Family Office Fundamentals

Family Office Fundamentals

By Zev ZaretskyBusinessInvestingManagement
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Family Office Fundamentals episodes

  • SBIC Investing : The Endowment Angle

    The content provided in this podcast is for informational purposes only and should not be construed as investment advice. The views and opinions expressed by the author and speakers are their own and do not necessarily reflect the views of Family Office Fundamentals or its affiliates. Listeners are encouraged to conduct their own research and consult with financial professionals before making any investment decisions.

    38 min
  • SBIC Buyout: RFE Investment Partners
    In this episode, we sit down with Mike Rubel, Managing Partner at RFE Investment Partners, to discuss the firm’s long-standing approach to small buyout investing and its recent successful succession plan. Mike shares how RFE continues to stay true to its founding principles while evolving to meet the needs of founder-led businesses poised for transformational growth.
    Founded in 1979, RFE is a private equity firm with over $800 million in assets under management, focused exclusively on building market-leading platforms in the lower middle market. Now investing out of its ninth fund, RFE partners with management teams to scale businesses from $25–75 million in revenue to $150 million and beyond—addressing key challenges like building out senior leadership, modernizing sales processes, and upgrading operational systems along the way.
    Mike joined RFE in 2009 and brings prior experience from Weston Presidio and Harris Williams. He holds degrees from James Madison and Duke’s Fuqua School of Business. Tune in to hear Mike’s perspective on investing in people-first cultures, minimizing capital structure constraints, and why consistency in strategy has been RFE’s greatest asset over four decades.
    Feel free to reach out to me at [email protected] if you’d like to be connected with Mike. The content provided in this podcast is for informational purposes only
    and should not be construed as investment advice. The views and opinions
    expressed by the author and speakers are their own and do not
    necessarily reflect the views of Family Office Fundamentals or its
    affiliates. Listeners are encouraged to conduct their own research and
    consult with financial professionals before making any investment
    decisions.
    35 min
  • SBIC Venture Capital: AE Industrial Partners
    In this episode of Family Office Fundamentals, we're joined by Brian Schettler, Partner and Head of AE Ventures, the early stage investing arm of AE Industrial Partners, a $7.2bn private equity firm (as of 6/30/25) focused on specialized markets including National Security, Aerospace, and Industrial Services.
    We discuss Brian's career path from electrical engineer at Northrop Grumman to founding Boeing HorizonX Ventures, and his transition to leading early-stage investing at AE. Brian explains how AE Ventures operates as one of 17 approved funds in the SBIC's Critical Technologies program, which combines capital leverage with government partnerships.
    The conversation explores AE Ventures' investment approach in seed through Series B companies developing critical defense technologies, including trusted AI and autonomy, space technology, advanced computing, and directed energy. Brian describes how the firm leverages aerospace and defense expertise from former military leadership like General Jim McConville and Secretary Ryan McCarthy, operating partners at AE, to support portfolio companies.
    Brian shares his observations on the shift from traditional "exquisite" defense programs toward more agile, scalable solutions, and discusses how the intersection of increased defense budgets and the governments warming up to startup innovation is creating new dynamics in the national security technology sector.
    Tune in for insights into this new and specialized corner of the venture capital world and the unique considerations involved in investing at the intersection of technology and national security. The content provided in this podcast is for informational purposes only
    and should not be construed as investment advice. The views and opinions
    expressed by the author and speakers are their own and do not
    necessarily reflect the views of Family Office Fundamentals or its
    affiliates. Listeners are encouraged to conduct their own research and
    consult with financial professionals before making any investment
    decisions.
    36 min
  • SBIA Conference State of the Market Summary

    In this episode of Family Office Fundamentals, we feature highlights from a fireside chat at the SBIA National Summit for Middle Market Funds moderated by Tim Rafalovich, Head of Fund Investing at Wells Fargo. The panel includes Zev Zaretsky (Sierra Capital), David Demeter (Managing Director, Davidson College Endowment), Alex Abell (Managing Partner, RCP Advisors), and Tyson Smith (Partner, Tecum Capital).

    This episode digs right into insights from the recent IPC White Paper on historical SBIC returns. We've curated the most compelling moments from the hour-long discussion, covering topics such as historical returns, market challenges, the SBIC investing landscape, historical losses, and other thought-provoking observations. Perfect material for sparking conversation at your holiday dinner table!

    Please find the IPC Report here --> "The Performance of Small Business Investment Companies".

    The content provided in this podcast is for informational purposes only and should not be construed as investment advice. The views and opinions expressed by the author and speakers are their own and do not necessarily reflect the views of Family Office Fundamentals or its affiliates. Listeners are encouraged to conduct their own research and consult with financial professionals before making any investment decisions.

    37 min
  • SBIC: Historical Performance Report with Brett Palmer and Greg Brown
    In our fourth episode of "Family Office Fundamentals," we focus on the impressive performance and impact of Small Business Investment Companies (SBICs). Our special guests are Brett Palmer, President of the Small Business Investor Alliance (SBIA), and Gregory Brown, Professor at UNC Kenan-Flagler Business School and Research Director at the Institute for Private Capital.
    We discuss the findings of a recently published White Paper titled "The Performance of Small Business Investment Companies" by the Institute for Private Capital. Key insights include:
    1) Over the 2000-2020 period, SBICs achieved an average internal rate of return (IRR) of 16.9%, which is 4.13% higher than a comparable set of non-SBIC peer funds.
    2) The average multiple on invested capital (MOIC) for SBICs is 2.3x, outpacing comparable non-SBIC funds by 0.74x.
    3) Optimal leverage ratios for SBICs range from 1.00x to 1.75x, indicating that balanced leverage optimizes returns while mitigating risk.
    The White Paper uses a survey of SBICs and MSCI-Burgiss data to show that SBIC funds outperform their peers by about 4% in IRR and 0.7x in MOIC. Additionally, Kaplan-Schoar public market equivalents (PMEs) reveal SBICs outperform public benchmarks, with larger funds generating higher returns when controlling for factors like vintage year and strategy.
    Our discussion covers the methodology of data collection and analysis, the report's findings, and how SBICs contribute to community and economic support beyond financial returns. Discover how SBICs not only outperform their peers but also play a crucial role in fostering economic growth and community development. Tune in to hear expert insights on why these investment vehicles are a hidden gem in the world of private markets.
    Please find the publication here : https://uncipc.org/index.php/publication/the-performance-of-small-business-investment-companies/
    The content provided in this podcast is for informational purposes only
    and should not be construed as investment advice. The views and opinions
    expressed by the author and speakers are their own and do not
    necessarily reflect the views of Family Office Fundamentals or its
    affiliates. Listeners are encouraged to conduct their own research and
    consult with financial professionals before making any investment
    decisions.
    38 min
  • SBIC Generalist Debt: Capitala Group

    Capitala Group specializes in providing private credit and private equity financial solutions for long-term growth, working closely with management teams, business owners, financial sponsors, and independent sponsors. They tailor each investment to meet their clients' unique needs, aiming to add value and support their goals.

    Joe Alala, founder of Capitala Group, brings a wealth of experience and strategic vision to the firm. Established in 1998, Capitala has been delivering private credit and private equity capital to lower middle-market small businesses across North America for over twenty years. With over $2.2 billion invested in small businesses, Capitala is committed to responsible investing and supporting social impact initiatives.

    This episode offers valuable insights for investors, entrepreneurs, and family office professionals, shedding light on the evolving landscape of private credit and private equity investing. Tune in to learn about Capitala’s investment approach and Joe's perspective on fostering growth and creating lasting impact in the business community.

    The content provided in this podcast is for informational purposes only and should not be construed as investment advice. The views and opinions expressed by the author and speakers are their own and do not necessarily reflect the views of Family Office Fundamentals or its affiliates. Listeners are encouraged to conduct their own research and consult with financial professionals before making any investment decisions.

    32 min
  • SBIC Buyout: TZP Group
    • TZP Group is a lower middle market buyout firm led by founding partner Sam Katz in New York.
    • The firm manages approximately $2 billion across its family of funds.
    • TZP focuses on control, growth equity, and structured capital investments in technology, business services, and consumer companies.
    • Founded in 2007, TZP targets companies with solid historical performance and sustainable value propositions.
    • TZP aims to be a "Partner of Choice" for business owners and management teams, providing strategic and operational guidance.
    • Sam Katz has a diverse career background, including roles at Drexel Burnham Lambert, The Blackstone Group, and various leadership positions at Cendant Corporation before founding TZP Group in 2007.

    The content provided in this podcast is for informational purposes only and should not be construed as investment advice. The views and opinions expressed by the author and speakers are their own and do not necessarily reflect the views of Family Office Fundamentals or its affiliates. Listeners are encouraged to conduct their own research and consult with financial professionals before making any investment decisions.

    36 min
  • SBIC Venture Debt: Escalate Capital
    • Escalate Capital Partners specializes in providing senior debt, structured financing, and growth equity to rapidly growing later-stage companies in technology, software, services, and healthcare sectors.
    • Tony Schell, a founding partner at Escalate, brings a wealth of experience from his tenure at Comerica Bank and its predecessor, Imperial Bank, where he managed the Technology and Life Sciences division.
    • Tony's background in corporate finance at The Sabre Group and Coopers & Lybrand, as well as commercial lending roles at MBank Dallas and First Gibraltar Bank, informs his expertise in portfolio management and fund oversight.
    • Escalate's investment approach focuses on providing enduring and stable capital tailored to each company's unique needs, minimizing dilution to management and equity holders.
    • With over 100 years of combined investment experience and a track record of investing in over 500 companies, Escalate represents a strategic partner for businesses seeking capital to accelerate growth.
    • This episode offers actionable insights for investors, entrepreneurs, and family office professionals, shedding light on the evolving landscape of private credit and growth equity investing.

    The content provided in this podcast is for informational purposes only and should not be construed as investment advice. The views and opinions expressed by the author and speakers are their own and do not necessarily reflect the views of Family Office Fundamentals or its affiliates. Listeners are encouraged to conduct their own research and consult with financial professionals before making any investment decisions.

    37 min

About Family Office Fundamentals

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Welcome to Family Office Fundamentals, your go-to podcast for navigating the intricate world of family offices with clarity and confidence. Join us as we delve into the essentials of trust and…