the Spanish “family office”. Shows a strong appetite for the real estate sector and, in fact, The more investment they manage, the more committed they are to bricks. This dynamic contradicts the international trend … As these structures grow in size, there is a tendency to reduce exposure to real estate in favor of private equity.
The origin of the “family office” in our country goes back to the 19th century, when many families were able to accumulate a certain amount of assets They are committed to preserving their wealth. Although its rise is relatively recent, this figure has reached its “coming of age.”
This is what the partner responsible for Deloitte in Andalusia and Extremadura, Adolfo Gutierrez de Gandarella, believes, explaining to ABC that: “These entities have gradually gained independence and influence So that it becomes a relevant factor in financial market dynamics.
The second generation already controls these investment arms In about half of them. Although founders continue to lead a relevant portion of these organizations, the more common scenario is that both generations coexist and become professionals, as shown in the Deloitte Family Office CEO Meetings Study.
The size of assets under management is in most cases Less than 250 million eurosAlthough 12% of them exceed 1000 million. The law partner also says: “In the international arena, assets exceeding this figure are three times higher and those below 250 million are considered a minority.”
Another notable feature of these organizations’ investments is The presence of charitable work. Two out of three have their own project or collaborate with another external project and contribute between 5% and 10% of their annual profits for this purpose. “This is great news that proves that behind these organizational structures there are families,” he points out.
An example of this line is impact investing. “Family offices” such as Omega Capital (by Alicia Koplowitz) or Surister del Arroyo (by Cosentinos) participate in the TúTechô socimi capital to create affordable housing for social groups.
Wealth preservation versus growth
Within the investment structure The section devoted to “real estate” focuses on heritage preservationWhile “venture capital” focuses on growth, according to the aforementioned report. In the first stage, the weight of residential units and offices is highlighted, and investment in logistics assets decreases.
“The principle that applies to any generation of any business family is to preserve inherited capital and pass it on to the next generation. However, this hypothesis in a hyperinflationary environment can lead to capital erosion,” warns Gutierrez de Gandarella. Along these lines, the study discovers that households are guided by capital preservation. “In any type of asset except alternative assets.”.
Hotels and residences?
There is another fundamental difference in investment between the “homeland” and international organizations, which is that the latter They have become more interested in investing in hotels and residencesWhile in Spain the data has not changed in recent years. On the contrary, international buyers find the decline in the office sector less attractive, and in the case of Spain it has increased significantly in recent years.
On the other hand, Energy, pharmaceuticals and healthcareFollowed by telecommunications, media and technology are the preferred areas for “family offices” committed to “private equity”.
Professionalism and the second generation
The general trend of these “family offices” is toward professionalization. In this way, they integrate monitoring, prevention, risk management, regulatory compliance and other sustainability-related issues, according to the study mentioned above. One of the keys in this sense is the presence of a family protocol and investment policy regulations.
“They are professional organizations with positions similar to those we find in a traditional company.”says Gutierrez de Gandarella. In fact, almost all are “family offices.” They already have a general manager who, in most cases, is outside the family He is more than five years old.
This is the case Grupo Álea, instrument of the Moya Yoldi family. He has been captain of the team, Raul Jara, for 15 years. He is a trustworthy person, as he has been the CFO of Persan for more than a decade.
It is also common to find in these organizations other personalities such as CFO, Investment ManagerOr the tax director, the internal audit director, the compliance director, and others. Another example in this sense is Carlos Camarasa, responsible for real estate investments in Surestre del Arroyo for five years. Previously, he was responsible for the expansion of Cosentino.
“As the torch is passed from generation to generation, Preferences and priorities are evolving leading to a new era of wealth management“It is characterized by a greater focus on social impact investing, technology integration and sustainability,” concludes Gutiérrez de Jandarella.