Inside Marc Andreessen & Ben Horowitz’s Multi-Family Office

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Mar 27, 2026

Michel Del Buono, CIO of Perennial, the multi-family office built for founders and principals. He talks about why traditional wealth managers fail, how to manage concentrated stock and prepare for mega IPOs, why volatility creates opportunity, and the structural case for institutional-quality investment teams for taxable individuals.

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ADVICE

Treat Volatility As A Buying Opportunity

Use volatility as an opportunity to buy discounted assets and increase allocations during drawdowns.
Michel calls market selloffs 'fat pitches' and expects advisors to proactively tell clients when assets are 40% off.

INSIGHT

Real Estate Offers Taxed Investors Uncorrelated, High After‑Tax Returns

Real estate is especially tax-advantaged and uncorrelated for taxable individuals, often delivering high after‑tax returns.
Michel notes tax code bias to real assets and that long-held buildings can produce 'solid teens' returns via depreciation benefits.

ADVICE

Mitigate Tax With Portfolio Structure Before You Move States

Before relocating for taxes, exhaust in‑portfolio tax mitigation like QSBS structuring, multiple trusts, real estate investments, and loss‑generating strategies.
Michel warns moving states is draconian and often unnecessary if you plan structures pre‑liquidity.

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Michel Del Buono, CIO of Andreessen Horowitz’s multi-family office Perennial, breaks down how Silicon Valley’s top founders and investors manage wealth after massive liquidity events.

Perennial was built after Marc Andreessen and Ben Horowitz saw a major gap: traditional wealth managers weren’t delivering institutional-quality investment advice, while institutional asset managers weren’t built for taxable individuals.

In this episode, we go deep on how portfolios should be constructed when you’re managing $50M to $1B+, including how to prepare for potential mega-events like a SpaceX IPO — which could be one of the largest in history.

We cover:

Why most wealth management portfolios are misaligned
The structural flaws of RIAs vs institutional asset managers
How to manage concentrated stock positions pre- and post-IPO
Why venture capital returns are driven by extreme dispersion
How taxes, fees, and structure can drive hundreds of basis points of alpha
Why volatility is one of the biggest opportunities for long-term investors
The rise of multi-family offices in Silicon Valley

Michel also explains why many founders make critical mistakes immediately after their first liquidity event — and how to avoid them.

If you’re building, investing, or approaching a major liquidity event, this is a masterclass in how wealth is actually managed at scale.

Michel Del Buono: https://www.linkedin.com/in/mdelbuono/

Molly O’Shea: https://x.com/MollySOShea

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