TwinFocus, the Boston‑based multifamily office that manages roughly $12 billion for family‑office clients, is steering clear of venture‑capital allocations in most cases. Head Paul Karger told Venture Capital Journal he prefers to sidestep managers “swimming in crowded pools.” This disciplined stance differentiates TwinFocus from peers that chase high‑growth bets.

TwinFocus’s reluctance comes despite ties to entrepreneurs and leaders in the Boston ecosystem. Karger argues that the asset class often delivers volatile returns and limited liquidity, which can clash with wealthy families’ long‑term goals. By filtering out “crowded” funds, the office aims to protect capital while preserving upside through deals. Such caution also shields the office from fundraising slowdowns squeezing many VC funds.

The policy narrows TwinFocus’s exposure to early‑stage startups but reinforces its reputation for disciplined capital stewardship. Investors seeking venture exposure must look beyond the firm’s platform, while existing clients benefit from a portfolio calibrated to weather market cycles. The approach has attracted new capital from families seeking predictable exposure. TwinFocus therefore remains a player in private markets without courting the riskiest segment of venture investing.