An independent multi-family office approaches private markets the same way it approaches the rest of a portfolio: it starts with each family’s goals and liquidity, chooses managers from the whole market rather than a house platform, negotiates and explains every fee, paces commitments over several years, and reports private holdings alongside everything else the family owns. The difference between multi-family offices often comes down to one question: is the firm paid only by the family, or does it also earn money from the private investments it recommends?

What Counts as Private Markets

Private markets include private equity, venture capital, private credit, real estate, infrastructure and other investments not traded on public exchanges. They usually require long holding periods, are offered mainly to accredited investors, and are valued periodically rather than priced daily.

Step 1: Decide the Role and Size of Private Investments

Before selecting any manager, the family and its advisor agree on why private investments belong in the portfolio (growth, income, diversification or a specific opportunity), how much can be locked up, and how capital calls will be funded. These decisions go into the family’s investment policy so they hold up when markets change.

Step 2: Source and Evaluate Managers

An open-architecture approach means the advisor can recommend any manager, not just those on a preferred list. Evaluation covers strategy, results across multiple funds, the source of returns, team stability, terms and operational controls. Because results differ widely between managers, this work matters more in private markets than almost anywhere else.

Step 3: Negotiate and Explain Fees

Private funds have management fees, carried interest, expenses and sometimes portfolio-company fees. Families investing through a multi-family office may also benefit from the office’s combined scale with managers. A clear advisor shows each layer of cost and what the family will pay in total, using standards such as the ILPA Principles as a reference.

Step 4: Pace Commitments

Commitments are spread across vintage years and strategies so the family is not over-exposed to one period or one manager. Cash-flow modeling estimates future calls and distributions under different market conditions and checks them against the family’s liquidity.

Step 5: Monitor and Report

Private investments are tracked in the family’s consolidated reporting: commitments, called and uncalled capital, distributions, valuations and fees. That gives the family one view of total exposure, and it lets the advisor catch errors and hold managers accountable.

Where Conflicts Can Arise

Private markets access is often shaped by bank platforms, placement agents, proprietary funds, feeder vehicles and revenue-sharing arrangements. Any of these can influence which investments a family is shown. Ask the advisor in writing whether it, or any affiliate, receives anything from a manager it recommends, and read the conflicts section of its Form ADV.

How WE Family Offices Approaches Private Markets

Each family portfolio we oversee can be a bespoke combination of public and private market investments, curated to help the family reach its long-term goals. Our Investment Strategy and Oversight services cover asset allocation and portfolio construction, sourcing and due diligence, fee evaluation, negotiation and quality control, values-aligned investments, oversight and consolidated reporting.

We are paid by our clients and only by them, with no commissions or incentives from any manager, and we share our buying power, network and best practices across the families we serve. Families can keep their existing banks and providers. Because we are non-discretionary, the family stays in control and makes each investment decision.

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