# Élevage Capital Management

Élevage Capital Management is a Multi Family Office based in Dallas, United States.

## Overview

- **Organization type:** Multi Family Office
- **Headquarters:** Dallas, United States
- **Region:** North America
- **Address:** 7001 Preston Road, Suite 400, Dallas, TX 75205
- **Assets under management:** Undisclosed
- **Website:** elevagecapital.com

## Regulatory record

- **Reports private funds:** No

## About

Élevage Capital Management operates as a private investment vehicle, formally structured as a multi-family office. The firm is run by E. Pierce Marshall Jr., an attorney who also serves as Senior Vice President and General Counsel of Trof, Inc., a Marshall family holding company. While the firm does not publicly disclose wealth origins, the Marshall family legacy is tied to a significant, multi-generational shareholding in Koch Industries, one of America's largest private conglomerates. The firm allocates across a wide spectrum of liquid and illiquid assets. Public-markets investing includes hedge funds, commodity pools, public securities, options, futures, and debt instruments. Its private portfolio spans real estate, direct investments in private equity, and, on a selective basis, venture capital and development funding. The firm operates primarily in North America and, while specific portfolio companies are not publicly listed, its strategy is to deploy capital through collective investment vehicles alongside direct co-investments and SPVs. Élevage Capital Management does not disclose its total assets or team size. Its footprint beyond the single registered address on Preston Road in Dallas remains private. The firm does not operate a public-facing foundation, though E. Pierce Marshall Jr. serves on the board of the Marshall Heritage Foundation and the Greenhill School. There are no publicly documented memberships in formal investor clubs or peer networks like Tiger 21 or R360. A structural differentiator lies in the principal's dual role as both investment manager and in-house counsel. Unlike most family offices that outsource legal oversight, Marshall's background leading the Dallas Federalist Society and serving as general counsel for Contran Corporation means legal and deal-structuring capability is embedded directly in the investment function. This integrated legal and financial architecture reduces reliance on external counsel for transactional work, a cost and speed advantage for a concentrated portfolio.

## Sectors

- Energy Transition & Renewables
- Healthcare Services

## People

- E. Pierce Marshall Jr. — President and Chief Executive Officer

## Questions

### Who runs investment decisions at Élevage Capital Management?

E. Pierce Marshall Jr. is the President and CEO and the primary decision-maker. He holds a J.D. from Yale Law School and a B.S. in Management from Tulane, and previously practiced corporate and securities law at Thompson & Knight, LLP, with a focus on M&A. He also maintains his primary role as Senior Vice President and General Counsel of Trof, Inc., the Marshall family's holding company.

### How is Élevage Capital Management connected to Koch Industries?

The Marshall family, with whom Élevage is associated through E. Pierce Marshall Jr., are long-term shareholders in Koch Industries. This connection dates to the 1980s when the Marshall family received Koch Industries stock in exchange for selling their interest in a Koch subsidiary. The Marshall and Koch families have maintained a close business partnership for decades, anchored by that shared corporate ownership.

### What investment structures does Élevage use?

The firm uses a mix of direct investments, fund commitments, and co-investment vehicles. It explicitly invests in hedge funds, commodity pools, and public securities, as well as real estate, partnership interests, and bonds. On rare occasions, it provides direct venture capital, development capital, and private equity funding, though this represents a smaller portion of its activity.

### Does Élevage Capital Management have a foundation or philanthropic arm?

The firm itself does not operate a foundation, but E. Pierce Marshall Jr. serves on the board of the Marshall Heritage Foundation, which handles the family's philanthropic activities. The separation between the investment office and the foundation is a standard architectural choice, keeping grantmaking and investment management formally distinct.

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Last updated: 2026-06-03T20:00:00.000Z

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