TOC-23 is a multi-family office and investment partnership built around a single principle: each family is the model. We are not a roll-up, not a model-portfolio platform, and not a sales engine. The team is composed of veterans of Fidelity Family Office Services, Lake Street Advisors, BlackRock's Family Office, Morgan Stanley PWM, and a private-equity managing partner — allied around a shared mandate to do for many families what only a few of the world's largest families have historically been able to afford to do for themselves. We will admit a deliberately small number of new families and we do not intend to ever sell the business.
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.
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.
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.
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) 805-8682.
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.
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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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