In our experience, most off-market deals reach a family office through people: founders, other families, advisers and intermediaries who share them privately before any public process. Access follows from three things: a written mandate others can match against, a record of clear and timely decisions, and the capacity to diligence each deal. Finding deals is the easy part.
What is an off-market deal?
An off-market deal is an investment offered privately to a small group of buyers rather than through a listing, an auction or a broad fundraise. It can be a direct stake in a private company, a real estate asset or a co-investment next to another investor. "Off-market" describes how the deal is distributed, not its quality.
Where do family offices find off-market deals?
Mostly through relationships, with a few structured channels next to them:
- Other families and co-investors who bring a deal they already back and want a partner on.
- Founders and operators who would rather choose their investors than run a process.
- Advisers such as lawyers, accountants and bankers who see a transaction before it is announced.
- Intermediaries and deal networks that connect buyers with sell-side advisers.
- Investor clubs and syndicates where members see selected deals together and each decides alone.
Why do some families get access and others don't?
Owners and intermediaries have limited time, so they call buyers who are easy to work with. In practice that means a family that has written down what it wants, answers quickly with a clear yes or no, and keeps its word on terms. A family whose criteria change with every deal tends to stop getting the call.
Why does a written mandate matter?
A mandate turns "send us anything interesting" into a filter. It sets the asset classes, ticket sizes, exclusions and horizon the family will accept. Most opportunities should stop at that filter. The few that pass reach the investment committee already compared against what the family said it wanted.
How should a family diligence an off-market deal?
With the same rigour as a public deal, and usually with less public information to rely on. A written diligence file covers the team, the market, the terms and the risks, and the family's existing lawyers and tax advisers review the parts in their field. Before reading the upside, ask why the deal is off-market and who has already passed on it.
What does Serra do, and what doesn't it do?
Serra is a buy-side origination and diligence partner for family offices, wealth firms and principals. We agree the mandate, source deals against it and write a diligence file on each one. Serra is non-discretionary: it holds no custody, executes no orders, manages no portfolios and runs no funds. The family decides. If Serra puts its own capital into a deal, it discloses that and the terms before the family decides.
Next: Deal sourcing for family offices · Origination and diligence · Serra Investor Club
FAQ
- Are off-market deals better than public ones?
- Not by default. Off-market deals face less competition, and also come with less information and less liquidity. Each one needs its own diligence.
- Who can invest in off-market deals?
- It depends on the deal and the country. Many private offerings are restricted to professional or qualified investors. Serra Investor Club is open only to investors who qualify as professional or qualified investors under the rules of their own country.
- Does Serra invest in the deals it brings?
- Sometimes. If it does, Serra discloses its position and the terms before the client decides. On minimum-ticket or SPV-constrained deals, Serra brings origination and diligence without taking a position.
- Is Serra a family office?
- No. Serra works for family offices and is not one.
- How do I join Serra Investor Club?
- Membership is by introduction only. There is no public list. Contact Serra.
This page is general information from Serra Wealth (Serra GCVC OÜ). Serra is an independent consulting firm, not a licensed investment firm: it does not hold custody, manage assets or execute orders. Nothing here is a personal recommendation, investment advice, or an offer or solicitation to invest. Private investments carry risk, including loss of the capital invested, and are often illiquid. Serra does not give tax or legal advice; consult qualified professionals in your jurisdiction.