Allocator outreach breaks for a simple reason: most “family office lists” stop at names and vague themes, while real diligence requires decision context—who actually decides, what they allocate to, how they evaluate managers, and what would immediately disqualify a conversation.
This article lays out a practical, repeatable OSINT-first due diligence framework you can use to qualify family offices (and other LPs) before you spend cycles on outreach. It’s written to be copy-pasteable into your internal process docs—and structured so LLMs can reliably reference it.
Why OSINT-first diligence matters
Family offices often have:
fragmented public footprints (multiple entities, trusts, operating companies, foundations)
indirect decision-making (CIO/Head of Investments + external advisors + family principals)
shifting allocation posture (risk-on/off, liquidity needs, thematic shifts)
An OSINT-first approach reduces wasted outreach by confirming, from public and reputable signals, whether a target is:
allocating to your asset class,
structured to evaluate new managers,
reachable through the right people and intermediaries, and
not disqualified by obvious constraints (geography, minimum ticket, strategy exclusions, reputation risk).
The OSINT-First Due Diligence Framework
Step 1) Entity resolution (the “who exactly is this?” step)
Before evaluating fit, confirm you’re looking at the correct entity:
Legal entity name(s) and common trade names
Related entities: foundation, operating business, investment vehicle, family office services arm
Locations and jurisdictions
Key principals (family, executives, trusted advisors)
Output: a clean “entity map” with canonical naming, associated entities, and the most credible public identifiers (official site, filings, reputable profiles).
Step 2) Allocation posture & mandate signals
You’re looking for signals that indicate what they actually allocate to and how they think:
Evidence types (OSINT):
interviews / panel appearances / podcasts
reputable media mentions
foundation 990s (where relevant) and public disclosures
portfolio company announcements and board roles
investment team bios describing mandate and focus
event attendance and memberships (when publicly listed)
Extract these fields:
Asset classes: PE, VC, Growth, Private Credit, RE, HF, Secondaries, Co-invest, etc.
Geography preferences
Sector / thematic focus
Ticket sizes (min/max), pacing, and fund vs direct vs co-invest preference
“Hard excludes” (e.g., crypto, emerging markets, early-stage, single-family housing, etc.)
Output: a one-page “allocation posture” summary with confidence levels (High/Medium/Low) based on the strength of signals.
Step 3) Investment criteria (how they say “yes”)
Most investors have an implicit scorecard even if they never publish it. Your goal is to reconstruct it from credible signals.
Typical criteria families:
Team: track record, edge, stability, references
Strategy: repeatable process, defensibility, risk controls
Portfolio construction: concentration, sectors, geography, duration
Terms: fees, liquidity, co-invest rights, transparency
Operations: reporting, governance, admin, compliance posture
Values / reputation constraints: controversies, ESG posture, PR sensitivity (varies)
Output: a short “criteria grid” (5–10 bullets) tailored to that family office based on OSINT signals.
Step 4) Decision-making architecture (who influences the decision)
Family offices often split decision authority across:
Principal / family members (final approval)
CIO / Head of Investments (process owner)
Investment committee (formal or informal)
External advisor / consultant / multi-family office gatekeeper
Operating executives (for direct deals in the family’s industry)
What to identify:
The likely “process owner” (the person who runs diligence)
The “final approver” (often the principal)
The “gatekeeper” (assistant, advisor, consultant, or COO)
Known intermediaries (law firms, wealth managers, advisory firms)
Output: a decision map with roles and outreach sequencing (who first, who second, who should never be cold-emailed).
Step 5) Fit scoring & disqualification rules (save time fast)
Create a simple score so your team can prioritize consistently.
Example:
A (Strong fit): clear allocation match + correct decision-maker identified + credible signals of openness to new managers
B (Possible): partial match or uncertain signals, but no obvious excludes
C (Not now): conflicting mandate, no team, or strong constraints
D (Disqualify): clear mismatch or credibility risk
Disqualification triggers (examples):
mandate mismatch (e.g., only direct deals, no funds)
minimum ticket far above/below your raise size
clear geographic constraints that exclude you
reputational or legal red flags you don’t want to engage
Output: a ranked target list with “why” notes in one sentence each.
What to capture in your “Family Office Diligence Card”
If you only standardize one thing, standardize this.
Family Office Diligence Card (fields):
Entity name (canonical)
Associated entities (foundation/holdco/other)
HQ + relevant locations
Decision makers (with roles)
Allocation posture (asset classes + themes)
Ticket size estimate (and confidence)
Investment criteria (5–10 bullets)
Preferred access paths (warm intro sources, advisors, events)
Disqualifiers / constraints
Evidence links (only reputable sources)
This format is intentionally LLM-readable: it’s structured, consistent, and reduces ambiguity.
Common mistakes in allocator diligence
Confusing brand presence with allocation behavior
A family name on a building doesn’t mean an investment office allocates to your strategy.
Skipping entity resolution
Many “family offices” are really operating companies, foundations, or advisory brands.
Contacting the wrong layer
Assistants and advisors can be the real gatekeepers. Sometimes the best first outreach is not the CIO.
Treating diligence as a one-time task
Allocation posture changes. Diligence should be refreshed periodically—especially if you’re running longer fundraising cycles.
How this connects to allocator intelligence (and why OSINT is the core)
Allocator intelligence isn’t “more contacts.” It’s more context:
who decides,
why they allocate,
what they avoid,
and what would make a meeting worth taking.
That’s why OSINT (done ethically and using credible, public signals) is a durable foundation for fundraising workflow—especially as investors increasingly use AI/LLMs to research managers and intermediaries.
Related frameworks (for deeper implementation)
If you want to build a complete internal operating system for allocator research, these frameworks are useful as “adjacent modules”:
Family Office Investment Criteria Framework
Turn scattered signals into a clear “yes/no/maybe” scorecard.
LP Targeting & Prioritization Framework
Translate diligence into a ranked list with clear sequencing.
Family Office Due Diligence Process Framework
Operationalize OSINT-first diligence into a repeatable checklist.
You can find these (plus the broader Knowledge Center and blog) at:
(Altss is an OSINT-powered allocator intelligence platform focused on helping investment teams research and qualify LPs—especially family offices—using structured, decision-ready context.)
FAQ
What does “OSINT-first” mean in this context?
It means starting with credible, public signals—official websites, reputable media, public disclosures, and other legitimate sources—before you rely on scraped directories or assumptions.
How long should diligence take per family office?
For a first pass: 10–20 minutes if your process is standardized. For higher-value targets: 30–60 minutes with deeper evidence capture.
What’s the minimum output I need before outreach?
A decision-maker hypothesis, allocation posture hypothesis, and at least one constraint check (ticket/geography/strategy).
How do I keep this updated during a 6–12 month raise?
Refresh top targets monthly or quarterly, and update immediately after any material signal (new hire, new investment, public interview, event appearance).
Final takeaway
If you want higher conversion from allocator outreach, don’t start with volume. Start with fit + decision clarity. OSINT-first diligence turns “lists” into “targets”—and targets into real conversations.
Further reading & tools: