Club deals are all the rage. At least in theory. Many families are sick of paying fees to asset managers who stick their money in a black box, wave a magic wand over it and then, well, find that the money has vanished in a puff of smoke. People with burned fingers are, predictably, keen to cut out the middleman and invest directly. The idea of teaming up with other like-minded family offices to make direct private equity-style investments has an evident appeal. But club deals are not happening as fast as you might expect.
