Giverny Capital Advisors

David Stemerman, the founder and CEO, oversees all investment decisions. He is supported by a team of managing directors including James M. White. Giverny does not have a formal CIO; each client's portfolio is managed by a dedicated team, and Stemerman signs off on major allocations.

Giverny sources deals through Stemerman's network from his hedge fund days, relationships with family offices, and direct outreach to healthcare and enterprise software founders. The firm also co-invests alongside other multi-family offices and venture firms, but does not operate its own fund.

Giverny is a multi-family office, serving a small number of ultra-high-net-worth families. It is not a venture firm; it allocates across private equity, real estate, and public equities, but does not manage commingled funds or take carried interest.

Giverny primarily invests directly in private equity and real estate deals on behalf of its clients. It also separately manages public equity portfolios. However, it may commit client capital to external funds when the opportunity fits the client's mandate — though this is less common.

Giverny targets growth-stage private equity (Series B and later), real estate development or value-add opportunities, and publicly traded equities. It avoids early-stage venture capital and distressed/deep-value public equity.

Giverny's clients include families who built wealth in financial services, healthcare, real estate, and technology. David Stemerman's own wealth comes from his hedge fund career; the firm does not publicly disclose individual client wealth origins.

David Stemerman operates the Stemerman Foundation, which is legally separate from Giverny Capital Advisors. The foundation focuses on medical research and education grants. Giverny's clients may have their own foundations or donor-advised funds, but the firm does not manage them as a core service.