Richard C. Wilson talks with Paul Karger of TwinFocus Capital about serving centimillionaire families. Karger shares lessons on risk, relationships, family office complexity and protecting wealth over time.
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About the guest
Paul Karger. Paul Karger is a CFA and a partner at TwinFocus Capital, which he co-founded with his twin brother. The description says TwinFocus is a $12B multi-family office; in the transcript, Karger says the firm works with clients worth over $100 million and focuses on family office strategy. He says he has three children and trains and competes in martial arts.
Key takeaways
- Karger attributes the firm's growth to preparation, technical expertise and strong client relationships built around clients' interests.
- He says wealthy families face institutional level complexity, and that running an in-house family office brings both control and responsibility.
- Karger sees founder CEOs as an asset class and says wealth on paper may not yet mean having liquidity.
- He argues that investment solutions should not sit at the center of every family office relationship because tax, legal and life needs also matter.
- Global families may have to balance competing tax, legal and regulatory requirements across jurisdictions, so flexibility is important.
- Karger says centimillionaires tend to make decisions without dwelling on regret, focus on the highest and best use of their own and their team's time, and use relationships effectively.
- He prefers backing a strong entrepreneur over relying on a polished business plan, since plans can change and companies may need to pivot.
- He says preserving wealth means diversifying sources of risk and alpha, and avoiding crowded trades or long lines. He also describes the AI market as a bubble.
- Karger says family office value often comes from solving practical problems on the life side, such as renegotiating fees and addressing estate planning needs.
- He recommends building trust over time by offering useful help without pressing for an immediate investment or commitment.
Best quotes
"I would say it's, you know, it's a I think it's a combination of just, you know, relentless preparation, just constant preparation, very much like martial arts or playing the guitar or whatever it is."
"I think it's having, you know, really kind of deep technical expertise. Uh, and that, you know, like martial arts, it just takes time to get there."
"And then I think lastly, it's the ability to just really build strong relationships so that your clients don't feel like you're selling them something."
"It's a final exam every day and it's 100% is a passing grade. So, you know, clients hire us to to get it right the first time."
"One of the pluses you can kind of control everything. One of the minuses is you got to control everything."
"I think it's uh you know one I would say decisiveness you know the ability to make decisions and not regret them and keep it moving."
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