<p style="line-height: 18.9091px;">While family offices are known for making co-investments with private equity firms, a rising number are cutting out the middleman and management fees. “In the past, family offices tended to invest more passively with managers and they lost a lot of money due to the financial crisis of 2008,” said Irwin Latner, a partner in the Corporate and Securities Practice Group with Pepper Hamilton, which specializes in counseling family offices.</p>