When General Stan McChrystal managed special forces units in Afghanistan, he learned that the key to effective leadership was granting team captains the appropriate amount of decision space based on his assessment of their credibility. He used a basic formula: credibility = proven competence + relationships + integrity.

Our investing history has taught us a similar lesson: in order to access what we believe are the best investors and investments in the world, we work to earn decision space from families and then use that decision space to construct creative partnerships with investors who have earned our trust.