Inside a Single Family Office: How CIOs Allocate Capital, Select Managers, and Think Long-Term

In this episode of dakota live, host Robert Morier sits down with Stephanie Szymanski, Chief Investment Officer of Lakeview Capital Management, for a wide-ranging, practitioner-level conversation on how single-family offices actually invest.

Stephanie pulls back the curtain on what it means to run portfolio construction inside a single-family office, covering how family office CIOs think differently from endowments and foundations when it comes to asset allocation, manager selection, liquidity, and after-tax outcomes.

This episode is essential viewing for:
• Asset managers seeking to work with single-family offices
• Emerging managers navigating early allocations
• Allocators and CIOs comparing family office vs institutional models
• Students and analysts interested in family office careers

Topics covered include:
• How single family offices structure multi-asset portfolios across public and private markets
• The role of hedge funds as diversifiers, return enhancers, and risk reducers
• Why many family offices invest earlier than institutions—and how they assess manager risk
• Active vs passive decision-making in global equities
• How family offices evaluate emerging market and ex-US equity managers
• The realities of private equity pacing, distributions, and capacity constraints
• Why many family offices do not focus on direct investing
• Manager due diligence, triangulation, and relationship-driven underwriting
• What asset managers misunderstand most about family offices
• Career advice for analysts and investors interested in allocator roles

Stephanie also shares practical insight into:
• Running a lean investment team
• Hiring and developing junior analysts
• Building conviction without rigid RFP processes
• Why focus and strategy discipline matter more than scale

If you want a real-world look at how single family offices make investment decisions, this conversation delivers clarity, nuance, and uncommon transparency.

Stephanie Szymanski:   / stephanie-e-szymanski-cfa-94739667  

Robert Morier:   / robertlmorier  

Our Website: https://dakota.com

Lakeview Capital: https://lakeview.capital/

🎙️ Listen to the Podcast:

Spotify: https://open.spotify.com/show/3NUXRMz...

Apple Podcast: https://podcasts.apple.com/us/podcast...

Chapter Markers
00:00 Intro
01:37 Stephanie Szymanski intro
03:43 Past experience on the show
04:30 Career path
07:02 The mystery of family offices
09:38 Staying in the family office space
11:54 Current responsibilities
13:54 Starting with a family office
16:21 The team
17:37 The analyst
21:31 Balance of active and passive managers
23:39 Allocation model
26:47 Starting the process
28:45 Differentiation of candidates
32:31 Manager red flags
34:53 The decision process
41:17 Role of hedgefunds
42:43 Fund of funds
43:26 Private credit
45:59 Private equity
48:22 Co-investments
48:55 Early stage venture
49:52 GP staking and seeding
51:35 What's next
54:45 Real assets
56:11 What to learn from manager meetings
59:01 Advice for young professionals
1:01:08 Mentors
1:02:21 Dakota recommends
1:03:43 Lightning round