For Family Offices & Institutional Allocators
Structure Alternative‑Investment Access
Around Your Mandate
Family offices often have access to compelling opportunities. The difficulty is holding those opportunities in a structure that works with the family’s mandate, banking relationships, governance framework and reporting requirements.
The Challenge
Why the Opportunity Isn’t Always the Hard Part
Access to an interesting manager or asset class is one challenge. Holding that investment in a form that fits the family’s legal structure, banking relationships, reporting systems and governance obligations is often a more difficult one.
Direct ownership of underlying assets can create administrative complexity: multiple custodians, inconsistent reporting, manual reconciliation and potential difficulties in passing holdings through estate or succession arrangements. Fund commitments may require lock-up periods, minimum ticket sizes or entity structures that do not align with the family’s existing framework.
Fragmented special purpose vehicles can accumulate without a coherent architecture — creating a portfolio that is difficult to oversee, consolidate or eventually transfer.
A listed security with an ISIN can be held through an existing broker, reported alongside other assets and transferred in the same way as any other position. Whether that structure is appropriate depends on the underlying assets, the family’s obligations and a range of operational considerations.
Orpheus Capital assists family offices in evaluating whether a structured investment vehicle could address the operational dimensions of their access challenge — not whether to make the investment.
Common Objectives
What Family Offices Are Trying to Make Work
The starting point is rarely “we want an AMC.” It is usually a specific operational or governance problem that a structured vehicle might help resolve.
Accessing a selected private-market opportunity while keeping it within an existing custody account
Combining several managers or strategies into a single consolidated holding that can be governed and reported on together
Creating a bespoke portfolio certificate around a family’s specific asset preferences or manager relationships
Consolidating reporting across a range of alternative holdings that currently exist in fragmented SPV or fund structures
Accessing international investment strategies through an entity and structure familiar to the family’s existing banking relationships
Using existing brokerage or private banking relationships rather than establishing new custody arrangements for each position
Building a structure around a defined family investment mandate that can be maintained, reviewed and eventually transferred
Aligning a specific exposure with succession planning or governance arrangements in a form that is straightforward to administer
Structuring Considerations
What Needs to Be Addressed Before Any Structure Is Chosen
There is no single structure that fits every family office requirement. The right approach depends on the interaction of these factors.
Investor & Entity Jurisdiction
Which legal entities will hold the investment, and from which jurisdictions? This determines which issuance structures are available and appropriate.
Custody Compatibility
Can the structure be held by the family’s existing banks, brokers or custodians? Each institution has its own product acceptance criteria.
Broker & Platform Fit
Whether a listed security with an ISIN will be accepted by a specific broker depends on that institution’s onboarding process — acceptance is not guaranteed.
Counterparty Exposure
What counterparty relationships are created by the structure — issuer, administrator, custodian — and how are these assessed and monitored?
Asset Valuation
How will the underlying portfolio be valued, how frequently, and by whom? Independent valuation governance is particularly important for illiquid or private assets.
Liquidity & Exit
Liquidity in the security (the ability to sell the listed instrument) is separate from liquidity in the underlying assets. Both need to be clearly understood.
Governance Framework
How are investment instructions documented, who approves changes, and what happens if a service provider relationship changes or fails?
Reporting Requirements
What level of transparency is needed — NAV frequency, look-through reporting, multi-currency consolidation — and can the structure support it?
Transferability
Can the holding be transferred between accounts, family members or entities in future? What restrictions apply under the structure?
Suitability & Risk Profile
Structuring does not change the risk characteristics of the underlying assets. Suitability assessment remains the responsibility of the family and its advisers.
Access Does Not Eliminate Underlying Risk
A listed or tradeable security wrapping a private-market or alternative strategy does not make the underlying assets more liquid, lower risk or suitable for a wider range of investors.
The secondary market for a listed structure may be limited or absent in practice. The underlying portfolio may include assets that cannot be rapidly liquidated. Valuation may lag market movements. Exit in full may not be possible at short notice.
These are not reasons to avoid structured access — they are considerations that must be fully understood before committing to any structure. Orpheus raises these questions explicitly as part of any structuring conversation.
Asset Classes & Applications
Where Structured Access Has Been Explored
Orpheus has worked across a broad range of asset classes and strategies. The following represent areas where listed investment structures have been considered or used to address family office access requirements.
Direct lending, structured credit and specialty finance strategies seeking a defined investor constituency and governance structure
Single-manager or multi-manager PE exposure structured for access through standard brokerage infrastructure
Early-stage and growth-stage investment access structured to fit a family office’s governance model and reporting expectations
Multi-manager alternative strategies consolidated into a single structured holding with unified valuation and reporting
Infrastructure, real estate, natural resources and specialist real-asset strategies seeking an appropriate listed access mechanism
Specialist commodity exposures, carbon strategies and thematic mandates structured for institutional access and governance
Bespoke multi-asset portfolios built around a family’s specific preferences, manager relationships and risk parameters
Cross-border investment access structured to work with a family’s existing banking relationships and entity arrangements
The Orpheus Role
Structuring Support, Not Investment Advice
It matters that you understand what Orpheus does — and what it does not do — before any conversation begins.
Orpheus Capital is a structuring and enablement business. We work with family offices to evaluate whether a listed investment structure could address a specific operational or access challenge, and to coordinate the operational components required to bring that structure into existence.
We do not recommend investment managers, comment on the merits of specific strategies, provide investment advice or act in any discretionary capacity. Decisions about what to invest in, and whether any particular structure is suitable, remain with the family office and its investment advisers.
- Defining the access challenge and identifying which operational questions need to be answered first
- Comparing structuring routes — AMC, segregated portfolio, bespoke structure — against the family’s specific custody, governance and reporting requirements
- Coordinating with relevant issuance entities, administrators, legal counsel and service providers
- Identifying appropriate jurisdictions for the structure based on investor profile, asset class and distribution objectives
- Addressing valuation methodology, liquidity framework and NAV governance at the structuring stage
- Managing the operational journey from initial assessment through to issuance and ongoing administration
- Providing ongoing relationship coordination between the family office and all relevant service providers
Questions We Hear Often
Frequently Asked Questions
Can a family office create a bespoke AMC?
It is possible to structure a bespoke actively managed certificate around a family office’s specific mandate, selected managers or target asset classes. Whether this is appropriate depends on the family’s investor classification, jurisdiction, banking relationships and governance requirements. Orpheus assists with the structural and operational assessment — we do not advise on investment suitability.
Can private assets be included in a listed investment structure?
Some listed investment structures can include exposure to private assets. This introduces additional complexity around valuation methodology, liquidity, pricing frequency and investor communication. Each case needs to be assessed individually against the relevant issuance requirements and investor obligations.
Can the product be held through an existing broker or bank?
Many listed investment structures carry ISINs and can be held in standard custody accounts. Compatibility with a specific bank, broker or platform depends on that institution’s product onboarding criteria. Orpheus can help identify structuring approaches likely to fit common custody arrangements, but acceptance by any specific institution is never guaranteed.
How is the underlying portfolio valued?
Valuation methodology varies by structure and asset class. Listed assets are typically valued on exchange prices; unlisted or illiquid assets require an agreed methodology, independent pricing input and clear governance. This is one of the most important considerations in structuring, and one that Orpheus addresses as part of the initial assessment.
What determines liquidity?
Liquidity in the investment structure — the ability to sell the security — is separate from liquidity in the underlying assets — the ability to exit the positions. A listed or tradeable security does not guarantee rapid or full exit from the underlying portfolio. Both dimensions need to be clearly understood before committing to any structure.
Who is the issuer?
Orpheus Capital works with multiple issuance entities across several jurisdictions including Guernsey, Cayman and Luxembourg. The appropriate issuer depends on the target investor type, asset class, distribution objectives and jurisdiction of the family’s holding entities. We can outline the relevant options as part of a structuring conversation.
What governance protections should a family office consider?
Key governance questions include: who manages the portfolio and under what mandate, how valuations are independently verified, what happens if the investment manager changes, how the family’s instructions are documented and enforced, and what reporting obligations apply. These need to be addressed at the structuring stage, not after issuance.
Does Orpheus recommend investment managers?
No. Orpheus Capital assists with the structuring and operational enablement of investment products. We do not provide investment advice, recommend investment managers, or act in any discretionary capacity. Any investment decisions remain with the family office and its advisers.
Begin the Conversation
Complete the Structuring Assessment
A structured set of questions that helps Orpheus understand your objective, constraints and requirements before a first conversation — saving time on both sides.
Start the AssessmentSubmit One Structuring Question
Not ready for a full assessment? Submit a single question about a specific access challenge. We will provide a considered response and suggest whether a further conversation would be useful.
Get in TouchImportant notices. This page is provided for information and discussion purposes only. It does not constitute investment advice, a recommendation to invest, or a solicitation to purchase or sell any investment product.
Orpheus Capital does not raise capital, provide investment advice, recommend investment managers or act as an investment manager or discretionary manager. Structuring assistance does not constitute investment advice. Legal, tax and regulatory advice may be required and is not provided by Orpheus Capital.
Acceptance of any investment structure by a specific broker, custodian or platform is not guaranteed. Liquidity depends on the structure and underlying assets. A listed or tradeable security does not eliminate the risks of the underlying investments. Suitability depends on the intended investor and requires assessment by the investor and its advisers.
Orpheus Capital works with multiple issuance entities and service providers. The services described on this page are subject to the applicable terms, agreements and regulatory requirements. Content was produced for informational purposes and may not reflect the latest regulatory requirements in all jurisdictions.