Ice Miller partner Steven Thayer was interviewed by Family Office Magazine for the article titled "Private Capital Trends Shaping Today's Family Offices." In this Q&A, we outline key themes from the event, including the evolution from hands-on operators to strategic investors, economic factors family offices should be tracking, why operational due diligence is often the hidden differentiator in performance, what disciplined venture investing requires, and how mission-based investing is becoming integrated into core portfolio construction rather than treated as a separate philanthropic bucket.  

The article included:

FOM: The Forum brought together perspectives on family office management. What prompted Ice Miller to launch this initiative?

Steven Thayer: I have been facilitating conversations among family office leaders for 13 years, and I have witnessed how the convergence of wealth management, legacy planning and private equity has created extraordinary opportunities and new complexities.

Family offices operate where long-term vision meets sophisticated capital deployment. Bringing together family office principals, financial services providers and industry pioneers creates real value. What stood out was the calibre of discussion around market evolution and changing family involvement in wealth management. When families move from hands-on leadership to more participatory roles, they make strategic decisions affecting financial outcomes, quality of life and long-term vision.

FOM: You opened the Forum with a panel on private equity strategies for multigenerational families. What key themes emerged?

ST: Paul Carbone, Co-Founder and President of Pritzker Alternative Strategies, and Michael Flannery, Senior Adviser and former CEO of Duchossois Capital Management, shared perspectives drawn from advising and investing alongside multigenerational families.

They discussed how many successful families began with hands-on operating models, directly leading their ventures. Over time, however, those families recognised the strategic value of partnering with experienced operators and co-investors rather than maintaining leadership positions in every investment.

This evolution offers advantages beyond financial returns. When families move from operators to investors, they gain access to expertise, diversify risk more effectively and preserve capital for future generations while maintaining meaningful involvement.

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