https://en.wikipedia.org/wiki/Family_office " Family office A family office is a privately held company that handles investment management and wealth management for a wealthy family, generally one with at least $50–100 million in investable assets, with the goal being to effectively grow and transfer wealth across generations. The company's financial capital is the family's own wealth. ... "
Yep, I already made such a negative experience: some years ago I had emailed one such a family in a neighbour city offering my help b/c at that time they were in trouble according to news articles, but these snobs haven't replied...
That’s not exactly true. If you’re a fund asking for an investment, in general you not gonna attract bigger FOs unless your AUM is at least a billion. Smaller FOs do invest in smaller managers, but not into true “startup mangers”. However, there are plenty of FOs that who love to invest into capacity constrained strategies by having in-house PMs/PM teams.