Over the past 8-12 months we have seen a VERY large move towards the family office space from the capital raising areas.  In the alternative investment communities, the usual path would be to fire away at the institutions in hopes of landing a large allocation, and raising the appropriate amount of capital.  However, due to the recent implosion to the FOF markets, and some of the larger institutions, a move towards the family office arena has come to the forefront. 

One of the biggest reasons for this is that family offices as a general rule are simple more liquid than a 3 billion dollar ABC endowment.  They are able to make quicker decisions, and make allocation decisions much more efficiently.

I beleive that this push towards family offices in the capital raising space is going to continue for some time.  Anytime you have capital seekers attacking a group that is more solvent and liquid than in predecessors, the result is usually long standing.