家办应该投什么样的GP？

Core Viewpoint - The article discusses a framework for selecting General Partners (GPs) for family offices, focusing on three dimensions: scale, specialization, and people [2][4]. Group 1: Scale - Scale can be evaluated from two aspects: the management scale of the institution and the target fund size [6]. - The management scale is crucial as family offices typically invest between 10-30 million. Larger institutions with hundreds of millions in assets may not provide the same level of interaction and opportunities for co-investment [6]. - Smaller institutions, with management scales below 1 billion, are often more appealing as they allow for closer relationships and shared growth opportunities [6]. - The size of the target fund is also important for performance and influence. Many family offices avoid funds larger than 1 billion, as smaller funds allow for greater engagement and quicker returns on investment [7]. Group 2: Specialization - Specialization is considered in terms of sector focus and product focus [8]. - A GP that has long-term experience in a specific sector is more likely to generate alpha returns, as they develop intuition and insights over time [8]. - Product focus refers to the GP's commitment to a single fund at a time, which can reduce conflicts of interest and enhance team focus [8]. Group 3: People - The human factor is critical in investment, and the article outlines ten key attributes to evaluate GPs [9]. - Integrity is essential, as GPs must treat LPs' money with care and responsibility [9]. - Passion for investment is vital; GPs should genuinely love what they do rather than treating it as just a job [10]. - Accumulation of wealth, resources, and knowledge is necessary for GPs to make informed decisions and avoid conflicts of interest [10]. - A clear investment philosophy helps GPs navigate market cycles and maintain focus [11]. - A coherent career trajectory indicates a GP's decision-making process and adaptability [11]. - Humility is important in a rapidly changing market, as it allows GPs to remain open to new ideas and changes [12]. - Intelligence, both emotional and intellectual, is crucial for managing relationships with LPs and project founders [12]. - High success rates in specific niches are a strong indicator of a GP's capability [12]. - Established investment principles reflect a GP's experience and ability to learn from past mistakes [13]. - Organizational structure and culture are key to a GP's long-term success and adaptability [13].