The Oglethorpe
Collective ("TOC-23")
A multi-family office and investment partnership that is 100% client and employee owned.
Portsmouth, NH · Hingham, MA
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. He commanded a significantly smaller force against a Spanish invasion. Using guerrilla tactics and the marshland of St. Simons Island, he led the larger force into an ambush; the Spanish took heavy losses and retreated, and the colony survived.
Our challenge today is similar. The advisory industry is barrelling down a path of consolidation; the entrenched players keep getting larger and prioritize short-term business metrics at the expense of client experience. TOC-23 will not follow.
Asymmetric tactics, applied to the family-office business
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 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.
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.
Why the industry is failing the families it serves
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.
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.
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.
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.
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.
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.
We don't seek to apply our
business model to you —
we seek to build our business model around you.
Custom by design
No model portfolios. No tiered engagement model. Every plan starts from your situation.
A living family plan
Estate, investment, and business decisions actively aligned around a single plan and definition of success.
Integrated leadership
Replaces the fragmented advisor / accountant / attorney experience with a single coordinating intelligence.
What the difference actually feels like, line by line
| 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. |
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.
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 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.
From a single family office, opened to multiple families
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. This is the TOC-23 approach.
Wealth, Estate & Tax Planning
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.
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.
Administrative & Financial Support
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.
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.
Concierge & Special Projects
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.
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.
Capital Allocation
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.
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.
Direct Investment Strategy
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.
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.
From the TOC-23 Investment Playbook
Left: probability distribution across the Three-Cycle Case (Early / Mid / Late). Right: where the major global economies sit on the cycle continuum today. Source: TOC-23 Investment Playbook.
Where the research team is currently leaning in
From the TOC-23 Investment Playbook. Each theme has its own thesis, evidence base, and implementation path. We size them deliberately and review them monthly.
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.)
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.)
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.])
A selection of currently approved investments
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; actual results may vary.
| 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 |
Asymmetric tactics, applied — through technology
TOC-23 sits at the leading edge of family-office technology, software, and AI adoption. A single secured data lake, six purpose-built applications, one source of truth — allowing a small senior team to deliver the analytical depth typically reserved for the largest single-family offices.
An eclectic group, deliberately allied
Estate planners, a former portfolio manager of a multi-billion-dollar family office portfolio, one of the most experienced family-office technology operators in the country, a former private equity managing partner, and seasoned wealth advisors — allied around a common goal.
Matt Blind, CFA®
Phil Ierardi
Jim Machinchick, CFP®, CPWA®
Hunter Steadley, CFA®, CAIA®, CFP®
Sam Stanton, CFP®
Colin Fitzgibbons
Chris di Bonaventura
Two coasts. One standard of service.
TOC-23's advisory services are delivered through Inflection Capital Management, LLC, a registered investment adviser doing business as TOC-23. The two firms share an investment platform, a research function, and a technology stack — and a founding heritage in Fidelity Family Office Services.
Founded 2025 by veterans of Fidelity Family Office Services, Lake Street Advisors, and the Bramalea Partners growth-equity platform.
RIA founded by Justin Kunz, previously Head of West Coast Family Office at BlackRock and a senior member of Fidelity's Family Office team.
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.
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