![]() ![]() From less than $500 million in 1994, FIC’s assets under management have also since swelled to almost $2 billion. Together, the duo notched up an impressive 23% internal rate of return over 25 years. The father and daughter team worked together in the Chicago-based family office until Harrison’s death in February. He and Jennifer founded a family office called Financial Investment Corporation ( FIC) in 1994 to grow the family’s nest egg by investing in private companies, real estate and fixed income. She is heiress to a fortune amassed by her late father, Harrison Steans, who orchestrated a series of lucrative US banks deals, including the sale in 1987 of Tampa Bay area lender USAmeribancs for $250 million in stock. A survey by UBS, the world's biggest private bank, suggests that four in 10 rich people source deals through their own personal connections and fewer than one in five use financial advisers.įamily offices are usually tight-lipped about their plans but Steans has broken ranks and offered FinanceAsia a rare glimpse into how the mega-rich make their money. Increasingly, the world's wealthy elite are tapping their personal networks to source profitable deals rather than employing private bankers that have traditionally performed the role of matchmaker. She has already handpicked two Asia-focused private equity funds, Wavemaker and Asia Partners, and is in talks with family offices in both Hong Kong and Singapore about cross-border deals. Notable investments include: DigitalGlobe (Earth imaging and information company, NYSE: DGI), EAT Club (food tech company), GushCloud (web and mobile advertising), Internet America Inc (OTCMKTS: GEEK), Luxola (e-commerce), Ringadoc (virtual patient communication software company acquired by Practice Fusion) and Technorati.Jennifer Steans, the South Chicago-based stewardess of her family’s fortune, is reaching out to billionaires across Asia to forge investment partnerships and offer them a gateway into the US. Over a third of Wavemaker's collective portfolio have either been fully realised (full exit) or partially realised (partial exit). The firm has a powerful network which supports pattern recognition, due diligence, co-investment, customer acquisition and corporate development. The combination of portfolio building and co-investment has enabled Wavemaker to invest in over 130 companies and co-invest with over 120 early stage investors. They will usually start with a $100K-$500K cheque and follow on until $1M. They bridge the "post-angel and pre-venture" gap, which was a challenging phase they themselves experienced back in their startup operating days. Wavemaker takes a portfolio-building approach to early stage (Seed-Series A) investing. This means solving truly relevant problems, disrupting the status quo and/or creating fresh, addictive delight. The firm likes businesses that address huge market opportunities and create real value in a differentiated and defensible way. The start-ups they invest in are catalysts for change. Wavemaker Partners invests in a broad range of technology-driven companies in the US and Southeast Asia. ![]()
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