A $124 trillion transfer is underway, families are deploying billions directly, and the Multi Family Office market just cleared $5.2 trillion. The headline figures are enormous. The share a manager can actually reach is far smaller.

This issue takes all three numbers and finds the part that matters.

Let’s dive in. ⬇️

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One year after our first conversation, Scott Hauck returns to share how Legacy Capital Fund raised over $10 million, refined its strategy, and built toward two freight-focused platforms: Legacy Freight Holdings and Legacy Specialty Freight Holdings.

In this conversation, we explore:

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Bank of America Private Bank surveyed 1,431 individuals holding $3M or more, giving us a read on the $124 trillion U.S. wealth transfer. Among those above $25M, 77% believe private markets offer stronger returns than public ones, and more than half use credit strategically against 16% of those at $3M to $10M. Inherited business ownership surpassed purchased ownership for the first time.

▌The ARONDIGHT Take: Families say private markets offer the stronger opportunity, yet their conviction still centers on real estate and other assets they know, control, and can hold for decades. Credit preserves liquidity without forcing a sale. The next generation inherits more than assets. It inherits concentrated holdings, debt facilities, and the operating complexity that comes with them.

Dakota tracked 53 Family Office direct investments worldwide, totaling $79.44B. Information Technology, Industrials and Health Care drove 56% of activity. ICONIQ Capital was the most active office, anchored by Anthropic's $65B Series H. The month's marquee deals clustered among a familiar tier, from Michael Dell's stake in the Las Vegas Raiders to James Murdoch's move on New York Magazine.

▌The ARONDIGHT Take: Those names are a specific tier: billion-dollar principals deploying through platforms that bear little resemblance to the Single Family Office a manager can realistically reach. Disclosed deals skew to the largest, most public offices. Read the tracker for the sector signal, which is sound. Reading it as a map of reachable demand points a fundraiser at six names who were never going to take the call.

With Intelligence mapped 1,632 Multi Family Offices overseeing more than $5.2 trillion. North America and DACH hold 78% of global AuM. MENA holds $38B. Nearly a third of offices run under $100M.

▌The ARONDIGHT Take: The Middle East, sold at every conference as the future of private wealth, holds $38 billion in Multi Family Office assets, less than a single large North American firm. The offices are opening, the capital has not arrived yet. The money still sits where it always has, in North America and Switzerland. The Gulf is a business-development priority, not yet a fundraising one, and treating it as the latter burns travel budget against capital that has not landed.

💬 Where are you cutting through the headline figures to find the Family Office capital that can actually be reached? I'd welcome your perspective.

👉 Read the full June 2026 Edition on LinkedIn and subscribe.

Best regards,
Ryan Austin
Founder, Arondight Advisors
Email: [email protected]

Disclaimer: This publication is created and distributed by Arondight Advisors and may not be construed as investment advice. This newsletter does not provide an analysis of any company’s financial position and is not a solicitation to purchase or sell securities in any company. Arondight Advisors is an investment research and marketing firm, and not a registered broker dealer.