Shepherd Kaplan

David Kaplan serves as chief investment officer, overseeing asset allocation and manager selection across public and private markets. David Shepherd is the chief executive officer, and the two co-founders jointly guide the firm's strategic direction. Both have been with the firm since its 1998 founding, according to the firm's official communications.

The firm does not operate a proprietary venture fund. Instead, it sources venture capital exposure for its advisory clients through relationships with external general partners, accessing direct co-investments and fund commitments. This positions Shepherd Kaplan as a gatekeeper rather than a primary originator of venture deals.

The firm engages in both fund commitments and direct co-investments, though the precise balance is not publicly disclosed. The fund commitment platform gives clients diversified venture exposure, while co-investment opportunities allow concentrated positions in individual companies sourced through the firm's external GP network.

Shepherd Kaplan's venture program spans early-stage and growth-stage technology companies, reflecting the typical mandate of the venture firms it partners with. The firm has not publicly delineated a strict stage preference, and its allocation appears to follow the opportunity set presented by its external GP relationships.

Shepherd Kaplan is an independent wealth management and advisory firm, not a single-family office. It does not manage capital for a single originating family. The firm advises multiple high-net-worth families and institutional clients, operating from its Boston headquarters.

Co-investment is central to the firm's venture capital offering for clients. Shepherd Kaplan negotiates co-investment rights alongside the venture funds it commits to, then allocates those opportunities to its advisory clients. This lets clients increase exposure to specific deals without paying an additional layer of management fees to Shepherd Kaplan on top of the underlying GP's carry structure.

No. Shepherd Kaplan has chosen not to publish its total assets under management or aggregate client portfolio size. This opaqueness is unusual among wealth managers competing for institutional attention but is consistent with the firm's historically low-profile operating style in Boston's advisory market.