Even though the recent times of uncertainty caused by the circumstances of the presidential election and Covid-19 make it quite difficult for single family offices to realize satisfying returns on their portfolios, the investment offices of the richest private individuals are keeping their game of investing strong. So are we, the research team of familyofficehub. We just released our update on the database of the largest single family offices in the United States. Round about 35 new investment offices made it to our list, bringing the total number of entries to over 400. With this article we want to present you three of these new adds.

The mentioned family offices are all part of our list of the largest single family offices in the United States

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#1: The Straus Group, Fort Lee (New Jersey)

The Straus Group serves as the private investment company of Daniel E. Straus, an American business executive, entrepreneur, venture capitalist, real estate developer and philanthropist. He made most of his money through the successful founding of several health care companies such as CareOne and InnovaCare Health. In addition, he is also the vice chairman of the Memphis Grizzlies. His career in the health care industry started in 1984, when he quit his job at a law company to co-found Multicare Companies Inc. together with his brother. The firm then operated four nursing homes that the two brothers inherited from their father. Under the direction of the brothers the company became very successful and was sold to Genesis Health Ventures in 1997 for $1.06 billion. The single family office of Daniel E. Straus, the Straus Group, is mainly active in three areas: real estate, private equity and capital markets (hedge funds). Their private equity portfolio, for example, contains the company “Pharmapacks”. The firm provides an online distribution platform for wellness products. More than 20,000 articles are currently listed for sale (medicines, nutrition products, home medical equipment, health and beauty products, hair care products, makeup, household supplies, fragrances, lipstick and more).

#2: Meyer Family Enterprises, Oakville (California)

The Meyer Family Enterprises take care of the financial well-being of Bonny Meyer. What’s important to notice about this special single family office is the fact that only 100% impact investments are targeted. Bonny Meyer and her family built the fortune mainly through Silver Oak Cellars, a world-class producer of Cabernet Sauvignon wine. The company was founded in 1972 by Ray Duncan and Justin Meyer (Bonny’s late husband). Silver Oak today has two wineries; one in Oakville in the Napa Valley and one in Healdsburg in the Alexander Valley. As stated before, Bonny Meyer is committed to a 100% impact investment portfolio, which has evolved over the past fifteen years. This journey began with a few direct investments and has grown into a broad portfolio of individual companies, real estate, and managed funds. A strategic philanthropist, Bonny targets programs that empower at risk adolescents and adults. When looking for new investment opportunities, Meyer Family Enterprises focus businesses active in the fields of education and financial opportunity for underserved communities, renewable energy, regenerative food and agriculture, and sustainable real estate development.

#3: McKinney Capital, Birmingham (Alabama)

McKinney Capital acts as the private investment arm of the McKinney Family of Vestavia Hills, Alabama. The single family office makes control investments (mainly private equity) in field services and related companies in the Southern United States and makes non-control investments (venture capital) more broadly in companies where the investment team has “special insight” into the people or industries involved.  In general, non-control investments are between $1 million and $3 million, and they prefer to co-invest with like minded families and companies. One exemplary investment of the private equity portfolio is Landscape Workshop, the largest landscape and grounds management company in Alabama. The company provides services for commercial, municipal and residential projects including retail centers, campuses and sports and office parks. Fledging is part of the venture capital portfolio. The firm produces premium electronic products (e.g. SSD storage drives for Apple devices, extremely fast external storage devices, external all-in-one hubs for iPads)

Picture source: Jan Senderek

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German chocolate producer Leysieffer gets saved from bankruptcy through an investment from American single family office Deel and Winkler.

Osnabrück-based Leysieffer in crisis mode

Leysieffer is a German chocolate manufacturer from Osnabrück. Last year, the company declared insolceny under own administration. Leysieffer has a long tradition: the firm was founded by Ulrich Leysieffer in 1909,  the number of stores rose to more than 1,400 in the course of time. In order to save the company, four unprofitable stores were closed since last year and 25% of the employees were laid off.

Missouri family office becomes the new majority shareholder

Now, the company finally manages the step out of bankruptcy through an investment from Missouri-based single family office Deel and Winkler. The creditors of Leysieffer agreed to the new majority shareholder from the United States. Deel and Winkler is a family office from Joplin, Missouri. The firm is led by Daryl Deel and Frank Winkler. The US family office already had some ties to Leysieffer. For five years, it manages Bremen-based “Hanseatische Kaffee GmbH”, which sells coffee under the Leysieffer brand name. Former majority shareholder Jan Leysieffer will remain as managing minority shareholder on the management board of the company.

Sources
Handelsblatt, 15.03.2020
Wikipedia, 15.03.2020
Unsplash, 15.03.2020

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Companies and startups active in biotech and healthcare usually deal with medicine and pharma. Such companies typically need lots of capital to develop further, for example, for costly studies or complicated drug registrations. Therefore, the firms normally don’t generate any profits in the first years after their founding and are dependent on external investors. Single family offices play an ever-increasing role in providing the required capital to biotech and healthcare firms. Investments in such firms are hugely interesting for family offices because of the high profit margins that are typical in the healthcare industry. In the following article we want to introduce you five family offices, which are part of our top notch database of single family offices based in the U.S., that invest in biotech and healthcare.

#1: Raptor Group, Boston

The single family office of Jim Palotta, one of the most famous people from Boston, invests in many different kinds of industries. Palotta, the former Vice Chairman at Tudor Investment Corporation and owner of the Boston Celtics, made a name for himself as a prosperous investor. Raptor Group, also featured in our list of single family offices in Massachusetts, seeks to make early and seed investments in technology, consumer, sports & media and financial services companies, but one of its main pillars is clearly healthcare & biotech. A recent investment is “Genetesis”. The privately held medical technology company is oriented towards the development of efficient and non-invasive cardiac current density mapping. They developed a tool that non-invasively generates images of the heart’s electrical current distribution and characterizes deep sources of current that are consistently missed by the standard EKG.

#2: Schooner Capital, Boston

Schooner Capital, a typical American single family office, was founded and is led by Vin Ryan. He serves as a director of Iron Mountain, a $5 billion global records management company which he purchased and grew from a single storage site. He also served as a former director at Continental Cablevision and founded National Hydro and Arch Mobile Communications. Schooner Capital focuses on venture capital, growth equity and public securities investments where healthcare and biotech are two of their key industries. Their current portfolio includes “Remedy Plan Therapeutics”. The company develops small molecule therapeutics to halt tumor growth and disrupt the cancer stem cells that cause metastasis. They research non-toxic treatments that target the dangerous embryonic properties of cancer stem cells, which form the basis for cancer growth, spread, and resistance to chemotherapy.

#3: Tarsadia Investments, Newport Beach

Tarsadia Investments is a family office based in Newport Beach, which is also featured in our list of single family offices in California. They currently manage approximately $2 billion in family capital so they are able to invest across multiple stages of maturity and asset classes. Investments typically range from $5 million to $200 million per deal. The current portfolio includes investments in majority and minority stakes in privately-held companies, public equity and debt instruments and early stage venture-backed businesses. Their major target areas include healthcare as well as biotechnology. “Asana Biosciences” is one of the companies that are backed by Tarsadia Investments. Asana Biosciences is a research and development company specializing in the discovery and development of new chemical and biological entities. Its portfolio consists of multiple early-stage drug discovery and development candidates in a variety of therapeutic areas, including oncology, pain and inflammation, among others.

#4: Baruch Future Ventures, San Francisco

The single family office of Tom Baruch was founded in 2012. Tom is a well-known American business man and venture capitalist. For example, he was one of the founding partners of the famous venture capital funds CEMEA Capital and Formation 8. Baruch Future Ventures focuses on early and seed investments in companies that are active in resource scarce and climate sensitive markets. Target areas are clean energy, healthcare, food, agriculture and air quality but healthcare and biotech investments make up the largest part of Baruch Future Ventures’ current portfolio. One example is “BiomX”, a microbiome company developing customized phage therapies designed to target and destroy harmful bacteria in chronic diseases such as inflammatory bowel disease and colorectal cancer, as well as bacteria that affect the appearance of the skin.

#5: Pritzker Vlock Family Office, New Haven

The Pritzker Vlock Family Office (PVFO) is one of many single family offices that are connected to the Pritzker Family, one of the richest families in America, being near the top of Forbes magazine’s “America’s Richest Families” list since the magazine began listings in 1982. The family’s fortune arose in the 20th century, particularly through the founding and expansion of the Hyatt hotel corporation by Jay Pritzker. PVFO manages a diverse and international asset base that includes emerging biotech and medical device companies, consumer technology products, real estate and more. An exemplary biotech investment is “Gelesis”. The clinical stage biotechnology company develops first-in-class therapeutics to safely treat obese, overweight, and diabetic patients. The main product is Gelesis100, an orally- administered smart pill which contains thousands of hydrogel particles approximately the size of a grain of salt that expand to 100 times their dry weight. The pill is designed to act mechanically in the stomach and small intestine to increase satiety and decrease hunger, resulting in reduced caloric intake and weight loss.

Sources:
Picture:
Trust Katsande
Article:
raptorgroup.com (02/05/2020)
schoonercapital.com (02/05/2020)
tarsadia.com (02/05/2020)

 

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Where does the fortune of Michael Dell come from?

Michael Dell is an American billionaire businessman. Dell, son of an orthodontist, started his studies in 1983 at the University of Texas to become a doctor. Instead of concentrating on his degree, however, he devoted himself to buying and selling IBM PCs, which led to dropping out of college just one year later. He then founded his company “Dell Technologies”. Today, Dell Technologies is one of the world’s largest technology infrastructure companies and Michael is ranked as one of the richest persons in the world by Forbes, with a net worth of $31.0 billion as of January 2020.

How did the Dell family company develop?

After dropping out of college, Michael Dell founded “Dell Technologies” together with one of his fellow students. The company first concentrated on trading with computer hardware, but soon started to produce its own hardware products. In 1988 Dell Technologies held its initial public offering and sold 3.5 million shares, each for 8.50 U.S. dollars. In 1991 the first notebook was introduced and in 2003 the company started to produce printers and consumer electronic goods. Today Dell is the third largest computer manufacturer in the world with revenues of approximately 90 billion U.S. dollars and more than 150,000 employees in 2019.

Is there a Michael Dell family office?

Yes, there is one. MSD Capital serves as the private investment firm of Michael Dell and his family. The single family office was founded in 1998 and has its headquarters in New York, but also established offices in Santa Monica and West Palm Beach.

How does the Dell family office invest?

The investment focus lies on leveraged buyouts, growth capital, real estate and private equity. One interesting exemplary investment of the recent past in terms of venture capital is “SparkCognition”, which they funded in a series C funding. The company is a global leader in cognitive computing analytics and develops AI-Powered cyber-physical software for the safety, security, and reliability of IT, OT, and the IoT. The company’s technology is capable of harnessing real-time sensor data and learning from it continuously, allowing for more accurate risk mitigation and prevention policies to intervene and avert disasters.

This article is part of our detailed report “The single family offices of the richest US families

Picture source: Dries Augustyns.

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A hedge fund is an investment fund that pools capital from accredited investors or institutional investors and invests in a variety of assets, often with complicated portfolio-construction and risk management techniques. To launch such a fund its founders have to collect a large amount of money which is later invested and managed by them. It’s not a secret that those hedge fund founders and managers earn massive profits if they perform well. An annual income of over $1 billion may sound incredible but it is not . Of course, well paid hedge fund managers always try to increase their assets, sometimes by investing back into the funds, sometimes through their own personal single family offices. As part of the research for our high quality database of single family offices in the U.S., we identified some family offices that are related to famous hedge fund billionaires. In the following article we want to introduce you five of the richest hedge fund managers and provide information about their (future) family offices.

#1: Jim Simons, $21.6BN Estimated Net Worth, New York

Jim Simons is a mathematician and billionaire hedge fund manager. He is known as a quantitative investor and in 1982 founded Renaissance Technologies, a private hedge fund based in New York. Due to the success of Renaissance, Simons has been described as the greatest investor on Wall Street. His single family office “Euclidean Capital”, which is also part of our database of single family offices in New York, is also located in New York and focuses mainly on venture capital and real estate investments. Last year, we reported about an investment made by his office: Peltarion, a Swedish AI-startup whose technology enables companies to use Artificial Intelligence. Another current investment, made this month, is “Codagenix”. The firm employs a proprietary technology platform for the construction of live attenuated viral vaccines for multiple targets.

#2: John Paulson, $4.2BN Estimated Net Worth, New York

John Paulson leads Paulson & Co., a New York-based investment management firm he founded in 1994. He has been called “one of the most prominent names in high finance” and “a man who made one of the biggest fortunes in Wall Street history. Paulson began his career at Boston Consulting Group in 1980 where he did research, providing advice to companies. Ambitious to work in investment on Wall Street, he left to join Odyssey Partners. In 1994, he founded his own hedge fund, Paulson & Co., with $2 million and one employee. By 2019, his fund had grown to $8.7 billion in assets. So far, Paulson does not operate a family office yet but there a various news suggesting that he plans to convert his hedge fund into a family office.

#3: Ray Dalio, $18.7BN Estimated Net Worth, Westport

Raymond Dalio is the founder, co-chairman and co-chief investment officer of investment firm Bridgewater Associates, one of the world’s largest hedge funds. Bloomberg ranked him as the world’s 58th-wealthiest person in June 2019. Dalio began his career working on the floor of the New York Stock Exchange and traded commodity futures. He later worked as the Director of Commodities at Dominick & Dominick. In 1974 he became a futures trader and broker at Shearson Hayden Stone. In 1975 he founded investment management firm Bridgewater Associates out of his apartment. His single family office “Dalio Family Office” operates highly secret, but it’s known that it focuses at real estate investments. Last year, Dalio hired Bruce Zimmerman as the new Chief Investment Officer for his family office. Zimmerman had led the $46.1 billion University of Texas Investment Management Co. (UTIMCO) for nearly a decade before.

#4: Steve Cohen, $13.6BN Estimated Net Worth, Stamford

Steven A. Cohen is the founder of Point72 Asset Management and now closed hedge fund S.A.C. Capital Advisors, both based in Stamford, Connecticut. In 1978, after graduating from Wharton, Cohen got a Wall Street job as a junior trader in the options arbitrage department at Gruntal & Co. He went on and made the company earning around $100,000 a day, later managing a $75 million portfolio and six traders. In 1992, Cohen started S.A.C. Capital Advisors with $10 million of his own money, and another $10 million from outside capital. The company’s name ‘SAC Capital’ derived from Steven A. Cohen’s initials. In 2016 he closed the hedge fund and turned it into a multi family office “Point72”, which invests across a range of industry sectors and geographies, and throughout the lifecycle of a company. His personal single family office is called “Cohen Private Ventures” and is located in Stamford. Cohen Private Ventures’ primary investment strategies include: direct private equity, growth equity and venture capital, structured securities and specialized credit investments, real estate and other asset-based investments, and special situations and rescue financings. In 2018, Cohen’s single family office invested in “Autonomous Partners”, an investment fund focused on cryptocurrencies and digital assets.

#5: David Tepper, $12BN Estimated Net Worth, Miami Beach

David Tepper is the owner of the Carolina Panthers of the National Football League and also the founder and president of Appaloosa Management, a global hedge fund based in Miami Beach, Florida. Tepper started his career in the treasury department of Republic Steel in Ohio. In 1985, Tepper was recruited by Goldman Sachs as a credit analyst and became head trader after only six months. In December 1992, after being passed over for partner at Goldman Sachs twice in two years, Tepper quit. He created Appaloosa Management in early 1993, aggressively trading his personal account. Today his hedge fund has approximately $13 billion assets under management. As John Paulson, David Tepper does not run a single family office yet because until now, he managed his fortune through the hedge fund. But just as John Paulson, he also announced to convert his hedge fund into a single family office in the near future.

Sources:
Picture:
Viktor Hanacek
Blog:
bloomberg.com (05/24/2020)
cnbc.com (05/24/2020)

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Where does the fortune of Sheldon Adelson come from?

Sheldon Adelson is an American business magnate, investor, philanthropist, and political donor. He is the founder and CEO of Las Vegas Sands Corporation, which owns the Marina Bay Sands in Singapore, and is the parent company of Venetian Macao Limited, which operates The Venetian Resort Hotel Casino and the Sands Expo and Convention Center. In addition to that, he owns the Israeli daily newspaper Israel Hayom and the American daily newspaper Las Vegas Review-Journal. Forbes today ranks him as the 24th richest person in the world with an estimated net worth of 40 billion U.S. dollars.

How did the Adelson family business develop?

Adelson created his businesses mainly on the success of his real estate investment activities in the Las Vegas area. Beginning in 1988, Adelson and his partners purchased the Sands Hotel and Casino in Las Vegas. Just a few years later, inspired by a trip through Venice, he built “The Venetian Resort” in Las Vegas. It got expanded in 2003 with the “Venezia Tower”, giving the hotel 4,049 suites; 18 restaurants and a shopping mall with canals, gondolas and singing gondoliers. After opening some other hotels and casinos in the U.S. and China, Adelson was allowed to build a casino at Singapore’s Marina Bay. It opened in 2010 including multiple swimming pools, night clubs, and 2,500 luxury hotel rooms. There were rumors that it had cost over 5.5 billion U.S. dollars to build.

Is there a Sheldon Adelson family office?

Sheldon Adelson does not operate a single family office, but always seeks to make investments that add value to his businesses. Furthermore, he is known to be one of Americas most important lobbyists.

How does the Adelson family office invest?

As said before he does not own a single family office but it recently became disclosed that Adelson wants to invest at least 10 billion U.S. dollars into a new casino and integrated resort in Japan to expand his business. He also always tries to get some influence on political decisions, that would affect his business activities in the U.S., for example in 2015 he tried to ban online gambling nationally. It had been estimated that until now Adelson spent about 200 million U.S. dollars on political donations in total.

This article is part of our detailed report “The single family offices of the richest US families

Picture Source: Mike Enerio

Featured: Our unique US Single Family Office Database

  • Unique list of +350 US single family offices 
  • Download as an easy-to-use excel file 
  • Detailed information about investment focus, contact details, net worth, etc. in many cases
  • Free updates within one year after your purchase, Free preview file available
  • Follow us on our social media channels
    Bildergebnis für facebook icon Bildergebnis für linkedin icon Bildergebnis für twitter icon 

FoodMaven is a Denver-based startup that tackles the food waste problem. In a recent Series B funding round, the young company raised $15.3M. One of the investors was Fine Line, the single family office of Sasha and Edward “Ed” Bass. Fine Line is part of our list of the largest American single family offices.

Discounted oversupplied and imperfect food

Food Maven was founded in 2015. The company is a for-profit impact venture: the company sells oversupplied and odd looking food which would have thrown away. Therefore, the company works together with distributers, manufacturers and restaurants. FoodMaven distributes the food to restaurants, markets and retailers. According to the Denver-based startup, for every 100 Lbs of purchased food, 15 meals are donated, revenue is generated for local suppliers, CO2 emissions are avoided and 40 pounds of food are saved from the landfill. So far, the company is active in Texas and Colorado.

Notable investors

The recent $15.3M Series B funding round will be used to expand to new markets. The round is led by Tao Capital, an investment firm co-founded by Nicholas J. Pritzker. Another interesting investor is the Fine Line Group, the single family office of Ed Bass and Sasha Bass, which is also listed in our list of single family offices in Texas. Bass is an American billionaire with an estimated net worth of $2.1BN. Bass is an American businessmen and philantropist, who is concerned about environmental protection.

Sources
Ella Olsson, 11.12.2019
Finsmes, 11.12.2019

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GEENEE is a Berlin-based software company that enables portable devices to see and understand their environment through “lightweight and robust image and video recognition”. Now, the venture capital focused multi family office IDI Group invested in the company’s $7M seed funding round. If you’re looking for more family offices in the U.S. consider our list of single family offices in the United States.

Image recognition for brands

The Berlin-based startup offers its services through a web-based platform, enabling “contextual content at the moment of inspiration, from ticket sales and film trailers to augmented reality stories and storefronts”. GEENEE’s product portfolio consists of the core platform which is accessible through an API, a mobile action toolkit and an AR toolkit. Through the services, brands can create new ways of interaction with customers in stores. The company is led by Sandro Christen (CEO), Alex Goldberg (CTO) and Sturgi Adams (CCO).

Funding round by IDI multi family office

The recent $7M seed funding round was led by IDI Group. IDI is a New York based multi family office investment platform for several wealthy families. Other investments of IDI include Snapbac (compression-based garments for sports training), Spinn (bean-to-cup coffee maker), UrVenue (enteprise software for managing hospitality venues) and EBY (undergarments as a subscription service). GEENEE intends to raise a further Seed+ round in the upcoming months.

Sources
PRNewsWire, 8.11.2019
Jeshoots.com, 8.11.2019

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