How to Start a Family Office from Scratch

Emerging Managers

Investing in emerging managers presents unique challenges and opportunities. Justinas Milašauskas highlights the importance of evaluating a manager's track record and their ability to scale assets under management (AUM) as key factors in decision-making 1. He notes that while emerging managers often bring fresh perspectives and ambition, they also face risks such as fundraising challenges and the need for strong investor relations. Milašauskas emphasizes the value of being selective and building conviction quickly, drawing from his experience in public markets to act decisively in venture capital 2.

Investing is very similar across asset classes, so you just have to make sure that every deal that you do is a great deal.

--- Justinas Milašauskas

He also discusses the fragmented nature of European markets, which can complicate investment strategies compared to the more unified U.S. market 2.

   

Management Lessons

Lessons learned from past investments have significantly shaped Justinas Milašauskas's approach to managing a family office. He shares that the ability to develop conviction quickly and act fast is crucial, especially in the current investment climate, which resembles the post-2008 financial crisis era 3. This approach has allowed his family office, Willgrow, to invest actively and strategically across various asset classes. Milašauskas also reflects on the importance of ticket sizing in early deals and the advantages of having operating businesses, which enable a more aggressive stance on illiquid investments.

Public markets taught me to develop conviction quickly, act fast, and this is what we have here at Willgrow.

--- Justinas Milašauskas

His insights provide a masterclass on the strategic decisions involved in managing a family office, highlighting the entrepreneurial DNA that sets Willgrow apart from other single family offices 4.