offices. else pass on it? You want to find trusted you also need to know when to cut your helpful to attend LP meetings and, if
partners who are well entrenched in losses (and add to winners). Understand possible, have monthly calls with your
the venture ecosystem and can provide key performance metrics for funds, e.g., GPs to better understand the portfolio
guidance as you progress through the Distributed to Paid In Capital (DPI), companies’ performance and to uncover
maturity model. Building a foundation Multiple on Invested Capital (MOIC), Total challenges. Consider participating
for successful venture investing is costly Value to Paid In Capital (TVPI), Internal in co-investment opportunities that
and takes time – many years – and there Rate of Return (IRR) and for startups, e.g., managers offer, where they will do the
is no cheap or quick fix. You should also Customer Acquisition Cost (CAC), Lifetime heavy-lifting and you will gain valuable
play an active role in growing others’ Value (LTV), revenue, customers, churn, insights into the investment process.
networks – e.g., by making introductions monthly burn, runway, profit margin, etc.
– which will pay dividends when they Don’t count your chickens until they’ve
reciprocate. hatched either – IRRs and MOIC are
notional gains until the investment is
realised.
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC Success38
Top tips from experienced family offices
Conduct detailed Gradually increase your Build a team
due diligence allocation and diversify to invest directly
You will need to identify a large number As you ramp up your allocation, you Sourcing, assessing, selecting, and
of managers and conduct professional will likely need to invest in building a closing deals requires extensive
due diligence – e.g., travel to meet the strong team, and this entails offering networks, deep sectoral expertise, a
manager, and assess the investment competitive compensation. You may dedicated team, and strong conviction.
thesis, references, team biographies and also need to reinforce your back office Constructing a diversified portfolio can
history of the team working together, to better track investments. Over time, require substantial capital.
the attributable track record and as you become more experienced, you
performance against other funds, and can consider sector specific funds and If moving into direct deals, it can be
current investment pipeline. international exposure. Experienced FOs beneficial to focus on sectors you
endeavor to build diversified portfolios have experience in. Conduct deep due
Many venture funds seem attractive – across managers, stages, sectors, diligence, involving external experts
given market valuations, but, for our vintages, and geographies. where necessary. Visit the company
participants, few have real substance. multiple times. Look for people and
Do not fall for the ‘fear of missing out’ product – not one or the other. Find out
(FOMO) or pressure to answer quickly. about founders’ life purposes, their views
Make sure the management and GP have on the competition, and if they have been
skin in the game. Where possible, fees listening to investors’ concerns.
should be paid based on funds drawn
down, not on commitments. Many family You should identify the key reasons the
offices will not have the bandwidth and best founders will take your money –
therefore rely on third-party advisors. communicate these simply and filter your
deal-flow accordingly to avoid adverse
selection. Be hard in pricing negotiations
and prepared to walk away.
Family Offices Investing in Venture Capital 2021-2022 Part One: A Roadmap to VC Success39
About us
About Campden Wealth About SVB Capital and SVB Financial Group Acknowledgements:
Campden Wealth is a family-owned, global membership organisation providing Founded in 1999, SVB Capital is a global venture capital investment firm with Campden Wealth
education, research, and networking opportunities to families of significant wealth, $6.4 billion of assets under management. SVB Capital is the premier partner
Dr. Rebecca Gooch
supporting their critical decisions, helping to achieve enduring success for their for accessing the Innovation Economy, with a particular focus on technology
Senior Director of Research
enterprises, family offices and safeguarding their family legacy. and life sciences. As part of SVB Financial Group (NASDAQ: SVB), we work
with more than 60% of venture capital firms and 50% of all venture-backed Dr. Masud Ally
The Campden Club is a private, qualified, invitation only Members club. technology and life science companies in the U.S. This gives us unparalleled Senior Research Consultant
Representing 1,400 multi-generational business owning families, family offices and access to proprietary data, insights, sector expertise, and relationships
private investors across 39 countries. The Club delivers peer networking, bespoke Elisa Barbata
with the leading venture capital firms and startups across the innovation
connections, shared knowledge and best practices. Campden Club members also Art Director
ecosystem.
enjoy privileged access to generational education programmes held in collaboration
with leading global universities. Within SVB Capital, the Family Office Practice works with qualified Special thanks
family offices to provide curated, exclusive access to private investment Susan Kemp
Campden Research supplies market insight on key sector issues for its client opportunities both within SVB Capital and with emerging fund managers and
community and their advisers and suppliers. Through in-depth studies and early stage companies that are clients of SVB Financial Group.
comprehensive methodologies, Campden Research provides unique proprietary data SVB
and analysis based on primary sources. For more than 35 years, SVB Financial Group and its subsidiaries have helped
innovative companies and their investors move bold ideas forward, fast. SVB Shailesh Sachdeva
Campden Education delivers a virtual training platform empowering families with Financial Group’s businesses, including Silicon Valley Bank and SVB Capital, MD, Family Office Practice
practical knowledge and the tools to make informed decisions. Drawing on deep offer commercial, investment and private banking, asset management, shaileshsachdeva@svb.com
expertise and real-world experiences, our programmes are designed to guide the private wealth management, brokerage and investment services and funds
whole family through all stages of ownership and growth. management services to companies in the technology, life science and Special thanks
Campden Wealth owns the Institute for Private Investors (IPI), the pre-eminent healthcare, private equity and venture capital, and premium wine industries. John China
membership network for private investors in the United States founded in 1991. In Headquartered in Santa Clara, California, SVB Financial Group operates in Barry O’Brien
2015 Campden Wealth further enhanced its international reach with the establishment centers of innovation around the world. Eli Oftedal
of Campden Family Connect PVT. Ltd., a joint venture with the Patni family in Mumbai. Nick Candy
To learn more, contact Shailesh Sachdeva, MD, Family Office Practice at
Efrat Turgeman
For more information: Brien Biondi shaileshsachdeva@svb.com
Kelley Henry
campdenwealth.com CEO, Institute for Private Investors & Denisha Kuhlor
research@campdenwealth.com Campden Wealth, NA Survey Participants
T: +44 (0)20 3941 8015 bb@memberlink.net
Direct: 703-944-2183
InstituteForPrivateInvestors.com
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