A multi-family office built for you — not for scale.
The Oglethorpe Collective ("TOC-23") is a multi-family office and investment partnership that is 100% client and employee owned.
Founded2025
FootprintPortsmouth, NH · Hingham, MA
Ownership100% Client & Employee
MandateDurable · Multi-Generational
01 · Origin
The history behind our name
A SIGNIFICANTLY SMALLER FORCE
The Battle of Bloody Marsh, July 7, 1742.
General James Oglethorpe — British Army officer and founder of the Colony of Georgia — led the Georgia militia at the Battle of Bloody Marsh during the War of Jenkins' Ear, several decades before the American Revolutionary War. He commanded a significantly smaller force of British soldiers, local militia, indigenous allies, and Scottish special forces against a Spanish invasion launched from Florida that aimed to claim the territory for the Spanish empire.
Spanish forces were thought to be unbeatable. They were larger, better resourced, and operating on offensive momentum. Oglethorpe, with no real path to victory through conventional engagement, used guerrilla tactics and the natural marshland of St. Simons Island to lead the Spanish into an ambush. The surprise attack created confusion. The Spanish took heavy losses and retreated. The colony survived.
Our challenge today is similar. The investment advisory industry is barrelling down a precarious path of massive consolidation in which the entrenched players keep getting larger and prioritize short-term business metrics at the expense of client experience and investment performance. TOC-23 will not follow.
The Asymmetry
Two eras. The same lesson. A smaller, agile force can defeat a larger one — when the playbook is right.
1742
Then
Larger force
Spanish Empire
Larger force on offensive momentum
Standard tactics; conventional engagement
An empire executing the playbook that built it
vs.
Smaller, agile force
Oglethorpe's Force
British soldiers, local militia, indigenous allies, Scottish special forces
Knew the terrain — marshland of St. Simons Island
Asymmetric tactics — ambush, not a frontal engagement
2026
Now
Entrenched scale
PE Roll-Ups
~$2T+ in PE-backed wealth management AUM (2023), up from a fraction five years earlier
Standardized model — tiered engagement, 4–6 model portfolios
5–7 year sponsor exit horizons drive every decision
vs.
Smaller, agile force
TOC-23
100% client & employee owned — deliberately small, no roll-up partner, never to be sold
One-size-fits-one — SFO discipline at scale of 40–50 invited families
First-principles thinking, client-obsessed
Our Core Values
Asymmetric tactics, applied to the family-office business.
Integrity
"Tell the truth until it hurts." We give families the answer they need, not the answer that closes the next quarter.
Humility
"The only true wisdom is in knowing that you know nothing." We assume we have more to learn from our families than they do from us.
Agility
"Success requires the agility and drive to constantly rethink, reinvigorate, react, and reinvent." A static playbook is a losing one.
Alignment
"If everyone is moving forward together, then success takes care of itself." Our cap table reflects that belief.
Initiative
"Live in client time." The first phone call is ours to take, on any topic, at any hour.
02 · Market Gap
Why the industry is failing the families it serves
Over the past five years, private equity has accumulated an iron grip on the registered investment advisor ("RIA") channel. The math is straightforward: PE-backed aggregators pay multiples of revenue for advisory practices, then need to recover those multiples through scale, margin expansion, and standardization. The clients pay for that in the form of model portfolios, cookie-cutter engagement models, and revolving-door advisor relationships. Ultra-high-net-worth families are increasingly walking away.
PE-Backed RIA M&A Activity
Source: Fidelity RIA M&A reports, DeVoe & Co., industry estimates. All transactions reported in Fidelity's January 2024 M&A report involved private equity backing (Source: Fidelity RIA M&A reports, Jan 2024; DeVoe & Co. RIA Deal Book; industry estimates.) — a level of concentration with no precedent in the industry.
What UHNW Families Actually Want
Survey data from Campden Wealth, Cerulli Associates, and Fidelity Family Office Services research on UHNW family priorities when selecting a multi-family office.
Symptom #1
Model Portfolio Creep
PE-backed firms drive scale by funneling clients into 4–6 standardized model portfolios. The discretionary mandates that justified the relationship in the first place quietly disappear, replaced by an asset-class checklist designed for the average client rather than for yours.
Symptom #2
Advisor Turnover
When an RIA sells to private equity, key advisors typically have a 3–5 year earnout, after which a meaningful percentage move on. The client relationship that took fifteen years to build is then handed to a new face on a 90-day transition plan.
Symptom #3
Hidden Margin Stacking
Roll-up economics require revenue per client to grow. That growth is sourced through proprietary funds, in-house managers, sub-advisory arrangements, and platform fees. Each layer is often disclosed; the cumulative effect on net-of-fee returns rarely is.
Symptom #4
Sales Culture, Not Service Culture
When 75% of an advisor's compensation is tied to gathering new assets, the time available for proactive planning, tax work, and family governance compresses. Families end up paying advisory fees for what is, in practice, a brokerage relationship.
Symptom #5
No Estate or Tax Integration
The investment side and the planning side often live in different parts of the building, the org chart, and the P&L. Decisions get made on one side without the other knowing — and the family pays for the gap, usually in taxes and trust drafting.
Symptom #6
Capital Cycle Pressure
PE sponsors hold a typical fund for 5–7 years. That means every aggregator is, at any given time, either preparing to be sold or being sold. The client never sees the boardroom; the client only feels the consequences.
The Gap, in One Sentence
The wealthiest families in America have access to a level of integrated, aligned family-office service that the rest of the ultra-high-net-worth market simply cannot buy — because no one is building it. That is the gap TOC-23 was founded to close.
03 · Value Proposition
What a TOC-23 client experience actually looks like
We don't seek to apply our business model to you. We seek to build our business model around you. That sentence is easy to write and structurally difficult to deliver — which is why almost no one does. Below is the practical difference between a typical PE-backed multi-family office relationship and a TOC-23 relationship, line by line, the way a family would experience it.
Dimension
Typical PE-Backed MFO
TOC-23
Ownership
Private equity sponsor with a 5–7 year exit horizon; advisor equity vesting tied to revenue retention
100% client and employee owned. No outside capital. No fund life. A durable business structured with the intent to remain independent across generations.
North Star Metric
EBITDA growth, advisor productivity, AUM per advisor
Client retention and depth of relationship. We invest alongside you with personal capital — we eat our own cooking.
Portfolio Approach
4–6 standardized model portfolios. Risk tier selected from a menu.
Single-family-office level customization. Custom asset allocation, separately managed accounts, and bespoke direct deals when warranted.
Engagement Model
Scalable engagement tiers: bronze/silver/gold based on AUM. Quarterly review cadence.
No tiers. The team that meets you on day one is the team you have on day 3,650.
Estate & Tax
Referral to an external partner, or a thin in-house function with limited authority
Lead-advisor model: a CFP®/CPWA® planner coordinates with your attorney and CPA in real time, with the investment team in the room.
Investment Platform
Approved list driven heavily by platform economics — proprietary funds, revenue-share arrangements, in-house sub-advisors
Open-architecture diligence on third-party managers; access to capacity-constrained funds; selective direct investments alongside the family.
Concierge & Special Projects
Out of scope. Refer to an external concierge firm at additional cost.
In scope. We figure it out — whether that is the aircraft transaction, the property purchase, or the philanthropic vehicle stand-up.
Cap-Table Alignment
Misaligned. Sponsor wants the exit; advisor wants the earnout; client wants the long-term plan.
Aligned. The same people who hold the equity sit across from you at the table.
Two Ways That Multi-Family Offices Are Built
The origin story of the family office will drive your client experience…
There are two structural ways to build a multi-family office. They sound similar from the outside; they produce very different client experiences. The starting point determines the ceiling.
Path A · Build up · from scale
From private bank or broker-dealer, moving up-market
An advisor on a brokerage or private-bank platform services hundreds of clients. To compete for UHNW families, the firm layers on titles, conference rooms, and "family office" branding — but the underlying engagement model is unchanged. The family arriving with complex tax, estate, and direct-investment needs finds itself at the front of a line that wasn't built for it.
HUNDREDS OF CLIENTS
per advisor — capacity stretched thin
→
The lone UHNW family — treated as one of many
Structural ceiling: hundreds of clients per advisor
Path B · Build out · from the family
From a single family office, opened to a small network
Start with a single-family-office mandate: full integration, no compromises. Then open that capability to a deliberately small number of similarly situated families — 40–50 at scale — across a network of partners who share infrastructure, research, and a single standard of service. Capacity is the constraint, not the strategy. This is the TOC-23 approach.
40–50 UHNW FAMILIES
across a network of partners — shared platform, one standard
Constraint: capacity, by design — 40–50 families at scale
Where We Sit, Externally
The three pillars we organize around
Pillar 01
Alignment
TOC-23 is 100% client and employee owned. We have a mandate to build a long-term-focused, durable business structured with the intent to remain independent across generations. We invest alongside our clients with personal capital. Our decisions are made considering partners, employees, clients, and investors — in that overlapping order.
Pillar 02
Proactivity
We seek to be your first phone call no matter what the need. We will figure it out. Our team is proactive about bringing ideas to you that we think fit for your situation. We are committed to having the resources necessary to exceed your expectations; we will never allow our desire to grow degrade your experience.
Pillar 03
Collaboration
TOC-23 never starts with a model portfolio or a standard engagement model. We design these based on your needs. Our investment and wealth planning teams are in constant contact to actively manage your estate. You have attorneys, accountants, and other service providers — you are the coach, we can be the quarterback.
04 · The Actively Managed Family Plan
Everyone has service providers. Very few have a quarterback.
The TOC-23 Mandate
Every family of consequence has accumulated an extensive bench of professionals — attorneys, CPAs, insurance brokers, bankers, custodians, property managers, philanthropic counsel. What very few families have is someone whose only job is to proactively oversee and coordinate every dimension of the family plan — in real time, across all of those professionals, against a single definition of success.
That coordinating intelligence is what we mean by an Actively Managed Family Plan. The five service verticals below are the dimensions of that plan; the integration across them is the entire point.
“
The TOC-23 Differentiation
The Actively Managed Family Plan.
The integration of the five TOC-23 core services — not any one of them in isolation — is our differentiation.
The five focus areas of the TOC-23 family plan are below, each with an illustrative case study from real client work.
About these illustrative cases. The case studies presented in this section are illustrative examples drawn from work performed for TOC-23 client families. They have been selected to demonstrate the breadth of services TOC-23 delivers across the five service verticals and do not represent every engagement or outcome. Individual results are specific to the facts and circumstances of the family described — including their balance sheet, liquidity profile, tax situation, applicable law in effect at the time, and the work product of the family’s outside legal, tax, and other professional advisors — and are not indicative of results that other clients have experienced or will experience. The cases are not intended as, and should not be relied on as, legal, tax, accounting, or investment advice. TOC-23 does not render legal or tax advice; all legal and tax conclusions described reflect work performed by the family’s outside counsel and tax advisors. Past performance is not indicative of future results.
Vertical 01
01
Wealth, Estate & Tax Planning
Approach
Lead-Advisor Model
Active estate management, not a binder on a shelf.
Estate plans go stale within 12–18 months. Tax law changes, valuations move, lives change. Our planning team treats the estate plan as a living document: trustee succession reviewed annually, GST exemption tracked in real time, gifting cadence coordinated with portfolio rebalancing, and basis step-up planning integrated with retirement income strategy.
Pre-liquidity founder: moving tens of millions outside the estate ahead of a sale
Operating-company founder approaching the sale of a closely held business. Working alongside the client's outside trust and estate counsel — who led the legal design and drafting — TOC-23 coordinated the family-office workstreams supporting the implementation of an intentionally defective grantor trust (IDGT) that allowed the family to transfer a meaningful equity interest outside the estate prior to the liquidity event, at a defensible pre-sale valuation. The grantor's ongoing income-tax payment on the trust's earnings continued to reduce the taxable estate without using additional gift exemption.
Tens of millions of dollars of post-sale appreciation now compound outside the taxable estate — shielded from federal estate tax — while liquidity remains coordinated with the family's revocable structure.
Vertical 02
02
Administrative & Financial Support
Approach
Family-Office Tech Stack
The unglamorous infrastructure that runs your financial life.
Bill pay, cash management, K-1 tracking, capital call processing, accountant coordination, tax document collection, real-estate operating expense reconciliation, household payroll, and consolidated reporting across all entities and custodians. The work that quietly determines whether the family operating system actually works.
Multi-asset family: a single pane of glass across every entity
Family balance sheet spanning private real estate, commercial real estate, multiple private operating businesses, liquid investment accounts, and household cash flows across several entities and custodians. TOC-23 stood up consolidated reporting on a single family-office platform — coordinated by our team end-to-end — that brings every position, distribution, and capital call into one view. Cash flow planning, tax reporting, and document collection are now run off the same data spine.
The family sees their entire net worth on one screen, in near-real-time, with TOC-23 managing the reconciliations, the document chase, and the CPA hand-off behind the scenes.
Vertical 03
03
Concierge & Special Projects
Approach
"We Figure It Out"
Property, lifestyle, and the projects that keep getting deferred.
Property management of primary, secondary, and seasonal residences. Vendor sourcing, contractor selection, and project oversight. Aircraft and yacht ownership structures. Art acquisition and storage. Domestic staff hiring and payroll. Educational planning, family meetings, and the special projects that keep landing back on the family's plate. The standing answer is yes; the question is only how.
Estate landscape & hardscape — a deferred project finally delivered
A long-standing client estate had a major landscape and hardscape project that had sat on the to-do list for years — repeatedly deferred due to competing family priorities and a chronic struggle to find reliable, high-quality labor. TOC-23 took ownership of the project: scoping the work, sourcing and vetting landscape architects and contractors, negotiating the scope and budget, sequencing the trades, and supervising execution on the family's behalf from approval through final walk-through.
A multi-year deferred project completed in a single season, on budget, with the family insulated from vendor management entirely.
Vertical 04
04
Capital Allocation
Approach
Open Architecture
Custom asset allocation, built around your liquidity and tax profile.
Every TOC-23 client has a custom strategic asset allocation derived from their own goals, risk tolerance, time horizon, tax profile, and existing concentrated positions. We then implement through open-architecture diligence on third-party managers — both traditional and alternative — with explicit attention to capacity, fees, after-tax returns, and risk overlap. Where TOC-23 leads a deal directly because we have a unique edge, partners always contribute personal capital and those assets are carved out of our advisory-fee base, with the intent that clients do not pay TOC-23 twice on the same dollar. Transparency on every line of economics, in either direction, is non-negotiable.
Strategic Asset AllocationTax-Aware ImplementationManager Due DiligencePrivate Markets AccessHedge Fund SleeveDirect Indexing / SMA
Illustrative Case
Pre-sale tax-loss harvesting ahead of a major liquidity event
A client approaching the sale of their operating business held a meaningful public-equity portfolio in concentrated, highly appreciated positions. Ahead of the close, TOC-23 engaged a specialized third-party tax-managed manager to run an aggressive long/short tax-loss-harvesting strategy on the public sleeve — building a substantial bank of realized losses while preserving market exposure. The carried-forward losses are now positioned to offset capital gains from the eventual business sale. Concurrently, TOC-23 designed the post-sale strategic asset allocation, with a deliberate shift toward uncorrelated private credit, real assets, and market-neutral hedge funds to mitigate the client's concerns about elevated public-market valuations at the moment of newly minted liquidity.
A meaningful seven-figure reduction in the eventual tax bill, with newly liquid capital deployed into a diversified, lower-correlation portfolio engineered around the family's specific risk tolerance.
Vertical 05
05
Direct Investment Strategy
Approach
Selective · Co-Invest
A proprietary structure for pooling capital into hard-to-access opportunities.
TOC-23 selectively curates direct and co-investment opportunities for families that want exposure beyond fund vehicles. We say no to far more than we say yes to. When we say yes, we typically invest personal capital alongside the families we share the opportunity with, and we have built a proprietary vehicle that makes participation simple, efficient, and confidential. When TOC-23 itself earns economics on a deal, the underlying assets are carved out of our advisory-fee base, with the intent that clients do not pay TOC-23 twice on the same dollar. Alignment and transparency are paramount.
TMC-21 Master Series LLCCo-Invest SourcingOperating-Company DealsReal Estate DirectPersonal Capital Alongside
Illustrative Cases
Project Ozark & 11 Beacon: two recent direct opportunities, sourced locally
Project Ozark — a franchise laundromat development deal, currently in the planning phase, in which TOC-23 will finance the build-out, own, and operate 7–25 technology-enabled laundromats across the greater Boston area. A recurring-revenue, recession-resilient operating business with meaningful local scale.
11 Beacon — a 14-story, 150,000-square-foot building in downtown Boston that TOC-23 helped recapitalize in 2026.
Using deep local connections to source, structure, and present unique, high-cash-flow direct investment opportunities for clients — with TOC-23 partners always invested personally alongside.
05 · Investment Views
How we think about capital markets, today
The job of an investment team is not to be right about the future. It is to construct a portfolio that performs across a reasonable range of futures, with explicit knowledge of where it will hurt. The exhibits below summarize the current TOC-23 view as laid out in our most recent Investment Playbook (provided separately): a probability-weighted cycle read, the strategic re-allocation that view implies, and the three highest-conviction themes our research team is currently expressing.
US Cycle Phase
Mid Cycle
55% probability
TOC-23 reads the United States as Mid-Cycle Expansion with the second-most-likely state being Late-Cycle / Margin Peak (30%). AI-driven investment is the dominant resilience signal; inflation persistence, deficit trajectory, and equity-valuation dispersion are the leading risks.
Three-Cycle Case · United States
Probability distribution across the three competing US cycle interpretations, as captured in the TOC-23 Three-Cycle Case Builder. Mid-cycle is the central case; late-cycle is the second-most-likely.
Global Cycle Rotation · Where the Major Economies Sit
Early CycleRecovery
🇩🇪Euro Area 1.3% GDP · moderating to 1%
🇬🇧United Kingdom 1.5% GDP · wage growth moderating
Mid CycleExpansion
🇺🇸United States 2.6–2.8% GDP · AI investment driving growth
🇯🇵Japan 0.6% GDP · BOJ policy normalization
🌏Emerging Markets 4.4% GDP · India leading at 6.9%
Late CycleMargin Peak
🇨🇳China 4.4–4.8% GDP · export-led, weak domestic demand
Each major economy positioned on its current cycle phase. The US is mid-cycle; Euro Area and UK are early-cycle recoveries; Japan and Emerging Markets are mid-cycle alongside; China sits late-cycle. Arrows would show the direction of travel as data evolves. Source: TOC-23 Investment Playbook (May 2026, provided separately).
Our Three Long-Term Themes
Where the research team is positioning capital for multi-year tailwinds
From the TOC-23 Investment Playbook (provided separately). Each theme has its own thesis, evidence base, and implementation path. We size them deliberately and review them quarterly.
01
Long-Term Theme
Small PE's Sweet Spot: Overlooked Cash Cows
Private-equity mega-fund concentration has created an underserved market of profitable small businesses generating under $10M of EBITDA. Capital supply-demand imbalances in the lower middle market mean smaller managers buying smaller deals can find better entry pricing with far less competition.
Mega-funds raised 43.7% of all PE capital in 2024 while representing only 3.5% of fund count — the highest concentration in 15 years.
Transactions under $10M EBITDA averaged 5.5–5.6x multiples vs 6.2–6.7x for $10–25M deals — a persistent valuation discount.
Small businesses with $2–10M EBITDA and $20–100M revenue represent the sweet spot with reduced competition from mega-funds.
PE accounts for 59% of all transactions in the $5–50M space, with sustained 42% average share over the last eight quarters. (Source: PitchBook 2024 Annual Global PE Report; DeVoe & Co. RIA Deal Book, Jan 2024.)
02
Long-Term Theme
AI Data Centers: The Power Hunger Revolution
AI is driving unprecedented electricity demand growth that existing grids cannot support. Capacity expansion requires multi-year capex across the entire energy dispatch curve — midstream, nuclear, natural-gas peakers, and renewables — creating durable investment tailwinds.
Global data center electricity consumption projected to rise from 448 TWh (2025) to 980 TWh by 2030 — more than doubling.
AI-optimized servers will represent 44% of data center power usage by 2030, with consumption surging 50% in 2025 alone.
Data centers caused a $9.3 billion price increase in the PJM electricity market for 2025–26, raising residential bills $16–18 monthly.
A 45 GW pipeline of conditional nuclear agreements with data centers, plus widespread natural-gas onsite power projects in development. (Source: International Energy Agency, “Electricity 2025”; PJM Interconnection 2025 capacity auction results; Department of Energy data center reports, 2025.)
03
Long-Term Theme
The Great Dollar Exodus: Reserve Diversification
Accelerating de-dollarization driven by sanctions weaponization, US debt-trajectory concerns, and BRICS initiatives is creating structural demand for non-dollar assets — precious metals, hard assets, and digital alternatives.
The dollar's share of global reserves declined from 65.3% in 2016 to 59.3% by Q3 2024, with a further drop to 54% in 2025.
The BRICS Unit launched in 2026 with 40% gold backing and 60% BRICS currencies, exploiting collective gold reserves exceeding 6,000 tonnes.
China's foreign reserves shifted from 40% USD-Treasury holdings to less than 1% by 2025; US Treasury holdings cut 27% since 2022.
BRICS New Development Bank disbursed $30B in 2024 with one-third of loans in local currencies, reducing dollar-based debt reliance. (Source: IMF COFER Q3 2024 release; BIS Triennial Survey 2025; BRICS Summit communiqués 2024–2026. [Internal note: confirm sourcing for China FX reserves shift figure before publication.])
Live Manager Platform
A selection of currently approved investments
The table below reflects a representative subset of the TOC-23 approved platform across asset classes. Inclusion does not imply suitability for every client; final selections are made within the context of each family's strategic asset allocation, liquidity needs, and tax profile. All return ranges are manager-stated targets and not guarantees.
Investment / Fund
Asset Class
Sub-Strategy
Target Return
ArrowMark Global Opportunity Fund V
Private Credit
Regulatory Capital Relief
10–12% net IRR
Roundhouse Multifamily Fund II
Private Real Estate
Value-Add Multifamily, Mountain West / PNW
13–15% net IRR
EIV Capital Fund V
Real Assets
Energy Infrastructure — Midstream
~20% net IRR
503 Capital Partners Tax-Exempt Credit Opp.
Private Credit
Tax-Exempt Specialty Credit
8–10% net IRR
Greybull Stewardship III, LP
Private Equity
Lower-Middle-Market Buyout
20%+ net IRR
Continental Realty Opportunistic Retail Fund II
Private Real Estate
Opportunistic Retail
15–18% net IRR
GQG Private Capital Solutions Fund
Private Equity
Public-to-Private Bridge Solutions
~20% net IRR
Brevan Howard Alpha Strategies Fund
Hedge Fund
Global Macro
Absolute-return mandate
RA Capital Healthcare Fund LP
Hedge Fund
Healthcare Specialist Long/Short
Absolute-return mandate
TQ Master Fund LP (The Quarry Flagship)
Hedge Fund
Multi-Strategy Market Neutral
Absolute-return mandate
Aperio Long/Short Strategies
Public Equity
Tax-Aware Direct Indexing & Long/Short
After-tax alpha mandate
Representative selection only. The full TOC-23 approved investment platform includes additional managers across asset classes. Manager inclusion is reviewed continuously and is subject to change. Target returns are manager-stated and are not guarantees of future performance.
06 · Technology & AI
Asymmetric tactics, applied — through technology.
TOC-23 sits at the leading edge of family-office technology, software, and AI adoption. This is not a marketing claim; it is a design choice and a deliberate operating strategy. Just as General Oglethorpe used terrain and tactics to offset a numerical disadvantage, our investment in proprietary software allows a small, senior team to deliver service depth and analytical rigor typically reserved for the largest single-family offices.
TOC-Monitor
Master Application
The orchestration layer. Every quarterly report, every client dashboard, every meeting agenda is assembled and reconciled here from the underlying data lake.
TOC-Folio
Portfolio Optimizer
Continuous portfolio construction across public and private markets, calibrated to each family’s strategic asset allocation, liquidity profile, and tax position.
TOC-Nilla
Estate Waterfall
Interactive estate waterfall and Monte Carlo modeling against the family’s actual balance sheet — making the second- and third-order effects of every estate decision visible in real time.
TOC-Cierge
Concierge Platform
The operational layer where estate, tax, capital, and concierge work converge on one screen — eliminating the handoffs that typically slow large-family service delivery.
TOC-Hedge
Hedge Fund Analysis
Manager-level performance, correlation, and portfolio-construction analytics, with a state-aware tax overlay so we evaluate hedge funds on net-of-tax outcomes rather than gross-of-tax marketing numbers.
TOC-Posal
Proposal Builder
Client-facing proposals assembled on demand from live data in TOC-Folio, TOC-Nilla, and TOC-Hedge — what historically took 8–12 hours of design and review now ships in under an hour.
The compound effect: faster information flow, deeper personalization, and substantially more senior-partner attention per family than is structurally possible at firms that scale through head-count alone. Several other multi-family and single-family offices have approached us in recent quarters about licensing or consulting on what we’ve built — the clearest external signal we have that we are, in fact, ahead of the curve.
07 · The Collective
An eclectic group, deliberately allied
TOC-23 is an eclectic group of people with truly diverse experience: highly-trained estate planners, a former partner and portfolio manager of a multi-billion dollar portfolio at one of the largest family offices in the world, one of the most experienced family-office technology operators in the country, a former private equity managing partner, and seasoned wealth advisors from leading multi-family offices. All allied together with a common goal. Tap any card for the full biography.
Matt Blind, CFA®
Partner, Chief Executive Officer
Co-founder and CEO. Sets firm strategy and runs the direct investment program. Previously founder of Bramalea Partners, led Fidelity Family Office Services investment business, and was a PE operating partner.
Matt Blind is co-founder and CEO of The Oglethorpe Collective, LLC ("TOC-23"), responsible for setting firm strategy and direction and running the firm's direct investment program. Prior to TOC-23, Matt was founder and managing partner of Bramalea Partners, a $150M lower-middle market growth equity fund focused on technology and healthcare. He led the investment business for Fidelity Family Office Services from 2009 to 2018, served as an operating partner for a PE-backed asset manager, and previously worked as a brand manager at Kraft Foods. Matt began his career as an infantry officer in the US Army and is a graduate of the United States Military Academy at West Point, US Army Ranger School, Sapper School, and Airborne School. He is a recipient of the Bronze Star for actions in combat while serving in Mosul, Iraq. Matt resides in Cohasset, MA with his family.
CFA® · West Point
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Phil Ierardi
Partner, Chief Operating Officer
Co-founder and COO. 20+ years building technology and operations for family offices. Previously SVP of Sales at Eton Solutions and a 25-year veteran of Fidelity.
Phil Ierardi is co-founder and COO of TOC-23, with over 20 years of experience in family office technology and operations. Prior to TOC-23, Phil was SVP of Sales at Eton Solutions, a leading provider of software to the family office market. Before Eton, Phil spent 25 years at Fidelity Investments, where he spent 16 years building Fidelity Family Office Services from start-up in 2004 to over 450 clients and nearly $200 billion in assets. In his final role at FFOS he was SVP of Family Office Sales and Consulting, overseeing national business development and the reporting services consulting team. Phil holds a degree from Providence College and resides in Kingston, MA.
Providence College
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Jim Machinchick, CFP®, CPWA®
Partner, Chief Planning Officer
Co-founder and CPO. Leads wealth planning and serves as lead advisor. Previously Wealth Advisor at Lake Street Advisors and a founding advisor of Fidelity's Portsmouth branch.
Jim Machinchick is co-founder and Chief Planning Officer of TOC-23, leading wealth planning and family office services. Prior to TOC-23, Jim was a Wealth Advisor at Lake Street Advisors, a $3B multi-family office. He began his career at Fidelity Investments, where over 15 years he became VP Financial Consultant in the Private Client Group, was a founding advisor of the Portsmouth, NH branch, and was responsible for wealth strategies across more than 400 family relationships. Jim graduated from UNH in 2007 with a degree in Business Administration. He holds the CFP® and CPWA® designations. Jim is an avid fisherman, scuba diver, and underwater photographer involved in shark conservation, and resides in Rye, NH.
CFP® · CPWA® · UNH
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Hunter Steadley, CFA®, CAIA®, CFP®
Partner, Managing Director of Research
Co-founder and MD of Research. Leads investment strategy, due diligence, and portfolio construction. Previously Investment Advisory Team Lead at Lake Street Advisors.
Hunter Steadley is co-founder and Managing Director of Research at TOC-23, responsible for the formulation, execution, and oversight of investment strategies across asset classes. He oversees portfolio construction, sourcing and due diligence of investments, and client portfolio communication. Prior to TOC-23, Hunter was the Investment Advisory Team Lead at Lake Street Advisors (acquired by Focus Financial Partners), where he managed the firm's investment portfolios. Earlier roles include Senior Investment Analyst at Johnson Financial Group sourcing private capital investments, Financial Advisor at Personal Capital, Investment Consultant at New York Life Investments, and operations at Morgan Stanley. Hunter graduated from Elon University with a BS in Finance. He resides in Portsmouth, NH.
CFA® · CAIA® · CFP® · Elon
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Sam Stanton, CFP®
Partner, Wealth Advisor
Co-founder and Wealth Advisor. Works closely with families on estate planning, tax strategy, and cash flow. Previously Associate Wealth Advisor at Lake Street Advisors.
Sam Stanton is co-founder and Director, Wealth Strategy at TOC-23, responsible for the development and execution of the firm's wealth advisory services. He works closely with client families on estate planning, tax strategy, and cash flow management. Prior to TOC-23, Sam was an Associate Wealth Advisor at Lake Street Advisors, where he managed client relationships with a focus on concierge-level service. He began his career at Eaton Vance (now part of Morgan Stanley), ultimately serving as an Internal Consultant distributing high-net-worth investment solutions. Sam holds a degree from the University of New Hampshire and lives in South Boston, MA.
CFP® · UNH
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Colin Fitzgibbons
Partner, Wealth Advisor
Wealth Advisor and Partner. Works on comprehensive wealth planning including investment strategy, estate planning, philanthropy, and liquidity planning. Previously at Focus Partners Wealth (formerly The Colony Group).
Colin Fitzgibbons is a Wealth Advisor and Partner at TOC-23, working closely with client families on comprehensive wealth planning — including investment strategy, estate planning, philanthropy, risk management, and liquidity planning. Before joining TOC-23, Colin was an Associate Wealth Advisor at Focus Partners Wealth (formerly The Colony Group), supporting wealth advisors with all aspects of client relationships including financial planning, investments, and tax planning for corporate executives and high-net-worth individuals. Colin began his career in operations at Citigroup after graduating from Niagara University with a BS in Finance and a minor in Economics. He resides in Hingham, MA.
Niagara
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Chris di Bonaventura
Partner, Chairman
Co-founder and Chairman. Retired Executive Vice President of Fidelity Family Office Services. Previously Managing Director at Morgan Stanley PWM and senior leader at Smith Barney / Citi Family Office.
Chris di Bonaventura is co-founder and Chairman of TOC-23 and currently a senior advisor to Andalusian Capital Partners and Andalusian Private Credit. He retired from Fidelity Investments where he was Executive Vice President for the firm's Family Office Services business. Before Fidelity, Chris was Managing Director in Morgan Stanley's Private Wealth Management unit, having brought his Citigroup Family Office team and platform (which managed approximately $300 billion for the firm's wealthiest clients) to Morgan Stanley PWM. Chris began his career as a CPA on the audit staff of Coopers & Lybrand and, after business school, joined Smith Barney Harris Upham & Company's Public Finance investment banking division. He is a graduate of Yale College (BA, Psychology) and NYU Stern School of Business (MBA, Finance). Chris and his wife Ellen have three daughters and seven grandchildren.
Yale · NYU Stern
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Scroll horizontally to see all partners. Each card expands on tap to show the full biography. Professional designations are described in the disclosure section below.
Prior employers. References to prior employers in team biographies are biographical only and do not imply any current affiliation, endorsement, or sponsorship by those firms. Asset figures associated with prior roles (e.g., assets managed at a former employer) reflect the scope of those prior roles and are not assets of TOC-23 or ICM.
08 · Partnership
TOC-23 × Inflection Capital Management
TOC-23's advisory services are delivered through Inflection Capital Management, LLC ("Inflection"), a registered investment adviser doing business as TOC-23. The arrangement is structural, not cosmetic. The two firms share an investment platform, a research function, and a technology stack. They share a founding heritage in Fidelity Family Office Services. They serve overlapping client populations across the country — East Coast through TOC-23, West Coast through Inflection — with a single set of standards.
East Coast
The Oglethorpe Collective ("TOC-23")
Founded 2025 by veterans of Fidelity Family Office Services, Lake Street Advisors, and the Bramalea Partners growth-equity platform.
By Invitation Only
Portsmouth, NH · Hingham, MA
&
West Coast
Inflection Capital Management
RIA founded by Justin Kunz, previously Head of West Coast Family Office at BlackRock and a senior member of Fidelity's Family Office team.
RIA · SEC Registered
Marin County, California
~16
UHNW Families Served Across Both Firms
$1B+
Family Assets Under Advisement
2
Coasts · One Standard of Service
100%
Client & Employee Owned
·
As of Q2 2026. Family count reflects combined TOC-23 and ICM client families. Family Assets Under Advisement (“AUA”) is a combined TOC-23 and ICM figure and includes regulatory assets under management as reported on Form ADV Part 1, plus non-discretionary assets under advisement (including assets held away at custodians where TOC-23 / ICM provides advice but does not exercise discretion) and any look-through net asset value of proprietary pooled vehicles in which client families participate. AUA is calculated using the most recent valuations available; private investment positions are valued at sponsor-reported NAV with a lag. AUA is not a standardized industry metric and may differ from how other firms calculate similar figures. [Internal note: confirm methodology and as-of date with CCO before publication.]
Shared investment platform. A single approved-manager list, a single direct-investment pipeline, a single set of asset-allocation models. Diligence is performed once and shared.
·
Shared research function. Macro, asset-class, and manager research is conducted jointly. East-coast clients benefit from west-coast manager relationships and vice-versa.
·
Shared technology stack. Common reporting platform, common security architecture, common operational standards across every client account.
·
Shared founding heritage. Matt Blind (TOC-23) and Justin Kunz (Inflection) were colleagues at Fidelity Family Office Services. The standards they apply today were forged together.
Investment advisory services described throughout this document are offered through Inflection Capital Management, LLC ("Inflection"), a registered investment adviser doing business as The Oglethorpe Collective ("TOC-23"). Registration as an investment adviser does not imply a certain level of skill or training. The full disclosure language appears at the foot of this page.
By Invitation Only
Begin the conversation
TOC-23 admits a deliberately small number of new families each year. If the philosophy on this page resonates with how you think about your family's wealth, we would value the chance to learn whether we are the right partner for the next chapter.
Emailinfo@toc-23.com
Phone617.362.7775
AccessBy Invitation Only
Important Disclosure Information
Important Disclosures. Information presented is for informational purposes only. The Oglethorpe Collective, LLC (“TOC-23”) delivers advisory services through Inflection Capital Management, LLC (“ICM”), a registered investment adviser doing business as TOC-23. Registration as an investment adviser does not imply a certain level of skill or training. Past performance is not indicative of future results. Investing involves risk, including the possibility of loss of principal. The ideas and opinions expressed herein do not constitute legal, tax, or investment advice or a recommendation of any particular security or strategy. Before making any investment decision, you should seek expert, professional advice and obtain information regarding the legal, fiscal, regulatory and foreign currency requirements for any investment according to the laws of your home country and place of residence. Any forward-looking statements or forecasts are based on assumptions and actual results may vary. Information presented from third parties is believed to be reliable, but no warranty is provided. Inflection is not required to update information presented, unless otherwise required by applicable law. For more information about ICM and TOC-23, including our Form ADV Part 2A Brochures, visit https://adviserinfo.sec.gov or contact us at (415) 450-6556.
Hypothetical Performance. Hypothetical performance is necessarily based on several estimates, assumptions and the existing conditions as of the date of this presentation and does not constitute a guarantee of the returns a fund or investment deal will realize upon exit. Hypothetical performance does not represent actual performance and should not be interpreted as an indication of such performance. The returns achieved may be more or less than the target performance described herein, and actual performance may be materially lower than shown. Hypothetical performance results do not represent the impact that future unforeseen material economic and market factors will have on the decision-making process or on estimated valuations and performance returns. Market conditions can vary widely over time and all investments involve risk, and transactions will not always be profitable and can result in loss. Upon request, ICM dba TOC-23 will be happy to share more information regarding the underlying assumptions used to calculate target performance returns. Hypothetical performance is stated net of TOC-23 and underlying manager fees.
Market Commentary. Any market commentary represents the opinion of Inflection Capital Management dba The Oglethorpe Collective, LLC. The views are subject to change at any time based on market conditions and are current as of the date indicated on the materials.
Advisory Fees. Inflection Capital Management dba The Oglethorpe Collective, LLC’s advisory fees will reduce a client’s actual returns by the fee schedule in accordance with the client’s investment advisory agreement.
Professional Designations. CFA® — CFA Institute licenses the designation mark CFA®. Attainment of the CFA® designation demonstrates superior competency in advanced portfolio management, financial expertise, and technical skills, underpinned by ethical conduct and the highest standards of practice. More information at cfainstitute.org. CFP® — Certified Financial Planner Board of Standards owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States. More information at cfp.net. CPWA® — Investments & Wealth Institute is the owner of the certification marks CPWA® and Certified Private Wealth Advisor®. More information at investmentsandwealth.org/certifications/cpwa-certification. CAIA® — Chartered Alternative Investment Analyst Association® (“CAIA Association®”) is the owner of the certification marks “CAIA®” and “Chartered Alternative Investment Analyst”. More information at caia.org/candidates.
Prior Employers. References to prior employers in team biographies are biographical only and do not imply any current affiliation, endorsement, or sponsorship by those firms. Asset figures associated with prior firms (e.g., assets managed at a former employer) reflect the scope of those prior roles and are not assets of TOC-23 or ICM.
