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Today, I have a look at the Silicon Valley family offices that truly matter— the ones that folks in the industry talk about privately. If you have a friend who works in or with one of these shops, they can sign up for this weekly email here. And as always, you can write to me with any tips or ideas by replying directly to this note.

Teddy

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Sure, every one of these family office managers is a special snowflake, but the mechanics of running them, as some sources admit off-stage, are not all that different. Yes, some love to make investments and compete with V.C.s, seeing it as a way to maximize their returns without paying management fees; other offices acknowledge that they don’t have the expertise in web3 or carbon sequestration or whatever, and hire outside managers. Some build quasi-endowments with huge in-house staffing to manage all three prongs of typical family-office work—the investments, legal/accounting, and the premium concierge services—while others outsource elements of that labor to specialists who can serve as their C.I.O., C.F.O., box-seat acquirer or dog-walker...