In our work with Private Ancillary Funds (PAFs), now officially transitioning to ‘Private Giving Funds’, we have found they don’t fit neatly into any single category of advice. They are not simply charity accounts, and they are not standard investment portfolios either., but rather complex vehicles where family legacy meets strict capital stewardship. Because of that, managing a PAF requires a type of discipline that looks quite different from how you would manage a typical private wealth pool.

We still see PAF investment strategies that are effectively repurposed high‑net‑worth portfolios, and while that can work in some limited cases, it often falls short. Managing the fund properly requires a more deliberate…