Nobody knows who you are
You can be exceptional and still be invisible. Capital flows to the names allocators already trust.
$4.6trillion
The capital exists
Trillions have been raised, but not yet deployed into real estate projects, funds, startups, and ventures.
An estimated $4.6 trillion in committed private capital is sitting undeployed worldwide: money investors have already pledged to funds but that hasn’t reached an operator, a project, or a deal. The money isn’t the problem. The connection is.
Private equityBuyout & growth funds hold the largest undeployed pools.Real estateHundreds of billions earmarked, waiting on the right sponsor.Venture & growthFounders compete for a slice that rarely gets introduced.
Source: PitchBook, Global private-capital dry powder, Q2 2025
The builders exist too
Operators, emerging fund managers, and founders are launching new projects, new funds, and new businesses every single day.
More than 5 million new businesses were started in the United States in 2024 alone: real estate operators, first- and second-time fund managers, and founders building the next generation of companies. The talent and the ambition are not scarce. The introductions are.
Source: U.S. Census Bureau, Business Formation Statistics, 2024
5.2million / yr
Family Office AUM
$100M – $500M26
$500M – $1B27
$1B+21
Representative sample
16 Family Office Facts
Real estate is the top alternative asset class for family offices worldwide.
There are approximately 10,000 single family offices worldwide, managing an estimated $6 trillion in assets.
A family office typically requires a minimum of $100 million in investable assets to justify the operational cost of running one.
Family offices allocate an average of 25 to 30 percent of their portfolios to alternatives, including private real estate, private equity, and hedge funds.
The average single family office employs between 10 and 15 full-time staff, including investment professionals, tax advisors, and legal counsel.
Real estate is consistently the top alternative asset class for family offices, with over 75 percent holding direct real estate exposure.
Multi-family offices serve multiple ultra-high-net-worth families under one structure, reducing overhead while maintaining institutional-grade investment management.
Most family offices are exempt from SEC registration as investment advisers, making them among the least regulated pools of institutional capital in existence.
The average family office receives over 200 unsolicited investment pitches per year. Less than 2 percent result in a meeting.
More than 60 percent of family offices prefer to co-invest directly alongside a lead sponsor rather than invest through a blind-pool fund.
The top three deal-killers in family office underwriting are: sponsor track record, fee structure opacity, and lack of alignment of interests.
Family offices source more than 50 percent of their best deals through personal networks and trusted referrals, not placement agents or marketing campaigns.
The average hold period for a family office real estate investment is 7 to 10 years, significantly longer than institutional funds targeting 3 to 5 year exits.
Next-generation family office principals are 3x more likely to prioritize ESG and impact-aligned investments than their predecessors.
Family offices lost an estimated $1.1 trillion in the 2008 financial crisis, which permanently shifted their due diligence processes and allocation strategies.
The United States is home to the largest concentration of family offices globally, centered primarily in New York, Chicago, Dallas, and Palm Beach.
Relationship tenure matters more in family office capital than almost any other allocator category. The average family office has worked with their top 3 investment partners for over a decade.
Why don’t operators get the equity checks they need?Especially the seasoned and proven ones?
The real reasons
Proven operators stall for eight predictable reasons.
Nobody knows how good your opportunity is
A great deal that nobody can evaluate at a glance gets passed over for an average one that's easy to understand.
Family offices, PE firms, and ultra-high-net-worth angels are inundated with thousands of pitches every week
Your message lands in the same flood as everyone else's, and most of it never gets read.
You're not getting in front of the right people
Effort aimed at the wrong rooms produces motion without progress. Proximity to the right check matters more than volume.
Your model is great but your pitch is weak
Brilliant economics buried in a confusing story never get the second meeting.
Your track record is superb but your outreach isn't enough
A proven operator with no distribution still raises slowly. Results don't introduce themselves.
You have no anchor investor
An anchor investor takes the risk first, committing a substantial amount into your fund or offering and absorbing the downside. Without that first bold check, everyone else waits to see who moves.
You have no anchor operator or co-GP
An anchor operator (or co-GP) has far more exits in the exact vertical you're raising for. Early on, you have to be okay taking crumbs on the asset-management fee to get your feet wet and earn a track record behind you.
I can help you.
For everything standing between a great operator and the right check, there is a path through it, built on relationships, positioning, and the credibility to open the doors that matter.
Andrew LeBaron
I’ve helped raise, place, and advise over $134 million across real estate projects, funds, and ventures, and I spend my days connecting proven operators with the family offices and the private capital they’re actively looking to deploy.
- Over a decade
- in real estate
- $2B+
- Combined AUM of asset managers I’ve consulted
- $134M+
- Total equity I’ve raised and advised
- AZ
- My home base
How I help
Before the intros
What we evaluate first.
It takes a team who has raised and advised over $134 million in projects to put you in front of the right people, but before intros and outreach is possible, we need to evaluate if you have the following:
The next step