The Capital Stack

Single-LP funds — also called funds of one or separately managed accounts — are becoming a preferred structure for sophisticated allocators.

Show Notes

Single-LP funds — also called funds of one or separately managed accounts — allow one investor to be the sole LP in a dedicated vehicle. This structure has grown dramatically as large allocators seek customization and control.

For allocators with scale, the economics work — management fees of 50-75 bps instead of 150-200. For sponsors, it means committed capital and deep relationships, but lower economics and high-touch management.

Key topics: single-LP funds, separately managed accounts, SMA, funds of one, institutional investors, capital allocation, raising capital, private equity, venture capital, customized mandates, LP investing, fund managers, alternative investments, GP-LP relationships, asset allocation, family office, sovereign wealth funds, fee negotiation.

The Capital Stack — a daily briefing for anyone raising or allocating private capital: family offices, institutional investors, fund managers, and trusted advisors navigating the full investor landscape.

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What is The Capital Stack?

The Capital Stack is a daily briefing for anyone raising or allocating private capital — fund managers, family offices, institutional investors, and trusted advisors navigating the full investor landscape.

Each episode delivers a single actionable insight about how capital actually moves: how pensions and endowments make decisions, what insurance companies really want, how sovereign wealth funds operate, why family offices optimize for control over returns, and how retail capital is reshaping private markets.

Deep dives on institutional investors, life insurance companies, sovereign wealth funds, venture capital, private equity, fund-of-funds, retail wealth channels, and family offices. No interviews, no sponsor reads — just patterns, behaviors, and structural truths that help you raise smarter.

3–5 minutes. No filler. No hype.