What is a family office vs hedge fund?

A hedge fund manages pooled investor capital with a primary focus on generating superior investment returns, while a family office manages one family's wealth holistically across investments, taxes, estate planning, and lifestyle needs. Some family offices do operate hedge-fund-style investment strategies, but they remain private, purpose-driven entities focused on generational wealth preservation rather than external investor returns. Family offices prioritize alignment with family values and long-term wealth transfer objectives over short-term performance.