Ask whose preferences govern a shared investment product.

Family Office Private Wealth Journal · Editorial research desk · 2 November 2026

Companion to Multi-family offices: investment management under a behavioral approach by Graziela Fortunato; Alexia Bergallo; Sérgio Augusto Pereira Bastos; Luiz Eduardo Brandão.

Decision in practice

A multi-family office recommends the same illiquid fund to households with different spending needs. Shared access does not create shared capacity to wait.

Committee assignment

Construct the redemption and capital-call calendar for each client before aggregating demand. Document allocation priority when the fund is oversubscribed.

Record and decision rule

Keep an allocation ledger. Withhold an allocation when a client would need another family’s liquidity to meet a call.

Illustrative application by the editorial desk. The source authors did not evaluate or endorse this procedure.