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For the family foundations and investors interested in exploring the option of program-related investments (PRI), this interview with Brian Lucareli, Michael Calabrese, and Emmaline Jurgena at Foley & Lardner provides an overview on the investment option that allows a private foundation to invest for charitable purposes rather than making a typical charitable grant. They also discuss the PRI’s purpose for charitable organizations, the necessary IRS documentation, and how PRI compares to traditional investments.

At a time when optimism for growth has been on the rise, artificial intelligence (AI) and emerging technologies are high on the private investment priorities. Taking a closer look, this KPMG report explores the evolving landscape of private company investments, highlighting drivers such as financial performance, technological advancements, and rigorous governance practices.

Looking at the data and macro trends, the quantitative insights suggest the conditions underpinning more than a decade of non-U.S. equity underperformance may be starting to shift. The three drivers behind it are (1) tariffs are weighing on U.S. household income and may curb consumption; (2) fiscal and economic policy abroad is becoming more proactive; and (3) macro conditions are reshaping relative growth prospects. As growth differentials narrow, there are compelling valuations—and potential capital flows—outside the United States.

Portfolio management for families of significant wealth is distinctly different than those with traditional wealth management needs. For these families, wealth typically exists in a much more complex ecosystem—among real estate investments, operating companies, or multiple generations, by way of example. These factors and other considerations are key to successful portfolio construction for private investors and wealthy families.

As a common form of investment governance, an investment committee (IC) plays a crucial function in the ability of families to define their financial objectives and formulate a strategy for a diversified portfolio. The IC also can be effective as a gatekeeper and to oversee the implementation of investments while providing critical input about the program on an ongoing basis. However, without careful planning and execution, it is not easy to unlock an IC’s potential and benefits.

In this episode of The Money Maze Podcast, NEPC's Michael Manning discusses the evolving role of investment consultants, highlighting how they help institutional investors navigate complex markets, build resilient portfolios, and make strategic, long-term decisions. The conversation explores whether these consultants are indispensable in an increasingly dynamic investment landscape.

From working with forward-thinking family office leaders for more than two decades, we can see with a bird’s eye view of the family office space and have a keen awareness of the forces and demands that are shaping it. In today’s environment, we see even more change than usual, including meaningful structural transformations. For family offices, the ability to adapt thoughtfully to change is essential.

As with any technology, change happens gradually, not overnight. And GenAI is no different. While it may seem to many that the AI enterprise adoption is at a standstill because the financial benefit is not yet evident, important steps are happening behind the scenes that are setting the stage for broader scale adoption and monetization in the not-too-distant future. In this report, we address the common questions about the generative AI theme.