Introducing Mariners Capital Management
Dear Clients and Prospective Partners,
I'm excited to introduce Mariners Capital Management (“Mariners” or “MCM”), a firm dedicated to providing family offices with curated access to the world's best private market† opportunities. At MCM, we specialize in building customized portfolios that are thoughtfully crafted to meet the unique financial goals, liquidity requirements, and risk preferences of family offices.
The Growing Demand for Specialized Investment Strategies
The investment landscape for family offices is rapidly evolving. Market volatility, lower real returns in traditional assets, persistent inflation, and complex tax considerations are driving a shift towards alternative investments for many investors. A recent KKR survey indicates that by the end of 2024, family offices†† will allocate over 50% of their portfolios to alternatives, underscoring the growing importance of private markets1.
Unlocking Private Markets for Family Offices: Challenges and Opportunities
Accessing top-tier private market opportunities remains a significant challenge. Traditional investment firms have historically catered to large institutional clients, leaving family offices with suboptimal solutions. Family offices often find themselves limited to mainstream, widely available alternative funds that typically underperform the top private market offerings. Additionally, the direct investment opportunities presented to them may be less attractive, having been passed over by larger, institutional investors with earlier or preferred access. With performance disparities exceeding 20% between top and bottom quartile fund managers2, access to the best investment opportunities is crucial to outperforming in the private market. With the number of family offices projected to increase from approximately 8,000 in 2024 to nearly 11,000 by 20303, this growth will further heighten competition for high-quality investment allocations — making access to the most desirable opportunities even more difficult.
But access is only the first step. The nuances of private markets strategies, the opacity of the industry and the ability to perform deep due diligence acts as another barrier for many family offices to increase their private markets exposure. As mentioned, the penalty for selecting an underperforming manager in these markets is costly, both from an opportunity cost and with mediocre returns.
Why Mariners?
Mariners was created to bridge the gap of an increasingly complex private markets investment landscape and the demand and desire for more active participation from family offices. We believe our structure and capabilities can help our clients achieve their investment goals.
Experienced Leadership
Mariners is led by seasoned professionals with decades of combined private market expertise. Our team's track record includes:
Managing over $10 billion AUM in customized private market portfolios for world-leading institutional investors
Allocating more than $6 billion across diverse private market strategies, covering more than 500 manager relationships
Managing and overseeing venture capital fund-of-funds exceeding $750 million in AUM
Holding senior positions at prestigious financial institutions and private equity firms
We’ve leveraged this breadth of experience, cultivated through serving some of the world’s most sophisticated investors, and are now exclusively providing it to family offices. By leveraging our institutional-grade expertise and relationships, we ensure you gain access to opportunities typically reserved for the largest investors.
Our Holistic Offering
At MCM, we've tailored our approach specifically for family offices, addressing these unique challenges in the private markets.
Mariners’ comprehensive solution provides:
Exclusive access to top-tier, ‘oversubscribed’ fund and direct investment opportunities
Rigorous due diligence and methodical investment selection
Advice from experienced professionals, alleviating the need for a large in-house team
Customized portfolio planning, financial modeling, and fund formation
Comprehensive management of reporting, compliance, legal, and tax issues
Cost-effective solutions that maximize returns without the burden of excessive fees
Relationship-Centric Approach
At the core of our distinctive strategy is a relationship-centric philosophy that combines our team's extensive experience with personalized service. Unlike firms that rely solely on digital platforms or impersonal networks, we bring you to the heart of where the best deals happen. Our strategic advantage lies in:
Direct Access: We facilitate your participation in curated events where you can interact, ask questions, and build meaningful relationships with industry leaders.
Human-Tech Synergy: While we leverage cutting-edge technology to enhance our capabilities, it is designed to augment—not replace—the human elements of our work. Our proprietary tools empower us, but it's the personal insights and direct relationships that drive our success.
Industry Insiders: Our strong industry connections enable us to learn about investment opportunities before they hit the broader market. This early awareness, combined with our agile decision-making process, allows us to act swiftly and decisively.
Secure Your Family's Legacy with Mariners
As private markets evolve, partnering with a firm that understands and anticipates the needs of family offices is more crucial than ever. At Mariners, we offer more than investment management—we provide early access to the best opportunities, expert guidance, and a commitment to your family's multi-generational success.
Join us at Mariners Capital Management. Reach out to explore how our expertise can unlock private market opportunities that could define your family's financial legacy for generations to come.
† Private market is defined as investments not listed on public exchanges, including private equity, venture capital, private credit, digital assets, and real estate.
†† Family office is defined as a private firm that manages the investments for one or multiple families with investable assets over $100 million.
References
KKR. "Loud and Clear: KKR 2023 Family Capital Survey.
Burgiss Private i U.S. all private equity returns, as produced using Burgiss data. Based on since-inception IRRs as of December 31, 2023, for funds raised from 1993 through 2023.
Deloitte, “Global Edition Explores the Rapid Expansion of Family Offices,” https://www.deloitte.com/global/en/about/press-room/global-edition-explores-the-rapid-expansion-family-offices-and-ffers-vision-of-the-future-landscape.html.
Disclaimer
Mariners Capital Management ("MCM") is a Registered Investment Adviser in the State of California. This letter is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security. Investing in securities, particularly private market investments, involves substantial risk, including possible loss of principal. Private investments are illiquid and not suitable for all investors. Past performance does not guarantee future results. The information herein is believed to be reliable but cannot be guaranteed for accuracy or completeness. For detailed information about our services, fees, and conflicts of interest, please refer to our Form ADV Part 2, available upon request and via the SEC's IAPD website. This material may contain forward-looking statements. Actual future results may differ materially from those projected. Investors should carefully consider their financial situation and risk tolerance before making any investment decisions.
