深度访谈110位亿万富翁：他们如何做出投资决策

Core Insights - The report titled "Conversations with the World's Wealthiest Families" analyzes the lifestyles and thought processes of influential wealthy families, surveying 110 family heads with a combined net worth exceeding $500 billion [1] Investment Process and Decision-Making Mechanism - Many wealthy families are formalizing their investment processes, recognizing the need for structured decision-making akin to institutional investors. About one-third of respondents have introduced formal organizational structures to varying degrees [2] - A significant portion of families (25%) have established Chief Investment Officers (CIOs) and dedicated investment teams, with investment committees being common for providing advice and oversight [4] - Larger and more mature families often set measurable investment goals, extending governance to family boards and advisory committees [5] Investment Decision-Making Approaches - Investment decisions typically follow three main approaches: 1. Family core members lead the decision-making process, often consulting trusted family members and external advisors [7] 2. Decisions are made based on consensus or majority voting, with core family members retaining final approval [9] 3. Specific asset classes may be delegated to trusted family members or the family office for focused oversight [10] Family Investment Preferences - Diversification remains central to many families' investment portfolios, with a combination of public and private investments, focusing on listed stocks, private equity, real estate, fixed income, and cash [12] - Many families continue to invest actively in industries where they initially created wealth, often relying on external advisors when venturing outside their core expertise [14] - There is a notable trend of increasing allocations to private equity, with families treating themselves more like institutional investors, allowing for patient capital deployment [15][16] Due Diligence and Sourcing Transactions - Families recognize the importance of due diligence as a core capability for long-term success, often institutionalizing this process within their family offices [18] - Transaction opportunities are sourced from a wide range of channels, with personal networks being the most common source (78%), followed by banking partners (44%) [19][20]