Family offices are backing AI, even as rich Americans are skeptical of the hype
Family offices took an interest in AI before ChatGPT launched in November 2022 with 48% of these private firms already having invested in the sector perThis recent fervor has renewed interest in the technology but also made these private investment firms cautious.
Paul Hsu, founder of tech early-stage venture fund Decasonic, told Insider that family offices have expressed more interest than institutional investors like pension funds. But they are still circumspect, he said, as family offices typically prioritize long-term wealth preservation over aggressive growth.
"With my family, I don't think we were slow to get on the AI train," said Dutton, whose uncle started Cavalcade after."Every day we're seeing more and more things that you can do with this core technology, especially right now of these large language models. For Manna, the decision to invest comes down to the end-product and commercial plan rather than the inner workings of the technology. He interviews every founder and management team before signing off. In one case, he told a founder to get down to brass tacks.
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