Mark Shoberg and his firm Capital Creek Partners have a very important job. They're trusted with allocating assets on behalf of high-net-worth individuals (or HNWIs), requiring them to be experts on portfolio risk, liquidity constraints, and the best managers and co-investors to work alongside as they responsibly handle and expand family wealth. Ultimately, they deal carefully with the billions of dollars of others. So what kind of thinking do you need to allocate for HNWIs successfully? How does dealing with this type of endowment differ from that of universities and the like? And what does an expert investor/allocator think of the market today? Let's find out. Mark Shoberg is a partner and Chief Investment Officer at Capital Creek Partners, a multi-family office with locations in Austin, Houston, San Antonio, and Denver. He joined Affinity, the AI-first private capital CRM, to talk through how he thinks about portfolio construction, manager selection, and where he's finding opportunities today. Inside this conversation:— Mark walks through a typical week running investment committee and client asset allocation at a multi-family office, then explains why $5 to $10 billion is the sweet spot for an endowment-style program.— He digs into how Capital Creek hedges against inflation and long-term debasement, what signals separate an emerging manager built to outperform from one that isn't, and the real pros and cons of anchoring a new fund.— He covers the biggest mistakes family offices make copying the Yale or Stanford endowment model, then moves into a lightning round on venture versus private equity, solo GPs versus team-led funds, and whether real estate still works as an inflation hedge.— He closes with the two biggest lessons from 20 years of investing. If you work at a multi-family office, or are just interested in the world of allocating for HNWIs, this one's worth your time. The Cap Table is a podcast by Affinity talking through the big questions defining private capital. 🔗 Affinity: https://www.affinity.co/🔗 Capital Creek Partners: https://www.capitalcreek.com/🔗 Follow Capital Creek Partners: https://www.linkedin.com/company/capital-creek-partners/home/🔗 Connect with Mark Shoberg: https://www.linkedin.com/in/mark-shoberg/ Follow AffinityYouTube: @affinity_presentsYouTube (product): @affinity_coInstagram: @affinity.hqLinkedIn: https://www.linkedin.com/company/project-affinity/ Disclaimer: The information in this podcast is informational in nature and does not take into consideration your personal circumstances. Therefore it is not intended to be a substitute for specific individualized financial, legal, or tax advice. To determine which strategy or investment may be suitable to you, consult the appropriate qualified professional before making any final decision. (00:00) - Intro (00:07) - A day in the life as a multi-family office CIO (02:16) - The optimal size for an endowment (04:06) - Hedging against inflation and debasement (06:26) - Key risks in the market today (07:22) - Spotting the next elite VC manager (08:47) - The anchor LP dilemma (10:44) - The myth of the endowment model (12:46) - The LP liquidity crunch and pacing (13:42) - What managers misunderstand about risk (15:39) - Lightning round: venture capital vs. private equity (16:35) - Emerging managers vs. established brands (17:07) - Solo GP vs. team-led fund (17:41) - Real estate as an inflation hedge (18:31) - IRR, TVPI, and DPI (19:15) - AI: hype or reality (19:56) - Current themes: space and health/wellness (20:56) - Lessons from 20 years of investing
