How Family Offices Are Quietly Powering the Next Generation of Venture Capital
At a recent Bridge Funding Global conference, Christina Rice, Head of Investment Research & Operations at Athos, shared her perspective on an emerging force in venture capital: family offices. In a landscape where capital is increasingly concentrated among a few mega-funds, Christina emphasized that family offices are uniquely positioned to support the next generation of emerging managers—and are playing a much larger role in shaping the future of the industry than many realize.
“Just nine VC firms raised nearly half of all new capital in the U.S. last year,” she noted. “There’s a growing gap between capital-rich incumbents and high-potential, underfunded new managers. That’s where family offices can—and should—step in.”
Unlike institutional investors, family offices can move more quickly, write smaller checks, and operate without the same layers of bureaucracy. “We don’t have to schedule investment committee meeting three weeks ahead or adhere to rigid allocation policies,” Christina said. “That flexibility allows us to take calculated risks early—when it matters most.”
Building Before the Breakout
Athos, a multi-family office with deep roots in the founder and GP community, focuses on long-term partnerships. “Many of our families are entrepreneurs themselves, so we understand what it means to build something from the ground up,” Christina said. “We apply that same thinking when evaluating emerging managers. We’re not chasing logos—we’re investing in people and potential.”
Beyond Capital: Co-investment, Credit and Value Add
Christina also highlighted the many ways family offices support managers beyond just writing checks. “We do co-investments with potential managers. It gives us a window into how a manager thinks, sources, and underwrites. And it gives them a chance to see how we operate as a partner,” Christina explained. “We bring institutional rigor—references, founder calls, portfolio analysis—but we try to avoid adding unnecessary burden.”
In addition to co-investment, there are other creative ways for Athos to add value to its managers. “We have a private credit platform that can potentially lend to managers to size up their positions in a company if needed. We’re not just capital—we’re a partner with tools,” Christina said.
Athos also enhances its partnerships with managers by extending wealth management resources to portfolio founders—equipping them with the financial tools and education they need, so they can concentrate on scaling their companies with confidence.
Advice for Emerging Managers: Lead with Value, Not Ask
Christina didn’t shy away from sharing practical advice for emerging managers navigating today’s challenging fundraising environment.
“Too often, managers open with ‘How much can you invest?’” she said. “The better approach is, ‘How can I be helpful to you?’ Family offices value relationships. A small check today could turn into a large one—or a referral that leads to even more capital—if the partnership is strong.”
She also encouraged GPs to stop fixating on check size. “It’s not about the number. It’s about building trust and showing us who you are. We remember the ones who take the time to understand our needs and make themselves useful, even when we’re not writing a check yet.”
A Quiet but Growing Force
As family offices continue to grow in influence, Christina believes their role in venture will only become more central.
“We’re helping build the next generation of top-tier managers,” she said. “Some of the Fund I GPs we’re backing today will become the Sequoias of tomorrow. And family offices will have been there from the beginning—not just as capital, but as true partners in their journey.”
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The content is educational in nature and should not be considered to be a recommendation to invest. Investing involves risk including the loss of principal. Past performance is not indicative of future results. The information provided is for general informational purposes only and should not be construed as investment advice or a recommendation to buy, sell, or hold any particular asset or securities. Investors should consult with their own financial, legal, and tax advisors before engaging in any investment strategy or taking any actions based on the information discussed. While attempts have been made to verify the accuracy of the information provided, we cannot make any guarantees.
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