Family Office Mandate Fit
Mandate fit is the match between a family office’s constraints and a manager’s strategy, terms, and portfolio role.
Definition
Definition Mandate fit is whether the strategy can be approved under the family’s real boundaries: asset class exposure, liquidity tolerance, target risk/return, concentration caps, reputational constraints, and preferred investment structure. Fit is not “interesting”; fit is “approvable.” Allocator Context Families often reject managers due to hidden constraints: they can’t take more illiquidity, they avoid certain sectors, they require discretion, or their governance structure can’t support fast decisions. A manager that understands fit will ask the right questions early—without pushing. Decision Authority Fit is evaluated by CIO and gatekeepers, but principal preferences can override. In practice, “fit” includes emotional fit: trust, discretion, and confidence in execution. Why It Matters for Fundraising Most time is lost on mis-fit. The fastest path to close is identifying fit early and presenting the opportunity in the family’s language: constraints, portfolio role, and risk framing. Key Takeaways Fit means approvable under real constraints Liquidity, concentration, and reputation are frequent blockers Identifying fit early reduces wasted pipeline Clear role + constraint mapping speeds decisions